I was curious about what do people in the Global Macro HF think about sell side macro desks as preparations to becoming a PM/Junior PM in a macro HF. The majority of people I know who made the jump worked at banks before 2009 where it used to be more prop. Since we don't have that anymore I was wondering if market making especially for derivatives is still a good preparation to make the jump to HF or if PMs are more and more willing to take analysts and train them.
I am sure that for fundamental funds they favor backgrounds like IBD or LevFin since you develop a fundamental skillset. For macro however since it's more about risk management and market timing rather a perfectly crafted investment thesis, rates/FX/EM trading/MM in the sell side is more relevant for becoming a PM than being an analyst or an economist... I know the question has already been asked but I thought it may have changed compared to a few years ago.
What do you guys think?
PS: I am talking about discretionary macro like Caxton/Moore... not systematic/quants