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Rating Agency to Fixed Income Reseach
I recently started out at one of the big 3 CRAs. Given this background, how hard is it to break into fixed income research at a mutual fund (i.e. BlackRock)? Should I wait and go for my MBA / CFA first? Also a few questions regarding the fixed income aspect of a mutual fund: Which mutual funds have...
Switching Jobs too Early?
Graduated from a non-target with a lowish (~3.1) GPA last May. Messed up my first two years of school but really improved and got a 3.5 my last two years. Took a job at a major fin-tech company in a client-facing role after getting dinged at all buy-side gigs (mostly fixed income) I applied for out...
Blackrock Fixed Income Trader
Hi guys, I am currently a structurer on the sell side non BB . I do get to trade but mainly for hedging and execution. I do not run my own P&L, though I expect that to change in a year or two. Recently, an opportunity to join BlackRock at their Trading & Liquidity Strategies as a fixed income trader...
Alternative Lenders & the End of Risk Taking for Banks - Opportunity or Risk?
Many of you may not know it's conference season, where guys like me get flown to exotic places listening to firms this forum salivates over (BX, KKR , Oaktree, PIMCO, GSAM, etc.) pitch investment ideas to us and blow tons of money to try to earn our business. It's both a nice escape from the office...
Fixed Income Research vs Jr. Fixed Income Portfolio Manager
In the final running for 2 diff roles- I want to take company/location out of the picture. I am having hard time making a decision because the pros for one role do not necessarily translate into a con for the other role Which one would give me better exit opps or is better in the long term? I am...
Baird Advisors Internship
Hello all, I got denied for a buy-side fixed income internship with Baird Advisors last year, and I am planning on applying this fall again. I really like the company and I had some questions: 1.) Has anyone heard of Baird Advisors? 2.) Could this internship lead to Investment banking, private...
Vanguard investment role: Good place to learn?
Hi All, Looking for opinions on Vanguard career development potential. Do investment roles in credit research, fixed income investment teams in Vanguard provide not-so-good / good / great learning opportunities? Anyone know or have been an investment professional in Vanguard? If so, can you comment...
Fixed Income Internship Preparation Advice
I accepted an offer for a fixed income, rotational program over the summer. I'm looking to hit the ground running once I start, so I would like to build up my knowledge of the asset class. What will be most helpful to read or watch? I'd like to receive an offer for a full-time position.
What's the state of securitized consumer credit and other exotic fixed income?
In case you haven't seen this, Portland-based private debt firm Aequitas Capital just got busted by the SEC for fraud. It's making me wonder, what's the status of other consumer credit oriented firms? I know that Santander Consumer for instance was doing quite well for the past few years, then in...
How hard is it to go from Fixed Income to Equities in AM?
I am an undergraduate student graduating in Dec 2017 looking to break into Asset Management . I am currently doing a credit analysis internship analyzing corporate bonds. I am most passionate about equities and want to work in that field. Right now I'm looking to get a 2017 Summer Analyst internship...
Canadian ALM Trading Intern - Advice?
Hi, I'm currently interning on an ALM desk with one of the big five Canadian banks. My desk consists of traders managing a fixed income portfolio for liquidity management, BASEL III HQLA compliance, issuance, and cash management. I'd say there's a 60-40 split between focus on pnl and focus on the...
What to know prior to internship
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GM Financial ABS internship to IB fixed income?
I'm sure you get a lot of posts like this but I've lurked here a little while but couldn't find anything so I thought I'd ask: I have an internship this summer at GM Financial that operates like a bank by giving loans to dealerships and small businesses for inventory and real estate financing. After...
Bond Yields
Hi all, I recently was asked a question and could not figure out the answer. I was wondering if you guys could help. Why would an insurance company require a higher effective annual yield on coupon bonds compared to similar zero coupon bonds?
R or Python for FI Analyst?
Hi all, I'm a senior with 3 months left in university. I'm taking two programming courses with the same prof. The prof offered to combine the courses and bootcamp me in one language. I'll basically be building yield curves and backtesting trading strategies. He used to work in the industry and has...
League Tables/Rankings for Fixed Income, Commodities and Currencies
Wondering if there's anything that ranks FICC divisions by profitability with further breakdowns on business areas - I guess something like IBD Thomson Reuters League Tables for the trading world?
Fixed Income HF PM bettter compensated than equities PM
Seems counter-intuitive. Can someone explain the reason? Compensation closing Hedge funds have always paid smaller salaries than long only asset managers, but their bonus payments could stretch into seven figures for top performers. However, the gap has closed – or reversed entirely, depending on...
FI prop to hedge fund
Hi guys, I have been working at a prop shop in Chicago for the past three years trading spreads on liquid FI products. I am curious about options in the hedge fund space. Reason for this is that I like to learn the hedge fund industry and maybe start my own fund one day. My question is, how am I...
Q&A: Non-target to Fixed Income S&T Analyst
Hey WSO , happy to answer your questions today and tomorrow. I can answer any questions regarding: networking application process interviewing/interview prep process recruiting process school courses to take how to take advantage of linkedin cold emailing Click inside the post to read my bio. My...
Software developer supporting credit traders at JP Morgan or commodities traders at Wells Fargo?
Is it better to work as a software developer supporting the credit derivatives trading desk at JP Morgan or supporting the commodities trading desk at Wells Fargo ? Assuming both jobs offer equal compensation, which would provide a better career path in the long run, for a technologist who has an...
Fixed Income to Equity Buy-Side Career Switch
I've been working in FI at a large pension for 1.5 years now after graduating from undergrad and would like to transition back into equities. I work in securitized products, which is more specialized and less relevant to an equity role than a corporate analyst would be. I'm trying to figure out what...
Canadian Fixed Income Trader Looking for Options
I'm a fixed income trader at a big 5 canadian bank (1 year rotating, then 2 years on my current desk trading). It's always been a goal of mine to do some sort of grad school for personal reasons, but ideally it'd be something that would help advance my career as well. I'm pretty happy now but I...
Repo/Securities Lending Trader, what's their Profit Pattern?
Hi All, More than happy to join you! I am a new member of this awesome forum, currently working as a Trade Support since graduated master study in 2014. Before coming to US in 2013, I worked in Asia on a FX Spot desk. Regarding to the subject: As far as I know, repo/Security Lending facilitates...
Day in the life of a fixed-income analyst?
I once worked in Asset Management , but most of my debt research was very high-level, as we focused much more on equity plays. I have an interview for a position in fixed-income research now and so I basically want to know a typical "day in the life" story if any of you have experience. Also curious...
Help Transitioning From Compliance to Above and Beyond
Hello everyone. Intro: I'm currently working on compliance for almost 2 years. I have passed the CFA level I. With that said, I'm striving to become a fixed income portfolio manager in a decade or two after getting much needed experience in fixed income analysis. Currently, I'm having a very hard...
9% Fixed Income Returns: Currency Futures To Protect Against Currency Risk?
My question is about the theoretical possibility and a running example on if it's possible to use currency futures as a hedge in the following scenario: I have some money sitting under Indian fixed income investment accounts. These are like the typical CD accounts in the United States that are FDIC...
How can a management trainee contribute at rates market making?
I got placed at the rates desk, and besides reading everything and trying to learn as much as i can about fixed income, I don't think i'm contributing much. Any ideas on what i could do? How did you guys start on the trading floor? My background is only so much as a fresh undergrad out of school,...
Chose the wrong summer internship, what options do I still have for FT recruitment? (credit to equity?)
My background: -undergrad going into my senior year at a top Canadian business school (think Ivey, Queen’s) -fairly average GPA -interested in investing, although deal teams are good too Basic situation: This summer I’m working at a multinational insurance company as a part of the fixed income...
Fixed income/credit after rates go up
Hi guys: was just wondering if I can hear about your views on fixed income/credit after rates go up? Are we at a point in the credit cycle where the last 20 years of bond bull market is about to end and reverse? if so, would fixed income/credit investing become a declining industry? what are your...
Risk Positions in IM
Hello all, Long time creeper, first time poster. I'm currently a junior at a semi-target with a relatively average to above average GPA (think 3.5ish) looking over a few summer internship opportunities and finishing up some final round interviews. I currently have two super days coming in the Risk...
Which Rotation Should I Start In: Fixed Income or Equity
Hello all!
Webinar Rewind - Fixed Income Sales and Trading - Products and Markets + Q&A
In case you missed Monday's webinar on Fixed Income Sales and Trading - Products and Markets , have no fear. The full recording of the webinar can be found below (free until Thursday morning when it goes into our video library ). SIGN UP FOR A 1-HOUR MENTOR SESSION WITH DANIEL Click here if you want...
Portfolio Analyst at a top-tier AM: Back office or not?
I just received a PA internship position, and was wondering how this position if you would transition into equity or fixed income research, IBD , or S&T full time. I'm asking about transitioning because I am pretty sure this firm does not give out FT offers to undergrads. Also, if I do manage to get...
Mock Trading Session
Hello, I have a mock trading session upcoming as part of the interview process a fixed income job. The hiring manager sent me a few documents to help me prepare, but does anyone have any idea what this would generally entail? Thanks!
Prepering for an Internship on a Prop Interest Rate Desk
Hi everyone. I'm looking for advice on how to prepare for a BB S&T internship this summer in NY . I'll be on a bit of a weird desk that trades short term interest rates, partially to hedge the bank, but also to generate P&L at discretion (does not deal with client orders). I will have some tasks to...
How To Build A Comp Table For New Issue Bonds
I'm looking at building a comp table to figure out the rate on a new issue bond that will likely be used to refinance a large upcoming maturity (and possibily other bank debt). I have a list of comps for other bonds in the industry sector with a similar credit rating (BBB). I've calculated the total...
How To Analyze What A Company Might Issue Debt At
How does a company determine how much and at what rate to issue debt at? I'm looking at a company that will likely refinance and issue bonds to pay off bank debt as well as refinance other maturities.
Feeling lost, need career advice
Hi all,
Sophomore Internship Advancement Ops (BB AM vs. FI)
I'm a sophomore currently in the process of interviewing at a BB in their AM division, and also an AM firm with a pretty prestigious Fixed Income division. Could anyone shed some light on what the different opportunities that would be available for junior year between the two? If I want to do Rx...
Any High Yield or Bank/Leverage Loan Traders here?
I had a few questions about current market and liquidity and wondering whether there are any sell-side traders here who wouldn't mind answering a few macro-type questions. Please PM. Thanks.
Credit Suisse Asset Finance Superday Jan 6th
Just curious if anyone else had a 1st round interview with Credit Suisse Fixed Income - Asset Finance (NYC) today and heard back for the Jan 6th superday? Thanks.
Fundamentals of Bonds
Hi you all, I need to get something straight in my mind that has gone back and forward. If I invest 100 million USD in a 30 Y bond, how much approximately do I need to invest in a 10 Y bond to have the same yield. That is giving me the same amount of money at year 30. We have to take the duration in...
Buyside Analyst Development Program Salary
What is the expected salary for an analyst development program coming out of undergrad? This would be a program developing you to be a FI trader for a decent sized ($300-$400 bn AUM) AM firm. I am pretty far into the interviews and salary came up during discussion, the figures they "projected" were...
Bloomberg article on bond trading today
http://www.bloomberg.com/news/2014-09-22/shrinking-bond-desks-taken-by-… Thoughts?
Interesting Risk Management Piece
Just came across this on Twitter, short, easy to read, and insightful. Musings of a risk manager during the crisis. Kind of common sense, looking at it now, but it's interesting to see the thought process at the time. http://www.uniurb.it/it/portale/a-giur/edocs/Confession%20of%20a%20Risk…...
Pimco Portfolio manager position in Newport CA
I am being offered a VP Portfolio Manager position at PIMCO . Pay is competitive and other benifits are allright too. But i have been doign soem research and i have see nothing but negative reviews about the company, the 10 to 12 hr shifts each day, the 'pin drop silence' and not talking to other...
MS Mid-Market Fixed Income Sales - Looking for info
So, out of the blue, a good friend of mine, who is currently an associate at MS in mid-market institutional FI sales, told me they're leaving for a different job and is in charge of hiring their replacement. They want me to take their place. So, they have my resume, and I'm hoping to hear back from...
AM Interview advice?
Anyone have insight into culture, salary, etc. for a Fixed Income Investment Analyst at an Asset Management arm of a large insurance company? Details on the company are fairly skimp, but the firm as a whole has an AUM in the $100+ billions, although their high yield corporate bond platform is below...
CMBS vs. PERE vs. Mezz Lending - Next Move in my Career Path???
So I am beginning to look for the next move in my RE career. I started out as a quant analyst in IB and eventually made the shift over to CRE in a sort of hybrid bond/ CRE role at first focusing on debt securities and lease securitizations for real property. While I continue to work in this area, my...
UBS Fixed Income Platform Solutions
I have a first round interview for a Fixed Income Platform Solutions analyst role at UBS Asset Management this week with the global head of fixed income analytics and data management- anyone have any idea what types of questions they would ask for the role? Would they still ask market/investment...
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