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Finance Interview questions
Hi all, I am a CFA level 3 candidate. Masters in Economics. Currently working as a Macroeconomic research Analyst. 3 years of exp. I want to change to a role that is closely aligned with Capital markets. Equity, Fixed Income, Derivatives and IB are my prime interests. I am open to any of these...
Fixed income portfolio management interview
Have a telephonic interview with head of some group in fixed income at a top 3 Asset Management firm soon. Going by description they are looking for someone with knowledge of e.g. VBA, which I'm capable of but no clear idea of it's use in fixed income. Should I expect it to be technical to the level...
exit opportunities after being a buy side fixed income trader
wondering what options i have after spending a few years in a buy side fixed income shop as a trader. how easy is it to go to a hedge fund? or even to private equity.
hedge fund prop trader vs portfolio manager
I am curious to know the pros and cons of these two very attractive alternatives: 1. Hedge fund prop trader- this would be a small team managing a small pool of money on a more or less discretionary basis without extremely sophisticated support. 2. Buy side (hedge fund included) portfolio manager- a...
FI Arb
Hi, wanted more color on fixed income arbitrage as a career in this environment. Have only traded money markets for under a year, trying to figure out how far I should pursue this aspect of RV. Thanks in advance.
Question about a non-intuitive comparative durations?
I came across this question recently and was wondering how to justify the answer: Which has the higher Macaulay duration: 10yr zero coupon OR 6% (semiannual) 30yr? I was a bit confused, as I figured that the 10yr has Dur 10 and the 30yr would differ based on the yield? Please help!
Please delete!
Answered. Thanks.
Sales and Trading by Categories: Fixed Income, Commodities, Currencies, and Equities
I understand that there might be a need to develop a specialty when it comes to being an analyst/associate with S&T . I just had a few questions as I am in college right now and would like to get a more relevant handle on the topic. In terms of the four categories: Which field has the greatest...
Apologize for a stupid question - Fixed Income
Let's say I am long 100mm in 10 year bonds, and I wish to hedge my long position with a short position in 2 year bonds. How much do I have to hedge? I apologize for being dumb in advance. Wouldn't I have to know the duration to answer this question? Or can I just assume duration is 10 and 2(zero...
Hedging treasuries with futures rather than with treasuries?
Why would a trader who wants to hedge against interest rate moves do so in futures rather than underlying treasuries? Similarly, why would a speculator do the same (i.e. how is it any different for a speculator)? Is it just because they provide the exposure with greater liquidity and not have to...
Fixed income interest rates
Hello, I am trying to find out more information about different types of Fixed Income interest rates as I am going to be starting a job supporting traders using fixed income rates. I am familiar with the basics of fixed income products but I am not aure of the different types of fixed income rates....
How can you value a company from a debt standpoint?
I have a fixed income interview tomorrow and in the first round they asked me something like this. I wasn't entirely sure and I would like to be this time.
What happens to a company's bonds when they either merge or are acquired?
I have a fixed income analyst super day tomorrow and this will most definitely be asked. Can you guys help a college student out?
Fixed Income/Credit HF
giving back to the WSO community: if you have: ~2 or less years xp at the major bank (on a trading desk) strong quant skills (STEM degree pref.) then i might have: very rare Fixed Income or Credit opening at a HF for you looking for someone asap PM me, pref. forward CV cant offer more info here...
FI Traders > Equity Traders?
The Big Short , what an awesome book that was! It gave insights into the crash that I have never realized before, and would have never came to learn in school either. The book informed me that equity traders are looked down upon compared to fixed income traders, according to the author. The author...
Q&A with a Fixed Income Trader at a Major Bank
mod note: this was originally posted on 9/4/12 I thought I'd switch things up a bit today. Rather than delve into a note-worthy news item or another Facebook discussion, I'd like to welcome everyone back from Labor Day Weekend with an awesome interview. WSO tends to be heavy on content for banking,...
Burghardt and Corb e-books
Any chance anyone has e-books (scanned would do) of these two: Eurodollar futures and options handbook - Burghardt Interest Rate Swaps and Other Derivatives - Corb Wouldn't mind Treasury Bond Basis by Burghardt either. Thanks.
Fixed Income Trading: Barclays vs Citi
Hi everyone I'm new to this forum, and had a question that I have been researching for the last few days. I hold internship offers with Barclays and Citi for Fixed Income Trading, in London, and need to choose one. I am interested in Credit in particular and so have been trying to compare the Credit...
Why UBS Will Die
One common criticism I hear on the street is UBS , the U've Been Sacked bank, or Ultra Bullshit Shit bank has a poor reputation. Either through routinely failing institutional clients by wiring money incorrectly to a counter-party while they're in the middle of a lawsuit. Or finding their contracts...
Basic Primer on Bond Duration and Management
Duration. Bonds. Boring. Most people I know hit the snooze button about ten extra times and then going back to sleep before fixed income class. I mean really, how could you not? Bonds are a snooze fest much of the time and require all kinds of weird math and numbers. Then there are these stupid...
Just In Case You Fell Asleep in Fixed Income
I hated fixed income in school. In fact I'm pretty sure I fell asleep more than once during a lecture on the effects of roll down on total return and the difference between G and Z spreads. The only G spread I cared about had nothing to do with bonds, but whatever. Point is, Fixed income is pretty...
total return focused asset manager firm interview
Can anyone shed some preparation tips for an investment management interview? It's a fixed income value-oriented fund. Other than the obvious convexity, duration, how to price a bond, and some fixed income current events, what else should I be ready for?
Fixed Income materiality
Hey guys. I am currently in the process of building of a pricing process that determines materiality between vendor sources on fixed income asset classes: plain vanilla corps, High Yield, Munis, and structured To give you an idea: Vendor A prices corp bond XYZ at 101 and Vendor B prices bond XYZ at...
Fundamental Fixed Income Analysis Techniques?
Hi all, I've recently wanted to learn how to invest in fixed income and was wondering what models, etc. are used to evaluate these types of securities. For example, in valuing equities from a bottoms-up perspective, we use either comps or DCF analysis and I was wondering if the same ideas are used...
From DM to EM investment?
Hi guys, I've spend a few years doing FI investing (junior PM role) at a big AM firm (think PIMCO , BlackRock , GSAM , etc), focusing on low-risk US-only investments, but have recently started to think more about EM debt as it's definitely one of the growth areas. Just wondering if anyone here has...
Looking for MS Fixed Income Research
Need research from their FI group in London. PM and name your price if you have access to it
Is Pimco Advisory considered middle office?
Is an advisory role at PIMCO considered middle office, back office or front office ? What would be the expected total comp for a VP and how difficult are those roles to get versus PM roles?
CreditSights Fixed Income Research
Hey guys, A friend of mine just got an offer from here for the summer. Does anyone now about the firm and how an internship at this company would help for FT recruiting? Thanks,
Fixed Income Ops
hey everyone. So I landed a summer internship with fixed income at a large investment management/insurance company. I'll get to rotate within a few different teams thruogh the 10 weeks. I want to know how to maximize my chances of getting into a FO role full time as I will be a senior next year....
Fixed Income Trading Rankings by Revenue for Q1
It is relevant to look at fixed income trading revenues thus far for the banks that have reported... Curious to see what people think in terms of this. For Q1: 1. JP Morgan, Revenue: 4.75 Billion, Down 5% YoY 2. Citigroup, Revenue: 4.62 Billion, Down 3% YoY 3. BofA, Revenue: 3.3 Billion, Down 20%...
Prop-shop to BB S&T or HF?
I work at a prop shop in fixed income and am looking to make the jump. This is non-algo, non-quant discretionary trading . A few reasons: - The prop trading approach (day-trading/scalping only) is getting tedious, and there's not enough depth. No exposure to any fixed income derivatives (no options,...
JP Morgan S&T Summer Analyst - Can Anyone Offer Help Choosing Asset Class?
Hey everyone. I recently accepted an offer at J.P. Morgan for the S&T Summer Analyst program. The program is not rotational; we rank our choices and they rank us. I have recently seen seen the FICC Citi Survey (can't link to it as I am a new member), but understand that this chart is a bit old...
Fixed income analytics
Hi all,
Meeting with director of bond trading
Hi, I am meeting with a director of energy bond trading . My experience is in pure energy so wondering what kind of questions should I ask him. I know I can ask few questions regarding depressed natural gas and power prices and its effect on companies cash flow and bonds ratings. Also what are good...
On Greg Smith, Goldman Sachs, and a Perp Walk Down Memory Lane
I'm changing things up a bit today by posting a new piece written by Ledgerdemath author Omer Rosen. It's running concurrently on the Huffington Post, but Omer not only gave me permission to run it on WSO, he's also going to field any questions or comments you guys might have. Without further ado,...
TD FI S&T SA
Hi I have a first round interview for TD's NYC office. I am struggling to find any solid info about their NYC office and would really like to know which products this office deals with so I don't sound dumb when they ask what desk I want to work on, I give an answer, and then they don't have that...
BNP Paribas FI SA Interview
Hello, I have a first-round interview with BNP Paribas for a FI SA position in their NYC office. I am wondering if anyone has experience with BNP Paribas and know what questions I can expect for both first and second rounds. I come from a quantitative background and have little finance experience. I...
Fixed Income Department
What does the fixed income department actually do and why has it been so unprofitable? Do they just trade bonds? Curious why UBS has to resort to winding down the business and why other banks don't have that problem. I have an interview with a rival bank in a strategy department, and I just want to...
Jefferies Fixed Income
Can anyone provide info on Jefferies ' Fixed Income department? I'm currently a junior and through some connections I think that I may have a good shot at an internship there, but I wanna know how it compares to BBs . Is it comparable to Morgan Stanley FI ? Or a smaller JPM / DB / GS ? Or worse than...
Nomura Fixed Income Research Summer Analyst
I have an Interview coming up in the with Nomura as a Fixed Income Research Summer Analyst. Does any one know what to expect as far as procedure? Behavioral/technical? brain teasers ? What type of math questions? This is my first interview of this type so I really have no idea what to expect so any...
Muni bonds trading profitable?
I may have an opportunity to intern at a BB for muni bond trading through a good connection, however I know absolutely nothing about Muni bonds or Fixed income. Does anyone have anything to share about what you do, how the pay is, exit ops etc. There isn't a lot of info in the searches about munis...
Any goods apps to recommend for tracking bonds?
I've been following mostly equity markets but recently looking to diversify my portfolio into sovereign debt or other fixed income. Can you guys recommend any apps that track the 2, 5 & 10 yr t notes of US or European treasury. Hopefully it can also monitor LIBOR rates and show them all in a summary...
Products Group
Hello, I have a general question about an area of Finance I know relatively little about and would really appreciate any sort of help. Would someone mind explaining to me what one would do as an analysts in a fixed income ( or any asset class for that matter) products group within a private banking...
Spread trading
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Credit/Fixed income/debt investing fund interview
Any thoughts/advice on debt specific interview questions? Would love any that you have. thanks!
Danger in Fixed Income?
Top-rated bonds have been a staple portfolio item among investors of all types for decades. Once considered a safe investment, fixed income securities are in danger of becoming risky investments amid low interest rates and high bond prices. The high demand for AA- rated bonds in recent years has...
Where to learn?
I'm trying to find out where to learn about Fixed Income and Derivatives trading . I want to ideally work at PIMCO , and want to learn the things I need to know. I'm comfy with all valuation methodologies for IB but I'm starting to like fixed income more after my latest investments class. Is there...
Commodities vs. Fixed Income
I was hoping someone(s) could paint some color for me about pursuing a trading career in fixed income or commodities. As a recent grad working in finance, I am not sure of the opportunities that both asset classes present. Where will the opportunities exist going forward in the 21st century? What...
Calling all Corp Bond Analysts...
I have a case study in which I am supposed to provide a credit analysis on a private bond placement. I am given the yield spread as well as all the financial information for tha company in question including all the quantitative analysis (ratios, cash flows, etc.). What are some important points to...
fixed income career
Hi everyone, you all have helped me before and I would like some advice now. I am currently working in trading right now in New York, but I have come to realize that trading is not for me. I want to be more on the investment side. I have been offered a position with a fixed income investment firm as...
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