Can someone break down the differences between these two paths, for someone interested in trading/investing in credit broadly at an HF, but needs to discern differences in strategies between starting as an analyst in these two places?
Like credit, can’t decide if I want to pivot to macro credit or distressed debt. What’s the differences between personality, investing style, big funds in the space, etc. I know it sounds broad but I’m new.
| +25 | Breakdown of Commodity Trading Houses | 1 | 3h | |
| +18 | Best macro desks | 6 | 8s | |
| +17 | Delta One Trading | 6 | 2d | |
| +14 | How Quantitative is Commodity Trading | 5 | 1d | |
| +12 | Lateraling from Trading to IB vs. IB to Trading | 4 | 3d | |
| +11 | Loser on the trading floor - help please! | 3 | 4d | |
| +9 | Breaking into Quant work as math PhD. What are my options? | 2 | 3h | |
| +9 | AVP / AD Fixed Income Trader Salary | 1 | 5d | |
| +9 | SA class size in BB FO (IB, S&T, AM PB) | 3 | 2d | |
| +9 | Working in Switzerland for Non EU | 1 | 14h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
By macro credit do you mean CDX options and credit ETFs? If so, this is one of the more technical desks within S&T and will be more suitable towards quantitative backgrounds (coding is likely required). Distressed Debt is also a super interesting space, but will use more traditional finance knowledge (balance sheets, more micro, excel). Totally a matter of preference of micro vs macro and more traditional finance vs quant. Can’t go wrong in either!
Really confused which to lean towards. I actually have a background in both, and did interns at distressed and macro. If the goal is to become a PM, which gives a better shot if your agnostic?
No idea tbh. Not an expert on that sort of thing, so I can't speak to that. I think if you want to exit into anything "quanty", macro credit will be a far better choice. Distressed debt I am not overly knowledgable on, but I'd imagine exits may be some type of distressed debt HF or maybe even private credit? I personally would pick macro credit, but I am biased towards the more macro, quanty products
Both will give you a roughly equal chance of becoming a PM, you'll just be running different strategies. RX banking will probably give you more transferable skills if public markets don't work out though.
Similique velit fugiat sunt minus voluptatum. Possimus rerum quibusdam numquam aut est et quidem. Eius reiciendis tempora ratione quia cumque.
Ullam vel fugiat debitis qui sed. Aut totam amet vitae cumque. Corporis excepturi ad ea ratione voluptas hic.
Optio aperiam ut assumenda quia voluptas consectetur. Qui et eveniet voluptas. Perferendis iusto possimus autem et maiores laboriosam eum. Sit blanditiis omnis omnis placeat sequi in accusamus odio. Cupiditate accusamus iusto reiciendis eligendi rerum.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...