High Yield / LevFin Trading Desk Analyst Careers
I have been working working in a rating agency for several years, covering companies in various sectors as the lead analyst. I used to work in credit risk in banking for several years. My dream was to move to the buyside eventually, but the job market in London does not seem to offer many opportunities on the buyside now (last year I had only two interviews and none this year).
May be I am looking at the wrong websites and speaking to the wrong recruitment agents, but I just do not see fundamental credit analyst roles on the buyside in London. It seems that the job turnover on this market is very low, buyside analysts just sit and do not move frequently and, therefore, not many roles are available and if they are the preference is strongly to someone who is already on the buyside and simply would like to change the company. Therefore there are two problems: scarcity of buyside jobs and fierce competition for them.
Instead, I see quite a variety of analyst roles on trading desks (bonds or loans). It seems these roles are very interesting roles: fast paced environment, no need to write lengthy reports, opportunity to influence P&L from day one and therefore receive a notably higher bonus than in a rating agency that pays the same bonus no matter how you perform, no need to travel ro visit companies.
On the other hand, one of the uncertainties/questions is the following: without history of trade recommendations in the past would I feel comfortable to do it now? I think I will because I have solid fundamental credit skills. However there may be problems that I do not foresee at this moment. What are the pros and cons of desk analyst roles compared to the buyside roles? Exit routes? Compensation potential?
Are desk analyst roles more available because these roles actually have a higher turnover? That is, it is easier for traders see how good credit skills of the analyst are compared to a long only portfolio manager who do not evaluate the performance of the buyside analysts frequently because all they care about is to get their money back at maturity.
On the other hand, when I ask why the positions are open the answers are quite encouraging though: desk analysts become traders themselves or they move to the buyside or they move to a competing house. This seems to mitigate my above concern, but I would be interested to hear any thoughts on this as well.