Becoming a Master of the Universe -- Finding Work in the Bond Market
When author Tom Wolfe looked to capture the excesses of the 1980s, he gave the world the character of Sherman McCoy, the multimillionaire bond trader who proclaimed himself "Master of the Universe" in "The Bonfire of the Vanities." Here's a look at some of the real-world careers in the bond business -- including traders, brokers, regulators and analysts.
Bond Trader: Buying and Selling Bonds for a Living
Careers in bond trading can be enormously rewarding from a financial perspective. Competition for these jobs at the giant investment banks and other financial institutions is fierce. And the markets modernize, the floor traders of old are being replaced by a new breed of trader skilled in math and computer programming.
Careers in bond trading can be enormously rewarding from a financial perspective. Competition for these jobs at the giant investment banks and other financial institutions is fierce. And the markets modernize, the floor traders of old are being replaced by a new breed of trader skilled in math and computer programming.
What's a Quant and How Do I Become One?
The newest job in the bond world is drawing recruits from the world of mathematics and physics. These numbers- and computer-focused folks are called quants, and they practice the art and science of quantitative analysis.
The newest job in the bond world is drawing recruits from the world of mathematics and physics. These numbers- and computer-focused folks are called quants, and they practice the art and science of quantitative analysis.
The Master of the Masters of the Universe: Bill Gross
Among the bond industry's "masters of the universe," there is only one true master -- Bill Gross. The so-called Warren Buffett of the bond industry runs the Pimco Total Return bond fund. But he's most famous for correctly predicting market shifts -- including the first warning I heard that the mortgage-backed securities industry was in crisis.
Among the bond industry's "masters of the universe," there is only one true master -- Bill Gross. The so-called Warren Buffett of the bond industry runs the Pimco Total Return bond fund. But he's most famous for correctly predicting market shifts -- including the first warning I heard that the mortgage-backed securities industry was in crisis.
Working at a Bond Credit Rating Agency
Moody's, Standard & Poor's, Fitch Ratings -- these are some of the best-known brand names on Wall Street. Working at one of those firms means that you're part of the team that offers bond investors the advice they need to succeed in the debt market. About.com's guide to finance careers offers this overview of the profession.
Moody's, Standard & Poor's, Fitch Ratings -- these are some of the best-known brand names on Wall Street. Working at one of those firms means that you're part of the team that offers bond investors the advice they need to succeed in the debt market. About.com's guide to finance careers offers this overview of the profession.
Becoming a Financial Planner
As demand for investment advice has grown, financial planning has become a hot career. But before you decide to take the plunge, make sure you know what the job entails and what regulations govern the profession in your state. About.com's guide to finance careers has the scoop.
As demand for investment advice has grown, financial planning has become a hot career. But before you decide to take the plunge, make sure you know what the job entails and what regulations govern the profession in your state. About.com's guide to finance careers has the scoop.