How to Break Into Fixed Income | Eric Souza | SMC FIRE Podcast

Описание: Disclaimer
The views, thoughts, and opinions expressed in this podcast belong solely to the student hosts and guests and do not necessarily reflect those of Saint Mary’s College of California, the School of Economics and Business Administration, or its faculty and staff. This content is provided for informational and educational purposes only and should not be construed as financial, investment, legal, or professional advice. Listeners are encouraged to conduct their own research or consult a qualified professional before making any financial decisions.

Welcome back to the FIRE Podcast — where Finance, Investments, and Real Estate meet education and access.

In this episode, we sit down with Eric Souza, Senior Portfolio Manager at Capital Advisors Group. Eric has over two decades of experience managing institutional fixed-income portfolios across mortgage-backed, asset-backed, CMBS, and corporate credit at firms including Schwab, Barclays, and Silicon Valley Bank. He also holds a Master's in Finance from Saint Mary’s College of California.

This conversation is basically a roadmap for students who want to work in markets — especially if you’re not coming from a traditional “target school.”

What we cover:
• Fixed income 101
What bonds actually are, why the bond market is larger than the stock market, and why bonds aren’t just “boring.” Stocks = ownership. Bonds = lending. The risk profile is different, and for most institutions, fixed income is the core.

• What a fixed income portfolio manager really does
How Eric manages institutional portfolios day-to-day: sector overweights, credit vs. government exposure, duration, maturity mix, risk management, and working with research and trading teams.

• How teams are structured
Analysts, traders, and portfolio managers — who does what, who approves credit, and who actually makes the final call in a live portfolio.

• Research and daily routine
What he reads (Bloomberg, Wall Street Journal, dealer research), how he tracks macro data, and why real pros are reading constantly — including weekends.

• Big firm vs. small firm careers
The trade-offs between working at a massive shop with thousands of employees vs. a 30-person firm. Why big firms are significant for exposure and mobility early in your career, and why smaller firms force you to wear more hats and build judgment fast.

• Getting hired (especially from a non-target school)
Internships and networking are the only two things that consistently open doors. How to use LinkedIn without sounding like you’re begging for a job, and how to build relationships before you ever ask for a favor.

• Interview strategy
The #1 mistake candidates make in interviews — saying they “actually want to do investment banking” while interviewing for a fixed income role. How to communicate conviction, work ethic, and fit.


• Skills that matter on day one
Excel (including macros), Python/R /R, PowerPoint for client-facing roles, and the ability to build charts and talk to clients. “I live in Excel all day.”

• AI and the future of finance
Why fixed income trading and portfolio management are still heavily human — and likely to be among the last parts of finance to get fully automated. Why understanding markets beats just pasting AI output in an interview.

• Mindset of someone who gets promoted
First in, last out. Obsessive work ethic. Curiosity. The person who looks at a process and asks, “How do we make this better?” instead of “That’s how we’ve always done it.”

• Grad school, MBAs, and credentials
When a master’s degree is advantageous — and when it’s just a checkbox to unlock the next title. Why “MBA or CFA required” is often about HR filters, not talent.

Why this matters for students:
– You don’t need to start on a bond desk to get into bonds. Get any role that builds transferable skills.
– You can come from Saint Mary’s (or any non-target) and compete if you network intentionally and show real drive.
– If you can speak fixed income, you immediately stand out. Most juniors can only talk about equities.

Guests / Hosts
Guest: Eric Souza, Senior Portfolio Manager, Capital Advisors Group (  / eric-souza-4790248  )

Hosts: Slater Stelling & David Hinderliter
Program: SMC FIRE Podcast (Finance, Investments & Real Estate) — Saint Mary’s College of California

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