I'm registered for a BP trading simulation for sophomores tomorrow and I was just wondering what to expect. I know that there's an introduction to commodity trading before the actual simulation, but am I expected to know details about the industry already?
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It would behoove you to know at least the basics about the industry first....
I've done one of these before/ I interned with BP (not in trading). We were given rounds of information about market conditions for oranges, orange juice, sugar, and power prices then we had to long/short various items given the info we had. Look for opportunities to make arbitrage profits if you can and be sure to work well with your team ( they watch you don't dominate the group). Your case may not be orange juice either, it could be nat gas or virtually any other commodity. Is this in Houston?
It's in Ann Arbor, actually. It's a one and a half hour information session/trading simulation that's supposed to include "an overview of commodity trading, instructions on the trading simulation, the simulation itself and then a debrief."
You want to succeed at this? You want to show them you know your shit when it comes to commodities?
Just walk around and greet all the BP people by saying, "Looking good Billy Ray!". When one of them replies, "Feeling good Louis!" that means you got the job . . .
You're welcome.
I've done this twice. You'll meet in Tozzi where they will emphasize on the following: "Demand up or supply down? Prices go up." "Demand down or supply up? Prices go down." There should be a recruiter there (without giving out her name, she has curly brown hair, glasses, and her name starts with a C) that you should definitely go and talk to if you are considering interning there. Honestly, it won't matter at all how well you do in the game in relation to your internship.
The trick to the game (depending on which one they do, there's one for the sophomores and another harder one) is to pick a strategy early. You'll play a couple of times. One thing that I don't remember working very well is market-making, just because the sophomore game is made to teach you to use the tips. Don't overreact to things (there will be tips about X supply potentially increasing on moon, not going to affect oil on Earth that much) and make sure you have some limits to what you'll be willing to bet. Honestly, the hardest part is working in groups of 2 or 3, especially if your group doesn't understand the game as much as you do.
If you guys get the sticky light up ball things again, I'll be jealous. Good luck!
^ This. Don't sweat it, it has no effect whatsoever on whether they choose you for an internship. I bombed the simulation the first time I tried it and I'm going to be interning in IST in Chicago this summer. If you know basic economics you will be fine. Too bad the bald dude that used to show up left the company... he was pretty hilarious when they came for simulations on St. Patty's day last year.
You just need an intuitive grasp of supply and demand. I did this back in school, had a blast, and crushed it.
Ha ha ha! Umadbro, we must have been in the same simulation. I remember him commenting on the loud, drunk people walking across on St. Patty's day, too.
Anyone know where I can practice the type of games/simulations they use at BP recruitment events?
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