Banks like Macquarie vs Major’s TDP for Gas Trading
Basically asking does the type of institution still matters if both are doing substantial physical.
I know there’re already tons of post about banks vs major, prop shops etc on the forum. But the bank’s trading team here has physical asset and is functionally just a merchant. So wanted to get a feel of what ppl think about in this specific situation. Trading team at bank compared to said BP’s TDP.
How does starting gas trading at place like Macquarie compared to said BP’s program. Is there meaningful difference other than the specific setup at either one and the TDP exam? For example, would experience at a bank lend itself better to a transition to HF? What about culture, politics, physical experience, and career growth in general?
If you want to go to HF go to Macquarie. If you want to trade physical got to major. Careers are vastly different in a physical shop vs HF. You can make money in either place but i think you'd have to be more patient in physical since you will need to learn the physical part of business and seats are limited.
The role at Macquarie is a physical gas trading role. So the OP is asking about starting at Mac vs a place like BP.
Thank you. Still appreciate the input above though since I sorta considered the potential of doing switching to financial>HF as a pro/plus maybe. Even tho the possibility of making the switch is a different topic entirely.
Is this UK?
If so, go Macq. Have friends on BP TDP, it's really hard to get a trading spot, basically requires flawless performance/in exams for 3-5 years before you get a shot.
Gas trading team at Houston actually. But thank you for sharing, this sorta points out a concern of mine:
The MacQ setup at Houston is alr on the trading team and I fear that it’s gonna be a long fight both performance wise and politics wise to get a trading seat after TDP.
Well Macq has a great reputation here and I'm sure globally for commodities. Had a look at their earnings over the past year and you can see why.
Can't go wrong here, but I would choose safety of Macq in this market.
Pointless to have this concern, that is the setup/hurdle anywhere. I can tell you if you actually have these options the people hiring you are hoping you are the next VP in 8 years time. Especially the firms discussed here are going to invest a lot into you if these options are real. Two places where they do not just randomly hire bodies especially for the "paths" mentioned.
Macquarie is pretty good- has low turnover, is Australian so no rules to prevent prop trading. BP is also very good- is a more structured learning experience and is recognized across the industry. They are number 2 and 1 respectively for traded gas volumes in North America. Overall, both great options. Personally, I would go with BP for the structure (Macquarie new grads in trading start as desk analysts vs BP’s rotations), learning opportunities, and industry recognition. Also if you decide to leave the industry or go to business school, it’s easier for others to understand “trader training program at well known energy company” than “desk analyst at Australian bank in Houston”.
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