Hey guys I was wondering if anyone had some insight into the BP IST program. I am thinking about trying to get an internship for next summer in Warrenville (Chicago).
Any idea how hard it is to get a full-time/internship position? Also was wondering if anyone knew BP's compensation structure for IST. If anyone has any insight into the program I would really appreciate it. I am also interested in hearing your thoughts on how it compares to other trading programs.
Thanks!
I am also interested in hearing what they look for in applicants. (Skills, etc.)
I am currently doing a Corp Finance internship with a F500 company in the chicago area.
I've heard its a great platform from folks on the inside. Can't give specific reasons or comparisons though.
Not sure if it's still this way, but I think they have a "Challenger" program which they put you through some introductory roles for like 3 years. These roles may be a bit boring, but you learn the business after that you can get a shot at trading. They have a very competitive comp structure. Not unheard of for guys to make 7 figures late 20s and retire at 35. Obviously depends on performance. Pay in trade roles is solid base salary, plus % of earnings less expenses. In "Challenger" program, pay is lower base + 15-30% max bonus situation
Thanks man I appreciate the response.
I'd love to hear more insight. It seems like a very solid program.
BP's IST program is not out of Warrenville anymore. They moved to the Merc.
The positions are very competitive.
Compensation for the TDP program in IST is a competitive salary (not quite BB) and you get the potential for a small bonus. You're not trading so there is no percent of book until you become a trader.
Interview is fairly behavioral, although it also has a case portion. In the case they simply are looking for how you take in information, process it, and develop a picture and then a response.
I take it that you are from U of I which they do recruit from and there are alumni you should probably get in contact with.
The Challenger program is separate and different from the IST program. While they both rotate, the odds of you becoming a trader from the Challenger program is very very unlikely. It is possible and some have pursued it, but that just isn't that path from which it happens or else you would be a TDP.
As mentioned you can make retarded money as a trader because of how large their books are.
The rest here is IMO in comparison to other trading programs. If you really want to trade energy, you'd be an idiot not to consider it. Duh! However, you're also talking about 3 years of roles as a TDP that usually won't face the market to then have to pass another series of tests to become an actual trader. And then you may need to wait for a book to open up... So would it be sick to be a trader at BP? Yes. Do I think the TDP program and ATC are worth it to become a trader? No.
Yes I am from U of I. If you can make good money, why don't you think it is worth it? Say you go through the 3 years and don't make the cut to become a trader...what are your options then?
That whole "IMO" part was based on my own personal preferences. Spending 3 years with only decent compensation doing roles that I don't find particularly interesting or engaging to then still have the chance of failing the test and even then having there not be a spot open did not seem to outweigh going to a BB or prop shop. That being said, I have friends working there now. They were ok with that decision. It is a matter of preference.
Like I said, you would be an idiot not to consider them if you want to trade energy. Even if you don't know you want to trade energy, you should still contact your alumni and find out more about the program and the internship.
What are your options then? I would say most people stay at BP and just don't become traders. There is still analytics, logistics, scheduling, etc. Otherwise you could probably try to move to other energy trading firms? Grad school maybe? I dunno.
Isn't this program like the Shell trading program? You only have a possiblity to trade after years.
Correct. The website says it is a 2-3 year program.
Any other opinions?
Post-Macondo, BP may not be the place you want to be. So look at versus other oppurtunies out there.
BP trades physical natural gas mainly, and the IST TDP historically is for natural gas traders mainly. I would say no shop out there will let a new grad trade physical energy before 18months. You need to learn the business from the ground up and none of this stuff is written down in a book somewhere. BP's program is more on the longer/extreme side as its 3 years.
You would spend your time in scheduling, risk and ultimately desk analyst I would guess. Again each role is key to understanding the business and none would be boring either.
As for is it worth it? Depends on your choices/preferences. If you want to trade physical energy and learn from some of the best people out there, for sure do it. But if you just want to trade, you can become a trader at a bank trading financial products much quicker and easier. But the reality is no shop out there is going let you trade physical natty before 18months, so is another 18 months that bad to learn from the top of the industry? You decide.
I know that they recruit at Notre Dame as well, though from what I have heard they do not get as much attention as the BB's. With the knowledge that they recruit at U of I and ND, I assume they draw heavy from other top midwest schools as well (NU, Madison, Michigan, etc). A buddy of mine ( U of I guy )interned there last summer and I think he took a FT offer . If you want, PM me and I can ask him some questions/tell you more about his background
Do they not recruit from the ivy schools? I have not seen their names in any of the recruiting related material at my ivy. Are ivys not target for BP IST?
Anyone have any more insight on the program?
Thanks!
Interned this summer. PM me if interested GoIllini.
FIASCO, could you please share your experiences in the thread ?
Didn't want to open a new thread so asking here.
I was looking on RWE's website and I like their program. http://www.rwe.com/web/cms/en/108258/rwe/careers/graduates/graduate-pro…
How does this program, or RWE in general, compare to Shell or BP?
Hey guys, I've just booked the phone interview for the 2015 intake. Any idea on the questions they might ask ?
Thanks a lot !!
HELP!! BP IST phone interview tomorrow (Originally Posted: 01/20/2014)
Hello. I just found out that I have a phone interview with the hiring manager tomorrow for the supply and trading summer internship. I was wondering if anyone could offer some insight into the typical questions asked during this interview.
thanks a lot
This is a great group; really awesome people and the culture is very laid back. They ask mainly why you're interested in oil, why BP, and then some basic trading things (what's a spread, etc). From my experience, it wasn't too bad, but my program may have been slightly different. Are you going for the Chicago office?
Thank you very much
Chicago or Houston?
I'm actually Canadian and the position is for the Calgary AB office.
BP IST Trading Internship (Originally Posted: 12/23/2011)
Hi everyone,
For those who applied to BP IST or all other major oil trading internships, have you already heard back? I applied back in Oct to BP and Shell and haven't heard back from anyone yet, and the websites still show pending. I noticed BP IST UK trading internship deadline just closed (Dec 15), but not sure if the US has the same deadline. Appreciate any feedback and thanks.
I was told that there is a hiring freeze in IST this year.
Thanks Walkio, that could explain why. Do you know if all the majors are going through the same issue?
I don't know about the UK, but IST in the US is definitely hiring. If you're talking about a US schedule, I applied back in early October as well and heard back within 3 weeks. Hiring for IST in the US (Houston and Chicago) is done, not sure about Calgary.
I attended to both ACs, unfortunately no good news for you.
BP had two "first round ACs" during Nov 29 - Dec 2, and the Top 25% got into an AC in mid December. This was for both Internships and Full Time, interns were only required to do the "first round AC" and I can assure you that it was the most competitive AC I have ever been into, and I have been in several BB ACs. All positions are filled by now.
Shell is NOT recruiting Full Time for Trading in London (I do not know about Internships). They are recruiting at the The Hague office in the Netherlands, but they have a strict language requirement.
Got it, thanks all. Just curious, but do they mainly look for undergrads? I have an MBA and now working on a quant masters and wasn't sure if I fit the typical profile.
Also, did you all apply through OCR or just through the website?
what IST type places are still accepting summer internship applications in the US?
bump
BP IST Internship (Originally Posted: 05/08/2012)
Can anyone familiar with BP and their trading division shed some light on what they look for when hiring interns.
If I'm a traditional finance student with pwm and boutique i-banking internships, would that help, hurt, neither, if I want to trade energy at BP (how about all trading internships?).
Thanks
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