Breaking into Physical Commodity Trading FT - Graduating Senior w/ Finance Background Struggling to Find a Way In

Hi everyone,
Graduating this May from a target (for banking) university in the north-east US with a degree in economics, minors in math and data science, and decent GPA. My background is a bit non-linear for the path I'm targeting: I have experience at a decent infrastructure private equity fund and at a long-only boutique asset manager focused on real assets and resource equities. The research role at the LO is where I got real exposure to physical commodity markets and trading houses, and it's what pushed me toward physical trading as a career goal rather than staying on the equities side.


The issue is that physical commodity trading doesn't recruit like IB or even S&T does. There's no universal timeline, the major houses run small grad programs with fairly opaque hiring, and a lot of the entry-level roles at mid-size firms seem to be filled through relationships or on rolling timelines with no public-facing process. Also, it seems that not being in Texas can put you at a significant disadvantage in this field. I've been networking directly with people at smaller houses and applying where I can find open processes, but the pipeline feels a lot thinner than anything I encountered recruiting for more mainstream finance roles earlier on. To make things harder, I feel like I've already missed the boat on most of the more structured grad programs (TDPs), the ones with actual application cycles and defined entry points, and am now left trying to figure out how to break in through less conventional channels without a clear roadmap for doing so. I know that middle office roles like scheduling, trade finance, ops, etc. are common ways onto a trading seat for people who didn't do a TDP, but I am also having difficulty finding these roles, or at least entry-level versions of them.  


A few things that might be relevant context: I have an EU passport, am fluent in French and Portuguese, and my long-term goal is to end up in a major European trading hub (Geneva or London probably) working on the commercial side of a large house, ideally in metals but I'm flexible. In the near term, though, I'm based in the New York area and would prefer to start my career here before eventually making the move abroad. If I can't break in directly out of undergrad, my current plan is to do a European masters with a commodity trading focus and recruit from there. That said, I'd obviously prefer to find something now and skip the extra year if possible.


A few things I'm trying to figure out:

  • For someone with my background, what types of entry-level commodities roles are actually realistic to land in the next few months? Commercial analyst, freight, origination, scheduling, something else? Which segments of the market are worth targeting beyond the obvious big names, particularly in the north-east US?
  • Is the European masters route actually necessary for me to break into the Geneva or London trading scene, or is it possible to get there from a US-based role if you're at the right company and building the right experience?
  • Any advice on finding smaller and mid-tier trading houses that recruit on a rolling basis and are worth reaching out to directly?

Appreciate any input, especially from anyone who's gone through a similar path or works on the commercial side.

10 Comments
 

I'll shed some color on this. I'm a student so feel free to take my words with agrain of salt. 
As far as Northeast goes, most of the shops will be in Stamford, CT. That's your Castelton, Freepoint, Gerald Group(Metals), PhiBro I think is up there. Uh I believe ConEdison does trade power, but not in the way you or I would think of trading power. I think

In NYC I think it's basically just Olam and Glencore. I think Sucafina and Sucden which are two sugar trading firms are also in NYC, or maybe Rivington. In Jersey Mitsui is in green(unroasted) coffee trading. Volcafe US I think is in Red Bank. 

TDP's from what I know is more of an O&G type of thing(Your Shells, BP, Exxon's of the world) and honestly getting into one of those probably is as hard as getting into a BB S&T program, maybe even harder. 

You're doing the right stuff, but honestly I think shipping is a really good way to get your feet wet. Maersk, CMA-CGM, MSC, Oldendorff Shipping for Dry Bulk if you're into that. I mean you can learn a lot about terminal and port logistics that are incredibly value. 

Feel free to Dm, for some reason I think we might go to the same school. 

Writing
 

Personally not in this industry but have always been interested in commodities trading, currently trade futures/have dabbled in commodities, and have done a tiny amount of freight originations before.

Interested to see where this ends up.

 

I was in your position a few years ago. There a lot more firms in the north east then you would think, at least 30 to 40. Granted a lot of them are smaller companies or small satellite offices but there are still opportunities. Being persistent and networking as much as you can is key. You will need to have some luck to land a good role. Focus on any analyst, risk or scheduling roles. In metals look at firms like Traxys or Triland. Understand that there is chance you get stuck in a middle office role. You have no guarantee of getting an opportunity to trade. You should be ok with that if you truly want to peruse this industry and are not location flexible.

 

Agreed, networking in the Northeast is key. Starting in scheduling or operations gives you the essential foundation for physical trading, even if the transition to a front-office seat takes time.

 
Most Helpful

Est assumenda eos accusamus voluptatem beatae. Et consectetur iste ipsa quis id perspiciatis rerum dolor. Et rem similique accusamus et ut ut consequatur reiciendis.

Non est dicta officiis. Eveniet ipsum at autem aut quia qui. In voluptatibus provident doloremque quibusdam qui. Eaque dolorem quaerat maiores. Doloribus praesentium doloremque reiciendis. Optio ullam nisi ea similique.

Sint excepturi et aut pariatur et vitae voluptatibus. Eos at molestias ullam esse ab aliquid modi. Et quibusdam repellendus minima modi ut.

Cum minus provident veritatis voluptatum ipsa. Non reprehenderit fugit incidunt qui exercitationem. Quasi et qui praesentium quibusdam dicta.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.8%
  • JPMorgan 01 98.2%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.8%
  • Evercore 01 98.2%
  • BMO Capital Markets 12 97.6%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.8%
  • Morgan Stanley 05 98.2%
  • JPMorgan No 97.7%
  • BMO Capital Markets 12 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (44) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (78) $151
  • Intern/Summer Analyst (72) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
kanon's picture
kanon
99.0
4
Secyh62's picture
Secyh62
99.0
5
dosk17's picture
dosk17
98.9
6
GameTheory's picture
GameTheory
98.9
7
Betsy Massar's picture
Betsy Massar
98.9
8
DrApeman's picture
DrApeman
98.9
9
CompBanker's picture
CompBanker
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”