Trending Content - Sales and Trading Forum
Career Resources
WSO Free Modeling Series - Now Open Through
October 31, 2026
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
High Finance Applications
Guaranteed
Get at least one offer GUARANTEED
- 1:1 support
- 92% success rate
- 2,000+ mentor network
- Unlimited Live bootcamps
- AI for resume + LinkedIn
- Networking automation tools
- HireVue simulation tool
- Full course library
- Private Slack community
- 20hrs of mocks
- + much more...
This mainly regards commodities. Physical shops have training programs where you have to spend a couple of years as a "trainee" before they let you start trading on a desk. Also some of them are pure phsycial while others may deal with paper trading so look into the physical side of the business before you decide for sure. It's very different. Also, with these programs, you are really subject to one commodity (usually) and the pay is less starting out in physical compared to S&T at a bank. However, from people I've spoken to, these programs are great and you learn a ton about that given commodity you are going to trade, and some of the exit opportunities can be to rise at set firm or go to an hf that trades your commodity either as an analyst or PM. However, concerning only trading one commodity, most people aren't a jack of all trades commodity trader, so thats not really an issue. There is also less flexibility with these shops in terms of job location. But its a fun job. As for S&T at a bank, it really depends on what product you are trading and what your long term goals are. I would definitely consider what you want to trade before you enter the internship as a lot of products post Dodd-Frank and just in general with technology have been automated. There is far less of a fundamental edge. Also, if you start at a physical shop you will probably learn a lot more. The benefits to doing S&T is that you can start ASAP on the desk if you get a role as a trader. GS and JPM are great seats if you can land.
In short, the benefits are getting a ton of knowledge about the commodity you are trading and somewhat more, but not all the time as nothing is set in stone, job stability.
Appreciate the feedback, I am mainly focused on trying to break into an Investment bank, but wanted to weigh the options. I am sure if I were applying to a merchant bank, interviews would be more focused on a specific product that they are dealing with, which would change my prep.
oh u meant a merchant bank, i thought u meant a commodities merchant. Yeah, i dont know anything about merchant banks
You are right, I mean't commodities merchants, like BP or Shell, for oil specifically.
Asperiores provident qui dolore eveniet nulla eos facilis. Quia reiciendis excepturi vero dolor. Praesentium enim iusto distinctio quia doloribus. Magni veritatis doloribus eum voluptatibus ut.
Occaecati quibusdam nulla quia iure nostrum omnis voluptas quia. Explicabo sit suscipit amet perspiciatis aspernatur. Nostrum quae eius alias accusantium reprehenderit error similique. Possimus voluptatem ullam qui temporibus reiciendis maiores dolor. Vel sed delectus pariatur dicta.
Consectetur deleniti expedita ut placeat temporibus et est. Magnam quidem odit at rem asperiores qui. Ex veritatis aut eaque suscipit. Dolores vitae dicta architecto necessitatibus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...