Does anyone have any colour on commodities paper trading at JPM (or any BB)? Comp potential, whether you learn to prop&can exit to prop shops like glencore, traf, Vitol, or hedge funds (citadel etc) or is it a completely different ball game? Early career comp seems like it can be nice but want to be sure long term I'm not stuck hedging for Fidelity
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What commodity and location?
London - any tbh, there's some flexibility. Precious metals, oil, gas, ags, softs...
Gotcha, sorry wouldn't know anything about Euro
Also interested, heading to GS London.
JPM is a good shop, along with GS, MS, Mac, and to a lesser extent BofA and Citi.
If you want to go to a trade shop, I think you're better served starting out at a bank, where early career comp is higher, and you don't have to do a lot of the trader training program directly. You should easily be able to get intereviews 2-4 years out from starting. Banks are still the best way to go to "buy-side" type roles so I don't think there is any issues with going it that way.
The most important thing is that you need to learn 2x as much as the next guy about the market. That means spending a lot of time reading primers, research, and asking good questions to people on the desk. You can get by at a bank without doing this, but just know that when you're applying outside your firm, you're competing with the same guys from all the other big banks, plus a couple of people who are super hungry and have had to fight from a worse spot. Don't underestimate them.
Many thanks for your insight. Yeah I'm under no illusions that I will be spoon fed, but I feel like no matter where I go (this is coming from a market making prop background) people will never straight up teach you their strategies and you always have to fend for yourself anyway. Good to hear that names like JPM/GS are respected by commodity trading firms - I remember reading here a while back that traders from banks rarely survive at commodity shops.. but I suppose if you can make money trading paper then any shop should take you.
Interesting post
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