I’m a student at a non-target school and recently received a S&T(gas trading)summer analyst offer from Macquarie Houston.
I’m interested in pursuing a long-term career in commodities trading and would appreciate any insight into day-to-day work on the gas desk and career development at Macquarie.
| +9 | Natural Gas Analyst Path to Trader | 0 | 19h |
| +7 | RBC S&T 27' | 13 | 20h |
| +6 | CRE to S&T lateral opportunities | 4 | 2h |
| +6 | Exiting Sell Side FI Trading | 0 | 20h |
| +3 | S&T Outlook and Pivot from Buy Side | 1 | 42m |
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imo macquarie if ur into commods - its a good shop and exits to trading houses and HF commods
if not jeff ficc should allow exits to macro HF if on a good desk (rates, fx vol etc.)
does MS FICC allow for macro exit?
Yeah, just happens to be they are smaller in FICC so you don’t see them around as much, but you will get interviews
Really appreciate that! I'm interested in commodities but am concerned about the pay in Houston compared to NYC and the exit opportunities in niche industry. But exit to HF commods sounds great to me!
When did you hear back from Macquarie gas trading? I interviewed with the same desk about 2 weeks ago.
Like several days ago
When did you apply to JEF? I havent seen any S&T SA2026 apps open
I think they may have finished their recruiting process for S&T SA2026. But I'm not sure about that.
All great opportunities - a few points to consider. Would definitely stay clear from commodities if you are concerned about exit opportunities as it is a very niche industry with limited transferable experience. Rotational program is always great to get exposure to various desks but Nomura is lacking in prestige relative to Jefferies if that is a concern. imo opinion Jefferies is the strongest offer overall and NY is a great place to start your career. Curious why you are attracted to Houston, i've never heard anyone speak positively of the weather (take it from someone who grew up here).
That is super super helpful! Wondering if I can DM you to learn more about your experience working on the Commodities desk?
Sure, go ahead
For the weather, I really don't like staying in cold, and I love the humidity in Houston. I'm not originally from the US, and the weather there is very very similar to my hometown.
Why you say commods have less transferable experience than FICC? Afaik main exits for both are hf
MacQ commods is awesome - they are a market leader and basically destroy every other bank at physical trading. If you're fine committing to commods, and potentially living in Houston/Geneva longer term (vs NYC/LDN), it's the best of these choices by far.
If you end up going buy side later in your career, NY and LDN will still be around, but I wouldn't expect NY to have higher comp - generally in trading you're getting percentage of book anyways. I could see IB/PE types having more networking and upside being in NY, but the vast majority of energy trading in the US is based in Houston, so it's really much better if you're committed to that asset class.
I really appreciate that! It’s really meaningful advice to hear from you!
If you don't mind me asking, what did you end up deciding?
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