HELP! BB PWM vs Commodities Prop House for MF/HF PM track
The BB PWM is a bit tricky... It's actually a MF fof rather than PB/PWM. Stock selection is outsourced to the likes of Blackrock/Fidelity, and I'll be likely to work in the internal CIO which does risk management, manager allocation and manager selection.
The prop house is one of the best in its own field: MM/discretionary trading crude oil and refined products... Pay is higher than PWM, but the fact that their focus is so narrow kinda worries me...
There are some Pros and Cons I summarized:
BB PWM Pros
- Hours are comfortable, pay is decent (wouldn't say amazing)
- 25 paid holidays per year, not essential but still, it's a lot
- Works closely with all major fund houses, so more networking opportunities
- Brand Name, plus potential lateral to Research departments if I networking internally
- Sponsors CFA and other certificates
Cons
- Maybe not analytical enough (during the interview no technical questions were asked...just some commercial awareness)
Commodities Prop House Pros
- Well-known in its own field
- Great Training Programme
- Very decent base salary + bonus
- Very analytical and the place is filled with smart people from top universities
Cons
- Unstable...If I don't make a good trader then I'm fked...
- Long-hours...14/5
- Even if I become a reasonably profitable trader (not to say a rock star), its narrow focus makes exit very difficult
I know that both positions are not ideal for PM-track, but that's what I've got right now... Still got interviews coming up but I do need to make a choice for now...Please provide some inputs.
THANK YOU
Bet you yourself and trade commodities. You will make way more money if you are any good. You can either make a career of trading commodities, and develop a strong understanding of how supply chains work, or you can work in the middle office. Take the upside.
Thank you for the inputs. Money is of course very essential, but my dream is to become a PM and I am a bit worried that I won't enjoy trading as much. Also, unless I become a rock star and get poached by a CTA type HF, I don't see any exit opps to the AM industry...What are your thoughts on the exit opps for the prop shop?
In the end they are really similar jobs with a slightly different focus. You seem to be thinking of them as really separate jobs, but they are pretty similar.
I think it will be hard to move from BB PWM to PM.
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