Do oil companies tend to be very bureaucratic
Accepted an offer for a trading position in major european oil company.
But, I am shocked by how slowly decisions are taken, and by the huge amount of paper-work and bureaucratic work.
Is this the trend in the industry, or just happen to have joined the most bureaucratic company in the world ?
I've been at an IOC for only 6 months, but I can tell they are very bureaucratic. If you can make the right connection within then you should be good.
I've already seen brilliant people who don't necessarily know upper management well go into shitty jobs (rotations) because the company had a "business need". While on the other hand some kid who had a shitty GPA in college but his dad has worked for the company for decades makes it to a role where he's being trained for the coveted trading or M&A position. It's really bullshit. I don't know how the bureacracy ranks against other industries, but it definitely exists.
Either way, you're a fucking trader. Oil trading is the SHIT. Good luck man.
I see you took the commodity trading position over first new york securities. You just asked about the two firms 5 days ago, what slow decisions are you talking about?
They are investing in you and you better believe they are going to cross all their T and dot all their i's. So now you are an oil trader how does it feel?
It's only the beginning get used to it now or you will constantly be disappointed. Lots of rules to follow, safety big key, lots of paperwork and middle folk.
why is that though ? why so much bureaucracy ?
Most Oil companies are run like big F500 firms. Most of the C-level at these firms comes from the engineering and other areas of the firm not just the trading side. Just because trading is comp'd differently in its own world, does not mean it can totally act like a rogue entity.
Add to it that your typical huge oil company unlike Pepsi/P&G and others. People don't actually die on their watch, spills oil in the gulf by accident, various lawsuits, runs operations in parts of the world most companies would never step foot near and so on. This forces many global policies and initiatives, can't just tweak them for every office to be different.
Ultimate result, oil companies tend to go overboard to be better safe than sorry. Makes things inefficient and annoying at times especially since your basically doing the same job that someone at a bank does and your team acts the exact same way.
cause they can.. its that simple
so does this not make traders leave oil companies for banks ?
it happens both ways....
where is the compensation better for the average guy and the top 1% guy?
all depends on you.... at your level you all make roughly the same... if your good the money will find you... dont sweat it.
Job security, it may be a lot of paperwork but read it all and compare to what some get at a bank. Also there is other reasons, as monty mentioned happens both ways.
eydey,
What made you ultimately choose the oil firm over FNYS?
honestly man why cant you just be happy that you got a freaking oil trader position. 99.9% of the world does not have your position and you are STILL not happy.
wtf
I can't agree with this more.
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