(update下，楼主已拿到commodity trading offer)seeking for career advice, equity research

energy0804

6月29日更新

楼主已拿到top 3 之一 commodity trading house， oil desk，graduate trainee offer，US office

这个program是2年的，需要在中后台3-4个部门rotate（这些工作是比较无聊的），完成后如果说顺利的话就可以拿到一个junior trader的职位，再过1-2年可能就trader吧

当然如果说program完成后能够进入front office那自然好，楼主就非常满意了，但问题是这个不是guarantee的（虽然这些trading house就只有通过这个途径培养trader的）......

所以现在的想法是，take这个offer，如果以后能进入前台，一切都好办，commodity trader的收入相当丰厚；如果不能进入前台，楼主在再干1-2年的risk manager或者deals desk manager就去读top 5 MBA（很明白这个说的目标比较高，不过小弟的各项硬件还是很不错的，自身年龄也不大）

欢迎讨论！ 欢迎大家对commodity trading house的讨论   wall street oasis有几个thread就讲这个的。谢谢！
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请问一下假设有BB investment bank equity research analyst 和 Commodity trading house(Glencore, Trafigura, Noble)这些的graduate trainee的offer 如何比较？both in US

个人职业目标是1 进hedge fund(managed futures/global Macro) 做fund manager，或者是2 global energy/mining firm做职业经理人，或者还在3 trading house呆下去

非常明白这是两个不太一样的道路，希望高人能来指点一下优势与劣势？另外请问如何有这样的工作经历，是否还需要MBA？谢谢！欢迎讨论~



另外是的，这是个马甲号...

yaoyao24

如果你要去hedge fund，research的职位比较好，因为hedge fund很少有commodity focused。如果global energy/mining company当ceo，2个差不多，你在commodity trading house作trading，也不一定能顺利晋升到management level，而且需要很多年，中国人在这种公司也很难升到top。

如果你对energy markets很有兴趣，就去trading house把，不然我觉得research会更好一点，以后选择也更多。

energy0804

yaoyao24 发表于 2013-6-9 11:16
如果你要去hedge fund，research的职位比较好，因为hedge fund很少有commodity focused。如果global energy ...

谢谢指教~  其实说的也是我最concern的问题，因为相对而言commodity trading house未来的career path只能是越来越狭小。 如果说research analyst，hedge fund很多approach都可以，而commodity focused可能只有一些global macro和managed futures

另外请问为什么以后做职业经理人，两个差不多呢？ 根据我的经历，research里面的工作真的不太培养人的leadership和entrepreneurship   

diablo2man

"个人职业目标是1 进hedge fund(managed futures/global Macro) 做fund manager，或者是2 global energy/mining firm做职业经理人，或者还在3 trading house呆下去"

These three goals are pretty different. you must decide one path first.

although I personally think ER@BB is better without considering your career goal, ER doesn't fit any of these three.Typical path for ER is to switch to a long short equity fund or asset manager.

38383388

Equity research这条路会比较稳但也比较无聊，大部分的researcher干到最后也还是researcher, 而且路越走越窄，技能也比较单一。

贸易公司的graduate trainee要先在BACK/MIDDLE OFFICE摸爬滚打几年然后找准机会上位，成功几率我觉得比researcher到fund manager高些，但也不容乐观。

如果是我会选后者。首先COMMODITIES本身比EQUITY有挑战，风险和回报也都高些（你可能会被派到利比亚或刚果去找货源），对leadership和entrepreneurship是极强的锻炼。

energy0804

diablo2man 发表于 2013-6-10 23:17
"个人职业目标是1 进hedge fund(managed futures/global Macro) 做fund manager，或者是2 global energy/mi ...

Thanks for reply...Yes, I know these are quite different careers...but they might be the best offers I can get in the US, you know it is unrealistic to get a job at IBD S&T MC, etc as an international student...

energy0804

38383388 发表于 2013-6-11 00:18
Equity research这条路会比较稳但也比较无聊，大部分的researcher干到最后也还是researcher, 而且路越走越 ...

That's true, the graduate trainee program involves different rotations in the back and middle offices
, and after that you might be end up being a junior trader
But this is the only route towards a trader in the commodity trading house, everyone starts here(except ones joining with other working experiences)

diablo2man

energy0804 发表于 2013-6-11 01:46
Thanks for reply...Yes, I know these are quite different careers...but they might be the best offe ...

don't get me wrong. both of these offers are pretty solid, esp to an international student. It is really up to your own ambitious and goal.

consider this: do you consider yourself an aggressive and smart person? are you willing to take a big risk to get big return? do you care all the "branding" and title and perks from BB IB?

commodity trading house/hedge fund is definitely more brutal and aggressive than IB ER and long/short HF. The base there seems more volatile but you can earn big buck as a junior trader if you are smart and lucky enough. In contrast, ER at IB is a standardized path with modest growth/risk. You can enjoy the reputation of a well known company and approach the industry in a more academic and research prospective. However, it is not likely you would earn a eye popping pay check in your early or entire career.

energy0804

diablo2man 发表于 2013-6-11 04:31
don't get me wrong. both of these offers are pretty solid, esp to an international student. It is  ...

Haha, just like life and finance, risk and return...

with career of a research analyst, keep the return of beta, however difficult to beat the market

with career of a commodity trader, take on alpha risk, base might be low,  but unlimited upside potential

anyway, thanks a lot~

38383388

楼主给的信息很有限。比如你ER是在哪个组，做什么行业？

TRADING HOUSE是哪家，做什么品种？

这些都是很重要的信息。