However,
an interest in economics, math, finance or analytics is helpful.
Individuals
selected will be those able to thrive as members of teams, capable of playing
both a leading and supporting role, depending on the situation. Candidates must
be self motivated with a keen desire to learn. A strong sense of self, and the
ability to articulate a point-of-view verbally and in writing are
critical.
Analysts
have mentors, both assigned and informal, including members of the Analyst’s
college recruiting team and other professionals in their department.
Client
Exposure
It is
not uncommon for an Analyst to work directly with our clients’ senior
management teams, including CEOs and CFOs.
There
is, however, no pressure to select a group early on. "Sell days"
provide a valuable opportunity for candidates who have received offers
performance
review discussions provide in-depth feedback,
top
institutions in mergers & acquisitions, underwriting of equity and
equity-related transactions, high yield debt financing and corporate debt
issuance. With more than 1,400 professionals, our bankers work together to
advise clients on the complete range of global strategic and finance activities
and services.
The
Investment Banking Division consists of six fully integrated departments that
work together to direct all of the Firm's resources toward its clients'
needs:
Corporate
Finance Department
Client
Services Group: Execute equity offerings, complex high yield debt financings
and other capital markets transactions, working in close cooperation with
Equity, High Yield and Debt Capital Markets. Opportunities in Chicago, Hong
Kong, London, Menlo Park, New York, San Francisco and Singapore.
Mergers,
Acquisitions, and Restructuring Department (MARD):
Responsible
for developing and executing a wide range of complex domestic and international
transactions including acquisitions, divestitures, mergers, joint ventures,
corporate restructurings,
Equity
Capital Markets (ECMS):
Debt
Capital Markets (DCMS)
Responsible
for soliciting, structuring and executing MSDW's investment grade debt and
related product businesses, including new issues of both public and private
debt. Other product areas include liability
High
Yield Capital Markets (HYCMS):
In
1997, Morgan Stanley, long considered one of Wall Street's most prestigious
investment banking firms, completed its multi-billion dollar merger with the
retail brokerage firm of Dean Witter, Discover. The union resulted in Morgan
Stanley, Dean Witter, Discover, the world's largest securities firm in terms of
assets managed and revenues.
The
obstacles that the new firm faces, however, are real. The breakdown of the
barrier between investment banks and commercial banks has accelerated, so that
commercial banks like J.P. Morgan (from which Morgan Stanley evolved when the
investment-commercial bank barrier was first erected) have begun rival
investment banking operations of their own. In addition, past unions of
investment banks with retail brokerage houses have led to internal dissension
and failure-usually because high-flying investment bankers and traders bristled
at the more austere culture of commercial banks. Morgan Stanley and Dean
Witter, Discover have decided to consummate their brokered marriage slowly,
promising autonomy for both companies. Firm insiders say that the merger has
had "no impact whatsoever" on operations.
White-shoe
firm
As one
of Wall Street’s preeminent "white-shoe" firms, Morgan Stanley
cultivates an "extremely professional environment" geared toward the
"bright, motivated individuals that fill the halls." Employees say
that "everyone seems to have an MBA from a top business school" and
that "no other firm matches Morgan Stanley in terms of education and attitude."
Says one insider: "It’s very professional, people are very intelligent,
you get spoiled by that." Another points to COO John Mack (head of the
firm before the merger) as leading the MS culture: "He has this policy of
this ‘one firm’ firm, and I think that’s really true. People are really
helpful, it’s not backstabbing." As for those who were concerned that the
firm’s culture and operations would be changed because of the merger with Dean
Witter: "There was no impact whatsoever."
Not
everyone appreciates this atmosphere, however. One former employee calls
"the people at Morgan Stanley" his "biggest
disappointment." He explains, "They are boorish, aggressive, and
elitist—even more so than the rest of Wall Street." Another who left the
firm recalls that he found his supervisors to be "shallow, uninspiring and
heartless."
Beeper
culture
One of
the famed aspects of Morgan Stanley’s culture is that bankers are required to
wear beepers, which other banks enjoy pointing out as a flaw when competing for
top recruits. "Depending on how you think about that, there’s a good side
or bad side," says one insider. "The bad thing is, everyone’s got
access to your number. But the good side is that if you ever want to take a
two-hour lunch, you can, because they can page you. If anyone ever complains
that you weren’t in the office, you can just say ‘Why didn’t you page
me?’" Continues that contact: "And at night, it becomes a terrific
social resource – let’s all go down – people start paging people, next thing
you know, you’ve got 50 people there." Another agrees about the ups and
downs of beeper culture: "You have to wear beepers, but that’s as much of
a blessing as it is a curse – you can always take off, when you want to do
something. If you want to pick up kids, go shopping, whatever, you don’t have
to stay."
360
Review Process
Morgan
Stanley is famed for its innovative evaluation system. "You get evaluated
every six months and it leads directly into your compensation. You have a 360
degree performance evaluation," explains one insider. "So everyone
you work with you put on your list, and that list goes to HR department. The HR
department sends an evaluation form to everyone you work with. They take this
very seriously, everyone you work with will give you a formal evaluation."
"You
not only get feedback from people above you, but you give them evaluations. The
downward evaluations are named, upward are anonymous," says one former
analyst. "So if your associate is being a total pain in the ass, you slam
them in the reviews. They take very seriously the opinions of the junior people
when evaluating for bonuses – so associates go out of the way to be
helpful." "I’d say that is a very unique thing about Morgan,"
says that contact, who points out that the Morgan Stanley evaluation model was
actually a case study at his business school.
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How the recent merger between Morgan Stanley
and Dean Witter have made the firm the undisputed underwriting leader on Wall
Street
Why Morgan Stanley traders tell new hires to
"dress British and speak Yiddish"
Why you should never, ever show up to work on
the trading floor wearing suspenders
How new hires are lined up outside a restroom
and subjected to Morgan Stanley's pre-employment drug testing
How in the final round prospective Sales
& Trading employees undergo a rapid-fire grilling on their grasp of
macroeconomic concepts
http://www.beyond-the-square.com/