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.
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.
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."
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.
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