Your Opportunity as an Associate in Investment Banking

Our goal is to give our people a basic foundation so that they can quickly become active contributors to the Investment Banking team. As an Associate, you would progress rapidly, trained as an international business strategist by working alongside experienced financial executives at some of the world’s most influential corporations. You may also have the opportunity to become involved with smaller, entrepreneurial organisations that are on a high-growth path. The projects begin with understanding the nuances of clients’ needs, exploring ideas, conducting analyses, developing strategy and offering advice and counsel at every step.

The Associate Programme in Investment Banking
How the programme works and the day-to-day experience you can expect

The three-year Associate Programme will give you exposure to a variety of products, industries and clients. However, if you have experience or interest in a particular sector, we will try to accommodate this preference. There is also the opportunity to undertake a six-month rotation in order to gain broader experience into another specialty area. After a year, Associates begin to specialise in an industry, product or geographic region.

Associates interact with decision-makers who develop the ideas that ultimately reshape industries. Projects may involve a merger, an IPO or financing a new venture.

Associates may lead a competitive auction process to divest a business, identify potential strategic acquisition targets, negotiate with oil companies over the financing of a new pipeline, evaluate the proposed location for an industrial plant, organise a road show for potential investors in a major new equity offering, or advise their team on how to tackle a complex piece of analysis.

The roles and responsibilities vary by department but typically include:

• Managing and assisting in the execution of corporate finance transactions
• Performing financial analysis, strategic business analysis and detailed industry research
• Contributing to team discussions and client meetings
• Providing rapid and accurate market judgments to colleagues and clients
• Preparing and delivering client presentations in a clear and compelling manner
• Acting as a mentor and role model to Analysts

Launching Your Career
The initial training that you receive on starting the programme

The IBD Associate Programme begins with an intensive five-week training programme in London, featuring presentations from experienced internal speakers and industry experts as well as practical sessions giving you the opportunity to interact and learn from your peer group. Topics may include such subjects as valuation interpretation and application, financial statement analysis, capital structure, financing solutions, M&A processes and merger analysis.

Regulatory Financial Services Authority (FSA) examinations are mandatory during your initial training, and full support and training will be provided. The firm also offers a number of optional courses throughout the year, including a wide range of tuition-based language classes, that can raise your professional effectiveness. The training programme will also include several social events that will assist with building up your professional network.

Developing Your Career
What you can expect as you progress through and complete the programme

The first year is designed to give Associates an understanding of how our bankers determine a client’s needs and how they meet their strategic objectives. Associates are then ready to build upon their broadened skill base. The firm provides ongoing training and mentoring that would typically support efforts to advance to the next level.  All Associates are offered a mentor, typically a more experienced banker, who is able to provide career advice, business guidance and networking opportunities that will benefit you throughout your longer-term career.

When you have successfully completed your Associate tenure, you would be considered for promotion to Vice President. If you continue to excel, you can potentially move on to become an Executive Director and, ultimately, a Managing Director.

Mobility is an important part of building a Morgan Stanley career, and Associates are encouraged to rotate within the Investment Banking Division and Global Capital Markets, and across country, product and industry groups. Whether you pursue investment banking or a related financial field, the skills and experience you develop as an Associate will give you a strong foundation for your career.

Additional training throughout the year may take the form of market and strategic updates, group overviews and case studies.

Is Investment Banking Right for You?
A checklist to help you decide if you have the skills and temperament for this area

• You are a team player with a strong work ethic and attention to detail.
• You have strong analytical skills and the ability to understand complex data quickly.
• You have outstanding communication and interpersonal skills, with the ability to form effective working relationships.
• You thrive on intellectual challenge and work with confidence.
• You are ambitious and motivated to become an industry, product or regional expert.
• You must be able to manage multiple projects, provide complicated financial analysis, and develop appropriate corporate finance solutions.
• You pursue your assignments with excellence, a collaborative spirit, and the highest ethical standards.

	Your Opportunity as a Summer Associate in Investment Banking

Our goal is to give our people a basic foundation so that they can quickly become active contributors to the Investment Banking team. As a Summer Associate, you would progress rapidly, and be expected to take on the role of a full-time Associate for the summer working alongside experienced financial executives at some of the world’s most influential corporations. You will also have the opportunity to become involved in a number of different projects and groups within the organisation. The projects begin with understanding the nuances of client needs, exploring ideas, conducting analyses, developing strategy and offering advice and counsel at every step.

The Summer Associate Programme in Investment Banking
How the programme works and the day-to-day experience you can expect

The 10-week European IBD Summer Associate Programme offers an introduction to the areas of investment banking and the environment at Morgan Stanley. By taking on the role of a full-time generalist Associate, you can gain a realistic view of banking issues as you work on a variety of projects across all areas of IBD. You can build a strong foundation in the basic skills of financial problem-solving, negotiation and project execution while learning about the firm’s portfolio of products and services.  

Launching Your Career
The initial training that you receive on starting the programme

The IBD Summer Associate Programme begins with a one-week intensive training programme in London, featuring internal presentations and training led by experienced members as well as external training, including valuation interpretation, introduction to M&A analysis and modelling, and basic accounting.

There will also be several presentations throughout the summer introducing you to the different areas within IBD which will give you the opportunity to meet key people within these groups as well as broaden your existing knowledge of IBD. 

Developing Your Career
What you can expect as you progress through and complete the programme

Our Summer Associate programme is our primary pipeline for our Full-Time Associate programme. As a Summer Associate, you will be able to gain generalist experience across a number of industries while building a broad network of contacts. There are also opportunities within Global Capital Markets so if you have an interest in a specific area, we may be able to offer you a more targeted experience.

In order to assist you throughout your 10-week Summer Programme you will be introduced to a “buddy” and a mentor. Your ”buddy” will be able to guide and advise you on day-to-day issues and your mentor will be able to provide career advice and insight into the firm.

There is a large degree of support from a number of bankers across the various teams, and you will also have the opportunity to attend a variety of social networking events with both Investment Banking and wider firm professionals so that you can build networks and understand the firm’s culture. 

Is Investment Banking Right for You?
A checklist to help you decide if you have the skills and temperament for this area

• You are a team player with a strong work ethic and attention to detail.
• You have strong analytical skills and the ability to understand complex data quickly.
• You have outstanding communication and interpersonal skills, with the ability to form effective working relationships.
• You thrive on intellectual challenge and work with confidence.
• You are ambitious and motivated to become an industry, product or regional expert.
• You must be able to manage multiple projects, provide complicated financial analysis, and develop appropriate corporate finance solutions.
• You pursue your assignments with excellence, a collaborative spirit, and the highest ethical standards.

Requirements

You have completed or are studying for an MBA, having received a top-class undergraduate degree and posted a strong academic record (a minimum 2.1 or equivalent).

You have a relevant level of professional experience and can communicate effectively in English. In addition, the ability to communicate in a second language would be beneficial.

Selection Process

Selected applicants will be interviewed in two rounds by Morgan Stanley representatives. Candidates are evaluated on their commitment to a career in investment banking and their ability to succeed at both the Associate and Officer level.  

How to Apply

Our Summer Associate programme is our primary pipeline for our Full-Time Associate programme. Applications can be submitted from early October 2008 and will be reviewed as they are received so we encourage candidates to apply early.

To submit your application, please apply online via our website. 

Deadlines

Please visit our website or check with your Careers Office for school-specific deadline dates. If your school does not have a recruiting relationship with us, you may apply online by December 31, 2008.