Morgan Stanley - graduate training programme

The bank has also provided the following information:

Which divisions of the bank hire graduates?

Investment Banking, Fixed Income, Equity Research, Institutional Equity, Institutional Finance and Operations, and Information Technology.

How is the intake of trainees typically split between each area (eg. 50% corporate finance, 20% sales and trading etc.)?

Approximately 47% in Investment Banking, 22% in IT, 14% in Finance & Operations, 17% Sales, Trading and Research including Fixed Income, Equity and Equity Research.

How much are graduates paid during training? Do you provide free housing and other perks?

Graduates are hired as analysts and receive full pay throughout their training. In addition to their salary, graduates receive a sign-on bonus, a relocation allowance depending on personal situation, a year-end bonus, and other benefits such as medical cover and pension schemes.

Do you guarantee a job upon completion of the programme? Alternatively, are graduates hired on a renewable two year contract?

Not really applicable for our firm. For those divisions that have structured programmes, graduates will often follow a typical career path and study for an MBA after completion of the graduate programme.

How long does it take someone to complete your training programme? Where does training take place?

This varies according to the division. Some divisions have structured graduate programmes, whereas other have a less formalised structure. Most divisions run a two-year graduate training programme, however the Investment Banking division runs a three-year programme. Information Technology holds training twice a year, in February and August; the training programme lasts 18 weeks and is global. IT Analysts are recruited for a particular office - London, New York, Hong Kong or Tokyo - but all new hires train together in New York.

After the programme, analysts return to their home offices, often as part of global development or support teams.

The Institutional Securities cross-divisional training lasts for three weeks and takes place in London. This will include the Investment Banking, Equity Research, Institutional Equity and Fixed Income divisions. The Institutional Finance and Operations Division run 4 weeks of training which is based in London. Thereafter 'training' is on the job, either as placement in specific roles or a series of rotations.

What kind of specialist training is offered for each division, e.g. trading, corporate finance, and so on?

Information Technology: All IT Analysts participate in a core curriculum, which includes technology training, orientation to the firm, overview of the securities industry, senior manager presentations and professional skills workshops. Analysts receive formal evaluations and informal feedback at several points during training.

Institutional Securities Cross-Divisional Training Programme: Focuses specifically on capital markets, finance and accounting, company analysis and modeling.

Institutional Finance and Operations (IFO): Training is predominantly classroom-based and interactive and includes industry, financial and product knowledge, along with technical and systems skills. There is a project-based theme running through the training to consolidate the learning in the programme, based on the life of a trade. Part of the training includes the first module of the Investment Management Qualification of the Securities Institute.

Can trainees move between departments during training?

No.

How should candidates apply?

Via the web at: www.morganstanley.com/careers/