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	Your Opportunity as an Associate in Investment Banking

An overview of this programme’s objectives and how you can benefit

Our goal is to give you a firm 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 in 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, 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 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 long-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 are 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.