Frequently Asked Questions

What we look for

What types of positions are available for recent college or university

graduates?
We hire recent college graduates into our Analyst Programs within
the following divisions: Equity Research, Finance Administration &
Operations, Fixed Income, Information Technology, Institutional
Equity, Investment Banking, Investment Management, Private
Equity, Private Wealth Management, Public Finance and Strategic
Planning.

The Analyst Program is designed for applicants who will complete

their undergraduate or university degree in 2005. The IT Analyst
Program is designed for candidates completing all levels of degrees,
i.e., BA/BBA/BS, MA/MS, MBA, PhD. The Junior Associate Program is
designed for undergraduate or university applicants interested in
Equity Research.

The Summer Analyst Program is designed for applicants who will

complete their undergraduate or university degree in 2006 or later.
The IT Summer Analyst Program is designed for candidates in the
process of completing all levels of degrees, i.e., BA/BBA/BS, MA/MS,
MBA, PhD. The Summer Junior Associate Program is designed for
undergraduate or university applicants interested in Equity
Research.

What types of positions are available for candidates with advanced

degrees?
We hire recent MBAs and other graduate students into our Associate
Programs within the following divisions: Equity Research, Fixed
Income, Information Technology, Institutional Equity, Investment
Banking, Investment Management, Private Wealth Management and
Private Equity.

The Associate Program is designed for applicants that will complete

an Advanced Degree in 2005. Candidates with an Advanced Degree
interested in IT must apply to the Information Technology Analyst
Program.

The Summer Associate Program is designed for applicants who will

complete their Advanced Degree in 2006. Candidates completing an
Advanced Degree who are interested in Information Technology
must apply to the IT Summer Analyst Program.

What types of positions are available for candidates with master's or

Ph.D. degrees?
We hire candidates with graduate degrees into either our Analyst or
Associate Programs based on their level of experience.

What academic background must I have?

Morgan Stanley looks for candidates, in all majors, who have a
strong interest in business and finance. Our training programs are
designed to teach you the basics. We encourage candidates from all
disciplines and backgrounds to apply.

What qualities do you look for in candidates?

We seek energetic, creative, well-rounded, outgoing and self-
motivated individuals. You need to have the ability to learn quickly,
strong quantitative and analytical skills and a desire to thrive in a
dynamic, high-pressure environment.

How will I know if Morgan Stanley is right for me?

To learn more about our opportunities, explore our website to gain a
better understanding of the Firm, our culture and the responsibilities
you will be given from the start. Take time during the interview
process to meet as many people as possible and find out if this
environment is right for you.

How to apply
When will Morgan Stanley be visiting my campus?
Review our On-Campus Calendar to find out the dates of our campus
presentations and interviews, or check with your career placement
office.
How do I apply?
Please complete our online application.

Can I apply to more than one division?

Yes, but the more you know about each division, the better. Explore
our website to learn more about the opportunities in each area to
decide which is right for you.

What happens during the interview process?

Most of our first-round interviews will take place on campus.
Depending on the division, second rounds may take place on
campus, but all final rounds are held at one of our branch or
regional offices.

Does Morgan Stanley offer summer internships?

We have a number of internship programs for qualified university
students. To apply, please complete our online application.

Does Morgan Stanley hire summer associates?

We have formal summer associate programs for MBA and other
graduate students between their first and second years of business
school. The program length is approximately 10 to 12 weeks, and
responsibilities vary depending on the divisional program. This is a
valuable opportunity for you to gain experience in your area of
interest, as well as work on challenging and exciting projects. Please
complete our online application.

Recruitment Process

Attend a presentation on campus

The recruiting process begins in September each year, when the
Morgan Stanley Recruiting Team presents general information about
career opportunities at our Firm. Please review our on-campus
calendar for a listing of the dates a Morgan Stanley Asia Pacific
representative will be at your school. If you're interested in a career
with us, join us for this presentation. Take some time to talk with our
colleagues who have worked in the Asia Pacific offices; they'll
explain the myriad opportunities available at Morgan Stanley Asia
Pacific, share their own observations of the Firm and why they
selected it for their careers.

Apply online
We encourage you to review this Careers Website to learn more
about Morgan Stanley Asia Pacific and the Business Units that are
recruiting. Please use the online application to submit your
application — the application has further information on deadlines
for each program we recruit for. If you qualify for consideration, we'll
contact you to arrange an interview to discuss available
opportunities.

Interview with us
We typically have at least two rounds of interviews for our graduate
and summer programs.

Interviews will be arranged either on campus or via phone for the

first round. Each candidate can expect to have approximately 2-4
30-minute interviews.

The final stage of our process is usually a full-day interview session

held at Morgan Stanley's offices in New York, London, Beijing, Hong
Kong and Singapore. If you need to travel more than a day, you will
be accommodated in a nearby hotel.

These interviews are with our professionals at all levels of seniority

and are designed to help you learn more about us, meet our
professionals, find out more about the role and what it is like to work
at the Firm. It is also an opportunity for us to meet you and have a
clear picture of your suitability for the role you have applied for.
Typical areas that are explored in our interviews include: problem-
solving, analysis, intelligence, decision-making, leadership,
interpersonal skills, motivation, beliefs and values, career
aspirations, knowledge and/or technical capability.

If we don't visit your school

Unfortunately, Morgan Stanley representatives can't visit every
school. However, please read through this website for more
information about Morgan Stanley Asia Pacific, review the job
descriptions for the Business Units that are recruiting and complete
our online application.

Interview Questions (Asia Pacific)

A successful interview requires solid preparation. Your answers

should be clear, concise and show your genuine interest in the Firm.
Interview questions are not always difficult; in fact, some can be
quite simple.

Below are some examples of general interview questions you may

be asked. You should also be prepared to answer specific queries
about your background, your qualifications, previous internships or
positions you've held, your school experiences and the
accomplishments included on your resume.

We are interested in testing your interpersonal skills, motivation,

career aspirations, company fit and leadership.

You should come with questions for us as well! The interview is an

opportunity for you to ask about your role and responsibilities, the
division you are applying to or Morgan Stanley in general.

Your school's career services office, library or resource center can

help you find other sources and questions as you prepare for
interviews.

General Interview Questions

> Tell me about yourself.
> What are your strengths and weaknesses?
> How would your friends describe you?
> Are you entrepreneurial?
> What are the most important things to you in a job?
> Give me an example of a situation where you demonstrated
leadership.
> Give an example of how you worked on a team.
> How creative are you? Give an example.
> Why are you interested in the industry?
> Why did you choose to interview with us?
> Who have you met from our Firm? What did you learn from
him/her?
> Describe the ideal position for you within our Firm.
> What qualities do you think make someone successful in
business?
> Why do you think you are qualified for this position?
> Why did you select your college or business school?
> What courses have you liked most? Least? Why?
> What are you learning that will help you in your work with us?
> What do you do in your spare time?
> What would you like me to know most that is not in your resume?

Interview Questions (North America)

A successful interview requires solid preparation. Your answers

should be clear, concise and show your genuine interest in the Firm.
Interview questions are not always difficult; in fact, some can be
quite simple.

Below are some examples of General Interview Questions, as well as

specific questions for Investment Banking and Sales and Trading.
You should also be prepared to answer specific queries about your
background, your qualifications, previous internships or positions
you've held, your school experiences and the accomplishments
included on your resume.

You should come with questions for us as well! The interview is an

opportunity for you to ask about your role and responsibilities, the
strategy of a specific group or Morgan Stanley in general.

Your school's career services office, library or resource center can

help you find other sources and questions as you prepare for
interviews.

General Interview Questions

> Tell me about yourself.
> What are your strengths and weaknesses?
> How would your friends describe you?
> Are you entrepreneurial?
> What are the most important things to you in a job?
> Give me an example of a situation where you demonstrated
leadership.
> Give an example of how you worked on a team.
> How creative are you? Give an example.
> Why are you interested in the industry?
> Why did you choose to interview with us?
> Who have you met from our Firm? What did you learn from
him/her?
> Describe the ideal position for you within our Firm.
> What qualities do you think make someone successful in
business?
> Why do you think you are qualified for this position?
> Why did you select your college or business school?
> What courses have you liked most? Least? Why?
> What are you learning that will help you in your work with us?
> What do you do in your spare time?
> What would you like me to know most that is not in your resume?

Investment Banking Interview Questions

Within the investment banking industry, questions can be more
specific. You should be prepared to describe your understanding of
the Firm, the financial markets and how you think you could
contribute to the business.
> Why investment banking versus sales and trading? What is the
difference?
> Give an example of your quantitative skills.
> In what area of investment banking do you want to work?
> Tell me about the time you worked the hardest in your life.
> Tell me about a time you had to develop relationships with others.
> Do you follow the market? For how long? Do you invest?
> Describe a situation in which it was difficult to obtain information
you needed, and how you managed to be successful.
> Do you follow any stocks? Which ones and why?
> What was Morgan Stanley's stock price yesterday?
> Describe an instance in which you've had a significant impact on
a situation, either inside or outside your job.

Sales & Trading Interview Questions

Sales & Trading positions require you to think quickly and have a
keen interest in the markets, a tolerance for risk and selling skills.
> Why Sales and Trading versus Investment Banking?
> Are you interested in Sales or Trading? Why?
> What does a Trader do? What does a Salesperson do?
> Do you want to sell or trade equity or debt instruments? Why?
> How do you measure success in your life?
> What makes you think you can sell?
> What about your personality will make you a good Trader?
> If interest rates rise, what happens to bond prices, and why?

Interview Hints and Tips

In order for you to get the best out of the interview and for us to get
the most from you it is essential that you prepare for your interview.
You should take time to think about your experiences to date, e.g.
academic achievements, previous internships, and positions of
responsibility and how to use these experiences to illustrate your
answers. During these interviews we will also be looking for you to
show that you have thought clearly about the division you are
applying to as well as a strong interest in Financial Services.

You should come with questions for us as well! The interview is a

two-way process and is just as much an opportunity for you to find
out about us, our culture and more about the role and
responsibilities. Try to relax and enjoy the interview.

Your university careers office can provide extra help to prepare you
for interviews and we have also included some example interview
questions below to get you started.
• What are the most important things to you in a job?
• Give me an example of a situation where you motivated others
• Tell me about a time when you worked as part of a team.
• What attracts you to a career in this industry?
• Why did you select your university?
• What courses have you liked most? Least? Why?
• What are you learning that will help you in your work with us?
• Tell me about a time you had to develop relationships with others.
• Describe a situation in which it was difficult to obtain information
you needed, and how you managed to be successful.
• Describe an instance in which you had a significant impact on a
situation

Recommended Readings (ASIA PACIFIC)

There are literally hundreds of sources of information about the

financial services industry and Morgan Stanley. Your school's career
services office or resource center may gather this information for
you and help you select other sources.

The first place to begin is our corporate website,

morganstanley.com. From research reports to company news to
global economic data, this site is updated daily and can provide you
with in 璬 epth information about the Firm, our products and our
industry.

U.S. Publications
> Barron's
> Fortune
> Forbes
> International Financing Review
> Institutional Investor
> Investment Dealers' Digest
> Investor's Business Daily
> Red Herring
> The New York Times
> The Wall Street Journal
> www.bloomberg.com
> www.TheStreet.com
European Publications
> The Financial Times
> The Economist
> Prospects Directory
> GTI City and Finance Journal
> GTI Target Group
> GTI Careers Service Guides
> Career 2000 Magazine
> GTI IT NOW
> www.citykid.co.uk
> Oxbridge Guide to Investment Banking

Asia Pacific Publications

> Asian Wall Street Journal - www.awsj.com
> Finance Asia - www.financeasia.com
> Far East Asian Economic Review - www.feer.com/
> South China Morning Post, HK - www.scmp.com
> Australian Financial Review - www.afr.com
> Business Times Singapore - business-times.asia1.com.sg/home/
> Korea Herald - www.koreaherald.co.kr/
> Bangkok Post - www.bangkokpost.net/
> iDS Finance - www.idsfinance.com/
> Quamnet - www.quamnet.com/fcgi-bin/index.fpl
> Asiamoney - www.asiamoney.com/
> The Asset Online - www.theassetonline.com/
> Morgan Stanley China Website - www.morganstanleychina.com

Financial Terms

Analyst: An entry-level point for college graduates into Morgan

Stanley; in Equity Research, a senior member of the research team.

Assets: The various resources that an individual or organization

owns.
Associate: An entry point for graduate students into the Firm;
Associates generally manage a team of Analysts.

Block Trade: A trade that involves a large quantity of stock (i.e.,

10,000 shares or more) or large dollar amount of bonds (i.e.,
$200,000 or more).

Bond: A loan that entails a promise by a corporate, municipal or

government entity (the borrower, or "issuer") to repay a borrowed
amount ("principal") on a specific date ("maturity") at an agreed-
upon interest rate.

Commodities: Raw materials such as precious metals or grains,

contracts for which are bought and sold on commodities exchanges.

Controllers: The department within a firm that oversees financial

accounts and transactions.

Debt Capital Markets (DCMS): Responsible for soliciting, structuring

and executing Morgan Stanley's investment grade debt and related
product businesses, including new issues of both public and private
debt.

Derivatives: Options and futures on various securities or

commodities.

Equity: The monetary value of the ownership of an investment.

Equity Capital Markets (ECMS): Undertakes the origination,

structuring, marketing and pricing of public offerings and private
placements of equity and equity-related securities.

Equity Financing Services (EFS): EFS is an equity facilitation business

providing sophisticated global products and services to
performance-oriented money managers. The two primary
businesses within EFS are Prime Brokerage and Securities Lending.
Equity Research: Analysts in Equity Research focus on
understanding the fundamentals of the economy, an industry or an
individual business to assist the Firm's clients in making sound
investment decisions.

FID: Abbreviation for the Fixed Income Division at Morgan Stanley.

Finance: The Finance division is a service organization responsible

for the guardianship of the Firm's financial well-being, and consists
of five departments: Controllers, Treasury, Tax, Risk Management
and Investor Relations.

Fixed Income: Bonds, bills and interest-bearing notes that pay a

specific interest rate over the life of a loan.

Future: A contract that obligates its holder to purchase or sell a

commodity or security at a specific price on a given date.

FX: Abbreviation for Foreign Exchange.

Hedge Fund: A fund that offers an investor balance, or a "hedge,"

against the risks of other investments.

Hedging: An investing strategy designed to balance, or "hedge,"

investment risks.

High Yield Capital Markets (HYCMS): A group within Investment

Banking that works closely with Corporate Finance and dedicated
high yield sales, trading and research professionals in the Fixed
Income Division to originate, structure and execute public and
private placements of high yield debt securities for non-investment
grade domestic and emerging market corporations and sovereign
entities.

IBD: Abbreviation for the Investment Banking Division at Morgan

Stanley.
IED: Abbreviation for the Institutional Equity Division at Morgan
Stanley.

Index: The mathematical value of an asset grouping. Through

indices, the performance of various market sectors can be measured
over time.

IPO: Abbreviation for Initial Public Offering, the inaugural issuance of

stock or other securities by a company for sale to the public.

Issue: Financial securities that are made available for sale.

MD: Abbreviation for Managing Director, a senior member of Morgan

Stanley who oversees a team of Analysts and Associates.

Mergers, Acquisitions and Restructuring Department (MARD): The

M&A department within the Investment Banking Division.

Morgan Stanley Realty (MSR): MSR provides a broad range of

investment, financing and advisory services to domestic and
international real estate companies through three distinct groups:
The Real Estate Banking Group, the Real Estate Debt Capital
Markets Group (REDCM) and the Morgan Stanley Real Estate Fund
(MSREF).

Morgan Stanley IM: Morgan Stanley Investment Management.

Option: An investor's right to purchase or sell a security or

commodity on a specific date for a predetermined price. If this right
is not exercised by the option's expiration date, the investor forfeits
the investment.

Private Equity: Capital provided to investors in companies that have

demonstrated operational excellence, sound long-term strategies
and attractive growth potential.

Private Wealth Management: Provides highly customized financial

advice and investment solutions to individuals, families and
foundations with $10 million or more in investable assets.

Prospectus: The legal offering document for an investment in

securities, indicating details of terms, fees and changes.

Research Analyst: A graduate-level entry position to the Equity

Research division.

Risk: The always-present chance of losses or other negative

consequences as a result of an investment.

Road Show: A marketing trip designed to explain and answer

questions about a company's business objectives and strategy to
potential investors, usually for the purpose of selling those investors
an equity stake in the company.

Salesperson: In the financial world, a person whose job is to sell

securities for brokers, dealers and/or corporations.

Sales Trader: Acts as the liaison between the Firm's traders and
institutional traders; facilitates the execution of the customer's
orders.

Securities: Typically, stocks and bonds.

Stock: An investor's ownership of a portion (denominated in

"shares") of a corporation.

Syndicate: In the financial world, a group of investment bankers who

purchase securities from an issuer for resale to the public.

Tombstone: A print advertisement in the financial press that

announces a securities offering.

Trader: A professional who purchases and sells securities for brokers,

dealers and his/her own accounts.