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, well­rounded, outgoing and self­motivated individuals. You need to have the ability to learn quickly, strong quantitative and analytical skills and a desire to thrive in a dynamic, high­pressure 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 On­Campus 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 first­round 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 on­campus 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 2­4 30­minute interviews.

The final stage of our process is usually a full­day 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: problem­solving, analysis, intelligence, decision­making, 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 two­way 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 ­ business­times.asia1.com.sg/home/ > Korea Herald ­ www.koreaherald.co.kr/ > Bangkok Post ­ www.bangkokpost.net/ > iDS Finance ­ www.idsfinance.com/ > Quamnet ­ www.quamnet.com/fcgi­bin/index.fpl > Asiamoney ­ www.asiamoney.com/ > The Asset Online ­ www.theassetonline.com/ > Morgan Stanley China Website ­ www.morganstanleychina.com

Financial Terms

Analyst: An entry­level 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 agreed­upon 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 equity­related securities.

Equity Financing Services (EFS): EFS is an equity facilitation business providing sophisticated global products and services to performance­oriented 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 well­being, and consists of five departments: Controllers, Treasury, Tax, Risk Management and Investor Relations.

Fixed Income: Bonds, bills and interest­bearing 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 non­investment 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 long­term 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 graduate­level entry position to the Equity Research division.

Risk: The always­present 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.