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	Your Opportunity as an Associate in Sales & Trading

 An overview of this program's objectives and how you can benefit

Associates represent a vital link in the ongoing development of the firm. Successful Associates can and do progress from the program to secure management positions within Sales & Trading.

We regard every Associate as a potential leader who represents a vital link in the ongoing development of the firm. Senior management is committed to the development and mentoring of each Associate. The program is designed to provide a platform on which you can build a long-term rewarding career. Successful Associates can and do progress from the program to secure management positions within Sales & Trading.

The Associate Programs in Sales & Trading
How the program works and the day-to-day experience you can expect

The Associate Program provides graduate students an opportunity to develop and master the analytical, quantitative, and interpersonal skills you would need to develop an exciting and rewarding career on Wall Street. With a flat structure and an open trading floor, you would be collaborating with and learning from some of the most successful professionals in the industry. As an Associate, you would have the opportunity to experience the full breadth of the division and find the best fit for your interests and skills.

As an Associate, you will be placed on a desk in either the Fixed Income or Institutional Equity Division within one of the following functional areas:

• Sales Build long-term client relationships, develop and present investment ideas, sell, and cross-sell the firm's products
• Trading Develop and execute trading ideas, and support market-making activities with analysis
• Structuring Conceive and model new forms of transactions across the credit spectrum
• Strategy Analyze market fundamentals and liaise with researchers to develop investment recommendations for internal and external clients
• Finance Work with issuer clients to provide innovative solutions to capital-raising needs through securitization of consumer assets, mortgages, bonds, loans, and other financial instruments.
• Risk Management Evaluate, monitor market and non-market risk across equity products, and serve as an escalation point to address any risk-related issues that arise throughout the trading day.
• Management/Analysis Client Business Analytics: provide quantitative and qualitative metrics and analytics around client revenue and profitability to drive internal business and client strategy; Commission Management: works with clients to efficiently manage their commission dollars by creating increased transparency around the services that clients value.

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

Morgan Stanley is committed to helping our new Associates develop professionally starting with their orientation.  All new Associates participate in an intensive Firmwide Orientation program which covers the firm's businesses, the transition from the academic to the corporate world, and provides opportunities for establishing a network across businesses throughout the Firm globally.  Sales and Trading Associates then attend divisional specific training where they learn core skills required to be successful on the job.  The curriculum includes daily market updates, accounting, credit risk analysis, business overview speaker series, fundamental and advanced product and technical training, and registration preparation.  In addition, Associates have several opportunities to network with peers, mentors, and senior managers through teambuilding sessions and other organized events.  Associates will also receive on-the-job coaching and participate in a performance review process.

Developing Your Career
What you can anticipate as you make progress and after completing the program

As part of your integration into Sales & Trading, you will be assigned a mentor who can help ease your transition from academia to the corporate environment. The mentor provides career guidance, serves as a sounding board, and helps connect the Associate to the broader Morgan Stanley network. The firm also provides ongoing training that will support you as you work to advance in your career.

The Associate Program is treated as a top priority within Morgan Stanley because we know it will produce the future leaders of the firm.

Mobility is an important part of building a Morgan Stanley career, and after a successful tenure on given desk, Associates are encouraged to consider opportunities across the division or the Firm.

Is Sales & Trading Right for You?
A checklist to help you decide if you have the skills and aptitude for this area

• You can analyze and interpret complex information quickly and with insight.
• You're focused and goal-oriented.
• Your communication skills enable you to articulate complex concepts and develop a compelling rationale for action.
• You have a keen interest in the financial markets and the way they are influenced by external factors.
• You thrive on the intensity of the markets and respond quickly when circumstances change.

Requirements

Associates are expected to complete their Masters degree (MBA preferred) by June 2011 with an outstanding academic record and a keen interest in the financial markets.

Selection Process

Candidates are encouraged to attend various Morgan Stanley Sales & Trading networking events, educational sessions, and/or presentations. Selected applicants will have the opportunity to meet with Morgan Stanley professionals both on campus and in our offices. Candidates who apply to both the Fixed Income and Institutional Equity divisions will undergo separate interviewing processes.  Candidates are evaluated on their ability to succeed at both the Associate level and at the officer level.