Your Opportunity as an Analyst in Global Capital Markets

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

As the nexus between Investment Banking and Sales & Trading, Global Capital Markets (GCM) comprises traditional market coverage and underwriting groups as well as a number of product groups providing customised capital structure solutions for our clients. You will be working with our clients on complex, innovative financing and risk management solutions in the fast-paced environment of a trading floor with immediate access to market information. Our objective is to teach you how to structure and execute capital-raising transactions for the firm's clients. The environment is market-driven and reflects that of a trading "desk" where you would potentially sit right next to your Managing Director. The GCM experience and our structure will provide you with a high level of responsibility early in your career. We hire candidates for positions throughout the EMEA region. Although the majority of our opportunities are in London, we have a limited number of positions in Frankfurt, Dubai and Moscow.

The Analyst Programme in Global Capital Markets (GCM)
How the programme works and the day-to-day experience you can expect

During your career as an analyst in GCM, you will work in one of our main departments: Equity Capital Markets, Fixed Income Capital Markets, or Leveraged & Acquisition Finance. The roles and responsibility vary by group.

If you work in Equity Capital Markets, you will learn how to read complex financial models. You will become extremely proficient in understanding basic multiples such as P/E and Aggregate Value/EBITDA, which are important to understanding how to value companies.  All of this will help you understand how equity deals are priced and allow you to play an active role in the origination and execution of transactions. You will work closely with your Corporate Finance counterparts in IBD.

In Fixed Income Capital Markets, you have the opportunity to provide clients with valuable updates on market news and trends and how these affect their access to the debt capital markets. Other responsibilities include weekly market updates, working with our trading and syndicate desks on rate views, product management, and assisting in deal execution. Within the FICM product groups you will also build and run complex financial models. A well-trained analyst is an important asset in winning new mandates, executing derivative trades, and structuring transactions.

In Leveraged & Acquisition Finance you will provide clients, both corporate and financial sponsors, with various financing alternatives in the context of debt and/or loan financing, leveraged buyouts, and acquisition financings.  As part of the team you will build complex financial models and work closely with Investment Banking professionals to develop thoughts on projections, valuation and merger analysis as it relates to evaluation of capital structure alternatives, as well as gather information and prepare client presentations.

At the end of training, we hope that Analysts would have built a strong network amongst their peers and be able to understand financial concepts, build a dynamic model from scratch and have a strong understanding of the Morgan Stanley culture. Once your initial training is complete, you will take up your first placement in the business.

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

The Analyst Programme begins in July with five weeks of intensive classroom training. This includes business presentations, practical sessions, and the chance to exchange ideas and learn from your peers. You will join analysts from Investment Banking, Sales & Trading, Investment Management and Private Wealth Management in the combined Institutional Securities Training Programme, which covers accounting, financial modeling and capital markets. This is followed by specific investment-banking training which covers advanced modeling; Morgan Stanley's proprietary analytical tools; information technology; financial products and leadership skills.

Developing Your Career
What you can expect as you progress through and complete the programme

After completing the formal training programme, your training will continue on the job. Senior management takes a keen interest in your progress as an analyst and will look to you for fresh perspectives and new ideas. You will be encouraged to take on responsibility quickly with a view to developing your knowledge tool kit. Senior bankers regularly host training sessions on various topics including new trends in the marketplace, group overviews, and how to better partner within the firm to serve our clients. As an Analyst, you will have a mentor to guide you. To further develop your careers, senior managers will evaluate you and provide you with feedback.

Analysts 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 Analyst will give you a strong foundation for your career with Morgan Stanley.

Additional training throughout the year may take the form of market and strategic updates, group overviews and case studies. We also support you in taking language classes and financial examinations, such as Chartered Financial Analyst (CFA) and Financial Services Authority (FSA) qualifications, where necessary.

At the end of your three-year programme, successful Analysts will have the opportunity to apply for the accelerated career path programme. This directly promotes you to Associate level positions, further expanding your investment banking expertise and career potential within the firm.

Is Global Capital Markets (GCM) Right for You?
A checklist to help you decide if you have the skills and temperament for this area

Are you interested in the financial markets, and do you have a desire to learn how to successfully operate in the context of the global capital markets? If so, GCM is the place for you. As you are thinking about where to launch your career and how you can make the most impact, you should also consider the following:

• Are you comfortable working closely with senior team members?
• Do you like to be in a fast-paced environment?
• Do you have strong analytical and numerical skills that put you at ease with financial data?
• Are you a committed team player with the ability to manage a wide range of responsibilities?
• Are you driven to achieve results, and will you push yourself to perform well under pressure and against tight deadlines?
• Can you articulate complex ideas simply and summarize them effectively in your speaking and writing?

Requirements

A minimum 2.1 honours degree is required for students in the United Kingdom, and an equivalent standard for students outside the country. In addition, fluency in a second language would be beneficial.

Selection Process

Selected applicants will meet with Investment Banking and Capital Markets professionals through a series of interviews, followed by a full day of assessment at our London office. The assessment will involve in-depth interviews, group and individual exercises and a numerical reasoning test.

How to Apply

The GCM EMEA hiring process is centralised out of our London office and via our IBD online application form. To submit your application, please apply online via our website.

Deadlines

Hiring for our full-time positions is primarily completed through our Summer Intern Programme. However, further opportunities may arise, so we strongly advise that you visit our website regularly to see the full-time positions available.