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	Your Opportunity as an Associate in Public Finance

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

Morgan Stanley's Public Finance Group lies within the Fixed Income Division and covers a diverse range of sophisticated clients including state and local governments; hospitals and healthcare institutions; not-for-profit institutions such as major universities and colleges, museums and cultural institutions; water and power utility systems (municipal and corporate); student loan agencies; state and local housing finance agencies, airports, transit agencies and highway systems.

The Public Finance Group brings policy, industry, and regional and product expertise to government, institution, and corporate clients in order to develop and execute innovative and customized solutions to the most challenging financial issues faced in the marketplace.  Public Finance investment bankers provide their clients with services including the structuring and execution of tax-exempt and/or taxable securities public offerings, structured products and derivative solutions as well as financial and strategic advice.

The Associate Program in Public Finance
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.  As an Associate in the Public Finance Group, you will be an integral member of the investment banking coverage team for one of the above areas, and be located in either New York City or San Francisco depending on business need and candidate interest.  You will have responsibilities including developing structuring and cash flow financial models and drafting presentation materials, memos and proposals to generate new business and communicate complex ideas and solutions with potential and existing clients.  It is expected that Associates attend client meetings and interact with clients on an ongoing basis. 

Associates participate in all aspects of client coverage, from the initial pitch to public offering execution and ongoing coverage.  They work closely with both internal colleagues such as capital markets, syndicate, derivatives and other business units throughout Morgan Stanley, and external parties including rating agencies, credit enhancers, legal counsel, auditors and other market participants. 

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.  Public Finance 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.  Further, Public Finance Associates receive job-specific information important to their ongoing success such as modeling and valuation training.  The program will also provide professional development classes as well as licensing and registration. In addition, Associates have several opportunities to network with peers, mentors, and senior managers through teambuilding sessions and other organized events.  Associates will 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

Morgan Stanley is committed to developing our next generation of leaders, so when an Associate joins the firm, he or she becomes part of the team with an important role.

We believe in mentoring programs to support career growth. Associates are assigned a mentor to help ease their transition from academia to the corporate environment. Mentors can provide career guidance, serve as a sounding board, and connect Associates to the broader Morgan Stanley network.

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

Is Public Finance Right for You?
A checklist to help you decide if you have the skills and aptitude for this area

• You must be highly focused and goal-oriented.
• You possess excellent written and oral communication skills.
• You excel at  teamwork and possess initiative, enthusiasm and motivation.
• You are an insightful, creative, quantitative thinker with the desire to work in an exciting environment.
• You are very detail-oriented.
• You possess the ability to multitask and prioritize.

Requirements

Associates are expected to complete their Masters degree (MBA preferred) by June 2011 with excellent academic results and to possess a strong interest in the financial markets.

Selection Process

Candidates are encouraged to attend various Morgan Stanley Sales & Trading and/or Public Finance networking events, educational sessions, and presentations. Selected applicants will first interview either on campus or via phone. Final round candidates will be invited to interview with our Public Finance Group in either the New York or San Francisco offices depending on business need and candidate interest.