A New Morgan Stanley Program Spearheaded By Employees In Its Fixed Income Division Aims To Create A More Diverse And Inclusive Workplace For Experienced Hires
When Derek Melvin joined Morgan Stanleys Fixed Income Sales Desk 15 years ago, he had the rare experience of reporting to two Managing Directors who were, like him, African-American. They became his mentors and role models, as he worked with them on and off for 10 years.
But it wasnt just the fact that I had these long-term relationships with professionals, with whom I could identify, who were always offering their advice and constructive criticism, says Melvin. The other not inconsiderable upside: I never, ever thought the feedback I was gettingeven the harsh feedbackwas because I was Black.
Melvin, now a Managing Director himself who leads the origination and syndication team for the Fixed Income Secured Lending business, wants that same experience for the next generation. He and others at the firm have been working together to launch a pilot program that aims to identify and hire diverse experienced professionals not already on Wall Street and develop their talent and leadership skills for the financial industry.
Because, as Melvin says, You cant be it, if you cant see it.
How Would You Explain What You Do To Someone Outside The Firm
I sit within the Financial Sponsors group. My team and I help private-equity firms evaluate opportunities and investments in various portfolio companies. As the sponsor focuses on a corporate opportunity, we analyze how that industry and comparable companies operate.
We collaborate with the various industry and product teams within Morgan Stanley. For example, if we are evaluating a consumer company, we’ll work closely with the consumer Investment Banking team. We would then work with the Global Capital Markets divisioneither with the Leveraged Finance Group, if the company is looking to borrow money, or with the Equity group, if the company wants to raise capital in the equity markets. Which group we partner with depends on the entry and exit strategy of the private equity investor for that particular company.
If the opportunity involves a leveraged buyout, which essentially means taking a company private by purchasing all outstanding stock from stockholders, we would pull together the necessary financing for the deal. We also help clients on the other side, as the sponsor considers how it will ultimately exit the investmentwhich might be through an initial public offering or an outright sale.
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Do An Investment Banking Internship
Many of the top banking institutions, including Barclays, Goldman Sachs, J.P. Morgan, Morgan Stanley and the RBS Group, offer summer internships in investment banking.
For instance, J.P. Morgan offers a nine-week investment banking analyst programme for penultimate-year university students, where you’ll learn key technical skills by working on deals and transactions for the company’s clients.
On-the-job-experience and practical skills training give you the perfect grounding in investment banking. The best-performing students may receive full-time job offers upon completion.
However, it’s important to get the facts you need before you apply so you can make an informed decision. To do this, first learn about the different work experience opportunities and choose one that best suits your interests. By watching short videos of employees sharing their career stories, you’ll get an idea as to whether investment banking is for you.
When preparing your application, it’s worth finding out what’s required in the selection process. In addition to ensuring your CV stands out and is a true reflection of your skills and abilities , you may also have to write an essay. Make sure that your CV is tailored to the job description and specific internship you’re applying for, and show there’s a clear match.
This advice is also applicable to those looking at finance graduate schemes while still at university, as you’ll be prepared for making applications once you’re about to graduate.
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How Did You Get Your Job
I joined the Morgan Stanley Finance Analyst programme after completing an 11 month Industrial Placement as an undergraduate the previous year. My experience as an intern allowed me to get an understanding of how the organisation works, and an insight into its unique culture. It was also a great way to gain visibility within the firm, through networking with people inside, and out of finance.
At the end of the 11 month Industrial Placement, I had the option to apply for the Finance Graduate Scheme this required taking a written logical test, as well as being interviewed. Manager reviews were also taken into consideration, and upon success, we were informed a few months later as we started our final year at university a welcome piece of news which allowed me to focus solely on my academics in my last year of studying.
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What Is Investment Banking
Investment bankingInvestment BankingInvestment banking is the division of a bank or financial institution that serves governments, corporations, and institutions by providing underwriting and mergers and acquisitions advisory services. Investment banks act as intermediaries is the act of raising capital for firms, through either issuing debt or selling equity. Investment banking also includes the peripheral tasks of managing M& A, advisory, and other corporate finance services. In fact, smaller firms may not have specific investment bankers, and the same roles may be handled by the corporate finance departments. Here are some lists of investment banksCareersSearch CFI’s career resources library. We’ve compiled the most important career resources for any job in corporate finance. From interview prep to resumes and job descriptions, we’ve got you covered to land your dream job. Explore guides, templates, and a wide range of free resources and tools.
Also known as i-Banking, investment banking is one of the most sought-after positions in the court of financial service positions.
Attend Events And Network
You can sign up for information sessions through your careers service, and you’ll find opportunities to speak to employers at recruitment events. Virtual talks held online can also provide a taster of what your day-to-day work as an investment banker may involve.
Meanwhile, there’s no excuse not to be well-connected with employers on networks such as LinkedIn – many people end up finding a job with help from social media.
When you land your first role, whether this is a full-time position or internship, you should always keep in touch with your peers. Not only can they provide valuable careers guidance, they may even aid your career progression further down the line.
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Study For An Investment Banking Degree
Employers dedicate sizeable resources to training their staff in this area, but a Bachelors degree is normally expected for most investment banking graduate jobs. While this doesn’t necessarily have to be in a finance-related subject, it should have a strong maths focus – in a subject such as economics or business/management. A grade of 2:1 or above is typically required by the top investment banks.
If you’re contemplating applying for university and are already set on a career in the financial markets, there are a number of options when it comes to specialist investment banker qualifications.
Firstly, there’s the three-year full-time BSc Finance at the University of Reading, which is an affiliated Chartered Financial Analyst programme. The London Institute of Banking & Finance offers the industry-recognised BSc Finance, Investment and Risk, as well as the BSc Banking and Finance, which includes an optional one-year industry placement.
The CFA Society of the UK offers the entry-level Certificate in Investment Management award, delivering the threshold competency knowledge in research analysis, portfolio management and other key investment activities. You can either do this Level 4 qualification through self-study and by registering for the IMC exam yourself, or through a training provider such as Kaplan.
Overview Of Investment Banking Career
Investment BankingInvestment BankingInvestment banking is a specialized banking stream that facilitates the business entities, government and other organizations in generating capital through debts and equity, reorganization, mergers and acquisition, etc.read more is a financial services company that engages in financial advisory and capital raising services to individuals, corporate, and government institutions to meet their financial needs. Unlike Commercial Banks, they do not accept deposits from the public instead, they act as a mediator in providing underwriting and providing other financial advisory services.
- Investment banks can be further classified as below :
- Bulge Bracket:Bulge BracketBulge BracketTop 10 bulge bracket investment banks are – Blackstone, Goldman Sach & co, Morgan Stanley, J.P Morgan Chase & co, Bank of America Merrill Lynch, Credit Suisse, Citi, Deutsche Bank, HSBC, UBS.read more refers to the large banks that serve large corporate and government. They also provide a bouquet of services that includes banking, market-making, underwriting, and other financial products.
- Mid-Market: Mid-Market refers to the banks which focus on mid-level companies.
Let us discuss the Investment Banking Career Path in Detail
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Apply Now For Investment Banking Analyst Jobs At Morgan Stanley 67 Positions Are Currently Open At Efinancialcareers
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Morgan Stanley& #044& nbspInvestment Banking Analyst: currently 67 jobs.The latest job was posted on 23 Dec 21.
Typical Credentials Of An Investment Banker
An investment banker will have impeccable quantitative skills, and be able to perform complex financial modelingWhat is Financial ModelingFinancial modeling is performed in Excel to forecast a company’s financial performance. Overview of what is financial modeling, how & why to build a model.. Because the nature of the job is so fast-paced, the ability to perform a valuation on the spot, while working on other items, will allow an investment banker to succeed.
i-Bankers often hold a degree in finance, or sometimes accountingAccountingPublic accounting firms consist of accountants whose job is serving business, individuals, governments & nonprofit by preparing financial statements, taxes. However, simply holding a degree does not guarantee a job in investment banking. Tenacity, persuasiveness, and networking and communication skills are imperative to the position. Additionally, investment banksBulge Bracket Investment BanksBulge Bracket investment banks are the top global investment banks. The list includes companies such as Goldman Sachs, Morgan Stanley, BAML, and JP Morgan. What is a Bulge Bracket Investment Bank and will often look for graduates coming out of top-tier schools, such as Harvard or Dartmouth, where liberal arts degrees are much more common.
This investment banking job description is inspired by the responsibilities outlined by companies like Goldman Sachs, Morgan Stanley, Credit Suisse, UBS, and Barclays.
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Expanding The Talent Pool
Another problem that they all knew about and wanted to circumvent was the constant intra-industry poaching of diverse professionals. We go out and hire someone away from a peer firm one year and someone else comes and hires one of ours away the next, a zero-sum game that didnt move the diversity needle for the industry as a whole, Melvin says.
They immediately started putting together ideas for what would become the new program and socializing it with others. We looked to employers in the national security space as our model, says Melvin. They know the skill sets they are looking for when recruiting employees, and if you work in a different industry but still have those skills, they will reach out to you. It was a way to expand the overall pool of Black professional talent. This way, everyone benefits, he says.
He also found a deep reservoir of support from firm leadership. Everyone we spoke to was on board, and that was in January. Then came the pandemic lockdown and the killings of George Floyd and other Black Americans, followed by local protests for racial justice and equity that overnight spread across the nationand then went global.
It was a catalyst, says Haskell.
Can You Name An Example Of A Deal Youve Worked On
I worked on a deal in which we helped a private equity company acquire a large airline in its national market. It involved collaboration between the Financial Sponsor group and the Transportation group. It was the first time that the government of this particular country had allowed an airline to be taken private. There were many moving pieces to nail down to get this over the finish line. But my job is always interesting, even when deals arent of that scale.
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Equity Research Vs Investment Banking
Investment banking may no longer be the undisputed first choice for the best and brightest. Instead of streaming into investment banking, many top graduates are now opting for careers in management consulting, technology, or launching their own startups. While the allure of investment banking may have dimmed, for many finance students, it still remains the top career choice with equity research coming a distant second.
Equity research is sometimes viewed as the unglamorous, lower-paid cousin of investment banking. The reality, though, differs from this widely held perception. In order to help you formulate your own opinion, here’s a head-to-head comparison of equity research and investment banking in 10 key areas.
Be Sure This Is The Right Job For You
Unlike many other finance careers, investment bankers often come from a range of backgrounds, and may use their transferable skills to join other related professions further down the line, possibly moving into a research, trading or structuring post.
However, those interested in investment banking and investment as a career often fit a certain person profile – particularly graduates on the lookout for a demanding, and potentially stressful, job.
Although working for one of the top investment banks can be challenging, the financial rewards are worth it for many. For example, you can earn around £30,000 to £40,000 starting out as a corporate investment banker, and £25,000 to £50,000 as an operational investment banker, with rapid salary progression the norm in this industry.
Understanding what’s expected from the outset can help you to remain focused on taking advantage of any investment banking work experience or job opportunities that come your way.
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Retirement Marks The End Of A Successful And Well
Wei Sun Christianson, Morgan Stanleys most senior woman in Asia and a key fixture of Greater China capital markets for the past 25 years, is to retire from her role as co-CEO of Asia-Pacific.
It concludes a striking and important career. Everyone knows her for her 20 years in Morgan Stanley investment banking, punctuated by brief spells at Credit Suisse and Citi, but in some sense she set up her career at the Hong Kong Securities and Futures Commission in 1992.
While there, she was involved in drawing up the regulatory structure for Chinese companies to be listed in Hong Kong. The 1993 dual listing of Shanghai Petrochemical in Hong Kong and New York was the first of its kind under these new rules when she crossed the fence to join Stanley in 1998, deals such as that would make her name.
a true leader, culture carrier, and a respected and sought-after adviser to global and China clients
Beijing-born, a child of the Cultural Revolution who became the first mainland Chinese student to graduate from Amherst College before going on to Columbia University School of Law, Christianson often appeared the right person in the right place at the right time.
