FrequentlyAskedQuestions Whatwelookfor Whattypesofpositionsareavailableforrecentcollegeoruniversitygraduates? WehirerecentcollegegraduatesintoourAnalystProgramswithinthefollowing divisions:EquityResearch,FinanceAdministration&Operations,FixedIncome, InformationTechnology,InstitutionalEquity,InvestmentBanking,Investment Management,PrivateEquity,PrivateWealthManagement,PublicFinanceand StrategicPlanning. TheAnalystProgramisdesignedforapplicantswhowillcompletetheir undergraduateoruniversitydegreein2005.TheITAnalystProgramis designedforcandidatescompletingalllevelsofdegrees,i.e.,BA/BBA/BS, MA/MS,MBA,PhD.TheJuniorAssociateProgramisdesignedfor undergraduateoruniversityapplicantsinterestedinEquityResearch. TheSummerAnalystProgramisdesignedforapplicantswhowillcompletetheir undergraduateoruniversitydegreein2006orlater.

TheITSummerAnalyst Programisdesignedforcandidatesintheprocessofcompletingalllevelsof degrees,i.e.,BA/BBA/BS,MA/MS,MBA,PhD.TheSummerJuniorAssociate Programisdesignedforundergraduateoruniversityapplicantsinterestedin EquityResearch. Whattypesofpositionsareavailableforcandidateswithadvanceddegrees? WehirerecentMBAsandothergraduatestudentsintoourAssociatePrograms withinthefollowingdivisions:EquityResearch,FixedIncome,Information Technology,InstitutionalEquity,InvestmentBanking,Investment Management,PrivateWealthManagementandPrivateEquity. TheAssociateProgramisdesignedforapplicantsthatwillcompletean AdvancedDegreein2005.CandidateswithanAdvancedDegreeinterestedin ITmustapplytotheInformationTechnologyAnalystProgram. TheSummerAssociateProgramisdesignedforapplicantswhowillcomplete theirAdvancedDegreein2006.CandidatescompletinganAdvancedDegree whoareinterestedinInformationTechnologymustapplytotheITSummer AnalystProgram.

Whattypesofpositionsareavailableforcandidateswithmaster'sorPh.D. degrees? WehirecandidateswithgraduatedegreesintoeitherourAnalystorAssociate Programsbasedontheirlevelofexperience. WhatacademicbackgroundmustIhave? MorganStanleylooksforcandidates,inallmajors,whohaveastronginterest inbusinessandfinance.Ourtrainingprogramsaredesignedtoteachyouthe basics.Weencouragecandidatesfromalldisciplinesandbackgroundstoapply. Whatqualitiesdoyoulookforincandidates? Weseekenergetic,creative,wellrounded,outgoingandselfmotivated individuals.Youneedtohavetheabilitytolearnquickly,strongquantitative andanalyticalskillsandadesiretothriveinadynamic,highpressure environment. HowwillIknowifMorganStanleyisrightforme? Tolearnmoreaboutouropportunities,exploreourwebsitetogainabetter understandingoftheFirm,ourcultureandtheresponsibilitiesyouwillbegiven fromthestart.Taketimeduringtheinterviewprocesstomeetasmanypeople aspossibleandfindoutifthisenvironmentisrightforyou. Howtoapply WhenwillMorganStanleybevisitingmycampus? ReviewourOnCampusCalendartofindoutthedatesofourcampus presentationsandinterviews,orcheckwithyourcareerplacementoffice. HowdoIapply? Pleasecompleteouronlineapplication. CanIapplytomorethanonedivision? Yes,butthemoreyouknowabouteachdivision,thebetter.Exploreour websitetolearnmoreabouttheopportunitiesineachareatodecidewhichis rightforyou. Whathappensduringtheinterviewprocess? Mostofourfirstroundinterviewswilltakeplaceoncampus.Dependingonthe

division,secondroundsmaytakeplaceoncampus,butallfinalroundsareheld atoneofourbranchorregionaloffices. DoesMorganStanleyoffersummerinternships? Wehaveanumberofinternshipprogramsforqualifieduniversitystudents.To apply,pleasecompleteouronlineapplication. DoesMorganStanleyhiresummerassociates? WehaveformalsummerassociateprogramsforMBAandothergraduate studentsbetweentheirfirstandsecondyearsofbusinessschool.Theprogram lengthisapproximately10to12weeks,andresponsibilitiesvarydependingon thedivisionalprogram.Thisisavaluableopportunityforyoutogainexperience inyourareaofinterest,aswellasworkonchallengingandexcitingprojects. Pleasecompleteouronlineapplication. RecruitmentProcess Attendapresentationoncampus TherecruitingprocessbeginsinSeptembereachyear,whentheMorgan StanleyRecruitingTeampresentsgeneralinformationaboutcareer opportunitiesatourFirm.Pleasereviewouroncampuscalendarforalistingof thedatesaMorganStanleyAsiaPacificrepresentativewillbeatyourschool.If you'reinterestedinacareerwithus,joinusforthispresentation.Takesome timetotalkwithourcolleagueswhohaveworkedintheAsiaPacificoffices they'llexplainthemyriadopportunitiesavailableatMorganStanleyAsiaPacific, sharetheirownobservationsoftheFirmandwhytheyselecteditfortheir careers. Applyonline WeencourageyoutoreviewthisCareersWebsitetolearnmoreaboutMorgan StanleyAsiaPacificandtheBusinessUnitsthatarerecruiting.Pleaseusethe onlineapplicationtosubmityourapplicationtheapplicationhasfurther informationondeadlinesforeachprogramwerecruitfor.Ifyouqualifyfor consideration,we'llcontactyoutoarrangeaninterviewtodiscussavailable opportunities. Interviewwithus Wetypicallyhaveatleasttworoundsofinterviewsforourgraduateand

summerprograms. Interviewswillbearrangedeitheroncampusorviaphoneforthefirstround. Eachcandidatecanexpecttohaveapproximately2430minuteinterviews. Thefinalstageofourprocessisusuallyafulldayinterviewsessionheldat MorganStanley'sofficesinNewYork,London,Beijing,HongKongand Singapore.Ifyouneedtotravelmorethanaday,youwillbeaccommodatedin anearbyhotel. Theseinterviewsarewithourprofessionalsatalllevelsofseniorityandare designedtohelpyoulearnmoreaboutus,meetourprofessionals,findout moreabouttheroleandwhatitisliketoworkattheFirm.Itisalsoan opportunityforustomeetyouandhaveaclearpictureofyoursuitabilityfor theroleyouhaveappliedfor.Typicalareasthatareexploredinourinterviews include:problemsolving,analysis,intelligence,decisionmaking,leadership, interpersonalskills,motivation,beliefsandvalues,careeraspirations, knowledgeand/ortechnicalcapability. Ifwedon'tvisityourschool Unfortunately,MorganStanleyrepresentativescan'tvisiteveryschool. However,pleasereadthroughthiswebsiteformoreinformationaboutMorgan StanleyAsiaPacific,reviewthejobdescriptionsfortheBusinessUnitsthatare recruitingandcompleteouronlineapplication. InterviewQuestions(AsiaPacific) Asuccessfulinterviewrequiressolidpreparation.Youranswersshouldbeclear, conciseandshowyourgenuineinterestintheFirm.Interviewquestionsarenot alwaysdifficultinfact,somecanbequitesimple. Belowaresomeexamplesofgeneralinterviewquestionsyoumaybeasked. Youshouldalsobepreparedtoanswerspecificqueriesaboutyourbackground, yourqualifications,previousinternshipsorpositionsyou'veheld,yourschool experiencesandtheaccomplishmentsincludedonyourresume. Weareinterestedintestingyourinterpersonalskills,motivation,career aspirations,companyfitandleadership.

Youshouldcomewithquestionsforusaswell!Theinterviewisanopportunity foryoutoaskaboutyourroleandresponsibilities,thedivisionyouareapplying toorMorganStanleyingeneral. Yourschool'scareerservicesoffice,libraryorresourcecentercanhelpyoufind othersourcesandquestionsasyouprepareforinterviews. GeneralInterviewQuestions >Tellmeaboutyourself. >Whatareyourstrengthsandweaknesses? >Howwouldyourfriendsdescribeyou? >Areyouentrepreneurial? >Whatarethemostimportantthingstoyouinajob? >Givemeanexampleofasituationwhereyoudemonstratedleadership. >Giveanexampleofhowyouworkedonateam. >Howcreativeareyou?Giveanexample. >Whyareyouinterestedintheindustry? >Whydidyouchoosetointerviewwithus? >WhohaveyoumetfromourFirm?Whatdidyoulearnfromhim/her? >DescribetheidealpositionforyouwithinourFirm. >Whatqualitiesdoyouthinkmakesomeonesuccessfulinbusiness? >Whydoyouthinkyouarequalifiedforthisposition? >Whydidyouselectyourcollegeorbusinessschool? >Whatcourseshaveyoulikedmost?Least?Why? >Whatareyoulearningthatwillhelpyouinyourworkwithus? >Whatdoyoudoinyoursparetime? >Whatwouldyoulikemetoknowmostthatisnotinyourresume? InterviewQuestions(NorthAmerica) Asuccessfulinterviewrequiressolidpreparation.Youranswersshouldbeclear, conciseandshowyourgenuineinterestintheFirm.Interviewquestionsarenot alwaysdifficultinfact,somecanbequitesimple. BelowaresomeexamplesofGeneralInterviewQuestions,aswellasspecific questionsforInvestmentBankingandSalesandTrading.Youshouldalsobe preparedtoanswerspecificqueriesaboutyourbackground,yourqualifications,

previousinternshipsorpositionsyou'veheld,yourschoolexperiencesandthe accomplishmentsincludedonyourresume. Youshouldcomewithquestionsforusaswell!Theinterviewisanopportunity foryoutoaskaboutyourroleandresponsibilities,thestrategyofaspecific grouporMorganStanleyingeneral. Yourschool'scareerservicesoffice,libraryorresourcecentercanhelpyoufind othersourcesandquestionsasyouprepareforinterviews. GeneralInterviewQuestions >Tellmeaboutyourself. >Whatareyourstrengthsandweaknesses? >Howwouldyourfriendsdescribeyou? >Areyouentrepreneurial? >Whatarethemostimportantthingstoyouinajob? >Givemeanexampleofasituationwhereyoudemonstratedleadership. >Giveanexampleofhowyouworkedonateam. >Howcreativeareyou?Giveanexample. >Whyareyouinterestedintheindustry? >Whydidyouchoosetointerviewwithus? >WhohaveyoumetfromourFirm?Whatdidyoulearnfromhim/her? >DescribetheidealpositionforyouwithinourFirm. >Whatqualitiesdoyouthinkmakesomeonesuccessfulinbusiness? >Whydoyouthinkyouarequalifiedforthisposition? >Whydidyouselectyourcollegeorbusinessschool? >Whatcourseshaveyoulikedmost?Least?Why? >Whatareyoulearningthatwillhelpyouinyourworkwithus? >Whatdoyoudoinyoursparetime? >Whatwouldyoulikemetoknowmostthatisnotinyourresume? InvestmentBankingInterviewQuestions Withintheinvestmentbankingindustry,questionscanbemorespecific.You shouldbepreparedtodescribeyourunderstandingoftheFirm,thefinancial marketsandhowyouthinkyoucouldcontributetothebusiness. >Whyinvestmentbankingversussalesandtrading?Whatisthedifference? >Giveanexampleofyourquantitativeskills. >Inwhatareaofinvestmentbankingdoyouwanttowork?

>Tellmeaboutthetimeyouworkedthehardestinyourlife. >Tellmeaboutatimeyouhadtodeveloprelationshipswithothers. >Doyoufollowthemarket?Forhowlong?Doyouinvest? >Describeasituationinwhichitwasdifficulttoobtaininformationyouneeded, andhowyoumanagedtobesuccessful. >Doyoufollowanystocks?Whichonesandwhy? >WhatwasMorganStanley'sstockpriceyesterday? >Describeaninstanceinwhichyou'vehadasignificantimpactonasituation, eitherinsideoroutsideyourjob. Sales&TradingInterviewQuestions Sales&Tradingpositionsrequireyoutothinkquicklyandhaveakeeninterest inthemarkets,atoleranceforriskandsellingskills. >WhySalesandTradingversusInvestmentBanking? >AreyouinterestedinSalesorTrading?Why? >WhatdoesaTraderdo?WhatdoesaSalespersondo? >Doyouwanttosellortradeequityordebtinstruments?Why? >Howdoyoumeasuresuccessinyourlife? >Whatmakesyouthinkyoucansell? >WhataboutyourpersonalitywillmakeyouagoodTrader? >Ifinterestratesrise,whathappenstobondprices,andwhy? InterviewHintsandTips Inorderforyoutogetthebestoutoftheinterviewandforustogetthemost fromyouitisessentialthatyouprepareforyourinterview.Youshouldtake timetothinkaboutyourexperiencestodate,e.g.academicachievements, previousinternships,andpositionsofresponsibilityandhowtousethese experiencestoillustrateyouranswers.Duringtheseinterviewswewillalsobe lookingforyoutoshowthatyouhavethoughtclearlyaboutthedivisionyouare applyingtoaswellasastronginterestinFinancialServices. Youshouldcomewithquestionsforusaswell!Theinterviewisatwoway processandisjustasmuchanopportunityforyoutofindoutaboutus,our cultureandmoreabouttheroleandresponsibilities.Trytorelaxandenjoythe interview. Youruniversitycareersofficecanprovideextrahelptoprepareyoufor

interviewsandwehavealsoincludedsomeexampleinterviewquestionsbelow togetyoustarted. Whatarethemostimportantthingstoyouinajob? Givemeanexampleofasituationwhereyoumotivatedothers Tellmeaboutatimewhenyouworkedaspartofateam. Whatattractsyoutoacareerinthisindustry? Whydidyouselectyouruniversity? Whatcourseshaveyoulikedmost?Least?Why? Whatareyoulearningthatwillhelpyouinyourworkwithus? Tellmeaboutatimeyouhadtodeveloprelationshipswithothers. Describeasituationinwhichitwasdifficulttoobtaininformationyouneeded, andhowyoumanagedtobesuccessful. Describeaninstanceinwhichyouhadasignificantimpactonasituation RecommendedReadings(ASIAPACIFIC) Thereareliterallyhundredsofsourcesofinformationaboutthefinancial servicesindustryandMorganStanley.Yourschool'scareerservicesofficeor resourcecentermaygatherthisinformationforyouandhelpyouselectother sources. Thefirstplacetobeginisourcorporatewebsite,morganstanley.com.From researchreportstocompanynewstoglobaleconomicdata,thissiteisupdated dailyandcanprovideyouwithin epthinformationabouttheFirm,our productsandourindustry. U.S.Publications >Barron's >Fortune >Forbes >InternationalFinancingReview >InstitutionalInvestor >InvestmentDealers'Digest >Investor'sBusinessDaily >RedHerring >TheNewYorkTimes >TheWallStreetJournal

>www.bloomberg.com >www.TheStreet.com

EuropeanPublications >TheFinancialTimes >TheEconomist >ProspectsDirectory >GTICityandFinanceJournal >GTITargetGroup >GTICareersServiceGuides >Career2000Magazine >GTIITNOW >www.citykid.co.uk >OxbridgeGuidetoInvestmentBanking

AsiaPacificPublications >AsianWallStreetJournalwww.awsj.com >FinanceAsiawww.financeasia.com >FarEastAsianEconomicReviewwww.feer.com/ >SouthChinaMorningPost,HKwww.scmp.com >AustralianFinancialReviewwww.afr.com >BusinessTimesSingaporebusinesstimes.asia1.com.sg/home/ >KoreaHeraldwww.koreaherald.co.kr/ >BangkokPostwww.bangkokpost.net/ >iDSFinancewww.idsfinance.com/ >Quamnetwww.quamnet.com/fcgibin/index.fpl >Asiamoneywww.asiamoney.com/ >TheAssetOnlinewww.theassetonline.com/ >MorganStanleyChinaWebsitewww.morganstanleychina.com FinancialTerms Analyst:AnentrylevelpointforcollegegraduatesintoMorganStanleyin EquityResearch,aseniormemberoftheresearchteam. Assets:Thevariousresourcesthatanindividualororganizationowns.

Associate:AnentrypointforgraduatestudentsintotheFirmAssociates generallymanageateamofAnalysts. BlockTrade:Atradethatinvolvesalargequantityofstock(i.e.,10,000shares ormore)orlargedollaramountofbonds(i.e.,$200,000ormore). Bond:Aloanthatentailsapromisebyacorporate,municipalorgovernment entity(theborrower,or"issuer")torepayaborrowedamount("principal")ona specificdate("maturity")atanagreeduponinterestrate. Commodities:Rawmaterialssuchaspreciousmetalsorgrains,contractsfor whichareboughtandsoldoncommoditiesexchanges. Controllers:Thedepartmentwithinafirmthatoverseesfinancialaccountsand transactions. DebtCapitalMarkets(DCMS):Responsibleforsoliciting,structuringand executingMorganStanley'sinvestmentgradedebtandrelatedproduct businesses,includingnewissuesofbothpublicandprivatedebt. Derivatives:Optionsandfuturesonvarioussecuritiesorcommodities. Equity:Themonetaryvalueoftheownershipofaninvestment. EquityCapitalMarkets(ECMS):Undertakestheorigination,structuring, marketingandpricingofpublicofferingsandprivateplacementsofequityand equityrelatedsecurities. EquityFinancingServices(EFS):EFSisanequityfacilitationbusinessproviding sophisticatedglobalproductsandservicestoperformanceorientedmoney managers.ThetwoprimarybusinesseswithinEFSarePrimeBrokerageand SecuritiesLending. EquityResearch:AnalystsinEquityResearchfocusonunderstandingthe fundamentalsoftheeconomy,anindustryoranindividualbusinesstoassist theFirm'sclientsinmakingsoundinvestmentdecisions.

FID:AbbreviationfortheFixedIncomeDivisionatMorganStanley. Finance:TheFinancedivisionisaserviceorganizationresponsibleforthe guardianshipoftheFirm'sfinancialwellbeing,andconsistsoffivedepartments: Controllers,Treasury,Tax,RiskManagementandInvestorRelations. FixedIncome:Bonds,billsandinterestbearingnotesthatpayaspecific interestrateoverthelifeofaloan. Future:Acontractthatobligatesitsholdertopurchaseorsellacommodityor securityataspecificpriceonagivendate. FX:AbbreviationforForeignExchange. HedgeFund:Afundthatoffersaninvestorbalance,ora"hedge,"againstthe risksofotherinvestments. Hedging:Aninvestingstrategydesignedtobalance,or"hedge,"investment risks. HighYieldCapitalMarkets(HYCMS):AgroupwithinInvestmentBankingthat workscloselywithCorporateFinanceanddedicatedhighyieldsales,trading andresearchprofessionalsintheFixedIncomeDivisiontooriginate,structure andexecutepublicandprivateplacementsofhighyielddebtsecuritiesfor noninvestmentgradedomesticandemergingmarketcorporationsand sovereignentities. IBD:AbbreviationfortheInvestmentBankingDivisionatMorganStanley. IED:AbbreviationfortheInstitutionalEquityDivisionatMorganStanley. Index:Themathematicalvalueofanassetgrouping.Throughindices,the performanceofvariousmarketsectorscanbemeasuredovertime. IPO:AbbreviationforInitialPublicOffering,theinauguralissuanceofstockor othersecuritiesbyacompanyforsaletothepublic. Issue:Financialsecuritiesthataremadeavailableforsale.

MD:AbbreviationforManagingDirector,aseniormemberofMorganStanley whooverseesateamofAnalystsandAssociates. Mergers,AcquisitionsandRestructuringDepartment(MARD):TheM&A departmentwithintheInvestmentBankingDivision. MorganStanleyRealty(MSR):MSRprovidesabroadrangeofinvestment, financingandadvisoryservicestodomesticandinternationalrealestate companiesthroughthreedistinctgroups:TheRealEstateBankingGroup,the RealEstateDebtCapitalMarketsGroup(REDCM)andtheMorganStanleyReal EstateFund(MSREF). MorganStanleyIM:MorganStanleyInvestmentManagement. Option:Aninvestor'srighttopurchaseorsellasecurityorcommodityona specificdateforapredeterminedprice.Ifthisrightisnotexercisedbythe option'sexpirationdate,theinvestorforfeitstheinvestment. PrivateEquity:Capitalprovidedtoinvestorsincompaniesthathave demonstratedoperationalexcellence,soundlongtermstrategiesand attractivegrowthpotential. PrivateWealthManagement:Provideshighlycustomizedfinancialadviceand investmentsolutionstoindividuals,familiesandfoundationswith$10millionor moreininvestableassets. Prospectus:Thelegalofferingdocumentforaninvestmentinsecurities, indicatingdetailsofterms,feesandchanges. ResearchAnalyst:AgraduatelevelentrypositiontotheEquityResearch division. Risk:Thealwayspresentchanceoflossesorothernegativeconsequencesasa resultofaninvestment. RoadShow:Amarketingtripdesignedtoexplainandanswerquestionsabouta company'sbusinessobjectivesandstrategytopotentialinvestors,usuallyfor

thepurposeofsellingthoseinvestorsanequitystakeinthecompany. Salesperson:Inthefinancialworld,apersonwhosejobistosellsecuritiesfor brokers,dealersand/orcorporations. SalesTrader:ActsastheliaisonbetweentheFirm'stradersandinstitutional tradersfacilitatestheexecutionofthecustomer'sorders. Securities:Typically,stocksandbonds. Stock:Aninvestor'sownershipofaportion(denominatedin"shares")ofa corporation. Syndicate:Inthefinancialworld,agroupofinvestmentbankerswhopurchase securitiesfromanissuerforresaletothepublic. Tombstone:Aprintadvertisementinthefinancialpressthatannouncesa securitiesoffering. Trader:Aprofessionalwhopurchasesandsellssecuritiesforbrokers,dealers andhis/herownaccounts.