Morgan Stanley Firm Strategy & Execution (FSE)
Anybody know about this group? Do you mind reading the job description below and then letting me know what you think a first round SA interview for it will be like? I cant figure out if it will be case-interview/consulting oriented or regular ibanking technicals. THANKS WSO.
The Strategy & Execution Group works directly with senior Morgan Stanley decision-makers (i.e., CEO, co-Presidents, CFO, Business Unit heads, and other members of the Firm Management Committee) to maintain and strengthen the firm’s leadership position in global financial services. The Group provides advice on the Firm’s strategic alternatives through analysis of industry dynamics across business lines, as well as execution services related to principal mergers and acquisitions (M&A).
The position offers unparalleled opportunities and a unique perspective. Summer Analysts in the Strategy & Execution Group participate in the thinking, decision-making, and execution process for critical business issues that directly drive change and influence Morgan Stanley’s strategic direction and profitability.
Summer Analysts can expect to be exposed to the fundamentals of company valuation, principal M&A deal sourcing, structuring and execution, due diligence, negotiations and business integration. They can also expect to develop strategic thinking and problem-solving skills by working on initiatives and collaborating with other Morgan Stanley colleagues. Projects typically include a situation analysis, business plan, and recommendation to Morgan Stanley senior management.
Summer Analyst Responsibilities / Job Description:
The Group is organized around two functional areas: Strategy and Execution. Summer Analysts in the Strategy & Execution Group work on the full range of projects in which the Group is involved. They can expect to have the opportunity to meet and interact with Morgan Stanley senior management. Drawing on research, financial analysis, meetings with industry specialists and key Firm decision-makers, and their own judgment, Summer Analysts play an integral role in helping the Group develop and implement creative solutions to issues facing Morgan Stanley. The Group offers an unparalleled learning opportunity and a broad and unique perspective into the global financial services industry.
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It is apparently the inhouse M&A/Business Development department of Morgan Stanley. As such, I would prepare IBD-type of questions (accounting, valuation, deal process etc.) with an industry focus on financial service companies. Case studies may also be brought up in such an interview, so it never helps to prepare also for strategic questions.
thanks do you know anything about hours/compensation/prestige of this group?
When i graduated HBS in '07, I took an Assoc role in FSE, so I can give my perspective.
I would describe it as McKinsey meets M&A. In fact most people who work in FSE either previously worked in GS/MS/JPM M&A or came from Mckinsey--the experienced people that is.
I would recommend the group if your ambition is to stay at MS post-Associate level and rise as fast as possible. I say that because working in FSE gives you lots of exposure and relationships w/ the senior leaders of the firm. If your objective is to be a 2- year Assoc, then leave the firm for PE, I'd go straight into the IBD division.
I wasn't looking for an exit opp per se, I actually like the firm. So I took FSE Assoc role for 2 years. In doing so, I had the chance to work with the then FIG Head (whose now the CFO) on some business planning matters and a divestment of one of our subsidiaries. As a result, after 2 years in FSE, I was recruited internally to join FIG as a VP...which is where I am now.
In FSE, I worked on a variety of things, including: --the spinoff/IPO of our subsidiary MSCI (mxb ticker) --sale of our Asset Management business in Spain, a $800M transaction --the Smith Barney acquisition from Citi --the spinoff of our Discover card bussiness --the business planning/strategy for our PE business --capital allocations work, ie how much and what type of capital to allocate to specific trading desks and strategies --Smith Barney merger integration work.
Hope that helps.
Very interesting. Out of curiosity, where do these people go when they leave? Management position with other financial institutions?
I'm a junior at a target school that just went through first and superday interviews with FSE - will be interning there this summer. Would be happy to shed some light on at least the interview process. For me, not too much IBD related questions - it was more about high level Morgan Stanley strategy (their initiatives, goals for this year, etc.) A bit on Cost of Equity & CAPM. I got a couple case studies about ROE, and a handful of brain teasers. The focus of the group changes with the times: back when MS was building their WM business, obviously the Smith Barney Acquisition was a big deal and the group focused more on the Execution side. Right now its more strategic initiative focused work.
Also the people I met (Analysts, Associates, and Head of group) have told me about past analysts in this group and their exits after two years(PE, Corp Strat/Dev, HF etc.) PM if interested.
I'm a junior at a target school that just went through first and superday interviews with FSE - will be interning there this summer. Would be happy to shed some light on at least the interview process. For me, not too much IBD related questions - it was more about high level Morgan Stanley strategy (their initiatives, goals for this year, etc.) A bit on Cost of Equity & CAPM. I got a couple case studies about ROE, and a handful of brain teasers. The focus of the group changes with the times: back when MS was building their WM business, obviously the Smith Barney Acquisition was a big deal and the group focused more on the Execution side. Right now its more strategic initiative focused work.
Also the people I met (Analysts, Associates, and Head of group) have told me about past analysts in this group and their exits after two years(PE, Corp Strat/Dev, HF etc.) PM if interested.
Has anybody interviewed or been involved with the FSE group since this post? Have an interview coming up and would love to get a better idea of the type of technical questions to expect?
Thank you ver much
^ Waiting to hear back still? I just interviewed with them yesterday.
Morgan Stanley Firm Strategy And Execution (FSE) (Originally Posted: 09/28/2015)
Has anybody interviews with the Morgan Stanley Firm Strategy & Execution group? Job looks very interesting and I am trying to get a sense for the type of questions (banking vs consulting) asked in an interview. I would be applying for the associate level role out of business school
Thank You
part 2.
The guy who runs FSE is longtime ally of the CEO and as such FSE acts as something of a right hand man. Always a good thing politically....
Did you go through the interview process? Thinking about applying for their internship program but am curious about exit ops there vs traditional IBD
I'm curious as well
Morgan Stanley Firm Strategy & Execution? (Originally Posted: 09/27/2009)
Does anybody know what Morgan Stanley's Firm Strategy & Execution (FSE) group is like? I've never heard of it before, so any thoughts about what the analyst experience is like or how it would compare to MS IBD in terms of PE exit opps, hours, comp, etc would be appreciated. FSE sounds sort of like internal consulting, but it's not very clear based on the program description. Here's an excerpt from my school's career website:
FSE offers Analysts the opportunity to build skill sets in both investment banking and strategic consulting. Through analysis and execution of principal M&A projects, Analysts can expect to learn the fundamentals of company valuation, deal sourcing, structuring and execution, due diligence, negotiations and business integration. On strategic consulting projects, Analysts develop advanced strategic thinking and problem-solving skills.
The FSE Analyst program is typically a two-year program. The group is divided into two teams, reflecting its mandate and range of projects: a Strategy team and an Execution team. Analysts in FSE work on the full spectrum of projects in which the group is involved. Analysts can generally expect to spend one year on the Strategy team and one year on the Execution team.
Analysts often have the opportunity to meet, interact with and present to Morgan Stanley senior management. Drawing on research, financial analysis, discussions with industry specialists and key decision-makers, and their own judgment, Analysts play an integral role in helping FSE develop and implement creative solutions to significant business initiatives and strategic opportunities facing Morgan Stanley. FSE projects are aligned with the key priorities of the firm and its three main business units – Institutional Securities, Asset Management and Global Wealth Management Group. Projects are categorized as either: • Strategy projects Evaluating market trends, competitive forces and internal competencies to identify emerging and new opportunities for the firm; providing leadership and support for the strategic development and capital planning process • M&A Execution projects Providing valuation analysis and execution expertise for potential mergers, acquisitions, joint ventures and minority investments for Morgan Stanley
Sounds very interesting.
Goldman has a similar group - very interesting work. You end up working very closely with senior people from a variety of different divisions, seeing what the current business environment is like, and how the firm can make strategic acquisitions to add value. You will be doing typical M&A and principal investing. That said, I would NOT take this over a traditional IBD role if you are looking to jump to a megafund PE. Reason being that it's somewhat enigmatic and analyst experience in strategy groups can be binary.
tothedeath - do you mind explaining what you mean the analyst experience can be binary in a group like this?
Also - what if you do want to jump into PE (not megafund, but middle market) and your prior experience before joining a group like this is financial modeling/corp fin and etc.?
Would you know what the group at Goldman is called? Thanks.
Sounds great for a move to business school after.
bump please!
old bump
bump! 2013
Did you ever end up applying or interviewing, bbchimp?
Morgan Stanley FSE - superday (11/6/15) (Originally Posted: 11/07/2015)
Has anyone heard back from the MS FSE superday yesterday?
thanks msgal2007
bump
I also interviewed but haven't heard back yet.
What kind of questions did they ask you for FSE?
Question - Exits Opps?
I notice FSE, goes into banking training just like the rest of IBD. Sure your deal exp. will be more narrow, but the mentors will know many ppl in PE, etc.
So I am wondering if this could be an ultimate for exit opps, given that you learn how to LBO model, and develop a solid IBD skill set for getting through interviews?
MS Strategy & Execution Group (Originally Posted: 12/22/2007)
Does anyone know what work and culture is like in this group?
Sounds a lot like consulting with the leverage of being able to consummate recommendations in transactions. Does this translate into bankers' hours? Consultants' traveling? etc..
Many thanks!
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I interviewed for a full-time analyst position a few months ago. The group is very small (~20 people) with a group head supported by 2 exec directors (one with a BB IBD background, the other MBB consulting). The culture is very tight-knit; the group has a floor all to themselves in a non-MS building.
I wouldn't look at it solely like a consulting position. I mean, you do go through IBD training for a reason, so you will be spending a lot of time modeling on potential transactions. The upside is that you get to think about things strategically and why/how the firm is positioned in various product areas. The position provides a nice overview of what a BB does and how exactly it accomplishes its goals. Also, having a direct pipeline to the CFO doesn't hurt.
Hours are a bit less than a banker's, but not by much. The flatness and small size of the group allows you to gain more familiarity with the people who hand you work, so they are a bit more conscientious. Less BS face time required. Travel is definitely much less than a consultant's and is irregular.
PM me if you have more detailed questions.
thank you!
I've heard Pierce & Pierce's M&E group is a better place to be than MS S&E.
I've heard Pierce & Pierce's M&E group is a better place to be than MS S&E.
Can you elaborate on the Pierce & Pierce M&E group. May be able to provide more insight if you're referring to what I have in mind. What's its parrallel with MS S&E?
Thanks
There is no parallel to the Pierce & Pierce M&E group anywhere on Wall Street. They are the market leader in M&E activity and have been for the past 30 years. They have some of the highest compensated professionals on the Street and they are known to be a sweatshop.
I wonder if y2yankees is in on the joke or not...
bump - any details on this role or similar roles w/ other banks? Exit opps?
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"If your objective is to be a 2- year Assoc, then leave the firm for PE, I'd go straight into the IBD division."
You pick up roughly the same skillset since you're in the same training program, but your deal exposure is going to be different. That said, the people I've talked to in FSE love the group, for what it's worth. Don't think getting into FSE is any easier (only 1 summer this year) than getting into the larger IBD pool if that's what you're getting after, so if PE is your end goal, I'd just apply to IBD.
bump!
bump
I was really interested in this also, so I got a chance to talk to a friend who worked at MS with an inside view on this group. This is apparently the best exposure you can get coming out of undergrad to corporate strategy at a financial services firm since no other place offers analyst positions in corporate development and strategic planning. It is not popularized much because they only recruit at top Ivies/institutions and try to keep a low profile. They report directly to MS management. The projects they work on are extremely confidential, or if they are well known, they are very high profile cases. Confirming everything MSgal said- the group, led by ex-McKinsey executives (primarily), ultimately reports to C-suite executives on issues they trust their inhouse team with. Different from the "go-do-this-industry-analysis" projects that management consulting firms would receive. These are the projects that management uses directly to craft, direct, and implement firmwide strategy.
Their hours are better than banker hours maybe, but don't really know. I also couldn't get a lot of clarity on what specific projects they're working on because of confidentiality. Only downside is probably less plowing through financial statements and less typical banker analysis. My friend mentioned interviews are a mix of consulting and banking questions, brainteasers, everything- but not as practice-based as case interviews because it is less mainstream.
This is all from a short conversation. Does anyone have any more information on this? I know Disney has something similar- is there a group like this at Goldman/JPM/etc?
I know GS has one called Firmwide Strategy Group.
I'm interested in applying to FSE for my summer internship. Any more info?
Epictetus, what were the interviews like? Did you get a good sense of where people go after a couple years
Hi I know this is an old thread, but I have a superday this week with FSE. If anyone has any relevant info on how to prepare I would greatly appreciate it! Thank you so much!
hey, sorry I don't have an answer but is this for diversity recruiting?
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