Morgan Stanley Equity Research interview tomorrow, seeking for advice.

Know all ratios what they pertain to why they are important. Know a stock to sell to the interviewer. Know how to calculate FCF, run a DCF. Know the interrelationship of the 3 fin stmts. Understand the shit out of the p/e ratio and its implications. Thats about all i can remember off the top of my head.

For this summer?? How in the world...

I did an ER superday with a different BB a few years back and there was a lot of detailed stock pitching. Interviewer kept asking more and more questions to have me break down the pitch as much as possible. Pitch anything you want, just be knowledgeable and confident. Understanding economic drivers will help and being able to speak intelligently on a certain sector as a whole will likely boost your chances as well.

I don't really know what else to say at this point. Since it's so late in the year it might be a fairly easy interview if they're just desperately looking to fill a slot.

bump

I'd like to know too.

anyone? please help?

Gommini how long have you been in ER?

Thanks turtles! Anything else? More responses appreciated.

bump

I am sorry nobody answered, may I ask how it went? thanks

Know how to talk about the markets, what are some good stock picks, bad stock picks, etc

I didn't get much technical questions other than the stock market ones, other than that it was more resume stuff.

Keep in mind though my experience is likely to be different given that I was a non-target at a nonGS/MS BB.

Hope it went well... my friend interviewed with them for ER too and received an offer.

Recently interviewed for MS full-time associate.. have a long and a short stock pitch and make sure to read a WSJ article beforehand that you can talk about. Hard to prepare for technicals, but know the basics well and more importantly, be able to explain why you're interested in equity research and MS (they like hearing about their training and global reach)

Im not in ER, Ill start as an IBD full time this summer. I simply interviewed with JPMorgan ER, because an alumni from my school is an analyst and he was one of my first contacts. I loved the culture at that office though, I felt bad turning them down.

Got this for the summer. Most important question was always why equity research, why MS? Technical questions limited to stock picks and DCF, nothing too difficult

Yeah, hopefully it went well. Any tough questions they asked?

What's FCF?

shit, I'm fucked.

bump

how detail do you need to get when they ask you to tell them about a security you have been following?

Anyone have any idea of how many superdays there were for MS ER/ What the schedule was. I had iview on 10/05 and haven't heard back..

@"notmytrollaccount"

Free Cash Flow = NI+DDA-CapEX-NetChgWorkingCapital

How much cash is actually produced by the firm after paying for capital investment, i.e. how much cash is the firm REALLY generating. You calculate free cash flows to forecast future cash flows to run a discounted cash flow analysis to value equity, in your case, or total firm value for banking.

Greenmonkey, how was the interview? What questions did they ask? I have an ER interview with another BB. Just hope to see how it's like.

I was asked about calculating FCF and a random question about deferred tax assets.. prob won't be too complicated for SA position, but I would study all the valuation methods and be able to walk through each of them

Hope this answer isn't too late.. best of luck with the superday

Already answered

You never know what random question they might pull out about the pick/industry. I got followup questions regarding the company's top 3 competitive advantages/risks, if oil prices affect performance, basically anything they thought would show how in depth I knew the pick, and not just memorized some numbers the night before.

ev/ebitda? p/e? eps

is the value from a dcf the market cap or ev?

i didnt get the offer.

well, im only a second year.

ev is mkt cap plus debt (firm value, takeover price), the value from a dcf is what an analyst thinks the equity is worth given certain assumptions. You run a dcf to decide whether or not the market has the stock correctly valued, in your opinion. Market cap is simply a different valuation based upon a certain multiple of past, or projected future earnings.

the price at which you would buy shares of the security (entry) and sell off your shares (exit).

And also know how to calculate it the other way. I had someone tell me to calculate it going forwards instead of backwards. I.e., EBIAT - CAPEX - Increase NWC = UFCF

I interviewed today.

no technical question.

All fit.

interviewing for this position this year. any new advice? thanks!