Morgan Stanley, Budapest?
Hello everyone,
Since you are all talents here I want to ask you a question regarding to the offer I just got. I will really appreciate if you could shed light on me for this issue.
I have studied in France and UK for two years and I got an offer from Morgan Stanley Budapest for US market risk position. I am hesitate about whether to accept this offer or not.
The reasons not to accept it are 1. Location. Budapest is not for finance. 2. Middle or back office. I don't want accept this offer but some friends tell me I can use the big name of MS for my career development.
I have done internship all in front office. Even I studied risk and finance. But at this moment I have not other front office offer and it would be hard for me to find one since I don't speak perfect french.
So what do you think about it? Every opinion will be important and valuable for me. Thanks
Thanks
Go for it.. Budapest is a nice city! After 6 months there you can start to speak with the HR and asked to be moved to another city or you can move to another company in another division
Hi! I was Wondering how it went? I have been interviewing for a Quant Role at Blackrock in Budapest and it seems super exciting but the pay seems REALLY low - what was your experience?
Hey did you go to Budapest in the end? I am going to have an interview soon? Is it easy to change city then?
I interviewed for a role in Budapest for MS. After doing much research I didn't find good news about that office:
- Budapest office is the back-office hub for MS in Europe. There are some FO teams, but you're not compensated as well, hours are long, and have to be working around the clock to communicate with US teams
- In order to move cities, you need to wait 1.5 years. No one wants to stay there.
- Pay is really bad, even for Budapest standards. Taxes in Budapest are one of the highest in Europe, and you won't be saving too much money after your paycheck. I remember doing the calculation and it was a significant pay-cut compared to what I was making. I'm talking 20K USD, if not less.
- Glassdoor reviews state culture is pretty awful in the Budapest office. I've never worked there but anecdotally, customer service and employees working in retail/restaurants were some of the rudest, least professional people I've encountered. Imagine your waiter giving you an attitude for asking for ketchup.
I didn't mean to ruin this opportunity for you, just please do your research. This was my conclusion after the research I did.
This stuff can be hilarious sometimes. I had a waiter once refuse to take my order and demand that I order something else. Another time had one refuse to take my order because it didn't "pair well with the appetizer". If you're accustomed to US waiters, this can be really annoying but you can actually grow to like it once you realize that your waiter is a non-slave with their own saucy opinions which he/she will express truthfully to you.
couldn't disagree more.
- Some market risk teams are FO, most are MO. If you are good, you will be transferred to London/NYC in about 1.5-2y. Hours can get long, but exposure is excellent. The ABS structuring team is also a team where in 1.5-2y time you will end up in London/NYC.
- Pay is decent compared to other firms in Budapest (obviously bad compared to getting paid in EUR/GBP). Budapest is very cheap, you can live very well on this salary. Only issue is when you go abroad, the exchange rate is harsh
- Office culture is amazing, parties are wild, there's a social event at least every quarter
- Yes, sometimes there's a language barrier, but most people speak english in restaurants/touristy places. The office is 60/40 split between Hungarians/foreigners, so i doubt there's any issues there...
What does language barrier have to do with waiter having an attitude for asking for ketchup or salt? Even if there is a language barrier, if someone has an attitude or bad customer service skills it shows. Plus many people there speak decent enough English for you to have basic conversations with them.
From what I understand Budapest is similar to a middle office or credit type role.
They do a lot of the grunt research for nyc bankers and also a lot of the nyc credit team has Budapest support that does the credit monitoring, writing the quarterly reports, etc. Morgan Stanley offloaded lots of their nyc support for credit overseas.
So while you won’t be getting front office experience, you will be getting credit experience. I think it is a decent option if you’re from the area and want to break into credit or get some type of finance experience on your resume. The work itself will get quite dull after a year obviously, those quarterly credit reports are mundane, but hopefully you can use the role as a stepping stone to something better.
yep
so guys i have an offer for valuation risk control in budapest in MS, do you find it a good start for someone with zero experience?
so guys i have an offer for valuation risk control in budapest in MS, do you find it a good start for someone with zero experience?
It's MO, so don't expect to get transition to FO in the near term. Not impossible, but will take years.
Sounds like a dead end.
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