Morgan Stanley's Best Groups in IBD

Hey,
I'm going to be in MS IBD this summer. I was wondering which groups at MS are the best on the street besides M&A? Product groups or industry groups, doesn't matter!
Thanks!

 

its morgan stanley; almost every group is top notch.

fig, healthcare, industrials, transportation, communications (media & telecom) are each pretty good bets for now.

fyi, if this is for ny, stay away from tech, or what little remains of that "group." all the action for them is run out of cali.

 
ChelseaFC85:
its morgan stanley; almost every group is top notch.

fig, healthcare, industrials, transportation, communications (media & telecom) are each pretty good bets for now.

fyi, if this is for ny, stay away from tech, or what little remains of that "group." all the action for them is run out of cali.

Tech is one of MS's top groups. In fact would go as far to say MS is the best bank for Global Tech.

You know you've been working too hard when you stop dreaming about bottles of champagne and hordes of naked women, and start dreaming about conditional formatting and circular references.
 

bump on this, wondering for FT (don't care about likelihood of offer conversion or not), besides the obvious M&A answer, which are the a) most prestigious and b) best to work for groups?

 
Solidarity:
Most industry groups at MS are very strong, including CRG

If you put a gun to my head and told me to choose either MS NRG or Real Estate or an M&A group at any other bulge, I would take the latter in a heartbeat.

In my opinion, the best MS industry groups are (in no particular order): communications, transportation, and healthcare

I'd say the tech group is as good as these groups too. Most of the deal flow is in CA, but I've heard the ny tech team also does extremely well compared to other east coast tech teams.

 

Tech has been strong even in NY due to the recent tech boom - storied IPO creds and pipeline Media and Comms is a very strong group with great exit opps Look at GPUG, big team, lots of dealflow and a hot area if you ask me Consumer, Retail and Industrials are all okay, not necessarily top choices over the above

 

hey im really interested too.. so any additional comments or input would be great.

i keep hearing mixed things about industrials as well...haven't analysts placed well out of that group? why is it not a "top choice"

and how is "gpug" a hot area? pretty boring/flat/stable industry...

 
new_analyst1:

Just accepted an offer for FT at MS and wanted to see if anyone had insight as to the relative strength of each group.

Before you ask, yes - I have searched the forums. Most of the posts are from a few years ago and group deal flow can change considerably in that time.

This is specifically for the NY office. Thanks in advance to anyone who can provide some insight.

You didn't conduct any due diligence before "closing the deal"....? Did you try asking colleagues?

 

Look in my posts for a detailed overview (from last fall) of the various groups. Not much has changed since then except healthcare has gotten a bit weaker. Placement for 2nd years in Mediacomm was very strong (has been historically but the group was discussed as getting weaker in the past 2-3 years). Top groups still M&A, Mediacomm, P/U, Sponsors, Healthcare, Transpo, WC Tech (not necessarily in that order).

 
Black Jack:

Look in my posts for a detailed overview (from last fall) of the various groups. Not much has changed since then except healthcare has gotten a bit weaker. Placement for 2nd years in Mediacomm was very strong (has been historically but the group was discussed as getting weaker in the past 2-3 years). Top groups still M&A, Mediacomm, P/U, Sponsors, Healthcare, Transpo, WC Tech (not necessarily in that order).

Black Jack - I saw your old post last night and found it to be extremely helpful so thank you for that.

I'm not sure if you know anything about the RE group but is their placement mostly to top REPE or have you heard of anyone heading to more traditional funds?

Also, are any of the mentioned groups better for HF placement? I'd imagine Sponsors has largely PE exits, but do the groups that do their own modeling like M&A, P/U, Mediacomm, etc. place well to HF?

Thanks!

 

HC has been an incredibly active space in general, so naturally all HC groups have been getting crushed over the past 16 (an estimate) months. MS Healthcare is a solid group with solid exits, though had a few major departures (I believe to DB) in the past few months. Culture in the group isn't great. Would put it behind both JP and GS HC groups. As far as HF looks, I would put MS M&A in that list as well (and probably take out TMT). In my experience West Coast GS TMT goes to VC/PE and East Coast is vast majority PE (MS West Coast Tech is similar, East Coast obviously not as strong).

 

Eh we can agree to disagree.

It really comes down to BX M&A/R&R are miles above in terms of HF placement (though this may be due to inherent selection bias). GS TMT/FIG and MS M&A also get HF looks, at least much more so than any other groups on the street (many of which have essentially nonexistent HF opportunities).

 

I have it on pretty good authority from current analysts there that the best groups are by far Merchant Banking divisions:

  1. Real Estate PE
  2. Traditional PE
  3. Credit Partners

And for the people who are MS sell siders:

  1. M&A
  2. Tech on west coast
  3. Media Telecom NYC
Pennies from JcPenny
 

MS is top-notch is almost all groups. The only places I would consider taking over MS are GS, Blackstone M&A (if I was purely concerned with exit opps), Lazard, and Greenhill. If you want to go to a bulge bracket, MS is second only to GS (generally speaking, depends on group though). M&A, Media & Telecom, Energy, and Technology are all great groups. There really isn't a bad group to be in at MS though. As MS is more of an M&A focused bank, stick with the industry groups and avoid capital markets (the big commercial banks like Citi and JPM dominate in capital markets). The commercial banks do more sponsors work than MS, but MS Sponsors still places much better into PE, I guess because of the prestige factor.

 

would you take a MS NY offer in say consumer over a GS SF/LA offer in TMT, industrials, FIG, RE?

From everyone Ive talked to, it sounds like NY is the best/ideal place to start a career in banking...and feel like the prestige diff between MS and GS isnt great enough to justify to move to sf/la albiet tmt is gs' top group?

any opinions?

 
helpneeded:
would you take a MS NY offer in say consumer over a GS SF/LA offer in TMT, industrials, FIG, RE?

From everyone Ive talked to, it sounds like NY is the best/ideal place to start a career in banking...and feel like the prestige diff between MS and GS isnt great enough to justify to move to sf/la albiet tmt is gs' top group?

any opinions?

I'd take GS TMT (SF) over most MS coverage groups.

 

this is at Morgan Stanley? I thought their industrial practice is decent...even if it is not top three, would you pick it over a higher ranked group (goldman aside).

it feels like choosing college again. Some decide for the overall name while some decide based on the specific program...it seems like there is no right or wrong decision from that standpoint. is that right? i think exit opps are clearly the most important thing for me.

 

Not that good from an exit point of view into the buyside. Seems like most of their analysts do a third year in NY or International. Few place well into big funds, although I have heard of one making it into Silverlake.

 

is weak. i dont know what you guys are talking about. most of the people i know there left earlier this year. a lot of their senior personnel left as well. i do know GS and CS are solid in the area htough.

 

Met couple analysts from: Power and Utilities group (quit to do Tech IBD at another firm) - he said he was bored with the companies he was exposed to Industrials group - haven't met anyone but i haven't heard of them being at the top of the table for this category (this is coming from my experience talking to bankers in Industrials group - MS never mentioned when talking to them, always GS for industrials) Sponsors group - met couple guys; they placed well into PE/HF. one analyst I knew moved into HF very recently, this is for SF FYI.

 

Thanks for the input! Can anyone expand on which groups place best into PE out of NY? Particularly looking at Power & Utilities, Industrials,Media & Communications, FIG, and Sponsors. Really appreciate any insight

 

Honestly, any group in NYC w/ MS is going to carry a lot of weight just on name brand alone. The sexy groups are m&a, sponsors, and media/telecom (from what I understand most of their tech is done out of their Palo Alto office).

However I've been told good things about their real estate product group and industrials coverage group culture are the best. Meaning fratty, I would assume "bro" heavy teams, aka the fun groups. But this is just hearsay so take it for what it's worth. I know a person in sponsors and she's told me 2nd years rarely are in the office past 11:00 when not on a deal and she seems pretty cool.

The people I talked to/interviewed w/ all really seemed to like their jobs so just pick a group that interests you. Moreover I've heard nothing but great things about MS NYC from trading all the way to IB. So congrats man, I couldn't get in so keep asking around and enjoy.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
 

PWM is the best.

Christ do a search you lazy fuck. Unbelievable.

People tend to think life is a race with other people. They don't realize that every moment they spend sprinting towards the finish line is a moment they lose permanently, and a moment closer to their death.
 

Financial Sponsors, Tech, Real Estate, but of course their M&A product group is generally known as the most competitive to get into. Keep in mind that the best industry group also depends both on where you're located (e.g. FS in NYC might be considered the most prestigious, whereas Tech may trump FS in the Bay Area) and obviously what you are interested in doing following your stint as an analyst.

 

pretty sure you haven't been offered a position with MS, given that everyone's already been placed in groups at this point. no need to lie to ask a question...

 

One of my good friends interned at MS IBD. They have standard intern events (about once or twice a week events at bars or other places - i.e. they went to a bowling alley once). The thing that he complained about was that he barely ever got to go to these events..he always had way too much work and couldn't leave. I think it's group dependent though, as he said people in other groups were told by the senior people that they should leave work and go to the events (but that they had to come back to work after..so I guess you can't get drunk at the event).

As for hours, they were pretty bad. I used to get texts from him at like 4am regularly, but he was in M&A, and I think the hours in other groups are more humane.

 

Along the lines of what everyone is saying, all groups are very strong, so it really depends on what you're interested in primarily. Outside of Sponsors and M&A, Media/Telecom is very good (outstanding year in 2006), and RE is the best in the industry. Also, I have to agree with you with regards to Tech only really if you're in Menlo.

As far as BMG, again, MS is good, yet their position is much less certain. Last year, they were number one in terms of volume, advising on all the biggest deals (e.g. Arcelor and Inco), but they weren't even in the top ten the year before.

 
goldmansbanker:
MS is second tier in Media and Telecom. IF you want M&T go to GS or Citi. Lehman was good until Woody left. You don't see MS on any of the big deals.

MS is not second tier in Media/Telecom.

Some of the big deals that you do in fact see MS on... Media: They were sole advisors to Time Warner on the Time Warner/AOL deal, pocketing the largest fees in investment banking history. Plus, they got Robert Kindler last year, which pretty much means anything Comcast does from here on out will have MS on as advisors.

Telecom: Advised on the Alcatel/Lucent deal, along with GS (MS was lead advisor to Lucent), which was one of last year's biggest deals.
Also, the Sprint/Nextel deal, along with GS and Evercore (MS was lead advisor to Nextel), one of the largest telecom deals ever.

That being said, I would definitely not argue that it could compete with GS, and if Woody were still at Lehman, then I agree that his relationship with AT&T alone would lead to it being a better place to be for M&T. However, he is not there anymore, so I would take MS over Lehman any day now. One you didn't mention is Evercore, which I would probably take over MS if particularly interested in Telecom. But still, being second or third in an industry doesn't automatically make a bank second tier.

And Citi? How could you say with a straight face that Citi is better than MS at anything other than taking deposits? That name definitely doesn't belong there.

 

Ok. To refute points made by prescott: Citi has been on all the deals prescott claims MS was on. And Citi took lead roles whereas MS didn't.

To start with the deals prescott mentioned: Citi was lead for AOL in AOL/TIme Warner Lead for Sprint, and now lead for Sprint Nextel. Incidentally MS was not part of the Sprint Nextel deal. PLease get your facts right.

And now for what Prescott left out because MS was not part of any of these deals which are all above 20 billion in value: Citi lead to Bellsouth in ATT/Bellsouth Citi lead to Cingular in Cingular Wireless/ATT Citi lead for Cox Communications Citi lead in Cendant breakup

Plus if you look at all the small-mid market M&T deals it's always GS, Citi and Lehman

 

I disagree with westcoasting - i have a good friend in energy at MS. Last year, no one got into HBS or top PE firms. everyone only went to small PE firms or small hedge funds. Westcoasting clearly is still in high school and has no idea how the banking world works if he thinks the brand name alone matters and automatically means you're the best.

 
Best Response
goldmansbanker:
I disagree with westcoasting - i have a good friend in energy at MS. Last year, no one got into HBS or top PE firms. everyone only went to small PE firms or small hedge funds. Westcoasting clearly is still in high school and has no idea how the banking world works if he thinks the brand name alone matters and automatically means you're the best.

What the hell man - we are talking about M&T here. It's not just about the name, but MS M&T places very very well.

You are a moron if you think I'm in high school. If you ask anyone on this board I'm definetely all about group placement, but we aren't talking CS Sponsors, CS/UBS LA, etc.

Plus, weren't you Citisbanker before?

 

i merely was showing that the MS name alone does not give you nor guarantee you better exit opportunities as the case of their energy group shows.

your statement was 'Who cares... guaranteed MS M&T places a billion times better than Citi hands down and anyone would rather work at MS than Citi.'

Does this show you appreciate the differences between the banks and their groups? NO. This clearly reads like you have no clue what you're talking about and only go after the name like millions of other blind monkeys out there.

 

Fair.. from a brand perspective MS is far better.

I meant it specifically as a M&T at MS vs. Citi comparison.. but regardless - It'd have to be a terrible group at MS -- or terrible culture -- to not take them over Citi.

 

you now concede that Citi M&T is much better than MS M&T. So if you claim to apprecaite group preference, then what does the brand value mean if people in the industry know Citi iis better than MS in that group? you don't make any sense.

 

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