Table of Contents

Executive Summary....................................................................................................... 8

1. What is an Investment Bank?..................................................................................9

1.1 Top 10 Investment banks globally........................................................................ 10

1.2 About Morgan Stanley.......................................................................................... 11

1.3 Morgan Stanley Solution India Private Limited................................................... 12

1.4 History...................................................................................................................14

1.5 Products and Services........................................................................................... 16

1.6 Morgan Stanley SWOT.........................................................................................22

1.7 Morgan Stanley’s Mission.................................................................................... 23

1.8 Work Culture.........................................................................................................24

1.9 Organization Structure.......................................................................................... 29

2. About the Summer Internship Program................................................................ 32

2.1 Job Description..................................................................................................... 32

2.2 Why I Selected Morgan Stanley............................................................................33

2.3 Recruitment Process..............................................................................................34

2.4 On the Job............................................................................................................. 35

2.5 Project Assigned................................................................................................... 39

2.6 My Department..................................................................................................... 40

2.7 Other Departments................................................................................................ 41

2.8 Other Events..........................................................................................................46

3. Challenges I faced.................................................................................................47

4. Conclusion............................................................................................................ 42

5. Bibliography.........................................................................................................51
Executive Summary
This is an internship report based on the 6 week long internship program that I had
successfully completed at Morgan Stanley Advantage Services under Firmwide
Operations Division from 07.05.2018 to 13.07.2018. As being completely new to
practical, corporate world setting, every hour spent in the Firmwide ops gave me some
amount of experience all the time all of which cannot be explained in words. But
nevertheless, they were all useful for my career. This report includes how Morgan
Stanley or any other investment bank works, what are the possible divisions and work
distribution in an investment bank.

Morgan Stanley, a financial related holding organization, is a global investment bank

that keeps up huge market positions in every one of its business sections Institutional
Securities, Wealth Management and Investment Management. The Company, through
its auxiliaries and affiliates, provides a wide assortment of items and administrations to
a substantial and broadened gathering of customers and clients, including enterprises,
governments, budgetary foundations and individuals.

The firm follows a strict code of conduct and is much disciplined following its core
values at the same time maintaining a great environment to work at. The core values
are:
1. Doing the Right thing 2. Keeping clients first
3. Leading exceptional ideas 4. Giving back

The services offered by Morgan Stanley are:

1. Institutional Securities 2. Wealth Management 3. Investment Banking
4. Investment Management 5. Merchant Banking

This report also includes the challenges I faced during my internship. My experiences
participating in various activities and the healthy work culture of the firm. At the end I
have mentioned about how I liked the culture and how it has given me a kick-start to my
career and my performance during those past 6 weeks giving me a Full Time Job as
soon as I graduate.
 Internship at Morgan Stanley

1. What is an Investment Bank?

An investment bank is a financial institution that helps people, companies, and

governments in raising budgetary capital by endorsing or going about as the customer's
specialist in the issuance of securities. An investment bank may likewise help
organizations associated with mergers and acquisitions (M&A) and give subordinate
administrations, for example, advertise making, exchanging of subsidiaries and value
securities, and FICC administrations (fixed salary instruments, monetary forms, and
items).

Dissimilar to business banks and retail banks, investment banks don't take deposits.
From the entry of Glass– Steagall Act in 1933 until its annulment in 1999 by the
Gramm– Leach– Bliley Act, the United States kept up a division between investment
banking and business banks. Other industrialized nations, including G7 nations, have
truly not kept up such a division. As a feature of the Dodd– Frank Wall Street Reform
and Consumer Protection Act of 2010 (Dodd-Frank Act of 2010), the Volcker Rule
declares full institutional partition of investment banking administrations from business
banking.

The two principle lines of business in investment banking are known as the sell side
and the purchase side. The "sell side" includes exchanging securities for money or for
different securities (for example encouraging exchanges, advertise making), or the
advancement of securities (for example guaranteeing, look into, and so on.). The
"purchase side" includes the arrangement of exhortation to foundations that purchase
investment administrations. Private value reserves, shared assets, disaster protection
organizations, unit trusts, and mutual funds are the most widely recognized kinds of
purchase side elements.

An investment bank can likewise be part into private and open capacities with a Chinese
divider isolating the two to keep data from intersection. The private zones of the bank
manage private insider data that may not be freely unveiled, while the open territories,
for example, stock examination, manage open data.
 Internship at Morgan Stanley

A counsel who gives investment banking administrations in the United States must be
an authorized intermediary merchant and subject to U.S. Securities and Exchange
Commission (SEC) and Financial Industry Regulatory Authority (FINRA) guideline.

1.1 Top 10 Investment banks globally

According to the Financial Times, in terms of total advisory fees for the whole of 2017,
the top ten investment banks were:

The above list is just a ranking of the advisory arm (M&A advisory, syndicated loans,
equity capital markets and debt capital markets) of each bank and does not include the
generally much larger portion of revenues from sales and trading and asset
management. Mergers and acquisitions and capital markets are also often covered by
The Wall Street Journal and Bloomberg.
 Internship at Morgan Stanley

The Organization

1.2 About Morgan Stanley

Morgan Stanley is a worldwide financial services firm that, through its backups and
subsidiaries, gives a wide assortment of items and services to a substantial and enhanced
gathering of customers and clients, including enterprises, governments, financial
organizations and people. Morgan Stanley was initially incorporated under the laws of
the State of Delaware in 1981, and its antecedent organizations go back to 1924. The
Company is a financial holding organization controlled by the Board of Governors of
the Federal Reserve System (the "Central bank") under the Bank Holding Company Act
of 1956, as changed (the "BHC Act"). The Company leads its business from its central
station in and around New York City, its local workplaces and branches all through the
U.S. furthermore, its foremost workplaces in London, Tokyo, Hong Kong and other
world financial focuses. At December 31, 2014, the Company had 55,802
representatives around the world. Except if the setting generally requires, the
expressions "Morgan Stanley," the "Organization," "we," "us" and "our" mean Morgan
Stanley together with its solidified auxiliaries.
 Internship at Morgan Stanley

The Morgan Stanley World Headquarters are situated in New York City, the European
home office are situated in London and Asia Pacific Headquarters are situated in both
Hong Kong and Tokyo.

1.3 Morgan Stanley Solution India Private Limited

Morgan Stanley is one of the largest financial services corporations in the world. Its
world headquarters is located in New York, while its European headquarter is located
in London and its Asian headquarters are located in Hong Kong and in Tokyo.

Founders: Henry Morgan and Harold Stanley. Current

CEO: James P. Gorman.

The formation of Morgan Stanley took place due to splitting of commercial banking
activities and investment banking activities in the US due to the Glass-Steagall Act.
This lead to splitting of the firm’s business units into from J.P. Morgan & Co. to J.P.
Morgan and Morgan Stanley as a two separate business entities. Morgan Stanley as a
firm started operating from 16th September 1935.
 Internship at Morgan Stanley

Morgan Stanley Advantage Services (MSAS) is a fully owned subsidiary of Morgan

Stanley International Holdings Inc.

Managing Director and Country Head India Operations – Clifford D’Souza

Head of Investment Banking and Co-Country Head India- Aisha de Sequeira

Morgan Stanley has been operating in India for over 20 years, providing a range of
services to domestic and international clients. The Firm has an institutional securities
platform in India, providing a full range of investment banking, capital markets,
equities, fixed income, commodities and derivative products, as well as research
services.

Morgan Stanley has been operating in India for over 25 years, providing a variety of
services to domestic and international clients. The Firm has a premier institutional
securities platform in India, offering a full range of investment banking, capital markets,
equities, fixed income, commodities and derivative products, as well as research.
Morgan Stanley has also been an active investor in Indian Infrastructure, Real Estate
and Private Equity projects over the last several years.

In addition to its India business, Morgan Stanley has been growing its Global In-House
Center (GIC) capabilities and footprint in the country for over a decade. The GICs
support the Firm's Institutional Securities, Wealth Management and Investment
Management businesses worldwide.

The India GICs house the Technology, Operations, Finance, Legal and Compliance,
Human Resources, Internal Audit, Corporate Services, Fund Services, Prime Brokerage
and other specialized functions. The GICs are located across two sites in Goregaon,
Mumbai - Athena at Mindspace, and Nirlon Knowledge Park (NKP) campus.
The GICs also inaugurated an office in Bengaluru, located in the RMZ Ecoworld
Building in 2015. This office currently houses the Technology, Operations, Fund
Services and HR Operations teams.
 Internship at Morgan Stanley

1.4 History

Morgan Stanley traces its roots in the history of J.P. Morgan & Co. Following the
Glass–Steagall Act, it was no longer possible for a corporation to have banking and
commercial banking businesses under a single holding entity. J.P. Morgan & Co. chose
the commercial banking business over the investment banking business. As a result,
some of the employees of J.P. Morgan & Co., most notably Henry S. Morgan and
Harold Stanley, left J.P. Morgan & Co. and joined some others from the Drexel partners
to form Morgan Stanley. The firm formally opened the doors for business on September
16, 1935. Within its first year, it achieved 24% market share among public offerings.
The firm was involved with the distribution of 1938 US$100 million of debentures for
the United States Steel Corporation as the lead underwriter. The firm also obtained the
distinction of being the lead syndicate in the 1939 U.S. rail financing. The firm went
through a major reorganization in 1941 to allow for more activity in its securities
business.

The firm was led by Perry Hall, the last founder to lead Morgan Stanley, from 1951
until 1961. During this period the firm co-managed the World Bank's US$50 million
triple-A-rated bonds offering of 1952, as well as coming up with General Motors'
US$300 million debt issue, US$231 million IBM stock offering, and the US$250
million AT&T's debt offering.

Morgan Stanley credits itself with having created the first viable computer model for
financial analysis in 1962, thereby starting a new trend in the field of financial analysis.
Future president and Chairman Dick Fisher contributed to the computer model as a
young employee, learning the FORTRAN and COBOL programming languages at
IBM. In 1967 it established the Morgan & Cie, International in Paris in an attempt to
enter the European securities market. It acquired Brooks, Harvey & Co., Inc. in 1967
and established a presence in the real estate business. In 1964, Morgan Stanley created
the first viable computer model for financial analysis. By 1971 the firm had established
its Mergers & Acquisitions business along with Sales & Trading. The sales and trading
business is believed to be the brainchild of Bob Baldwin.
 Internship at Morgan Stanley

In 1996 Morgan Stanley acquired Van Kampen American Capital. On February 5, 1997
the company merged with Dean Witter Reynolds and Discover & Co., the spun- off
finices business of Sears Roebuck. Dean Witter's Chairman and CEO, Philip J. Purcell,
held the same roles in the newly merged "Morgan Stanley Dean Witter Discover &
Co.". In 1998 the name was changed to "Morgan Stanley Dean Witter & Co.", and in
late 2001 "Dean Witter" was dropped and the firm became "Morgan Stanley". On Dec.
19, 2006, after reporting 4th quarter earnings, Morgan Stanley announced the spinoff
of its Discover Card unit. On Dec. 19, 2007, Morgan Stanley reported a $9.4-billion
writedown from bad investments in mortgage-related debt, leading it to take a $5 billion
infusion from an arm of the Chinese government in exchange for securities that would
be convertible to 10% of its shares. The writedown, nearly triple what Morgan Stanley
warned of in November, pushed the investment house to the first quarterly loss in its
73-year history. On Nov. 16, 2011, the SEC filed formal charges against Morgan
Stanley Investment Management (MSIM) for violating securities laws in a bad fee
arrangement. In June of 2013, Morgan Stanley completed the purchase of Citigroup's
35 percent stake in the two firms' Smith Barney brokerage unit, capping a deal, struck
in 2009, to combine Smith Barney with Morgan Stanley's Dean Witter brokerage unit.
The combined brokerage group operates under the name Morgan Stanley Wealth
Management.
 Internship at Morgan Stanley

1.5 Products and Services

The Company is a global financial services firm that maintains significant market
positions in each of its business segments—Institutional Securities, Wealth
Management and Investment Management.

Merchant
Banking

Institutional
Securities Banking
Morgan
Stanley

Investment Wealth
Management Management

1. Institutional Securities
The Company’s Institutional Securities business segment provides financial advisory
and capital-raising services to a diverse group of corporate and other institutional clients
globally, primarily through wholly owned subsidiaries that include Morgan Stanley &
Co. LLC (“MS&Co.”) and Morgan Stanley & Co. International plc. (“MSIP”), and
certain joint venture entities that include Morgan Stanley MUFG Securities Co., Ltd.
(“MSMS”) and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (“MUMSS”). The
Company, primarily through these entities, also conducts sales and trading activities
worldwide, as principal and agent, and provides related financing services on behalfof
institutional investors.
 Internship at Morgan Stanley

2. Investment Banking

Capital Raising: The Company manages and participates in public offerings and
private placements of debt, equity and other securities worldwide. The Company is a
leading underwriter of common stock, preferred stock and other equity-related
securities, including convertible securities and American Depositary Receipts
(“ADRs”).
The Company is also a leading underwriter of fixed income securities, including
investment grade debt, noninvestment grade instruments, mortgage-related and other
asset-backed securities, tax-exempt securities and commercial paper and other short-
term securities.

Financial Advisory Services: The Company provides corporate and other institutional
clients globally with advisory services on key strategic matters, such as mergers and
acquisitions, divestitures, joint ventures, corporate restructurings, recapitalizations,
spin-offs, exchange offers and leveraged buyouts and takeover defences as well as
shareholder relations. The Company also provides advice and services concerning
rights offerings, dividend policy, valuations, foreign exchange exposure, financial risk
management strategies and financial planning. In addition, the Company furnishes
advice and services regarding project financings and provides advisory services in
connection with the purchase, sale, leasing and financing of real estate.

Sales and Trading Activities

The Company conducts sales, trading, financing and market-making activities on
securities, swaps and futures, both on exchanges and in over-the-counter (“OTC”)
markets around the world. The Company’s Institutional Securities sales and trading
activities comprise Institutional Equity, Fixed Income and Commodities, Research, and
Investments.
 Internship at Morgan Stanley

3. Wealth Management

The Company's Wealth Management business portion gives exhaustive financial

services to customers through a system of 16,076 worldwide agents in 622 areas at year-
end 2014. As of December 31, 2014, Wealth Management had $2,025 billion in
customer resources.

Customers

Wealth Management experts serve singular investors and little to-medium measured
organizations and foundations with an accentuation on ultra-high total assets, high total
assets and well-off investors. Wealth Management delegates are situated in branches
over the U.S. furthermore, give arrangements intended to suit the individual investment
targets, hazard resistance and liquidity needs of investors living in and outside the U.S.
Call focuses are accessible to address the issues of developing well-off customers.

Products and Services

Wealth Management gives customers a complete exhibit of financial arrangements,

including items and services from the Company and outsider suppliers, for example,
other financial organizations, insurance agencies and common store families. Wealth
Management gives business and investment warning services covering different kinds
of investments, including values, choices, fates, remote monetary standards, valuable
metals, fixed salary securities, common assets, organized items, elective investments,
unit investment trusts, oversaw fates, separately overseen accounts and shared reserve
resource distribution programs. Wealth Management likewise takes part in fixed pay
central exchanging, which basically encourages customers' exchanging or investments
in such securities. Also, Wealth Management offers instruction savings programs,
financial and wealth arranging services, and annuity and other protection items. Wealth
Management additionally gives Financial and arranging services, Annuity and
Insurance, Credit and other driving items, Banking and Retirement plan services.
 Internship at Morgan Stanley

Operations and Information Technology

The Company’s Operations and Information Technology departments provide the
process and technology platform to support the Wealth Management business segment,
including core securities processing, capital markets operations, product services, and
alternative investments, margin, payments and related internal controls over activity
from trade entry through settlement and custody. These activities are undertaken
through the Company’s own facilities, through membership in various clearing and
settlement organizations, and through agreements with affiliates and unaffiliated third
parties.

4. Investment Management
The Company’s Investment Management business segment, consisting of Traditional
Asset Management, Alternative Investments, Merchant Banking and Real Estate
Investing activities, is one of the largest global investment management organizations
of any full-service financial services firm and offers clients a broad array of equity,
fixed income, alternative investments, real estate and merchant banking strategies.
Portfolio managers and other investment professionals located in the U.S., Europe and
Asia manage investment products ranging from money market funds to equity and fixed
income strategies, alternative investment and merchant banking products in developed
and emerging markets across geographies and market capitalization ranges.

Product and Services

Institutional Investors
The Company provides investment management strategies and products to institutional
investors worldwide, including corporations, pension plans, endowments, foundations,
sovereign wealth funds, insurance companies and banks through a broad range of
pooled vehicles and separate accounts. Additionally, the Company provides sub-
advisory services to various unaffiliated financial institutions and intermediaries. A
Global Sales and Client Services team is engaged in business development and
relationship management for consultants to help serve institutional clients.
 Internship at Morgan Stanley

Intermediary Clients and Individual Investors

The Company offers open-end and alternative investment funds and separately
managed accounts to individual investors through affiliated and unaffiliated broker-
dealers, banks, insurance companies, financial planners and other intermediaries.
Closed-end funds managed by the Company are available to individual investors
through affiliated and unaffiliated broker-dealers. The Company also distributes mutual
funds through numerous retirement plan platforms. Internationally, the Company
distributes traditional investment products to individuals outside the U.S. through non-
proprietary distributors and distributes alternative investment products through broker-
dealers and banks.

5. Alternative Investments, Merchant Banking and Real Estate Investing

The Company offers a range of alternative investment, real estate investing and
merchant banking products for institutional investors and high net worth individuals.
The Company’s alternative investments product mix includes funds of hedge funds,
funds of private equity and real estate funds, portable alpha strategies and managed
futures. The Company also holds minority stakes in Lansdowne Partners and Avenue
Capital Group.
The Company’s real estate and merchant banking businesses include its real estate
investing business, private equity funds, credit investing group and infrastructure
investing group. The Company typically acts as general partner of, and investment
adviser to, it’s alternative investment, real estate and merchant banking funds and
typically commits to invest a minority of the capital of such funds with subscribing
investors contributing the majority.

Institutional Securities and Wealth Management

The Company's aggressive position for its Institutional Securities and Wealth
Management business fragments relies upon advancement, execution capacity and
relative valuing. The Company contends straightforwardly in the U.S. furthermore,
internationally with different securities and financial services firms and agent
merchants and with others on a provincial or item premise.
 Internship at Morgan Stanley

The Company's capacity to get to capital at focused rates (which is commonly affected
by the Company's FICO scores) and to submit capital productively, especially in its
capital-concentrated guaranteeing and deals, exchanging, financing and market-
production exercises, likewise influences its aggressive position. Corporate customers
may ask for that the Company give advances or loaning duties regarding certain
investment banking exercises and such demands are relied upon to increment later on.

Shared Service Banking Operation Production

Shared services is the arrangement of a service by one piece of an association or
gathering where that service had recently been found in more than one piece of the
association or gathering. In this way the financing and resourcing of the service is
shared and the giving office adequately turns into an inside service supplier. The key
here is 'sharing' inside an association or gathering. This sharing needs to in a general
sense incorporate shared responsibility of results by the unit from where the work is
migrated to the supplier. The supplier then again needs to guarantee that the concurred
outcomes are conveyed dependent on characterized measures

Shared Services Banking Operations Product Data Operations Run the Bank Projects
(SSBO-Prodo-RTBPro) belong to the global Data Operations group and provides
product and pricing data and services to various Morgan Stanley Business functions
across the firm, like sales and trading, operations, finance, risk, settlements and
regulatory business processes.

The broader Data Operations group is responsible for key enterprise reference data
products including (a) Clients Data, Legal Entities Data (b) Employees Data (c)
Securities Reference Data (d) Pricing and Time Series. It operates as a professional data
company with separates teams providing smooth, daily data service (run-the-bank,
RTB) to internal end users and managing future, strategic data solutions, product,
database and data processing enhancements partnered by technology (change-the-bank,
CTB).
Product Data Operations (Prodo) maintain and guard the firms reference database for
fungible, fixed-income, equity and listed derivatives products via processing data feeds
from multiple data vendors (e.g., Bloomberg, Reuters, Moodys, S&P, Fitch, DTC,
Market Partners etc.) and transforming these data into common, normalized data
 Internship at Morgan Stanley

structures: stocks, futures, options, fixed-rate bonds, floating-rate bonds, structured

notes, structures products, CP programs, Credit Reference Entities, etc.

1.6 Morgan Stanley SWOT

1. Strength
 Strong brand name and good financial position
 One of the major players in asset management and credit services
 Wide number of services and products
 Has around 60,000 employees worldwide
 Operates in over 35 countries

2. Weaknesses
 Declining brand value
 Legal issues where they paid billions of dollars related to retail banking.
 Investment banking has high number of people switching jobs

3. Opportunities
 Expansion in other countries
 Diversifying portfolios for customers
 Mergers and acquisition and JVs

4. Threats
 Changing Government regulations and financial crisis like recessions
 Stiff competition
 Internship at Morgan Stanley

1.7 Morgan Stanley’s Mission

Morgan Stanley’s mission is to provide our clients with the finest financial thinking,
products and execution. This means setting the highest standards for behaviours that
embody our business principles:

• Lead with integrity

– Do the right thing
– Respect others and appreciate diverse points of view
– Make decisions based on merit
– Be open and direct in telling people what you think

• Put clients first

– Act in their best, long-term interests
– Build trust while you build our franchise

• Win in the marketplace

– Pursue excellence
– Be agile and entrepreneurial
– Embrace risk but manage it aggressively
– Question convention and seek out creative solutions

• Think like an owner

– Take personal responsibility for our success
– Make decisions and be accountable
– Work as one firm, delivering all our resources to our clients

• Keep your balance

– Enjoy a life outside of work
– Be socially responsible
– Never lose your sense of humour
1.8 Work Culture
The Code of Conduct is a statement of Morgan Stanley’s commitment to integrity and
the highest ethical standards in all that we do. The Code defines the standards of conduct
that we expect from all of our employees and guides us to make the right decisions
when performing our jobs.
"At Morgan Stanley, diversity is an opportunity – for clients, employees and Firm. By
valuing diverse perspectives, we can better serve our clients while we help employees
achieve their professional objectives. A corporate culture that is open and inclusive is
fundamental to our role as a global leader constantly striving for excellence in all that
we do."
Morgan Stanley’s culture is one of its greatest differentiators. When we are at our best
it is the constant in all that we do. Clients recognise our culture and tell us that the way
we do business- “First-Class Business on a First-Class Way”- Matters to them
At the Heart of our Culture are four core values
1. Putting Clients First
Always keep the clients interest first
Work with colleagues to deliver the best of the firm to every client
Listen to what the clients is saying and need

2. Leading with Exceptional Ideas

Win by breaking new ground
Let the facts and different points of view broaden your perspective
Be Vigilant about what we can do better

3. Doing the Right-Thing

Act with integrity
Think like an owner to create long-term shareholders value
Value and reward honesty, collegiality and character

4. Giving Back
Be generous with your expertise, your time and your money
Invest in the Future of our Communities and our firm
Mentor our next generation
Internship at Morgan Stanley
 Internship at Morgan Stanley

Each organization has a set of values, beliefs and assumptions in accordance to which
it carries out its daily activities. I found the work culture at Morgan Stanley to be very
supportive and warm, dedicated and focused, where all employees are treated with
respect and dignity and equal emphasis was laid on satisfying customer requirements,
maintaining business standards and achieving individual as well as organization goals.
The organization follows a Particular structure, wherein all employees are treated with
respect and dignity which plays a positive role in motivating them to achieve their
individual goals and the goals of the organization. Employees are treated with respect,
irrespective of the hierarchy, and the employees treat each other’s with respect and
dignity. The company understands that each individual has his/her own goals; however,
it encourages a collaborative orientation or team work. Managers have a positive
relationship with co-workers, seniors and subordinates who serve as an internal factor
for the growth and development of the organization.

Recruitment
In addition to our on and off-campus recruiting efforts, we leverage partnerships with
diversity organizations such as Sponsors for Educational Opportunity, Employ-Ability,
Hispanic Scholarship Fund, and the National Association of Black Accountants and
implement strategies to engage people from around the globe who are interested in
joining a leading financial firm. Efforts such as targeted networking events with
experienced professionals and on-campus recruitment for undergraduate and graduate
students allow us to engage and prepare all of our candidates for the various
opportunities we offer.

Development
We are focused on building up our excellent people to shape and reinforce our business
and keep on conveying an incentive to our customers. Our preparation and
administration programs, for example, those recorded beneath, offer training, systems
administration, and access to senior administration to help bolster scholarly interest and
vocation advancement.

Female Managing Director Career Development Conference

 Internship at Morgan Stanley

Leader Engagement and Development Program for Black and Hispanic Executive
Directors and Vice Presidents

Rising Leaders Program

Multicultural/Women Business Exchange

VP Development Program Development

Wellness
Morgan Stanley's wellbeing programs address representatives' wellbeing and family
objectives, with services that advance a fair way of life by expanding adaptability and
simplicity of development among work and different territories of our workers' lives.
We offer a wide exhibit of wellbeing related projects and assets, including directing,
nearby wellbeing and wellness focuses, work-life workshops, crisis care for youngsters
and grown-ups, and assets for expecting and working guardians. We trust that when our
workers are solid, we will stay sound as an association.

Inclusion
At Morgan Stanley, we endeavor to keep up a comprehensive situation where all
workers feel engaged in their jobs. Through our firm-supported Employee Networking
Groups, workers have a chance to build their firm-wide introduction, increase proficient
improvement aptitudes, and fortify their diverse mindfulness. All inclusive, Morgan
Stanley supports the Women's Business Alliance and LGBT systems. At a provincial
dimension, worker bunches incorporate Asian, Black, Latino, Working Parent, inability
Taskforce, Family Network, Veterans, Irish, and African and Caribbean Business
Alliance. The firm likewise assigns mindfulness months out of appreciation for the
numerous authentic commitments made by multicultural gatherings, including ladies'
Asian Pacific, African American and Hispanic legacy months, just as on-going
endeavors to bring issues to light of individuals living with a handicap. Worldwide
Volunteer Month
Global Volunteer Month
The Global Volunteer Month also known as GVM is an activity where the top
management focuses on conducting service activities to its society. All the firm’s
 Internship at Morgan Stanley

subsidiaries located all around the world come together to conduct GVM activities. This
GVM activity is conducted in the month of May every year. Activities such as blood
donation, making craft items for the blind, slum cleaning activity, visiting orphanages,
etc. are done in this GVM activity these were few examples of GVM activity conducted
by the India branch of the firm. There are various different GVM activities done at
various branches around the world. The firm allows the employees to track hours of
service done by an employee which is counted in the working hours of the firm. This
also encourages employees of the firm to take some time off and help in serving the
community.

Good internal governance is essential to effective management

It ties together all our businesses worldwide with a common set of rules, expectations
and oversight activities. These help safeguard our reputation, which we believe is one
of our most important assets, and align the company’s performance with the best
interests of our shareholders.

Train and retain great managers

We need to continually hire and train great managers and leaders. Great managers drive
for superior performance, building teamwork within and across business lines. They act
quickly on tough issues, relentlessly strive to improve performance, demonstrate a
passion to win and develop.
 Internship at Morgan Stanley

1.9 Organization Structure

The Structure of Morgan Stanley is hierarchical. Where there are many levels between
the top management, middle management and the lower management.
It goes as follows from top to bottom

Top Level Management CEO → Global Functional Heads

↓
Middle Level Management Country Functional Heads →Functional Heads (MD)
↓
Lower Level Management Executive Director → VP →Managers
↓
The lower level is as follows
Manager→ Director→ Associate → Analyst 3→ Analyst 2→ Analyst 1
 Internship at Morgan Stanley

Levels of Management Top

Level Management
James P. Gorman (Chairman and Chief Executive Officer)
• Jeff Brodsky (Chief Human Resource Officer)
• Mark Eichorn (Global Co-Head of Investment Banking)
• Eric Grossman (Chief Legal Officer)
• Keishi Hotsuki (Chief Risk Officer)
• Colm Kelleher (President)
• Shelley O’Connor (Co-Head of Wealth Management)
• Franck Petitgas (Global Co-Head of Investment Banking)
• Ted Pick (Global Head of Sales and Trading)
• Jonathan Pruzan (Chief Financial Officer)
• Robert Rooney (CEO of Morgan Stanley International and Head of Europe, the
Middle East and Africa)
• Jim Rosenthal (Chief Operating Officer)
• Andy Saperstein (Co-Head of Wealth Management)
• Dan Simkowitz (Head of Investment Management)
• Clare Woodman (Global Chief Operating Officer of Institutional Securities)

Middle level and Lower level Management

Amit bhatt (Managing Director and Head of India Operations)

Annie Gong (Executive Director)

Sandeep Soni (Vice President)
Sufiyan Kazi (Manager)
Each one has to report to their respective heads. Even though the organization follows
a hierarchy there is constant flow of information between the top management all the
way to lower management. This allows each and every one to ask questions and clarify
the objectives set by the company to be met and improve the operations of the company
at a good pace and allow participation of employees.
 Internship at Morgan Stanley

There are team huddles every day where any issues relating to business operations are
discussed among the team members and follow up on a daily basis to solve the issues.
Any issues which cannot be solved are then reported to the manager and if issues are
still not solved then it is escalated to the higher management as per the hierarchical
order. This has led to a steady and smooth flow of information as well as any issues or
grievances to be solved.

My Hierarchy was as follows:

Managing Director – Andrew Hershon

↓
Executive Director – Annie Gong
↓
Vice President – Sandeep soni
↓
Manager – Sufiyan kazi
↓
Associate
↓
Analyst
↓
Intern
 2. About the Summer Internship Program

Morgan Stanley has taken up this initiative since past few years. They hire interns from
various colleges and make them understand how the corporate world works. All
students should know that campus to corporate world is completely different. Being
formal is something a student doesn’t know and to work in such an environment is very
unusual. As not everyone gets the chance to work at a leading investment bank at such
a young age. It is usually a 10-month internship program for students pursuing their
undergraduate studies in commerce field. When students are done with their 2nd year of
graduation, during summer vacation they have to work for 9 hours from Monday to
Friday. It is in their Operations department.

2.1 Job Description

Operations is the front line of defense for Morgan Stanley’s financial well-being. One
of the largest divisions in the Firm, Operations has diverse responsibilities including
correctly settling and recording millions of transactions per day, identifying and
mitigating all operational risks, developing strong client relationships and partnering
with technology.

Placement and duration:

Interns are a part of the 2 month program, which includes an extensive development
plan to expand their experience and exposure. Candidates are placed based on hiring
needs and are matched to a specific role depending on their skills. Interns will have
support and supervision from experienced Operations professionals throughout their
assignments. [However this year due to covid-19 we had a virtual internship for 1 month
instead of regular 2 month internship]

Training program:
Interns join in April / May 2018. The Program begins with an induction to the Firm and
the division, followed on-the-job training with a Buddy and Mentor assigned to each
Intern. Training includes business-specific content, product and market overviews,
current events, project work, professional skills training, community service and cross
divisional networking events.
 Internship at Morgan Stanley

Responsibilities:
• Trade capture, enrichment and confirmation, position reconciliation: learn key
processes in the life cycle of a trade from deal capture to the final settlement, and
then identify and resolve trading breaks from discrepancies dealing with security
information, trading date and settlement date, executed quantity, taxes, commission,
prices and settlement locations.
• Data mining, business analysis, modeling/reporting, and documentation:
preparation and compilation of daily/weekly/monthly metric dashboards to ensure
thorough business analysis.
• Collaborate with team members of all levels to complete daily tasks, share market and
systems knowledge, and create best practice methodologies and approaches for
business analysis, issue follow up and escalation.
• Develop relationships with clients (i.e., Counterparties, Traders, Origination, Legal,
Credit, IT and Controllers) to understand the priorities of stakeholders to ensure that
business needs are met, protect client confidentiality and address ad-hoc requests in
a timely fashion.

Qualifications/skills/requirements:
• You are a university student with average score of >60% over past 3 semesters,
who will graduate by June 2018
• You must be willing to work in flexible shifts starting and ending between 6:30am
and midnight.
• You have excellent leadership, interpersonal and communication skills.
• You pay close attention to detail, and have strong analytical and problem-solving
skills.

Interview process:
Shortlisted students will be required to come to the Morgan Stanley office for the
interview process. Students will be further shortlisted based on 3 rounds of interviews
(2 Technical and 1 HR) to make the final offer.
 Internship at Morgan Stanley

2.2 Why I Selected Morgan Stanley

Every induvial would like to start their career with the best Firm and when Morgan
Stanley came to our campus, I saw it as a great opportunity and so I decided to take it
up. This helped me explore my potential to the fullest wherein I learnt a lot of important
aspects related to the corporate monopoly which I know will help me further while
starting with a Full Time Job. Also as Morgan Stanley has become market value which
goes without saying, being a finance student thought that this opportunity would be a
great kickstart with respect to my finance career. Also as a fresher, I know that my first
five years are going to be my learning curve so why not start the origin from the best.
Also when it comes to such big investment banking firms, you have scope to build a
strong network with people who have great set of experience and skills who in turn help
you figure out your career growth and also help us to bridge the gap between being
analyst to being a director and the expertise needed to be so.

2.3 Recruitment Process

Every student at Mithibai College’s self-financed courses for commerce has an

opportunity to opt for placements with Morgan Stanley. Morgan Stanley came to hire
students at interns in our 2nd year of graduation. They gave a pre-placement talk and
then we were given an aptitude test to solve. Seven days later few applicants who
cleared were called to their office at Nirlon Knowledge Park. There were 3 levels of
interviews. 1st two were technical rounds and the 3rd was an HR round. Based on the
evaluations, they selected us for the internship. There were interns from many colleges
in Mumbai. Also there were a few interns from Bangalore office to whom we used to
interact with.
 Internship at Morgan Stanley

2.4 On the Job

Division Firmwide ops

Department Shared Services And Banking Operations
Team CRDS- OOB Party Close
Title Intern
Project Out of business and dormant account closures
Timing 10:30 pm to 7.30 pm

There are multiple teams in the Morgan Stanley Department and the exact work you do
depends on which team you are assigned to. The work Environment in Morgan Stanley
is Excellent you get an opportunity to interact with some more intelligent and helpful
co-workers, who are ready to assist you in whatever projects you’re involved in.

Since I was a part of the Shared Services And Banking Operations, I was placed under
the Client references and data services OOB Party Close team under the guidance of
my Manager Sufiyan Kazi who is the Manager of the CRDS ACCOUNT CLOSURE
TEAM, Mumbai. The timings were Flexible. Each Employee had to complete a
minimum of 9 hours on a daily basis, irrespective of the time he/she enters. Since I was
an intern, I had a complete a minimum of 9 hours, so my timings usually ranged from
10:30 PM to 7:30 PM from Monday to Friday. I started my internship program from 1st
June, 2020 to 10th July 2020 with a week dedicated to learning about the company. The
First two weeks at Morgan Stanley, we had certain programs to enable the interns to
know more about the company. The Organization structure, the code of conduct
followed by the company and also to know the importance of working in a corporate
world.

Before they started our internship, we had our entire agenda planned for the next 10
weeks. They included few seminars by Heads of various departments globally. Some
evaluations which included Goal Setting form, Mid-term evaluation and the final
evaluation. We had to sit and block time with our managers to fill that forms.
Objective/Goal setting form was to be filled at the start of internship. We had meetings
 Internship at Morgan Stanley

with Heads of HR departments. Our GVM event too was scheduled and also there were
intern meetings.

There were a bunch of online training to be done before starting the work. They mainly
included Legal & Compliance training, maintaining a strict code of conduct and various
things related how one should behave in the organisation.

Every Executive Director had planned what an intern was expected to do in the next 10
weeks. All the interns were placed in different teams. Based on the requirement in the
team, each intern was assigned different work. Some had to do projects for the
improvement of some process as well as some automation related stuff whereas some
were assigned BAU (Business as usual) which means normal day to day process helping
the team to do their work.

Following my Internship Program, I was assigned a buddy to help me with all my work
and enable me to learn more. I was given the work of out of business parties account
closure. My work began with the training session on different processes and the due
diligence checks required. But before that since Morgan Stanley is an investment bank
we were made to understand the basics of trade cycle.

There are numerous trades happening on daily basis, let’s look at the trade cycle.
In finance, a trade is an exchange of a security (stocks, bonds, commodities, currencies,
derivatives or any valuable financial instrument) for "cash", typically a short-dated
promise to pay in the currency of the country where the 'exchange' is located. The price
at which a financial instrument is traded, is determined by the supply and demand for
that financial instrument
 Internship at Morgan Stanley

• Trade Capture
• Trade Execution
Front Office • Booking

• Booking
• Validation
Middle
Office • Confirmations

• Paper Documentation
• Drafting the contract
Back Office • Settlement

The trade life cycle starts with the front office which is handled by the
traders/salesperson. They Book the trade through the Risk Management System.

In case the front office cannot book the trade, they approach the middle office to book
it through the Risk Management System.

The Back office which is the core operation where the process begins with the drafting
team that is through paper documentation.
↓
Then it is sent to the client once the client agrees and sign it is sent back to the respective
office through the incoming doc’s team
↓
The settlement is done for paying and receiving the money.
 Internship at Morgan Stanley

After teaching us the basics of life cycle of the trade. They explained how every department
of operations contributes to the smooth functioning of the trade cycle. They gave me the
overview of the process of what client references and data services department.

Then they told us what our team does then I was allocated to the out of business parties
account closure team. This team basically deals with dormant accounts.

There are certain accounts which are opened but they are not used, if such accounts are kept
open for a long time they can be misused by someone to funnel money, or commit fraud
therefore it is important to close these inactive/dormant accounts so as to minimize
operational risk.

So as a part of project for me during this internship I was given the work to close out of
business party accounts. Which means the clients and companies which had opened their
accounts with Morgan Stanley but are no longer in business their accounts need to be closed.

They are kind of similar to the dormant accounts. They needed to be closed for which they
follow a thorough process which is as follows.

Balances check
↓
Clearing the base balances
↓
Getting business unit approval for closure
↓
Doing the pre closure due diligence
↓
Getting approval from other involved parties.
↓
Clearing the account to proceed for closure.
 Internship at Morgan Stanley

2.5 Project Assigned

First step in the account closure procedure is the balances check step. Before we start the
process of closing accounts of a party we need to find out if they have any active balance in
their account.

If they do then we need to get approvals from various business units and clients and senior
member before we can proceed with the closure. If the client has no active balance then we
can easily proceed with the closure. (with same due diligence but business unit approval is
not required)

So, we had various softwares to help us find and trace balances in client accounts. There
were multiple types of balances for which we needed to check. Each balance has its own
procedure.

Once we have identified and collected all the accounts which have active balance and will
require business unit and client approval, we send them ahead to business unit to get the
approval to go ahead to close the account.

Once we have the go ahead from the business unit to safely proceed with account closure.
We do final checks on different types of balances, we verify approvals make sure everything
is done rightly, and then send the approvals from business units and due diligence records to
senior to get a final approval to go ahead with account closure.

Once we get the final approval, we forward the approved accounts to the next team which
initiates the closure process.

The process requires multiple complex factors to be kept in mind, a lot of conditions to
remember, the flow of business approvals etc.

This process if not done rightly and if accounts are allowed to be kept open then it not only
creates operational risk but also costs the firm money to maintain monitor and secure these
accounts. Hence apart from operational risk it is also important to close dormant and out of
business party accounts in order to reduce firm expenses.]

The out of business parties account closure process was not previously a separate team at
Morgan Stanley, however this year onwards they initiated this team and initially I was the
first and the only member of this team other than my manager and buddy to initiate this new
team at Morgan Stanley and later I was joined by another Intern from Qatar joined us.

This project helped me understand better how each and every small thing matters a lot and
takes so much effort for successfully running a company and mitigating operating risk.
 2.6 My Department.

Shared Service Banking Operation

Shared Service and Banking Operations delivers industry leading operational solutions
by aligning the right functions, people, processes and tools into ten core disciplines
offering tailored client service levels that are efficient, controlled and compliant with
regulation. Our core disciplines include: Asset Servicing, Cash Management, Client
Data Management, Global Banking Services, Loans Servicing, Network Management,
Payments (Wireless and Disbursements), Reconciliations, Settlements and Tax
Operations. Operations Risk and Control ensure adequate controls are in place, through
providing an integrated risk and control framework to govern, assess, mitigate and
manage financial and operational risk in Operations.
Shared service centres are deployed for a variety of reasons
Reduce costs of decentralization, to increase the quality and professionalism of support
processes for the business,
To increase cost flexibility for supporting services,
To create a higher degree of strategic flexibility. Hared Service Banking Operation

Shared Service Banking Operation operates in four sections. They are Data quality,
product and pricing, Fixed Income and control.
Data quality teams function was to check the information about the stocks like the lot
size, settlement date, last trade date, tick size etc. and to make corrections in case of
mismatches.
Product and pricing teams function is to maintain end of the day prices for product
identification.
Fixed Income and control team is to maintain the fixed income data base for the
company.
 2.7 Other Departments.

Investment
Management
Operation

Clearing Wealth
Operation Management

Equity Other ISGPO

Retrievals Departments

Foreign
Trade support Exchange
group-Swap Indexing

Operation risk
and control

Operation Risk and Control

Suspicious customer and exchange action. Movement identified with money

laundering, psychological militant financing, and so on.

Money laundering is the way toward changing the returns of wrongdoing and
defilement into apparently genuine resources. In various lawful and administrative
frameworks, be that as it may, the term money laundering has moved toward becoming
conflated with different types of financial and business wrongdoing, and is now and
then utilized all the more for the most part to incorporate abuse of the financial
framework (including things, for example, securities, advanced monetary standards,
 Internship at Morgan Stanley

charge cards, and conventional cash), including psychological warfare financing and
avoidance of worldwide approvals. Most enemy of money laundering laws
transparently conflate money laundering (which is worried about wellspring of assets)
with fear based oppression financing (which is worried about goal of assets) when
directing the financial framework

Money laundering includes three stages: the first includes bringing money into the
financial framework by certain methods ("arrangement"); the second includes
completing complex financial exchanges to disguise the unlawful wellspring of the
money ("layering"); lastly, gaining wealth generated from the exchanges of the illegal
assets ("mix"). A portion of these means might be precluded, contingent upon the
conditions. For instance, non-money continues that are as of now in the financial
framework shouldn't be set.

Fear based oppression financing alludes to exercises that give financing or financial
help to singular psychological oppressors or fear monger gatherings. A legislature that
keeps up a rundown of fear based oppressor associations regularly will likewise pass
laws to forestall money laundering being utilized to finance those associations.

Investment Management

Investment Management provides asset management products and services in equity,

fixed income, alternative investments, real estate investment, and private equity to
institutional and retail clients through third-party retail distribution channels,
intermediaries and Morgan Stanley's institutional distribution channel. Morgan
Stanley's asset management activities were principally conducted under the Morgan
Stanley and Van Kampen brands until 2009.
Investment Management department handles investment of clients and the department
within it were client reporting and reconciliation.
 Internship at Morgan Stanley

Investment Management Client Reporting

Today’s investors have the freedom to switch investment managers with relative ease,
causing intense competition for their business and increasing the cost of attractingnew
clients.
As a result, investment houses are keenly focused on retaining and growing existing
accounts, causing them to revaluate and improve the online information services they
deliver to their clients. At the same time, companies must work hard on improving the
productivity of their investment advisors by giving them the online tools and data they
need to serve more clients more effectively.
Client Reporting was to send a report to the clients on daily, weekly, monthly, etc. Basis
to update their portfolio value

Wealth Management

Morgan Stanley Wealth Management is an American multinational financial services

corporation specializing in retail brokerage. It is the wealth & asset management
division of Morgan Stanley. Wealth Management at a Glance
• More than 78 years of experience
• Nearly 17,000 Financial Advisors
• 6.6 million Client accounts
• $1.9 trillion in client assets
• $133 billion in bank deposits
The Portfolio Advisory team in their Wealth Management works exclusively on
Portfolios of large advisory and family office clients of the firm. The role requires the
portfolio Advisor to take full ownership of the performance of the client portfolios. It
very closely works with the Products team on Investment opportunities, Strategy and
Research. The Portfolio Advisory team performs detailed portfolio analysis, including
taking decisions related to asset allocation, investment templates, and portfolio
performance attribution. In addition, investment recommendations for these clients are
customized.
 Internship at Morgan Stanley

Foreign Exchange Indexing

Foreign Exchange Indexation is a system to alter income installments by methods for a

price index, so as to keep up the acquiring intensity of general society after expansion,
while DE indexation alludes to the loosening up of Indexing.

It fundamentally alluded to Indexing and second evaluating the exchanges sent by our
seller group Eclerx. On the off chance that any breaks are discovered it is imparted to
the customer and settled as quickly as time permits.

Trade Support Group Swap

A swap is a derivative contract in which two counter gatherings exchange money

streams of one gathering's financial instrument for those of the other party's financial
instrument. The advantages being referred to rely upon the sort of financial instruments
included.

The exchange bolster assemble for swaps primarily directed revision of exchanges on
the guidance of the customers. So based on the subtleties given by the customer bolster
bunch they would make changes in the agreements for the swaps.

As in change in the time of the agreement or change the dates of repayment or income.
At the point when an exchange wouldn't course through the framework or stall out then
they would activity it. They additionally reserved exchanges for customers from Saudi
For all London, New York and Hong Kong they just made changes in the exchanges
and their agreements however for Saudi they even reserved the exchanges.

Equity Retrievals

The Equity Derivative Documentation Team consists of three groups: The Drafting
Team, the Retrievals Team and the Verbal Affirmation Team. All teams focus on
working to regulator guidelines and market wide best practice.
 The Verbal Affirmation Team verbally confirms trades with clients prior to any
settlement, minimizing firm risk and providing assurance that the trade economics are
captured in a timely and accurate manner.
The Drafting team looks after the production of documentation for Equity Derivative
trades for EMEA and Asia, ensuring accurate trade representation to match our internal
risk bookings.

The Retrievals group is responsible for confirming that trades are agreed with
counterparties, economic terms of the transactions are agreed and that we have sign off
on the legal documents produced by the drafting group.
The function/ process broadly entail affirming and confirming trades. It involves
liaising with internal stakeholders (drafting and middle office teams) and external
broker dealers to ensure timely dispatch of confirmations, receipt of counterparty
confirmations, affirming, matching, raising and resolving breaks and queries and
executing trades across paper and electronic platforms.

Clearing Operations

Clearing Operations provides Operations functions in direct support for activity cleared
by Morgan Stanley on behalf of our clients in Prime Brokerage, Listed Derivatives, and
OTC Derivatives. The broad organization partners closely with Sales and Trading to
develop and implement new products and services as well as drive efficiency and
reduce risk in our processes. At all times we are focused on delivering quality service
to clients both internal and external. ISG Product Operations partners closely with
Shared Services and Banking Operations as well as Branch Operations and Operations
Risk & Control to deliver a connected 'front to back' view of operations to ISG Sales
and Trading.
 Internship at Morgan Stanley

2.8 Other Events

Apart from our work, every Employee has to participate in some events held by the
Firm.
2.8.1 Global Volunteer Month
Every Employee of Morgan Stanley has to volunteer for a social event, we had it
planned for interns separately. Our social work was to Map marking. There are places
whose maps aren’t covered in the big maps like google maps and they’re not accurate
so for that reason to facilitate maps availability in remotest of places this year interns
mapped the remote place from around the world using satellite images. It was called
mappython.

2.8.2 Team Huddle

A team huddle was an everyday team event where all the team members used to gather
for 20 mins and discuss about the agenda for the day. The daily volume of the accounts
closed, discuss who was absent. Felicitate people for their work. Talk about latest news
and have a healthy discussion. On my second day my manager encouraged me to initiate
a daily huddle. Friday was the news bulletin day wherein we were updated about the
weekly news and also if any events are coming in the month were discussed.

2.8.3 Daily Trainings

My team would meet every evening for the first 2 weeks where our buddy would train
me and other co-interns who joined later in the various processes related to OOB party
account closing. We would be taught due diligence to be done and the exact process to
be followed for everything in detail. We were also taught how not following proper
procedure will put the firm at risk and cost it money and why we did what we did.
 Internship at Morgan Stanley

2.8.4 Interns Meet

There was an Interns meet in the Internship duration where we had to catch up on zoom
with all the interns hired. We introduced ourselves and then we had few games just to
lighten up the mood and get to know other interns.

3. Challenges I faced

Just like every Intern, even I had to face many challenges in transition from Campus to
Corporate. They were:

1) Networking
Networking means building strong formal connections with people of higher post or
people who can help us in many ways in the corporate world. Networking is one of the
major issue any intern would face during an internship. How to start talking with a
senior person. What to talk with a senior person. A strong network helps in faster
promotions and every intern should trying building a strong network. Also, networking
with other interns helps us increase our acquaintance circle.

2) Communication Skills
Because of covid-19 we had a virtual internship and we were communicating on chat
and email and no one is free the entire day. So, in order to talk with someone you need
to cut down on words and go to the point directly. If you fail to do so, you may bore the
other person and you need to get on the point as soon as possible and make your point
short and sweet. It was one of the biggest challenged I faced initially.

3) How to ask for a leave?

In order to take a leave you need to take the permission from the manager and
everything is recorded in the system. Every Intern faces the fear of what would be the
impression in front of the manager and the entire team. What would people talk about
you. What would be the impression in front of the boss? But at the end it is very easy
and it all goes very smoothly.
 Internship at Morgan Stanley

4) Understanding all the abbreviations

At Morgan Stanley they use a lot of abbreviations. It is very hard to understand such
things at first. It takes a lot of time to understand and there are so manyof them and all
are so adapted to them that they all talk in such acronyms and it very hard to adapt. But
later once you get comfortable, it becomes very easy.

5) Anxious 1st day

The first day of the internship happened to be my birthday, all of us interns were supposed
to get a call from their manager in the morning at 9am so I got ready and waited for the
call but I didn’t get any call till 4 pm then I started sending out emails to the HR saying I
haven’t received the call and then finally my manager called me gave me all the login
codes told me a bit about our department and asked me to introduce myself. It all
happened so slow at first and so sudden later it was a very very anxious first day.

6) A lot of information
From the first day of internship, you have to work daily for 9 hours and it becomes
tougher and tougher to grasp the knowledge until your training ends. But learning never
stops and one should always try learning new things.

7) How to behave
When the internship is virtual, It is hard to know when to become friendly or when to
be reserved. When to crack a joke. When will someone get offended. It is really hard to
judge how a person willfeel on your statement.

8) Not too much work and too much work.

Sometimes I did feel I did not have much work and I was wasting time. As I managed
to complete my work soon and my team used to do some critical work which couldn’t
be given to an intern. And sometimes it was just the opposite. Shift was supposed to
end at 7:30 and we’d start the call training at 8pm and it would extend upto 10pm at
times.
 Internship at Morgan Stanley

9) Competition with co-interns

There is always a competition between the interns on who will get absorbed as full time
analyst. As a result there is a tough competition in various fields and in order to stay in
the race, you have to work very hard.

10) New Lifestyle

You have to adapt to the new lifestyle sit at the desk for 9 hours which is like very
new, as college is for a very short time as compared to job. Getting adapted to new
environment and spending the entire day at the same place at home. Initially it is
very uncomfortable but then you get used to it.
 Internship at Morgan Stanley

4. Conclusion

Operations is growing very fast in the Indian economy. They are becoming
increasingly important in the world of markets as a tool for risk mitigation. Operational
activities can be used to minimize risk. They are used to separate the risk and then take
appropriate actions to mitigate the risk.

In the 6 weeks of my internship I was able to learn a lot of things about my team and
also what my department does. I was able to build a strong network which has helped
me already and will help me more in future. I was able to learn a lot in those 6 weeks.
Even though the internship was virtual. It was an amazing experience working at
Morgan Stanley. The work culture is amazing, the people there make you feel homely.
I excelled in whatever was being taught to me. I was able to learn about various financial
instruments, institutions, procedures of how things actually work behind the scenes..
My Microsoft Office knowledge too was enhanced as my work required me to make
excessive use of MS Excel. And we also had to use word and power point occasionally

It is opportunity every individual should have at least once in a lifetime. Being an Intern
at Morgan Stanley would give a head-start at my career life. Working at one of the top
Investment Banks is a dream of almost everyone. Getting exposed to such a corporate
environment at such a young age is like a dream come true, but sadly, It was virtual this
year for us but it was still amazing nevertheless. Working in a team where you are the
youngest and everyone is shocked to see you work and able to cope up make you feels
good from within.

Based on my performance and my presentation at the end of the internship, the firm
gave me a pre-placement offer as a Full Time Employee and I will be starting my work
sometime in June. So being a part of summer internship programme, I got placed in my
Second year of graduation itself, all thanks to the placement cell for calling top
companies to campus.
 Internship at Morgan Stanley

5. Bibliography

Reference

 Commodities and Derivative Market Book (Sheth Publication)se

 [Link]
 [Link]
 [Link]


Company Information
 [Link]
 [Link]
 Morgan Stanley Employee Handbook