Should_be_studying
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#1
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#1
Hi all,

I've been offered (verbally) an internship with Morgan Stanley just before Christmas although the contract still hasn't arrived in the post.

First question is how long should I wait before ringing up and asking about where the contract is? I haven't heard anything since the verbal offer.

Secondly I also applied for a summer internship with JP Morgan, and they've just emailed me asking me to attend an Assessment Centre. Now I'm not particularly keen to go (I have exams coming up I'd rather focus on) especially since I have an "offer" from MS. Do you guys think I should attend this AC? Or should I withdraw my application seeing as I have a verbal offer from MS.

I'm worried about not attending and then my MS contract never comes through by the deadline (I'm not sure when this is).

Thanks guys!
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Kiltennel
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#2
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#2
I'd ring / email MS HR tomorrow just to make them aware that you haven't received the contract, in case there is any deadline approaching. Once you have some clarity from MS, you can then decide what you want to do with the JP AC.
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gr8wizard10
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#3
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#3
ms
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Noble.
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#4
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#4
For what? For IBD it's probably not worth it, but for S&T JPM is stronger (especially in fixed income).
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Commercial Paper
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#5
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#5
If it's for IBD, take the MS offer.

If it's been longer than a week or you need to know, then call and ask about the contract. They might be posting it out to you and it may be taking a while.

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Breakingbank
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#6
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#6
Overall: MS>JPM but then it depends on what department you are interested in, if its IBD then MS, MS also is better for most other divisions than JPM too, the only exception in which JPM>MS is if its FICC then defo go for JPM.

Also, I would defo contact them with regards to the contract, it shouldn't take longer than a week to arrive as they normally use next day delivery when dealing with contracts
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Passion LF
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#7
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#7
Just to give you some color: http://markets.ft.com/investmentBank...ingLeaders.asp

Since 2 years JP is the strongest bank in Healthcare (which operates together with c&r), Industrials and together with MS (which is a MT powerhouse and the first T operates in as its ow group) an absolut leader in TMT - so basically the 3 hottest sectors right now.

MS is quite ahead in the states where it is always GS/MS...JP...rest. But that´s not the case in EMEA.

It just depends on the group you work in and not if you are at GS, JP or MS. MS has probably the best team (pure M&A) if you want to do a fast exit (besides JP Leveraged Finance but more for credit/special sit funds). But this is also a negative aspect for the other groups. Having a pure M&A team means that the industry groups do no handle the complex models.

At JP you can choose in which team you want to work in, I think it is quite random at MS.

In the end the difference is so small and no generic answer is possible.
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username738914
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#8
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#8
(Original post by Passion LF)
Just to give you some color: http://markets.ft.com/investmentBank...ingLeaders.asp

Since 2 years JP is the strongest bank in Healthcare (which operates together with c&r), Industrials and together with MS (which is a MT powerhouse and the first T operates in as its ow group) an absolut leader in TMT - so basically the 3 hottest sectors right now.

MS is quite ahead in the states where it is always GS/MS...JP...rest. But that´s not the case in EMEA.

It just depends on the group you work in and not if you are at GS, JP or MS. MS has probably the best team (pure M&A) if you want to do a fast exit (besides JP Leveraged Finance but more for credit/special sit funds). But this is also a negative aspect for the other groups. Having a pure M&A team means that the industry groups do no handle the complex models.

At JP you can choose in which team you want to work in, I think it is quite random at MS.

In the end the difference is so small and no generic answer is possible.
Fairly certain MS has a 'pooled' team where they help with the execution of M&A and financing. It's not 'strictly' pure play M&A at the analyst level.

Agree with the sentiment of the rest of your post.

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Kiltennel
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#9
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#9
(Original post by Passion LF)
Just to give you some color: http://markets.ft.com/investmentBank...ingLeaders.asp

Since 2 years JP is the strongest bank in Healthcare (which operates together with c&r), Industrials and together with MS (which is a MT powerhouse and the first T operates in as its ow group) an absolut leader in TMT - so basically the 3 hottest sectors right now.

MS is quite ahead in the states where it is always GS/MS...JP...rest. But that´s not the case in EMEA.

It just depends on the group you work in and not if you are at GS, JP or MS. MS has probably the best team (pure M&A) if you want to do a fast exit (besides JP Leveraged Finance but more for credit/special sit funds). But this is also a negative aspect for the other groups. Having a pure M&A team means that the industry groups do no handle the complex models.

At JP you can choose in which team you want to work in, I think it is quite random at MS.

In the end the difference is so small and no generic answer is possible.
Certain groups keep modelling in house AFAIK, including Infrastructure and Global Power, Utilities & Renewables due to the specialist nature of the models. I'd imagine it would be the same for FIG.

(Original post by Princepieman)
Fairly certain MS has a 'pooled' team where they help with the execution of M&A and financing. It's not 'strictly' pure play M&A at the analyst level.

Agree with the sentiment of the rest of your post.

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I've heard the same before. Generalist pool pulled from whenever headcount is needed. I spoke with the MD on the Paddypower / Betfair deal and he said the UK&I group is handling that deal as they have the relationship with the client, below him is a SVP from EMEA M&A group, and then 2 junior bankers (think it was UK&I Associate and M&A group Analyst). Being in the M&A group as an Analyst does not guarantee pure-play M&A despite it's name is my impression.
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Passion LF
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#10
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#10
(Original post by Kiltennel)
Certain groups keep modelling in house AFAIK, including Infrastructure and Global Power, Utilities & Renewables due to the specialist nature of the models. I'd imagine it would be the same for FIG.



I've heard the same before. Generalist pool pulled from whenever headcount is needed. I spoke with the MD on the Paddypower / Betfair deal and he said the UK&I group is handling that deal as they have the relationship with the client, below him is a SVP from EMEA M&A group, and then 2 junior bankers (think it was UK&I Associate and M&A group Analyst). Being in the M&A group as an Analyst does not guarantee pure-play M&A despite it's name is my impression.
Yes you are right, RE, FIG and the NRG Group(s) are separated from pure M&A.
A friend of mine started out as an analyst in the M&A Execution Team and was not pooled and he does not rotate into an industry team.
In your scenario: Maybe the M&A Analyst handled the model with the SVP checking it. The process as then managed by the Associate and the MD - might be quite reasonable and in the end, of course, the Associate will check the model as well!

Heard the same from an Associate about MS Levfin.

Maybe there is a difference between the product and industry groups. But interesting insides.
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