For the past three years more final-year university students have made applications to work in investment banking than any other career destination. The promise of generous graduate packages, rapid salary progression and a fast-paced, dynamic environment has tempted finalists to apply to the leading banks in their thousands.

Morgan Stanley is one of 11 investment banks featured in The Times Top 100 Graduate Employers and receives more than 50 applications for each of its graduate vacancies. Despite this huge level of interest, only about half of Morgan Stanley’s new recruits are likely to be UK graduates. “Because there’s a greater need for languages in divisions such as investment banking and sales and trading, many of the new graduates joining these areas will be from other European countries,” says Joanne Scott, head of European campus recruitment at the bank. “But in other areas, such as finance, operations and IT, most of our recruits are from UK universities.”

Given that the total number of graduate jobs available in the City has risen by more than a third since 2002, it’s not surprising that many of the best-known investment banks have stepped up their recruitment campaigns. “It’s getting more and more competitive to recruit the best graduates, but we’ve had very good quality [applicants] this year and haven’t struggled to fill our places,” Scott says. “We target more than a dozen UK universities and we’re actively trying to attract talented people who may be on very good courses at other universities too. We think it’s essential to give opportunities to students that really deserve them, rather than just relying on recruiting from a few key universities.”

The timetable for graduate recruitment at the bank has also changed. Nearly two thirds of Morgan Stanley’s full-time graduate vacancies are filled by students who have had some form of work experience with the bank. “We run two-week programmes in the spring for first years and also offer summer internships, which are very popular with students in their penultimate year,” she says. “At each stage we’re on the lookout for people who are particularly impressive because it makes sense for us to convert as many as we can into full-time hires. For some divisions of the bank this means that almost all of their graduate hires are made before the students have reached their final year.”

Entry standards for both the internship programmes and the permanent graduate jobs are high. “We see so many applications from candidates with excellent academic records but it’s the students who have made a real impact at their university through extra-curricular activities that stand out,” she says.

Martin Birchall is editor of The Times Top 100 Graduate Employers

No 25 MORGAN STANLEY

What is it? Morgan Stanley is a global financial services firm with 600 offices in 30 countries and an annual revenue last year of $8.7 billion (£4.5 billion). The bank’s three primary businesses are securities, asset management and credit services and its worldwide headquarters are on Broadway in New York. Morgan Stanley’s London office opened in 1977 and employs about 8,000 staff.

What graduate jobs are on offer? The bank hires about 200 graduates a year for its London operations. They work in areas such as investment banking, sales and trading, finance and operations, technology, credit risk management, compliance and private wealth management.

Where are the jobs? At Morgan Stanley’s European headquarters at Canary Wharf in London.

What’s the pay like? In most areas of the bank, graduate starting salaries this year will be £37,000.

What’s the competition like? Morgan Stanley has received more than 12,000 applications for its graduate vacancies and summer intern programme this year.

How do you apply? The bank has already completed recruitment for this year’s graduate intake but applications for the 2008 programme will open in the autumn at www.morganstanley.com/careers/recruiting

How has Morgan Stanley done in the Top 100?

2002 - 24

2003 - 42

2004 - 26

2005 - 42

2006 - 25

The Times Top 100 Graduate Employers is based on research with more than 16,000 final-year university students. Order the 2006-07 edition from Times Books First for only £13.49 (rrp £14.99). Call 0870 1608080 or visit timesonline.co.uk/booksfirstbuy

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