Merrill Lynch

Merrill Lynch is a global powerhouse that combines immense
distribution capability with a breadth of product offerings for all kinds of clientsfrom its faithful
Main Street customers to foreign governments and huge institutions. But a behemoth only remains
one if it can respond to a changing marketplace. With an aggressive leader at its helm, todays Merrill
Lynch seems determined to do just that. Merrills strong position on Wall Street has made it a coveted
Merrill Lynch & Co.
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employer, and competition for jobs there is heated.
Merrill Lynch & Co.
Turn to this WetFeet Insider Guide to learn

How Merrill has been affected by and responded to current market conditions.
How the firm differs from the white shoe crowd.
What employees love most and like least about working at Merrill Lynch.
Where the firm is headed.
What exciting new developments job seekers should know about.
About the recruiting process.
Merrill insiders tips for acing your interview.
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2005 Edition
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Table of Contents
Merrill Lynch at a Glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
The Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
The Bottom Line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Competitive Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Industry Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Research Rankings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
A Quick History Lesson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Organization of the Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Whats Hot . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
On the Job . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Investment Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Global Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Global Private Client . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Merrill Lynch Investment Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Corporate Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
The Workplace . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Lifestyle and Hours . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Workplace Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Compensation, Vacation, and Perks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Civic Involvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Career Path. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
Insider Scoop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Getting Hired. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
The Recruiting Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
On-the-Record Recruiter Interview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Interviewing Tips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Grilling Your Interviewer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
For Your Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

Recommended Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
For Further Study . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
Key Numbers and People . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
At a Glance
Merrill Lynch at a Glance

Headquarters
4 World Financial Center
250 Vesey Street
New York, NY 10080
Phone: 212-449-1000
Fax: 212-449-7357
www.ml.com
Primary Competitors
Investment banking: Goldman Sachs, Citigroups Corporate and Investment
Bank, Morgan Stanley
Retail brokerage: Citigroup, J.P. Morgan Chase, Bank One, and Charles
Schwab
Asset management: Credit Suisse Asset Management, FMR (Fidelity), and
Goldman Sachs Asset Management
Key Differentiating Factors

Size and global reach: one of the largest U.S. securities firms with a
significant global footprint
Breadth of products and services
Unparalleled distribution capabilities
A significant player in the institutional and retail sectors; vigorous banking
initiatives
In the Recruiters Words

We want your passion for the markets to come through in an interview.
You cant be an average performer. You need to show how youre the best
at something. I dont care if its knitting or physics. Show us how you can
raise the bar.
At a Glance
We want people who are logical thinkers, but who are not rote thinkers.
There are certainly students at the best-ranked schools who may not be as
gifted as those who have cut their own paths. We dig underneath in our
recruiting and interviewing to award appropriate credit for evidence of true
achievement.
In the Interview
Know your resume. Spin every job or activity listed as a skill-building exercise
that prepared you for Wall Street.
Focus on teamwork. Demonstrate how you can coach the team, cheerlead,
and pinch hitall with a smile.
Do your research. Know where youd fit in the organization, and know the
Merrill principlestheyll be listening for it.
Let your personality and enthusiasm shine through.
What Insiders Say

If you go to Wall Street, youve got to go to Merrill. [It has] really, really, good
people. Theyre smart and driven, but theyre willing to put stuff down on a
Friday afternoon and go talk over a brew.
Its a very entrepreneurial place. You can make an opportunity happen for
yourselfyoure not earmarked when you walk in the door. But if you prefer a
structured environment, this isnt the place for you.
Merrill Lynch is all about teamwork. If the feedback on your interview is that
youre independent, that means you wont fit in.
The Career Ladder

Undergraduates are hired as analysts in the three core business unitsGMI,
MLIM, and Private Clientand in the growing area of corporate staff functions such as technology, operations, accounting and finance, and human
resources.
MBAs come in as associates in investment banking, debt and equity markets,
research, and the global private client business.
The summer training programs are the primary entry points for full-time
analyst and associate positions.
At a Glance
With offices in 35 countries, Merrills international reach is one of its biggest

strengths. It is Merrills practice to hire local nationals where possible, but if
youre interested in working internationallyparticularly if you have language
skillsyou should make that known. The focus of this guide is employment
opportunities in the United States.
Anticipated U.S. Hires, 200405
Full-Time Analyst Hires

Base salary
Signing bonus
Year-end bonus
250
$50,00055,000
$8,00010,000
discretionary
Relocation allowance
n/a
Full-Time Associate Hires
90
Base salary
$80,00085,000
Signing bonus
$20,00025,000
Year-end bonus
discretionary
Relocation allowance
$7,500
Summer Analyst Hires
250300
Summer Associate Hires
100120
Source: WetFeet research and estimates. Merrill Lynch does not release this information.
The Firm
The Firm
Overview
The Bottom Line
Competitive Strategy
Industry Position
Research Rankings
A Quick History Lesson
Organization of the Firm
Whats Hot
Overview
The Firm
Merrill is a huge and well-diversified financial services institution that prides

itself on having a strong cash position. But a behemoth only remains one if it
can respond to a changing marketplace. Merrill has been criticized in the past
for being less than lightning quick about change, but with Stan ONeal at the
helm, this simply is no longer the case. ONeal, who became president in July
2001, CEO in December 2002, and chairman in April 2003, doesnt appear to
be one who wastes anything, much less time.
Ranked 58th on the Fortune 500 (down from 36 in 2002), ONeals Merrill Lynch
is a lean, mean, profit machine. His campaign to rid the company of fat was
no-nonsense. He cut some 20,000 jobs (reports vary from 18,100 to 23,000)
including a fair portion of the top executive stafffiring two of his once-closest
aids, reportedly for politicking behind his back.
Industry experts credit ONeal with saving Merrillthey claim that without his
aggressive and early action, the firm would not have survived as one of the few
remaining independents of Wall Street.
Not only did Merrill survive, it produced a record $4 billion profit in 2003, and
its stock has outperformed most of Wall Streets other giants. Deal flow is up,
the firm is hiring, and the board rewarded ONeal with compensation of $28
million for 2003 ($14 million in cash and $14 million in long-term incentives).
Its 180 degrees different here than it was 12 months ago, says an insider.
Almost every day theres an announcement about a new hire at the senior level.
Theyre bringing in rainmakers.
But insiders tell us the success came at a cost. Morale

is finally starting to pick up, says one insider, but
many people are burned out. The market is booming,
but it was so taxing when we were understaffed.
rock bottom, and people took on more responsibility
to cover positions that had been cut. Now that things
are turning around, some are moving ontaking the
opportunity to try something new. At the associate
level, people are hopping around. The banks cut so
deeply, the opportunities are out there. Everyone is
Its 180 degrees

different here than
it was 12 months
ago. Almost every
day theres an
announcement
about a new hire
at the senior level.
Theyre bringing
in rainmakers.
The Firm
Salaries were frozen for 3 years, bonuses dropped to
hiring so much that if youre looking for a change in

scenery, you can do it without a lot of work.
As if internal matters werent challenging enough, the firms public image has
been tarnished with legal and regulatory challenges the past 2 years. It paid
$200 million as a result of the industry-wide investigation of research practices
and $80 million for its role in a trade involving Enron. A suit over its dealings
with Tyco has been dismissed; two former staffers were key to the verdict in
the Martha Stewart case; and in 2004, arbitrators awarded a large settlement for
discriminatory practices toward female stockbrokers in the 1990s. Nevertheless,
insiders insist that Merrill is one of the most ethical firms on Wall Street and
that it doesnt deserve the bad rap.
Meanwhile hiring is up industry-wide, and Merrill recruiters are preparing for
one of the most competitive recruiting seasons theyve encountered in a while.
But dont expect a sellers market to compromise Merrills ability to hire the best
and brightest. And if youre interested in working here, be sure to know the five
core Merrill principles by heart:
1. Client focus
The Firm
2. Respect for the individual

3. Teamwork
4. Responsible citizenship
5. Integrity
Merrill prides itself on long-term client relationships that go well beyond the
individual transaction or product of the hour.
The Bottom Line

The Firm
Merrill Lynch is a global powerhouse combining immense distribution capability

with a breadth of product offerings for all kinds of clientsfrom its faithful
Main Street customers to foreign governments and huge institutions.
The firm is once again positioned for growth and is in hiring mode. Of course,
whether it was growing or cutting, Merrill has consistently invested in its future
by filling its analyst and associate training programs. Job opportunities in the
analyst training program are particularly strong for undergraduates in 200405.
In addition to the traditional investment banking positions of corporate finance,
mergers and acquisitions, and sales and trading, analysts can work in investment
management, financial advisory, and a variety of corporate support functions.
More than half of the new analyst recruits will be placed in accounting and
finance, human resources, technology, and transactions and custody.
To be successful you need both an entrepreneurial attitude and a team focus.
Youll be an entrepreneur in positioning yourself well in the firm and managing
your career. And while Merrill rewards its stars, its very much a team environment
in which groups that are less successful share bonus compensation with those
who had a good year.
Competitive Strategy
The Firm
Merrills size and diversity are strong assets that serve the firm in times of both
boom and bust. Not only is Merrill an investment bank, it also has a healthy
retail brokerage business and a thriving asset management operation. With
48,100 employees, the firm may be smaller than it was a few years ago (when it
was 70,000 strong), but its still among the worlds largest financial management
and advisory companies.
In a key strategy to diversify product offerings, Merrill has added a portfolio of
banking products, competing in this realm with Citibank, Morgan Stanley, and
Bank of America. Its financial advisors are just as likely to sell insurance and
mortgages as they are to broker a stock trade, and the company now aggressively
targets the high-net-worth set. As stated in its 2002 annual report, We believe
it is no longer necessary for our clients to maintain a relationship with any
other financial institution.
And at a time when industry experts say we havent seen the last of consolidation
in the banking industry, Merrill remains independent, something in which insiders
take great pride. To the suggestion that Merrills restructuring is a preparation
for acquisition, Fortune magazine quotes Stan ONeal as saying, Bullshit.
10
Industry Position
The Firm
Third-ranked Merrill was once the undisputed industry leader in underwriting.

After 11 years, Merrill surrendered its top rung 2 years ago to Citigroup. With
a 7.1 percent market share of the deals done in 2003, Merrill has now fallen to
third, just behind Morgan Stanleys 7.4 percent share. At the top, Citigroup
garnered 10.2 percent.
But what may look like a fall from grace is actually the result of a stated
business strategy. At ONeals Merrill, a deal is no longer a deal; it must be a
worthy deal. It must meet profit targets or its a no-go, regardless of how
that will look on the volume-weighted league tablesthe industrys generally
accepted measure of success.
The 2003 tables, where Merrill either held its own or lost footing, are evidence
that the firm continues its emphasis on profitability over volume. Keep in
mind as well that Merrills investment banking unit received the brunt of
ONeals staff cuts. Working with roughly half the staff it once had is certain
to have affected the volume of business conducted. Regardless of its leaguetable report card, Merrill scored record profits in 2003, something the league
tables dont measure.
As an indication of Merrills competitive strength, the firm won a coveted
appointment in early 2004 as the only advisor on the sale of AT&T Wireless
Group, a deal valued at roughly $30 billion. Goldman Sachs (ranked number
one in M&A volume compared to Merrill at seventh place), which along with
Merrill and Citigroup advised AT&T on its IPO in 2001, is conspicuous in its
absence from this critical deal.
11
2003 Industry Rankings

Rank
2003
2003 2002 Amount ($B) Share (%) Deals
The Firm
Category
Global debt & equity
380.3
7.1
1,914
Global equity & -related issues
31.1
8.0
157
Goldman Sachs
Global equity
16.1
7.2
94
Goldman Sachs
Global debt
349.3
7.1
1,757
Global short-term debt
111.6
24.1
937
Merrill Lynch
M&A, global announced
211.4
n/a
n/a
Goldman Sachs
U.S. debt & equity
304.0
9.0
1,633
U.S. equity & -related issues
19.0
10.2
118
Goldman Sachs
U.S. common stock
8.7
9.6
70
Goldman Sachs
U.S. debt
285.0
8.9
1,515
U.S. IPOs
1.5
9.2
12
Goldman Sachs
M&A, U.S. announced
86.9
n/a
80
Goldman Sachs
Source: Investment Dealers Digest, 1/05/04 and 1/12/04.
12
Top Firm
Citigroup
Citigroup
Citigroup
Citigroup
Research Rankings
The Firm
Institutional Investor Ranks the Wall Street Firms

The following rankings are pulled from Institutional Investors annual analysis of
research departments on the Street. Research has been intensely scrutinized
since Eliot Spitzer blew the whistle on industry-wide practices that give the
appearance of conflicts of interest. Merrill and other firmswhile admitting
no wrongdoingpaid stiff fines and scrutinized their practices to more fully
separate research activities from deal-making. Meanwhile the research analysts
continue to do the jobs theyve always done: researching companies and
analyzing trends. Heres how the highly regarded Institutional Investor survey
rated the results.
2003 All-America Research Team: Merrill Ranks #3

Merrill maintained its third-place position for the third year after 6 years at
the top. The real upset on this team: Lehman leaped from an almost threeway tie with Merrill and Citigroup to a clear lead with 50 positions, followed
by Morgan Stanley and Merrill neck and neck at 36 and 35 team positions,
respectively.
2003 Global Research Team: Merrill Ranks #2

Merrill nudged in front of 2003 front-runner Morgan Stanley to place second
for overall global equity research with 22 team positionsfirst-ranked UBS had
23 team positions.
13
2003 Emerging-EMEA Research Team: Merrill Ranks #3

In a new ranking of research performance in the emerging markets of Europe,
the Middle East, and Africa, Merrill placed third with six team positions, behind
UBS with ten positions and ING Financial Markets with seven positions. Previously
The Firm
this research was included in the All-Europe Research Team survey, where Merrill
also placed third in 2004. A separate survey was done because of increased money
flow from Eastern Europe, Israel, and South Africa.
Other Teams
Merrill also placed third on the 2004 All-Europe Research Team, fourth on the
2004 Latin American Research Team, eighth on the 2004 All-Japan Research
Team, ninth on the 2004 All-Asia Research Team, and tenth on the 2003 AllAmerica Fixed-Income Research Team.
Best on the Street 2004 Analysts Survey

Merrill recaptured its number one position on the Wall Street Journals Best on
the Street review of analysts accuracy in stock performance. Before 2001,
Merrill had placed first for 4 years in a row. Pharma analyst Gregory Gilbert
received a first-place citing out of 4,000 analysts from 230 firms. Eleven additional
research analysts at Merrill also placed in the survey.
Source: Wall Street Journal, 5/17/04.
14
A Quick History Lesson

The Firm
Known as the man who brought Wall Street to Main Street, Charles Merrill
started his first brokerage firm in 1914. Later that year bond salesman Edmund
Lynch joined him, and the two built a thriving business during the robust economy
of the next 15 years. But the Great Depression was just around the corner, and
to avoid the worst Merrill and Lynch sold their business to E.A. Pierce, Wall
Streets largest brokerage firm at the time, and remained only limited partners.
In the 1930s, Merrill took a sabbatical from the financial world and tried his
hand at the retail business, developing a grocery store called Safeway. A decade
later, Pierce called Merrill back to manage the Wall Street firm. By 1941, he had
merged the company with Fenner and Beane to form Merrill Lynch, Pierce,
Fenner & Beane.
In the 1940s, Merrill decided to adopt an innovative business model that used a
trained sales force to solicit the general consumers retail brokerage business.
These knowledgeable brokers, armed with research on the best stocks to buy
and a storefront on every corner, were a hit with this as-yet-untapped customer
base. By the end of the decade, Merrill Lynch was the largest brokerage firm on
Wall Street. Merrill Lynch continued its run through the next 20 years, becoming
one of the first member firms of the New York Stock Exchange to incorporate
(1959) and go public (1971).
In the 1960s, the firm ventured into asset management through its subsidiary,
Merrill Lynch Asset Management. In the 1970s, under the direction of Donald
Regan (later treasury secretary and chief of staff for President Reagan), Merrill
introduced its cash management account, which combined brokering and credit
in a bank accounta move that took the firms less enterprising commercial
banking competitors by surprise.
15
The firm also began building its underwriting strength by acquiring white-shoe
investment banking firm White, Weld & Co. in 1978 and dividing its sales force
into retail and institutional camps. Merrill Lynchs underwriting business boomed
during the mergers and acquisitions frenzy of the 1980s. After the crash of 1987,
The Firm
the firm tried to cut costs and combat its reputation as a sprawling, poorly
managed organization. It streamlined operations; trimmed less profitable
businesses, including merchant banking, real estate, and mortgage insurance;
and reduced its dependency on commissions.
During the 1990s, fueled by its immense distribution power in both the retail
and institutional segments and its significant expansion into foreign markets,
Merrill Lynch became an undisputed leader in global underwriting, research,
and asset management. The acquisition of Mercury Asset Management in
London and the creation of Merrill Lynch Japan Securities (starting with 2,000
former Yamaichi employees and 33 new branches) further expanded the firms
international base. Mercury Asset Management was merged with Merrill Lynch
Asset Management to form Merrill Lynch Investment Managers in 2000,
making it one of the three largest asset-management organizations in the world.
In 2003, Chairman Dave Komansky retired after 30 years of service. E. Stanley
ONeal, who became president and COO in 2001 and CEO in 2002, is now the
first African-American chairman of Merrill.
16
Organization of the Firm

The Firm
View from the Top

Merrill Lynch is a publicly owned corporation headquartered in New York City
and organized around three principal business units:
1. Global Markets and Investment Banking (GMI)
2. Global Private Client (GPC)
3. Merrill Lynch Investment Managers (MLIM)
These business units are supported by several corporate resources groups, including
research, technology and services, the chief financial office, human resources, the
office of general counsel, and marketing communications.
Merrill has offices in 35 countries and, as of the end of 2003, employed about
48,10038,200 of that number work in the United States. Outside the United
States, operations are organized into regions: Europe, Middle East, and Africa;
Japan; Asia-Pacific; Canada; and Latin America. Stanley ONeal was promoted to
president and COO in 2001 and CEO in 2002. He became the chairman in April
2003the industrys first African-American at the top.
Global Markets and Investment Banking

Global Markets and Investment Banking provides equity, debt, and investment
banking services to corporations, financial institutions, and governments. Investment
banking raises capital for clients by structuring equity and debt offerings and
advises corporations and governments on mergers and acquisitions. Debt and
17
equity markets syndicate and trade securities in their relevant product areas,
including stocks, bonds, government securities, derivatives, convertibles, and
foreign currencies.
The Firm
Global Private Client

Global Private Client provides individuals and small businesses with financial
planning, banking and insurance products, and trust and retirement services.
The Private Client staff includes the teams that work with high-net-worth
individuals (more than $10 million) as well as individual financial advisors in
branch offices. James P. Gorman, the only top-paid executive who survived
ONeals reorganization, heads up Global Private Client.
Merrill Lynch Investment Managers

Under the leadership of Bob Doll, MLIM offers more than 70 mutual funds and
manages more than $513 billion in retail, institutional, and managed accounts. It
is rumored that MLIM, as Merrills smallest revenue producer, could be sold, but
Merrill officially maintains that it is committed to its investment management
business. In 2003 MLIM brought in $1.4 billion in revenue, 7 percent of Merrills
2003 net revenue.
View from the Middle

Global Markets and Investment Banking
Investment banking. Investment banking is organized into four industry groups
and three product groups.

Industry groups cover a wide range from energy to telecommunications:
The financial institutions group serves commercial banks, insurance
companies, investment managers, broker/dealers, finance companies, and
financial servicesrelated technology companies. Group members work out
of New York, Toronto, London, Tokyo, Hong Kong, and Singapore.
18
The global energy and power group works with companies involved inoil
and gas exploration and production; electricity and natural gas generation,
transmission, and distribution; and advanced energy technologies. The energy
group is headquartered in Houston, Texas, and the power group is headquartered
in New York. Group members also work out of offices in London, Hong
Kong, and Singapore.
The Firm
The global industries and communications group covers six industry

sectors from offices in New York, Chicago, Los Angeles, Palo Alto, London,
and Toronto:
- Consumer: Clients include the Benetton Group, Home Depot, Nestle,
Procter & Gamble, and PepsiCo.
- Health care: Clients include Eli Lilly, Roche Holding, IDEC Pharmaceuticals,
MedImmune, and Schering-Plough.
- Industrials: Clients include Alcoa, Boeing, General Electric, General
Motors, Siemens, DuPont, FMC, and Dow Chemical.
- Media: Clients include Clear Channel Communications, Cablevision,
PRIMEDIA, Viacom, and WPP Group.
- Technology: Clients include Hewlett-Packard, Ericsson, Taiwan
Semiconductor, Novellus Systems, and Siebel Systems.
- Telecom: Clients include AT&T, Verizon, Qwest, Alltel, and BellSouth.
The real estate and hospitality group is organized in relationship management
teams focused on specific sectors: real estate operating companies; hotels,
restaurants, and leisure companies; opportunity funds; and financial institutions
involved in real estate. Group members work out of New York, Los
Angeles, London, and Tokyo.
Product groups work with clients spanning all industry sectors on specific
projects that involve debt, equity, and investment banking products:
The corporate finance group involves capital structuring and financing,
monetization alternatives, subsidiary redeployment, and structured M&Arelated transactions. Group members work out of New York, Los Angeles,
London, and Tokyo.
The financial sponsors and leveraged finance group consists of four
teams working out of New York, Los Angeles, Palo Alto, London, and Tokyo:
19
- Financial sponsors recently handled Madison Dearborns acquisition of

Jefferson Smurfit, the largest-ever European LBO, and Blackstones
acquisition of TRW Automotive.
The Firm
- Global leveraged finance underwrites high-yield bonds, syndicated loans,

and mezzanine securities and arranges syndicated financings for LBOs,
recapitalizations, leveraged acquisitions, and growth capital.
- Private equity placementsdirect raises private equity on behalf of private,
pre-IPO, and public companies for growth expansion, acquisitions, or
other specific projects.
- Private equity placementsfunds raises institutional capital for top-tier
third-party alternative investment managers.
The mergers and acquisitions group has full-time professionals in all major
financial centers throughout the world and industry-specific knowledge in
media, telecom, technology, retail, utilities, real estate, energy, and global manufacturing and services. Group members work out of New York, Palo Alto,
Los Angeles, Toronto, London, Frankfurt, Paris, Tokyo, and Hong Kong.
Equity markets. Equity markets centers on the sales, trading, structuring, and
origination of equity and equity-linked offerings. It is organized around three

desks: cash, capital markets, and equity-linked products. Offices are located in
New York, Chicago, Boston, San Francisco, Toronto, London, Hong Kong,
Singapore, and Seoul.
Debt markets. Debt markets is organized into six desks that trade, structure,
and originate fixed-income offerings: credit, foreign exchange, rates, principal

investments, investor, and issuer. Offices are located in New York, Dallas,
Chicago, Boston, San Francisco, Toronto, London, Hong Kong, Singapore,
and Seoul.

Financial advisors offer clients advice, guidance, and services ranging from
financial planning and account management to mortgages and insurance.
Financial advisors in branch offices around the world work with individual
20
clients. Those with assets exceeding $10 million are served through private
wealth management teams in major money centers such as Atlanta, Austin,
Chicago, Dallas, Los Angeles, San Francisco, and New York. A business
financial services group in Chicago specializes in the small- and midsize-
The Firm
business market.
Six core functions support the financial advisors from Princeton and Hopewell,
New Jersey: private banking and investment (high-net-worth individuals),
investments and wealth management (product development and distribution),
banking, retirement, marketing, and direct services.

MLIM manufactures mutual funds, markets them, and deploys a sales force to
put them in the hands of the public. Merrill funds are ranked in the upper quartile
by Lipper and Morningstar and are available through financial consultants
(including those of Merrills Global Private Client group) in the same manner
as Putnam, Oppenheim, or Fidelity mutual funds. Headquartered in Princeton,
New Jersey, MLIM is organized into three business units:
1. Investments: equities, risk, fixed income, and private consulting for investors
with $700,000 or more to invest, and institutional, which manages the assets
of corporations, pension funds, endowments, and insurance companies
2. Marketing
3. Distribution, with three main channels: proprietary, nonproprietary, and
institutional
21
View from the Bottom

Recruiting is competitive. If the first round of interviews is your first introduction
to Merrill, youre likely to find yourself in the back of the pack. Insiders
The Firm
repeatedly tell us to make every effort to get into the offices and talk with
people long before the interview process begins. Not only should you be very
certain that the financial services industry is the right career choice for you
before you ever shake hands with a recruiter, youll also need to know which of
the three business units youd like to join, or whether your interest is in the
growing ranks of the corporate resources groups. Also consider which function
would be a successful match for your interests and skills.
Both the content and style of your work with Merrill will depend on your entry
point. While teamwork is one of the five Merrill commandments, its clearly
more important to an I-banker putting together a presentation with a group of
associates than to a trader responsible for trading his or her own position. That
said, sales teams here are more teamwork-oriented than at most other Wall
Street banks.
This place puts a huge emphasis on teamwork, says an insider. Its a major
category in the 6-month review. I had a client remark on this yesterday. Even
though were doing sales, the emphasis is on giving the best coverage for the
client. And we always share information: If theres a news item, we yell it out
across the desk. I didnt see that to be the case at the other firms where I
interviewed.
Clout varies by division, too, and there are differences in personality, culture,
and traditions from group to group and office to office, most notably between
the fast-talking, swaggering traders and salespeople and the somewhat more
polished I-bankers. However, insiders tell us that some constants exist. Because
of Merrills size and its origins as a retail firm, it tends to exude less attitude
22
than other firms on the Street do. According to some, Merrill employees dont
take themselves quite as seriously as their counterparts at more traditional
white-shoe investment banking firms. There are plenty of Ivy alumni, but
backgrounds are generally more diverse than youd find at other top banks.
The Firm
Whats Hot
Looking to the Long-Term
With interest rates on their way up and a backlog of companies waiting to go
public, equities are back in the spotlight for 2004. Insiders tell us that health
care and real estate are the industry groups with the best deal flow right now.
Its tempting to want to work where the action is, but insiders recommend
taking a more long-term view. Banking is a cyclical business. Our goal is to
perform well across market cycles, according to Stan ONeals message to
shareholders in the firms 2003 annual report.
I think that candidates too often look for the area thats hot, rather than where
theyd be the happiest, says an insider. Thats not a long-term way to look at
your career, particularly considering the investment youve made in business
school. You need to figure out what you think youd like. Come in and sit with
people and see what they do. Youve got to spend a lot of hours here. If you
dont like what you do, youll regret your decision. The ultimate goal is finding a
good job. Dont always go for whats hot. Go for what will make you happy.
23
Total Merrill
Merrill is growing its Private Client group with a portfolio of banking products
for individuals and small businesses that include mortgages, insurance contracts,
The Firm
and stocks and bonds. Total Merrill product offerings include a federally insured
cash-management service called Beyond Banking that goes head to head in
competition with commercial banks. The idea is to eliminate the need for multiple
accounts and advisors. By offering clients the efficiency of one financial advisor
who can manage the full spectrum of ones finances, Merrill is able to diversify
the firms revenue and reduce its vulnerability to market volatility.
Taking the Conflict Out of Interest

Under terms of a settlement with the Securities and Exchange Commission, the
North American Securities Administrators Association, the New York Stock
Exchange, the NASD, and New York Attorney General Eliot Spitzer (who started
it all), nine Wall Street banking firms, including Merrill, paid fines and set up
checks and balances to separate research from banking. Many argue that little of
what is wrong with the system is due to intentional wrongdoing (as in the case
of analysts who own shares in the companies they cover as has been alleged at
Citigroups Corporate and Investment Bank) or the few bad apples like Merrills
Henry Blodgett (who was personally fined $4 million and barred for life from
the securities business). Rather, it is due more simply to the inherent pressures
of competing interests (you try telling the investment banker handling the merger
of ABC and XYZ telecom that youre downgrading your recommendation on
her client).
Nevertheless, the banks have agreed to change the way they compensate analysts
(not from investment banking business) and to prevent research analysts from
accompanying bankers on pitch meetings or road shows. Merrill prohibits its
24
research analysts from owning stock in the companies they cover, and the
function reports directly to the CEO, not to the investment banking group.
Meanwhile, insiders say the fundamental question remains one of revenue
that the issue will not be satisfactorily resolved until research departments can
The Firm
stand on their own as profitable units of business. The firm and Wall Street
will struggle as to whats the right size for the research department. We provide
the product that sales sells and traders trade on, but we dont make money on
it, says one insider. We get funded by other departments.
The Rich Get Richer

Merrill is strengthening its resources to serve the growing millionaire market.
Private Client insiders say service to high-net-worth individuals is definitely a hot
place to be. Merrill has not typically been a major player in the top end, says
one insider. Its owned the low end. It worked to build the wealth of a corporate
executive, but would often then refer him to Goldman Sachs because Merrill felt
it didnt have the tools to serve him. Not so anymore. Private Client wealth
management teams actively court individuals of net worth in excess of $10
million and provide advice on not only investing, but also on estate planning,
charitable trusts, endowments, and other tax trappings of the rich.
Along the same line, one of the more profitable areas of MLIM is called private
investors/consults. Under this program, MLIM manages the funds of individuals with $700,000 or more to invest, giving them access to the best fund managers as if they were an institutional investor like a pension fund.
25
On the Job
Investment Banking
Global Markets
On the Job

Research
Corporate Resources
27
Investment Banking
As part of investment banking, youll be helping corporations and other institutions
define and execute their financial and strategic goals. Depending on which
area you join, you could be executing debt or equity offerings, advising clients on
mergers and acquisitions, or restructuring companies whose financial needs have
changed. The kind of work youll be doing reflects the cyclical nature of the
markets. And certainly when the market is up youll need to be prepared to
On the Job
handle multiple projects, often with very high stakes. During a bear market, you
may spend more of your time helping generate new business than working on
live deals; however, Merrills industry position pretty much guarantees things
will be hopping regardless of whether youre pitching deals or structuring them.
Your workload will also depend on the group youre assigned to. The work in
investment banking is very team-oriented, and youll work closely with your
group as well as with clients, lawyers, and people in other divisions of the firm.
Whichever investment banking area you choose, youll rarely see the light of
day except through your office windowif youre lucky enough to get one.
Insiders tell us that the unpredictability of the work flow can be daunting. At
the height of the bull market, an analyst reports that it wasnt unusual to work
on three M&A transactions at the same time. Is that a lot? This week it isnt,
one insider says. But ask me next week, and we might be here 24/7. Its not
just the hours. I can deal with 60-hour weeks, says another insider. But I have
a vacation planned in a few weeks, and I might not be able to take it. Thats
difficult, especially with a wife and son.
MBAs are recruited as investment banking associates and, after a customized
training program, are assigned to an industry or product group. Undergraduates
28
are recruited for a 2-year analyst training program.

After 2 years, analysts generally return to school to
pursue an MBA or move on to other jobs outside

the industry. In some cases, exceptional analysts are
promoted to a third-year analyst position.
Day-to-Day Tasks
Build spreadsheet models to analyze financing
alternatives
Perform valuation analyses
Analyze financial statements and review
business plans
On the Job
Travel to company sites and meet with clients
No matter whether
its a bull market or
a bear market, its a
good time to join
Merrill. This business
is cyclical and over
the course of your
career, youll get
both the up and the
down. Eventually
youre going to get
the full experience.
Work with bankers to structure and close deals

Work with sales and trading forces on market issues
Work with lawyers to develop offering prospectuses
A Day in the Life of an Investment Banking Associate

6:30
Alarm goes off. Dawn of another 80-hour weekwith any luck.
7:30
Dash off a quick e-mail or two via Blackberry on the way to work. Grab
a cup of coffee and listen to voice mails. Left the office at midnight
yesterday and there are already three messages. Somebody didnt sleep.
8:00
Review to-do lists, tackle the e-mails that require lengthier responses,
and check news sourcesthe Wall Street Journal, market summaries, etc.
9:00
Conference call with VP to interview a pharma companys CFO and

CEO as part of due diligence on a bond offering.
10:30 Call underwriters counsel regarding outstanding issues in debt exchange

offer. Managing director is pushing to have the memorandum completed
by end of day.
29
11:00 Help junior analyst prepare presentation for new medical equipment
company in Canadarevise some of the positioning bullet points and
recommend running an additional set of numbers and graphs.
12:00 Listen to voice mails back at desk while eating a sandwich. Pound out
replies to the new, urgent e-mails at the same time. Who said multitasking
was hard?
On the Job
12:30 Sandwich done. Call the lawyer again to find out estimated time of
arrival for that memorandum.
1:00
Find fellow associate and brainstorm about good gifts for a clients
convertible deal closing dinner. The companys stock is trading well, so
the client is going to be ready to celebrate. Perhaps some fencing gear
for doing battle with their competitors.
2:00
Make remaining due diligence calls on the pharma company, and write a
memo summarizing findings for the client.
3:30
Review analysts work on Canadian medical equipment company

presentation and make additional edits.
4:00
Refine model projecting financial performance on the pharma bond

deal. Need to incorporate new economic assumptions released by
research this morning.
6:00
The desk is a disaster areatoo much paper for too many different
projects. Time to get organized.
6:45
Check out favorite menus and order some Italian for tonight.
8:00
Work with analyst to get the medical equipment presentation in final

form.
10:10 Leave copy of presentation on VPs desk for his review first thing
tomorrow.
10:30 Go through deals in head and make tomorrows to-do lists for each.
Return yet more e-mail.
12:00 Ride the elevator with a few other yawning specimens. Journey home.
30
Global Markets
In Global Markets, people go for equity or for fixed income. In my class there
were very few who wanted to do equity, says a first-year associate. You have
to be willing to deal with uncertainty. In our business, your salary is minimal
compared to your total pay package. I could end up this year with a bonus of
$40,000 or $120,000. Theres a lot of moving parts.
Global Markets includes the following teams:
On the Job
1. The debt markets division serves two kinds of clients: those issuing debt
and those investing in it. The products consist of a full menu of short-,
medium-, and long-term debt instruments.
2. The equity markets group is responsible for the origination, sales, and
trading of all equity and equity-linked products, including traditional listed
and over-the-counter U.S. and ADR securities, convertibles, and derivatives.
You can enter Global Markets as an undergraduate or an MBA. Customized
analyst training programs exist in debt, equity, and relationship management
and include a formal mentor program. MBAs are recruited as debt markets or
equity markets associates. Customized associate training simulates the actual
work environment while preparing participants for the required Series 7 and 63
licensing exams.
31
Who Does Well

Recruiters tell us that in sales and trading they look for passionate go-getters
who are aggressive and smart and have strong analytical capabilities, good
judgment, and demonstrated team and communication skills. In sales, you need
a refined aggressiveness and personal presence, attention to detail, and followthrough. Origination requires all of these things, plus creativity and strong
verbal ability.
If youre interested in structuring, youd better register on the extreme high-end
of quantitative abilities. You have to comprehend derivative theory and have an
On the Job
interest in solving complex problems. A background in math, engineering,

statistics, or programming is helpful. But that alone isnt enough. We love
quant jocks, says a recruiter. But you have to be able to sell the products as
well as structure them. You have to transfer your quantitative and analytical
skills to the trading floor.
New recruits on a trading desk must have patience. As one insider puts it, You
need to be able to handle getting coffee for the desk on a regular basis and
working with spreadsheets and trades with equal enthusiasm. An ability to
work in a fast-paced, high-pressure environment is a definite prerequisite for
joining this area.
Says one insider, Its not just that youre a trader looking at the same screen
day after day. Theres a multifaceted aspect to each group, so the variety of
work and skill sets you develop are huge. Its a good place to be.
In business school the most applicable class is strategy, not finance,
accounting, or economics, says an equity trader. Strategy is about how a
32
management runs its business. This job is good for

someone interested in consulting but who doesnt
want to be a consultant. But Merrill recruiters warn
against selling the number skills short. Accounting,
economics, and finance are critical to the trading
process, says one.
Trading is not for private people. Because everything (on the trading floor) is so visible, people
know a lot about your life, says one trader. We
dont go to lunch. But if you do go to lunch with
Its not just the

hours. I can deal
with 60-hour
weeks. But I have
a vacation planned
in a few weeks, and
I might not be able
to take it. Thats
difficult, especially
with a wife and son.
On the Job
someone, everyone knows that you have something
in particular to talk about. If I stretch my arms out,

Ill have my hands on my boss and a senior colleague. Thats how close it is.
This desk is 5 feet long, and the next starts right after it. Your life is exposed to
people all day long.
It may sound corny, but I like seeing the names of issuers I trade on the side
of a truck when Im driving down the highway or when I open a can of soda,
says a corporate bond trader. I like to see how what I do impacts everyday life
for people in this country.
Day-to-Day Tasks
Work in this area falls into four main functions: sales, trading, structuring, and
origination. Generally you will build the firms knowledge of client investment
needs, assess market trends and economic themes, work with teams to make
client presentations, develop and market new products, and manage risk and
provide liquidity for both Merrill and its clients.
33
Debt Markets has six desks:

1. Credit
2. Foreign exchange
3. Global principal investments and secured finance
4. Investor
5. Issuer
6. Rates
On the Job
Equity has three desks:

1. Cash
2. Capital markets
3. Equity-linked products
A Day in the Life of a Trading Associate
34
6:15
Its still dark out, but head out the door anyway. First stop is the gym,
conveniently located in Merrills building.
7:30
Endorphins flowing, arrive at desk and bring computers to life. While

spreadsheet prices update, scan Bloomberg and Reuters for market
news. Glance at the Wall Street Journal and the Financial Times as well,
mainly just to confirm wire stories.
8:00
Run downstairs to grab breakfast. Run back up.
8:15
Analyze risk profile. This daily chore doesnt take much time once the
models are running smoothly. Enter a couple of swaps into the books
to reduce interest rate exposure.
9:00
Begin revising term sheet for a trade that a Brazilian client brought off
the shelf last night. Call sales to go over specifics again and then start
running numbers at new prices.
11:00 The floor is humming now. Turn away from spreadsheets to execute a
few flow trades while the market is strong.
12:00 Lunch. Hurry to beat crowds since theres no time to stand in line. Goal
is to be back at the desk in less than 10 minutes.
12:15 The desks lawyer has questions about new term sheet. Together, go find
sales guy and figure out how to restructure the trade.
Summer intern on desk is having trouble writing some code for a new
derivative pricing model. Offer a few tips, but plan to go over in more
detail after the market closes.
3:00
Sales confirms that restructured trade is now a full goer (i.e., ready to
trade) and wants to know if it will execute today. The bonds seem to be
trading a little rich (expensive), so suggest holding until tomorrow.
4:00
Market closes up for third day in a row. Speculate with the desk whether
the treasury release tomorrow will throw it a curveball.
4:15
Hunker down with the intern for a little Visual Basic primer. Who
would have known that traders could double as programmers?
5:00
Check to make sure the synthetic trades for the risk model went
through. Then close out spreadsheets for the day.
6:00
Wander over to sales to see if anyone is still around. Bounce a new idea
for a basket trade off the few diehards still at their desks. It might be
perfect for two big hedge-fund clients in Hong Kong.
6:45
Meant to leave 15 minutes ago to make that 7 p.m. reservation. While

waiting for elevator, call restaurant from cell phone and plead for them
to hold the table.
On the Job
2:00
35

These are the folks who advise clients (individuals rather than institutions) on
investing. Theyve passed the necessary General Securities Exams (Series 7 and
Series 66) and/or the Certified Financial Manager Exam. Career changers are
recruited as financial advisors in the field directly by the respective branch offices.
The hours are long but theyre not [investment] banking hours, according to
an insider. The moneys comparable to banking if youre good at it, and you
On the Job
dont have to kill yourself to get there. Its tough to get there, the hurdles high,
and most people probably dont make it. But thats true in banking, too.
Opportunities for undergraduates and MBAs exist in the six functional areas
that support the financial advisors. There is a 2-year training program for analysts
that includes a 4-week assignment in a branch office. There is also a credit analyst
program in the business financial services unit in Chicago.
MBAs are recruited for a 2-year private client associate program in one of the
six functional areas, or a 30-month private wealth associate program working
with a private wealth management team for high-net-worth clients.
1. Private banking and investment provides financial planning for high-networth clients with $10 million or more in total investable assets.
2. Banking develops and markets credit, mortgage, banking, cash management,
and business financing services to both individuals and businesses through
several groups: financial services, securities-based lending, and the Merrill
Lynch Bank.
36
3. Investments and wealth management focuses

on product development and distribution across
all product platforms, including equity, debt, and
structured products.
4. Retirement provides employer-sponsored
programs, defined contributions, defined
benefits, stock options, nonqualified plans, and
IRAs and 529 products for individuals.
5. Marketing develops, tests, implements, and
We love quant jocks.

But you have to be
able to sell the
products as well as
structure them.
You have to transfer
your quantitative
and analytical skills
to the trading floor.
coordinates marketing strategies, advertising,
On the Job
and market research.

6. Direct services provides the Financial Advisory Center, a team-based service
for clients, and the firms Internet brokerage platform, Merrill Lynch Direct.
Day-to-Day Tasks
Business Management:
Develop strategic business plans
Conduct competitive research
Market investment vehicles
Assess and track performance of products and services
Evaluate a product or market segment
Plan and design ad campaigns
Credit Specialist:
Make credit risk decisions about commercial lending
Analyze corporate and personal financial statements
Help manage loan portfolios and process loan renewals
37
On the Job
A Day in the Life of a Private Wealth Associate

7:30
Hop on the subway. When I arrive at the office, I never know exactly
what to expect. My work is dependent on the mood of the managing
director. I like the entrepreneurial nature of the job, but sometimes I
find myself wanting a long-term goal to aspire to.
8:00
I need to go through slides for a presentation at 10 a.m. The managing

director has made countless changes.
8:45
I have a JD and an MBA. The other associate who shares my cubicle

says, Yeah, instead of a career in law, you opted to pursue a career in
PowerPoint. Funny.
9:55
Were still making changes in the slides, and the presentation is in 5

minutes.
10:00 Ready. We go to the meeting. Part of our mentorship is that we attend

meetings with those two levels up from us. This group of 15 senior
Merrill executives is definitely that. If I do well, I get noticed by the top.
If I dont, that also gets noticed.
10:30 My boss makes the presentation. People are shooting out questions.
There are two associates herewe ran all the numbers. We chime in
when were given the nod.
10:40 Things are getting hot. Theres yelling and some swearing. Its something
they encouragenot a bad thing. They want strong people. Its not about
your position. Its about what youre saying and your passion about what
you believe in.
12:30 The meetings over. Based on comments made, I know what I have to do.
12:45 Grab a quick lunch in the cafeteria downstairs and bring it back to my desk.
38
1:15
I need to run the numbers a different way. I call and talk to this guy who
can give me what I need.
2:00
The guy gives me a huge data sheet. I begin to pull out the numbers I
need for my analysis. I have a few days, and it will take me that long.
The thing is huge.
3:00
Need a cup of coffee. The numbers are starting to blur.
I run into another associate from the training program and talk for a
minute at the elevator. You dont want to be seen wandering around and
talking too much, but you do a little of it. You have to be mindful of
your career and what you want to do. They dont encourage rotation in
this training program, so if you want to do something else, it becomes a
political thing. You have to tell your manager you want to do something
else, and it doesnt always go over so well.
3:15
Nose to the grindstone.
4:00
More phone calls to get the data I need. Its good to make a lot of
contacts. At the end of training (2 years), I need to have found a job for
myself here. Its not a structured program. Its up to you to define your
job. Youre getting paid by Merrill, not the unit. At the end of the training,
youd have better proved your worth. Another crop of trainees will be
coming in that the unit gets for free.
8:00
We can order dinner on the company if we work after 9 p.m. Thats not
the case tonight. I can head down to the gym to work out.
On the Job
3:05
39
Merrill Lynch Investment

Managers
MLIM serves a globally diverse client base of mutual fund investors, high-networth individuals, pension funds, corporations, governments, and other
institutions. Offerings exist across asset classes, geography, style, and channel.
While maintaining strong investment performance, MLIM continues focusing
On the Job
on sales and profitability.

MLIM recruits a small group of undergraduates for its developmental program.
MLIM has two regional headquarters: Princeton, New Jersey, and London,
England.
Day-to-Day Analyst Tasks

Provide research to portfolio managers
Work with portfolio teams to design investment strategies
Prepare competitive analysis and pricing comparisons
Prepare proposals and presentations for clients
Act as a resource for fund information
Maintain knowledge of current market conditions
40
Research
Although Merrill has an associate program in research, there arent as many
opportunities here for trainees. A more common entry path is through experience
in an industry that Merrill covers. It also helps to have a finance background.
You have to know your industry in the context of a financial marketmaking
money in stocks.
Its always the unique person that goes into research, says an insider. Its not
On the Job
as sexy as M&A. You have to be comfortable shutting your door and poring
over documents. Youre a detective, a reporter, a journalist, and an analyst all at
the same time. This same insider suggests that research is a great place to start
in investment banking, even though its not a common entry point. You learn
how to pick apart a company; how to identify bullshit from whats real. Companies
can package anything to look good. You have to read between the lines and
digest information on a critical level. I dont think you get the same level of
analytical rigor if you start on the trading desk (for instance).
Day-to-Day Tasks
Update financial models and pricing sheets
Conduct financial analysis and valuation on companies
Attend conference calls and contact companies directly for operational and
financial information
Assist in developing and writing research reports
41
Corporate Resources
When considering a career in investment banking, these jobs are not to be
overlookedparticularly if your personal life means as much to you as your
career. While all Merrill people work hard, your chances of seeing daylight
outside of work are better if you work in a Corporate Resources group than in
the notoriously grueling GMI. Merrill recruits for training programs in technology,
services and operations, accounting and finance, and human resourcesall of
On the Job
which exist to support the activities of GMI, GPC, and MLIM. Insiders tell us
these positions are unique in that they offer a birds-eye view of the entire
firma valuable perspective you dont get if you sign on directly with one of
the three core business units.
Global Technology and Services Group

Undergraduates are recruited to work with technology teams assigned to the
firms three core business units, the corporate technology group, or infrastructure
data services. Qualifications include a major in management information systems,
computer science, or engineeringplus a technology-related or financial services
internship or hands-on technical experience in Web programming, databases, or
networking.
Even though Im a software developer, I wanted to work in a financial company
because Im interested in learning more about the industry, says an insider.
Im a programmer, but I also have to deal with the business side. Our project
manager isnt always available. You have to have good communication skills.
42
Day-to-Day Tasks
Implement technology strategy in partnership with a business/division
Develop and support software applications
Create websites
Evaluate use and services of external vendors
Services and Operations

Undergraduates are recruited to work in transaction processing and custody,
which serves the firms institutional clients functions out of Jersey City, New
Jersey, and provides support for the financial advisors of private client services.
On the Job
Once a trade has been executed, the transaction must be cleared and settled.
Funds are processed, and dividends and interest are posted. Custody provides
safekeeping for the assets of Merrill and its clients by recording security positions
and ensuring that regulatory requirements are met. Custody also handles the
transfer, re-registration, and delivery of physical security certificates.
Day-to-Day Tasks
Process, clear, and settle institutional trades and transactions
Service client assets and portfolios
Implement technology strategies
Improve processes
Accounting and Finance

Undergraduates are recruited for work in the finance, corporate audit, risk
management, and treasury departments of Merrills chief financial office, which
manages the firms financial position. In this program, analysts are exposed to
each of Merrills core business units.
43
Of special note is a new business-finance associate program. Its a small group

with only three or four positions filled each yearbut its a critical role. These
are the folks who make acquisitions (and sell off whats no longer needed) for
Merrills core business units and who generally look for ways to build Merrills
shareholder value. Theyre internal investment bankers. The client is Merrill
Lynch rather than someone on the outside, says an insider.
Day-to-Day Tasks
Prepare and analyze profit and loss statements
Construct pricing models
Prepare balance sheet reports
On the Job
Price securities
Prepare monthly and quarterly reports
Conduct market share, trend, credit, and statistical analysis
Reconcile accounts
44
The Workplace
Lifestyle and Hours
Culture
Workplace Diversity
Travel
Compensation, Vacation, and Perks
The Workplace
Civic Involvement
Training
Career Path
Insider Scoop
45
Lifestyle and Hours

The reward for working the insane hours of investment banking used to be the
fast-lane lifestyle it afforded. However, in postHenry Blodgett times, the image
of high-flying bankers and research analysts tends to rub Merrills people the
wrong way. The perks you can count on at Merrill might best be described as
practical rather than plum: Merrill will buy you dinner if youre at the office
after 7 p.m., and for those late nights you put in, youll get a free ride home.
My average day is 9 a.m. to 9:30 or 10 p.m. and sometimes midnight, plus
1 full day on the weekend. I was here until 2 a.m. 1 day this week, says an
insider. Expect to put the interests of your clients before your own, regardless
of the department you join. In investment banking, that means spending your
vacations listening to voice mail and hardly ever planning a weekend in advance.
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If you have a sales or trading position, the market will rule your schedule. Youll
arrive and leave earlier than your I-banking counterparts, logging roughly 60hour weeks. Youll also have very little weekend work. As one trader says, Its
more or less a 5-day-a-week job. The fact that I dont work weekends is one of
the reasons I chose this division, although I wouldnt have said that in an
interview. It will take a while for the enlightened view of work/life balance to
permeate some of the hard-nosed recruiters.
Insiders in Private Client, MLIM, and Corporate Services often work a more
traditional workweek of 45 to 55 hours. I wouldnt call it a 9-to-5 job, but its
manageable, says one insider. Regardless of which business unit you join,
insiders say that your hours are really determined by the culture of your
specific group. While we hear that face time is rarely required, if your boss
46
arrives early, stays late, and works weekends

chances are you will, too.
Going out to lunch? Whats that? Most insiders
say they eat at their desks. After work, its a
different story. While those with spouses and
families tend to go home after hours, theres
usually a group of younger singles willing to go
If youve come just

for the money,
youre making a
mistake. You have
to want to do this
type of work.
out for a bite and a brew. One insider reports

that it was her coworkers who made her feel at home when she was first
assigned to an office in a city where she didnt know anyone. In terms of
organized extracurriculars, Merrill has its share of basketball and softball teams.
Apparel at Merrill depends largely on office location, but the general rule is
suits for client contact and business casual for inside the office. We have casual
Fridays, which means a blue shirt rather than white. You dont see denim
anywhere, says an insider in Houston.
The Workplace
47
Culture
Team-oriented, collegial, ethical. We hear these terms repeatedly when talking
with insiders. The people here tend to be down-to-earth and well-rounded,
says one insider. Indeed, Merrill is staffed with a lot of hard-working, wellmeaning, smart people who seem to believe they can make Wall Street a better
place through their hard work.
Theres a huge emphasis on integrity and ideals: Work hard and do everything
aboveboard. Put the client first. If you embrace those ideals, youll get along
pretty well, says an insider. I love to work hard and push myself, but if the
person next to me is surfing the Internet all day, it puts me in a bad mood.
Theres no one in my group that does that.
However, the restructuring process of the last 2 years has taken a toll on morale.
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In the last 6 months [first half of 2004] theres been a huge number of
people leaving, says another insider. Just this week two very senior people
have announced theyre retiring. Theyre 50 and could probably retire on what
theyve earned. But so many seem to wind up somewhere else 6 months down
the line. There is turnover at every level. It seems that a lot of other firms are
hiring away, and Merrill is not hiring as many in.
But many analysts and associates are quick to point out that Merrills leaner
structure provides an opportunity to do more and to learn faster. I wanted
to work in a fast-paced environment, and Merrill Lynch provided it, says an
insider. Some analysts expressed surprise at the importance of the assignments
they were entrusted with. Nobody seemed to realize that I was just out of
school. It was 10 weeks of training and then right into the fire, says one.
48
Associates and analysts are getting more challenging assignments, confirms a

Merrill recruiter. Because of thinner management, the opportunities are very
different from those of the past. The same is true of summer internships. Its
unlikely that youll be a coffee kid at Merrill. With the new leaner business,
summer analysts do important work and are essential to the managers, says a
recruiter. They are the future of Merrill.
Workplace Diversity
At Merrill, teamwork is required on a global scale. New York may be headquarters,
but a lot of the action happens in London, Hong Kong, and Singapore. In
training, you may think that they stress the importance of teams more than
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necessary; but once youre on the job, you really do have to work with a wide
variety of people in a wide variety of countries.
Merrills size makes it more representative of the U.S. population than many of
its smaller competitors. The firm has a formal affirmative action plan and a stated
commitment to increase diversity in the workplace, as well as a Black Employee
Network and a Hispanic Employee Network to help minority employees share
success strategies and develop mutually supportive work relationships. And, of
course, dont forget that President and CEO Stan ONeal is an African-American
and was recently named the Most Powerful Black Executive by Fortune.
49
Opportunities for Women

According to the Securities Industry Association that surveyed Merrill along
with 43 other firms, the percentage of women on Wall Street is declining.
Women hold only 15 percent of the industrys top jobs, and women make up
37 percent of the overall workforce. On the positive side, women now hold
17 percent of the managing director positions, up from 13 percent in 2001.
Inside Merrill, we hear that the number of women has increased recently. I
have to tip my hat to Merrill Lynchwhen I started 2 years ago, there was a
definite shortage, says a female insider. In the past 18 months somebody
must have said something. Its remarkable whats been done. For the first time
ever, they had a dinner with every female working in investment banking. You
didnt know how many there were until you saw all of us together. Also this
year, Merrill sponsored a key road show to recruit women from Columbia,
Wharton, and the University of Chicago.
The number of women is largest at the analyst and associate levels. To increase
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promotion opportunities for this group, Merrill sponsors the Womens Network,
a group of female professionals who organize panel discussions and advocate
networking. The group also hosts various receptions throughout the year and
seeks to provide junior professionals with female role models.
While the rigors of investment banking render family life next to impossible,
insiders at Merrill tell us working moms can find opportunities within the firm that
are more hospitable than others to their parenting roles. They point to benefits
available such as paid childcare leave, adoption assistance, and childcare assistance,
including reimbursement for expenses incurred because of business travel.
Meanwhile, Merrill is dealing with some baggage from its past. In April 2004, a
panel of arbitrators awarded $2.2 million to a female stockbroker who claims
50
her supervisor in San Antonio harassed her in the 1990s. There are about 40
additional stockbrokers standing in line with discrimination claims as well. Merrills
position is that the firm is a much different place todayharassment is not tolerated.
Travel
The amount you travel depends on your position. I-bankers tend to travel more
than their counterparts in other groups.
I travel maybe 8 to 10 days a month. Some weeks Im gone all week and sometimes it spills over into the weekends, says an investment banking associate. It
depends on the group and the work ethic of your client. One client wanted the
The Workplace
group onsite for 3 weeks straight (without a return on the weekends), but otherwise
its rare that I stay over a full weekend. I may have to travel on a weekend day.
Travel increases with longevity and promotion to banking officer. This job
shifts pretty dramatically from associate to vice president, says an I-banking
insider. As vice president, you become responsible for developing client
relationships. You have to delegate more of the analytics to associates while
you get more involved in the client relationships. That means more travel.
51
Compensation, Vacation,
and Perks
After a dark couple of years, there is light at the end of the tunnel. Industrywide compensation is expected to increase 15 to 20 percent in 2004. At this
rate it will take a while before salaries return to the high-flying days of 2000
when the average pay range for MBAs was $130,000 to $210,000. (By 2002 this
range had shrunk to $100,000 to $150,000.) But as we go to press, Merrill
insiders are looking forward to a strong bonus season based on the firms 2003
resultsparticularly from its success in fixed-income trading.
For 2004, starting salaries for analysts will be either $50,000 or $55,000 (depending
on the particular training program entered), with a signing bonus of $8,000 to
$10,000. MBAs and other holders of advanced degrees start at $80,000 or $85,000,
The Workplace
with a signing bonus of $20,000 to $25,000, and may qualify for a relocation
allowance. Bonuses are an incentive payment and can vary greatly based on
performancethe firms, your departments, and your own. The firm may pay
stub-year bonuses, but the amount is discretionary rather than stated at hire.
Analysts and associates receive 3 weeks of paid vacation. Its often difficult to
schedule back-to-back weeks, and many people find that demanding workloads
make it hard to take their full allotment. When you do go on vacation, youre
expected to check your voice mail on a regular basis and return the really urgent
calls. On the other hand, insiders report that Merrill pays for your cell phone
and provides a subsidized gym membership, and when clients arent using the
firms boxes at Madison Square Garden and Yankee Stadium, the analysts get
the tickets. Merrill provides a top-flight benefits program, and in particular, the
health-care program is excellent.
52
Civic Involvement
Merrill Lynch gives generously to charitable causes. Through the Merrill Lynch
& Co. Foundation, the firm offers sizable grants in support of education (which
receives the largest share), the arts, the environment, human services, healthcare organizations, hospitals, and civic groups.
Merrill will match your charitable contributions up to $1,500 a year, and Merrill
encourages employees to volunteer for programs such as the United Way, City
Meals on Wheels, and the Have a Heart campaign. In New York, Merrill participates
in Principal for a Day, a program that places senior executives in New York
schools to talk with students and teachers. Most of the associate and analyst
training programs schedule 1 day for a community involvement project, such as
a playground cleanup or a school painting.
Every Christmas season, Merrill opens its offices and phone lines for senior
The Workplace
citizens to make free long-distance calls to loved ones. Even in 2001, when the
company was rebounding from 9/11 displacement, it held the Christmas Calls
program in 75 offices for 21,000 senior citizens.
53
Training
When you first join Merrill, youll most likely attend a 2-day firm-wide orientation
in New York to acquaint you with the firm and its key strategies and products
and to cover legal and ethical issues in the financial services industry. After the
orientation you will participate in a 1-day community service project. Next is
core institutional training (3 weeks for analysts; 7 days for associates) that
includes an overview of the financial markets and training in Merrill business
processes and technology.
They stretch you and its fast-paced, but its not a crash course, says an analyst.
This insider contrasted the experience with that of friends at other banks, where
training was shorter and more stressful. At Merrill you have time to absorb
things. We had weekends off. I had time to fix up my apartment and to get to
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know my neighborhood.
Subsequent training depends on what business unit youre hired into (there are
nine programs for analysts and seven for associates). For analysts in corporate
resources, group assignments are made at what Merrill calls Recruiter Days.
Its like 8-minute dating, says an insider. You meet briefly with each group
and afterward put in a bid for your top three choices. The groups do the same
and hopefully there will be at least one mutual match between a group and a
trainee. In accounting and finance, where the training is rotational, the process
is repeated for each rotation.
In areas where securities licensing is required, such as the trading desks and
I-banking, training includes a simulation of the working environment and
preparation for the Series 7 and 63 exams. In Private Client, youll prepare for
54
your Series 66 and the Certified Financial Manager Exam, if needed for your
assigned role. Thereafter the training is structured around your day-to-day tasks.
Each of the core businesses now has 2-year development programs that help
extend the collegial climate of training into full-time assignment. Through
cocktail receptions and forums for speakers, you can continue to network with
members of your training class. A lot of money is going into this, reports a
recruiter. Its hard to find exceptional talent. When we recruit them we want to
keep them.
Through Merrill Lynch University, all staff members have access to online
trainingincluding courses designed for the business to which theyre assigned,
as well as to the firms other businesses. The firm also pays for an online
training course to prepare for the GMAT and pays for the books.
Training Opportunities for Undergraduates

Merrill Lynch recruits for nine analyst training programs:
The Workplace
1. Debt, equity, and global relationship management

2. Investment banking
3. Private client
4. Credit
5. Investment management
6. Technology
7. Services and operations
8. Acccounting and finance
9. Human resources
55
Summer Program for Analysts

Analysts are recruited for a 10- to 12-week summer program within one of the
eight training programs between their junior and senior years. This program is a
get-to-know-you period for both the student and Merrill, and it is the primary
recruiting source for the full-time class of analysts after graduation.
Training Opportunities for MBAs

Merrill Lynch recruits for seven associate training programs:
1. Debt markets
2. Equity markets
3. Investment banking
4. Private client
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5. Private wealth
6. Research
7. Business finance
Summer Program for Associates

Summer associates are hired for 10 or 12 weeks (the length is at the associates
choice) during the summer between the first and second year of business
school. Depending on the program, your assignment may or may not be
rotational. In debt and equity markets for instance, you might do two to four
rotations of 2 to 4 weeks each. In I-banking, you are placed in one particular
industry or product group. Merrill plans carefully for its summer program to
assure it can offer each summer associate a full-time position if he or she has
performed well. The summer program is an important entry point to a career
in financial services.
56
Career Path
At Merrill, youre responsible for your own career progression. The firm makes
an extensive investment in training and wants to retain its best and brightest. It
strives to place people in positions and business units where they will be most
successful, and it also provides plenty of networking and opportunities to
understand what life is like in other areas of the business. To ease entry into the
huge organization, new analysts and associates are paired with mentors, both peer
and those a couple steps higher up the rung. These mentors are key contacts
for discussing career strategies.
We hear that Merrill managers are an open and approachable lot, and quite
proactive about career progression and advancement. Ive had my boss say to
me, Youre at the time of your career where you should make a decision. I
want you here for the rest of your career, but what do you want? says one
The Workplace
insider. Id feel very comfortable going to my director to say, Im sick of my

job. I dont think every firm is like that. As soon as you give them the hint
youre unhappy, [other firms] stop looking out for you. Here, if you want to
experience something new, the firm will support you if they like your work.
Merrill posts all its job openings; however, insiders report that it can be tough
to move around. When the market was at its worst, an insider reported, People
are hanging onto their jobs and not ruffling any feathers in these really hard
economic times. And now that more opportunities exist, its not always easy to
approach a busy manager about making a move. Hes invested in your training
and doesnt want to have to start over with someone else.
Adding value to the business means not only doing what is expected, but
doing more, says an insider. Thats how you get noticed.
57
Opportunities for Undergraduates

Like most investment banks, Merrills analyst program for investment banking
is structured as a 2-year program, with the possibility of a third year at the
firms request. Analysts who perform at an outstanding level may be offered the
position of associate after their third year without having attended graduate
school. More frequently, after 2 years analysts head to grad school, usually
business school, and then back to Merrillor some other investment bank.
After 2 years spent working long hours, others decide that investment banking
isnt for them and wind up working for former clients or abandoning finance
altogether.
Analysts in other groups (Global Markets, Private Client, MLIM, technology,
services and operations, accounting and finance) have a more open-ended
career path. Undergraduates join in a position in one of these areas without the
need to attend graduate school (at least not for a few yearsand then generally
because you choose to, not because you must in order to advance).
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Its a meritocracy. Every time I do a good job, my manager makes sure to tell me
it was a great job. When improvement is needed it also happens, says an insider.
Summer Analyst Program

For undergraduates looking for 2 months of banking experience and an instantly
recognizable name to put on their resume, Merrill hires 250 to 300 university
juniors to intern. Recruiting takes place on campus beginning in January with
offers made by the end of February. Summer is the primary route to a full-time
position for undergrads. Offers for full-time training positions are made to
successful summer interns by March of their senior year, and the program
begins in June.
58
Opportunities for MBAs

Merrill Lynch hires MBAs in debt, equity, investment banking, private client,
research, and accounting and finance (chief financial office). Merrill recently
introduced a new associate opportunity in business finance described by
insiders as an internal investment banker with Merrill as the client.
Summer Associate Program

There are 10- to 12-week summer associate programs for business school students
who have finished their first year. Merrill hires 100 to 120 summer associates in
the United States. Recruiting takes place on campus beginning in January with
offers made by the end of February. As with most summer internships, this is
your chance to prove what a splendid addition youd be and to nail down an
offer before the second-year recruiting craziness begins.
Major tip: The summer intern program is Merrills primary source for its fulltime associate program.
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International Opportunities
With offices in 35 countries outside the United States, Merrill has one of the
biggest global footprints in the industry. Merrills strategy is to make local hires
when possible. Recruiters say theyre excited about a new associate training
program in China. Though small (ten participants), the idea is to build a cadre
of individuals who can work in all three of Merrills core business units in
China. If you seek employment with Merrill outside the United States consider
Londoninsiders say its associate training program is particularly robust.
Networking is important at a firm the size of Merrill Lynch. Theres nothing
wrong with earning your stripes in the Seoul office, but if your long-term goal
is to settle in New York, its wise to start building relationships early on with the
key people at headquarters. One insider says, To be successful in the bank, you
59
have to develop a reputation as the go-to guy. This requires that you develop a
network within the company, and if youre based in Europe or Asia, you have to
realize that your network needs to extend overseasand especially to New York.
Insider Scoop
What Employees Really Like
Love Fest
Insiders tell us repeatedly that Merrill people are the best. Id always heard you
had to like the people you work with, and I didnt really take it to heart until I
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came here, says an analyst. The people that I work with are receptive and
open about answering questions. Another insider adds, People who work
here love the firm and want to make it a better place. Thats very apparent on a
day-to-day basis. That sentiment seems to flow both ways. Merrill cares about
its people and treats them with respect. One insider says one reason she accepted
Merrills offer was because she was impressed that a managing director and vice
president took the time to conduct her interview: Id interviewed with other
banks, and it was sometimes with a second-year analyst.
Live and Let Live

According to insiders, Merrill Lynch is less conformist than other investment
banks. Image and behavior are not as prescribed as they are in some more
traditional firms on the Street. Individuality is tolerated at Merrill. It doesnt
60
look like a Grateful Dead concert, but there are people from different backgrounds,
says one associate, who adds that Merrill gives him more stretching room than
hed expect at another firm. Another insider says, Merrill is more accepting of
different skills and attributes. The firm is happy to let you rotate for a while and,
to some extent, give you a second chance if a particular group doesnt fit. At
other firms on the Street, its sink or swim from day one.
Straight Arrow
The word integrity could easily be spelled Merrill. Merrills good name may
have been tarnished by the likes of former employees Henry Blodgett and
Phua Young, but insiders are adamant that Merrill does not deserve a bad rap
from the media. I talked to other banks before and after I came here, and
Merrill continues to impress me the most, says one insider. Merrill is one of
the most ethical firms on Wall Street.
Around the World in 80 Days

Though theres been some retrenchment of former Chairman Dave Komanskys
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global expansion as Merrill tightens its belt, its still a significant global operation
with offices in 35 countries. Employees, whether theyre based in New York,
London, Hong Kong, or Singapore, can definitely feel the long arms of Merrill
Lynch stretched out around the globe. The trends are very real, says one insider.
Its really a global business, says another, adding, The ties among offices are
becoming stronger and stronger. Some insiders are excited by the interaction
of cultures and style in the pursuit of common goals. Says one overseas insider,
You get the strong points of the U.S. officethe dynamism, work ethic, and
technical competencywith the cool cultural aspect of Europe. Its a good mix.
61
Watch Out!
Whos on First?
Even though Merrills streamlining efforts have removed a layer of management
and consolidated groups and processes, there are still a lot of people involved
in decisions. There is so much reorganization going on that it creates inefficiencies
within the system, says one insider. Being new, its somewhat amusing, but if
youre here a long time it gets frustrating. But as one insider puts it, The change
is part of the learning experience. You learn to manage change.
The Cutting Edge

Merrill has undergone massive change during the last 3 years. Consolidation,
cost cutting, focus on profitability . . . call it what you like. The bottom line is
that people at Merrill are now expected to do more with less. With the way
our business has changed, people have to be more creative in how we bring
value to our clients. The traditional way of doing business has changed, says
an insider. You also have to be a lot more efficient. You have to be agile.
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Everyone is pressed. There are not as many people to help you do your job.
Insiders report there is both an up and downside to being on an accelerated
learning track. Youre given the opportunity to step up to a larger role, says
another insider who reports that associates can find themselves performing the
role of vice president (and analysts doing the work of associates), without the
official title to back it up. If youre calling a managing director on a deal, you
dont get as much traction with your associate title.
Big Pond, Little Fish

Because Merrill is such a big place, it isnt always easy to make sure staff is
properly utilized. There are so many opportunities for transferring to a
different department or job, says an insider. Its harder than it should be. Its
62
tough for departments to talk to people and find the best place for someone to
work. There are some very talented people who should be doing something
else. It helps to remember that its expected that youll be proactive about your
career at Merrill. If you need help making a transfer, its up to you to ask your
mentor or your manager.
Well-Defined Career Path

Merrill Lynch has a clear career path, which is a good thing for some, but may
frustrate others. You may perform at a certain level, but you still have to work
as an associate for 3 years before you get promoted to VP. They dont bend on
that one, says an insider. Its good because it gives you a couple of years to
develop. If you start off slower than others do, you can catch up. On the other
hand, if youre working at a pretty high level, you dont get recognized for it.
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63
Getting Hired
The Recruiting Process
On-the-Record Recruiter Interview
Interviewing Tips
Grilling Your Interviewer
Getting Hired
65
The Recruiting Process

Merrill Lynch has an extensive on-campus recruiting program; your first step
should be to attend its presentation. If your school isnt on the list, get the
contact information for your schools alumni who work at Merrill Lynch. Start
calling them in August or September to arrange an initial meeting. With any
luck, theyll refer you to the recruiting department, and youll be in the running
for an interview.
On campus, recruiting for both undergraduates and MBAs is similar: a round
(two rounds for associate positions) of on-campus screening interviews, usually
in October, followed by one or two additional rounds in New York. During
your final round, be prepared for Preference Day, a grueling trial at the company
where you chat with six to ten people over the course of a day. Most offers
go out in the fall.
Undergraduates
Merrill continues to rely on a healthy influx of new analysts every yearthe
number varies based on departmental requirements. In 200405, Merrill expects
to hire about 250 undergraduates for positions in investment banking, debt and
equity markets, Private Client, MLIM, technology, and corporate administration.
Getting Hired
Merrill encourages undergraduates with a range of degrees to apply, not just

those with finance or accounting backgrounds.
66
MBAs
In 200405, the firm expects to hire about 90 people
for full-time associate positions in debt and equity
markets, investment banking, Private Client, and corporate
administration. Merrill looks for both previous financial
experience and a good personality fit. Interviews are
usually held in October and normally include both
financial questions and general discussion about you
and your background. Recruiters tell us that an MBAs
GMAT score is also important.
The most
important quality
is the ability to
work in teams.
We need to have
people who can
perform at all
levels of a team
organization.
Advanced-Degree Candidates
While Merrill has hired MBAs from outside traditional MBA programs in the
past, it has increasingly begun to look for advanced-degree hires at the associate
level. JD candidates, PhDs in engineering with skill sets and traits suited for the
equity and debt desks, and other PhDs with an interest in finance and skills that
would complement Merrills business are encouraged to apply.
Getting Hired
67
On-the-Record
Recruiter Interview
We designed the on-the-record recruiter interview to get you inside the recruiters
head and answer the questions you need answered to ace your interviews.
What do you look for in candidates resumes?

While a resume is important, what we are really looking at is the whole person.
Your potential to perform in an extraordinary fashion matters to us, and that
may not be evident on your resume. We want to understand both what you are
capable of and what your past performance has been. That is why we spend
time getting to know you through the recruiting process. We are looking to build
relationships, as well as create a thorough and engaging interview process.
We are not seeking a single type of candidate. We are focused on hiring people
who have a proven track record of extraordinary performance. We look for
people who are committed to making a difference with clients and colleagues
from the first days of their careers. Our people come from a great variety of
backgrounds, from a host of schools, from around the globe. We find that if
we are too specific about resume attributes or professional experiences, it can
Getting Hired
shut the door on talented individuals. We believe it is the diversity of perspectives

and backgrounds that makes Merrill Lynch a compelling place to work and
makes our teams effective with clients.
A rigorous academic background is importantoften showing depth in areas
like finance, economics, and analytical thinking. But there are gifted people who
68
are psychology or history majors with highly analytical minds, who can be both
detail-oriented and strategic in their approach to problem solving. You do not
have to have an applied mathematics degree from Harvard to succeed as a
banker, but a gift for learning and a great capacity for doing are critical.
The resume can be valuable in conveying a preliminary fact pattern, so things
like competitive schools, challenging academic course work, and demanding
prior jobs are meaningful. But we recruit at a broad spectrum of schools around
the world, and in our search for bright minds and extraordinary potential we
look for representation from every quarter. There are certainly students at the
best-ranked schools who may not be as gifted as those who have cut their own
paths. We dig underneath in our recruiting and interviewing to award
appropriate credit for evidence of true achievement.
Whether you make your own way or have the privilege of a well-known school,
we expect you to demonstrate that you are willing to work hard and deliver
results consistently. We are looking only for those with a great sense of discipline
and drive. We want people who enjoy working hard in a spirit of partnership
with others.
What are immediate turn-offs on a resume?

An inconsistent career record. If you have jumped around in a bunch of jobs
that do not seem to have a through line, and you cannot establish that you have
been building up a series of related blocks in a career path, that would raise
questions. On the other hand, it is good if you can show us how a seemingly
Getting Hired
unrelated series of experiences was enriching. We welcome a candidate who has

developed expanded horizons, as long as there is sense to it. It is important to
present a clear logic in your career choices. You must show an ongoing record
of superior performance both academically and professionally.
69
Naturally it is helpful to evidence a clear love of finance and markets. If you do

not have a strong interest in finance you will have a hard time explaining why
you should work at Merrill Lynch.
How do you decide whether a candidate advances

in the interviewing process?
Our process is not rigid. While it is a disciplined approach, we do not have 12
questions that we ask every candidate. We make decisions by probing someones
ability to solve problems and by asking her to demonstrate through her record
that she can perform under pressure with calm, creativity, and focus. We look
for results. We believe in letting people be open in the interview process to
reveal how they work and how they think. We like people to tell us about the
experiences they think are most relevant to demonstrate their capacity for
hard work.
Whats the biggest mistake a candidate can make in an interview?

Believing that there is one kind of person we look for or one kind of answer
that will get you the job. We want you to be open and direct about your
experience. Candor, confidence, and focus are hallmarks of our people. We
look for that in recruits. This is not about judging who you are as a person. It
is about understanding what you care about, what youre accomplished at, and
what you have the potential to be good at.
Getting Hired
Whats the best way to break into the interview cycle

if youre not on campus?
You can submit a resume online, or establish connections with people in the
business. Alumni networking is often effective if you are at a school where we
do not actively recruit on campus.
70
Whats the most effective way for a candidate

to follow up after an interview?
E-mail is the most efficient, and it is pretty uniformly
acceptable. A personal thank-you note is nice, but
there is a speed and ease of reply with e-mail. Do
keep in mind, however, that people get a lot of emails. Keep it short and thoughtful. A message that
reads, Id really like to book an hour to learn your
views on the state of the markets and your industry,
probably isnt an effective way to manage your career
process. Be focused in your communication with
people on Wall Street.
We want people who

are logical thinkers,
but not rote thinkers. We want people
who can look at
disparate data or
unclear information
and come up with
cogent, creative,
relevant solutions
for clients.
There is a theme worth exploring a little more here. For candidates looking to
advance long-term, it is important to develop a relationship of trust and respect
with future colleagues. We try, given the demands on our people, to develop
relationships with candidates. This is a business built on relationships. It is a
pattern to establish in the recruiting process. Use peoples time wisely. Share
insights as you seek counsel. Engage people with ideas as well as sheer
enthusiasm.
What are the qualities necessary for success in your firm?

Drive, self-discipline, quantitative and analytical ability. Integrity. The ability to
work well with others. There are also some critical qualities that are more
Getting Hired
difficult to show on a resume, things like judgment. We want people who are
logical thinkers, but not rote thinkers. We want people who can look at disparate
data or unclear information and come up with cogent, creative, relevant solutions
for clients.
71
At Merrill Lynch, what sets us apart are our people and the way we interact
with each other. Performance matters. Results count. Integrity is vital. Putting
the needs of clients and the team first is paramount.
Industry-wide, we are all competing based on delivering bright ideas. So it is the
quality of our peoples minds, our speed and efficiency, and our collaborative
ability to create actionable solutions that differentiate us from the pack. We
want to invite people into the firm whose values, discipline, and ideas set them
Getting Hired
apart, so that together we can make a difference in the markets and with clients.
72
Interviewing Tips
1. Be ready to present a convincing story about why you want to work for
Merrill rather than another leading investment bank. Youll almost certainly
get this question, but even if you dont, knowing what makes Merrill great
both for you and the global investment communitywill make you a far
more convincing candidate.
2. Be prepared to demonstrate that you can handle the workload at an
investment bank. Talk about the weekends you spent painstakingly completing
research in the chemistry lab. Remember, because youll be working on
teams, the weight you dont carry will fall on someone elses shoulders.
Your interviewer will ding you if he smells a slacker.
3. Be humble. Merrill is proud of its reputation for being a down-to-earth
type of organization. Many of its top executives started as lowly stockbrokers
in local offices around the country. Although it recruits at the nations top
schools, a shiny pedigree isnt an automatic in. Therefore, comments
along the lines of Its true because I said so, and I went to Harvard are
to be avoided. On a sartorial level, save the Hermes tie or really expensive
scarf for your interviews elsewhere.
4. Show youre in it for the long haul. For many years, Merrill was womb
Getting Hired
to tomb. Many senior executives started here and spent their careers with
the firm. Although you dont need to commit in your first interview to
working here for the next 50 years, even a small indication that youre likely
to bounce from firm to firm in search of the best salary or the most
interesting work can be a very big strike against you.
73
5. If you opt for trading or sales, show you can sell. Youll be evaluated
for your ability to sell, and an interviewer may ask you to sell him or her
something. This could be a financial instrument or it could be Merrill itself.
(Or it could be the simple tie you sensibly chose for this interview.) Practice
your sales pitch on a roommate or friend before you get to the interview
room. You might also think of examples from your past where youve used
your skills of persuasion with great success.
6. If youre looking at investment banking or research, know whats
going on in the markets. Your interviewer will probably ask you about
any stocks you follow (and plenty you dont follow that are in the news) or
about the rationale behind the latest billion-dollar merger to hit the press.
At a minimum, you should demonstrate a lot of interest in the world of
finance.
7. Follow up. After enduring an energy-sapping interview marathon, the last
thing youre going to want to do is hit the keyboard. But you have to. Write
to as many of the interviewers you met as possible, because when they sit
down to choose next years roster, you definitely want them to be able to
Getting Hired
put a name to your face.
74
Grilling Your Interviewer

This is your chance to turn the tables and find out what you personally want to
know about Merrill Lynch. We strongly encourage you to spend time preparing
questions of your own. In the meantime, the following sample questions should
get you started. Rare questions are meant to be boring and innocuous, while
those in the Well Done section will help you put the fire to your interviewers
feet. But beware: They may also turn you to toast!
Rare
What sort of mentorship and professional development programs are
there at Merrill? How does Merrill ensure that people take advantage of
these programs?
Why did you decide to join Merrill Lynch?
What are the biggest challenges day-to-day in working at a firm Merrills size?
Which firms do you consider to be Merrills primary competitors, and what
are Merrills competitive strengths relative to them?
Medium
Given Merrills size, how do new recruits get the senior-level attention that
can be so critical to career development?
Getting Hired
What will Merrills revenue mix between international and domestic look like
in 2 years, and what is the strategy to achieve growth?
How effective are Merrills efforts to create equal opportunities for women
and minorities? How does Merrill measure its success?
How important are contacts within Merrill for charting career success, and
what formal programs enable people to set up professional networks that will
ensure their long-term success?
75
Well Done
Under what conditions would a merger or the acquisition by another firm be
too tempting to turn down?
How is the firm addressing the growing competitive challenge from
commercial banks?
How successful do you think Merrill has been in managing the inherent
conflict of interest between research analysts and investment bankers?
What is the firms position on its full-service equity business model when
other firms, like Goldman, seem to find it no longer sustainable?
Getting Hired
How is the firm responding to pressures to reduce and restructure trading fees?
76
For Your Reference
For Your Reference

Recommended Reading
For Further Study
Key Numbers and People
77
For Your Reference
Recommended Reading
Putting the Muscle Back in the Bull
During Stan ONeals first 3 years running Merrill, hes been depicted as ruthless
in the way he cut jobs, closed field offices, fired or demoted executives, and
froze pay. In this account, the author offers a different label for the CEO:
turnaround genius. He credits ONeal with saving a flabby Merrill from slaughter,
and writes that in addition to the $4 billion in 2003 earnings, Merrill is bringing
in more money per broker than any of its competitors. The investment banking
arm earned more from fees last year than Goldman Sachs or Citigroup. The
article tells an entertaining story of ONeals overhaul and talks about what may
happen next now that Merrill is again focused on growth.
Source: David Rynecki, Fortune, 4/5/04.
Merrill Lynch Ordered to Pay for Sexual Bias

In April 2004 the tab increased for a class action case that has cost Merrill more
than $100 million in settlements. A panel of arbitrators awarded $2.2 million to
E. Hydie Sumnera female stockbroker who claims that her supervisor in San
Antonio harassed her and other women and minorities during the period of
199097. The panel ruled that Merrill systematically discriminated against female
employees of its national brokerage business. The decision is significant because
not only could it help the unsettled cases of another 40 individuals, but its also
the only official finding of discrimination that has been made about a major
Wall Street firm. A larger sum was awarded to a Smith Barney employee in
2002, but that case did not involve a finding of firm-wide discrimination. A
separate case against Morgan Stanley goes to trial later in 2004.
Source: Patrick McGeehan, New York Times, 4/21/04.
78
For Your Reference
Merrill Tumbles in Convertible Bond Sales after ONeals Purge

Merrill Lynch, once the top underwriter of convertible bond sales, dropped
to fifth in U.S. sales for 2003. This report attributes the slippage to Merrills
reorganization by CEO Stan ONeal. Among the executives who departed
Merrill are Thomas Patrick, who created the firms first convertible product in
the 1980s, and three others who were key to Merrills convertible success. Some
of the former Merrill staffers and much of its convertible business went to
competitors Goldman Sachs and Morgan Stanley. Merrill contends that it chose
not to pursue convertible deals unless they met profit targets or enhanced longterm client relationships. The article quotes an official spokesperson as saying,
Merrill Lynchs goal has been to be a top-three player in the broader global
equity and equity-linked products categoryand we are. We are one of the
leading players in the equity-linked market and consider convertibles to be an
important slicebut only one sliceof that market.
Source: Brett Cole, Bloomberg, 3/15/04.
A Derivative Gets a Deal Done

When Boston Private Financial Holdings Inc. went to the equity market to raise
$37 million to buy an investment firm, it wanted to take advantage of a favorable
valuation to raise more money than needed for the immediate purchase, to sock
away the money for future acquisitions. The only problem was that the company
would have to carry the extra proceeds on its balance sheet, diluting earnings.
Merrill Lynch bankers suggested an equity forward deal in which Merrill would
borrow shares in the stock loan market and add them to the stock offering.
Boston Private would receive cash and provide Merrill with shares gradually
over the next year.
This type of deal was created by the derivatives experts Merrill assigned to its
equity capital markets unit a few years ago. A much larger equity forward
contract was used in 2003 by Bank of New York when it purchased Credit
79
For Your Reference
Suisse First Bostons Pershing unit. Merrills head of corporate derivatives

origination, Dar Maanavi, suggested that equity forwards might become a
standard feature in equity deals, but others in the industry express a concern
about risk to the underwriter.
Source: Laura Santini, Investment Dealers Digest, 1/19/04.
Do the New Rules Matter?

This article discusses the changing role of the research analyst in investment
banking. The author sums up the inherent conflict of interest when he quotes
Mark Foletta, CFO of a San Diego pharmaceutical company, Amylin: If an
analyst is negative on you, you are not going to hand their bank a significant
role in your stock issuance, thats for sure. The new regulations prevent analysts
from receiving investment banking profits and owning stock in the companies
they cover; bankers cant have approval authority over research reports; and
analysts are banned from sales meetings with and road shows for banking clients.
Some experts believe the new regulations will fail and raise questions around
the level of research that Wall Street will support in the future.
Source: Ian Springsteel, Investment Dealers Digest, 3/10/03.
80
For Your Reference
For Further Study

Merrill Online (www.ml.com)
Merrill has a comprehensive and well-organized website, which you should
explore before interviewing. The career section includes recruiting information
for undergraduates and MBAs, including opportunities for training, qualifications
necessary, geographic location, and placement within the Merrill organization.
Killer Investment Banking Resumes

This comprehensive WetFeet Insider Guide will help you land an interview in
investment banking. Well teach you everything you need to know about how to
write your resume and cover letter, who you should be thinking about approaching,
and how to impress your recruiters. In this book, we examine real resumes from
real people to show you how cover letters and resumes are used in the I-banking
recruiting process, pass on industry insiders best tips for resume formatting and
content, let you in on what recruiters are looking for, and keep your resume out
of the circular file.
Beat the Street: Investment Banking Interviews

Turn to this WetFeet Insider Guide for an in-depth description of the I-banking
interview process, including tips for acing interviews in corporate finance,
research, sales, and trading. The career experts at WetFeet talked to recruiters,
new hires, and senior bankers at the leading investment banking firms to answer
all your questions about interviewsfrom information sessions to the final
interview to the offer. Youll get the skinny on how to prepare (our three Rs:
research, rehearse, review) as well as a variety of Q&A worksheets, detailed
advice for impressing your interviewer, and a ton of usefuland often
surprisingtips from Wall Street insiders.
81
For Your Reference
Key Numbers and People

Merrill Lynch Financial Highlights

2003
2002
2001
2000
20,154
18,627
21,879
26,766
Net earnings before taxes ($M)
5,649
3,757
1,377
5,717
Net earnings after taxes ($M)
3,988
2,513
573
3,784
27,651
22,875
20,008
18,304
Return on avg. stockholder equity (%)
16.1
11.7
2.7
24.2
Earnings per share, diluted ($)
4.05
2.63
0.57
4.11
Dividends per common share ($)
0.64
0.64
0.64
0.61
Book value per common share ($)
28.66
25.69
23.03
21.95
Net revenue ($M)
Stockholder equity ($M)
Source: Merrill Lynch 2003 Annual Report.
Management Team
E. Stanley ONeal, chairman, CEO, and president
Rosemary T. Berkery, EVP and general counsel
Ahmass L. Fakahany, EVP and CFO
Gregory J. Fleming, EVP and president, Global Markets & Investment Banking
Dow Kim, EVP and president, Global Markets & Investment Banking
Robert J. McCann, EVP and vice chairman, Wealth Management Group
James P. Gorman, EVP and president, Global Private Client
Robert C. Doll, SVP, president, and CIO, Merrill Lynch Investment Managers
82
For Your Reference
Recruiting Contacts
MBA Programs
Research; Global Markets
Alison Conti
250 Vesey Street, 2nd Floor
New York, NY 10080
Investment Banking
Helen Cressey
New York, NY 10080
Private Client; Private Wealth
Camilla King-Lewis
800 Scudders Mill Road, Section 2A
Plainsboro, NY 08536
Business Finance
Katie Volz
New York, NY 10080
83
For Your Reference
BA Programs
Global Markets
Alison Conti
New York, NY 10080
Investment Banking
Elizabeth Jordan
New York, NY 10080
Private Client
Camilla King-Lewis
Credit
Ken DaPonte
Investment Management
Susan E. OLeary, Ken DaPonte
84
For Your Reference
Operations
Kristin Freas
New York, NY 10080
Ken DaPonte
Technology
Valerie Berger
New York, NY 10080
Finance and Accounting
Katie Volz
New York, NY 10080
Human Resources
Danielle Doctor
New York, NY 10080
Major Offices
A directory of the firms global offices can be found at
www.ml.com/about/offices_ml/index.htm.
85
WETFEETS INSIDER GUIDE SERIES

JOB SEARCH GUIDES
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Job Hunting A to Z: Landing the Job You Want
Killer Consulting Resumes
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Killer Resumes & Cover Letters
Negotiating Your Salary & Perks
Networking Works!
INTERVIEW GUIDES
Ace Your Case: Consulting Interviews

Ace Your Case II: 15 More Consulting Cases
Ace Your Case III: Practice Makes Perfect
Ace Your Case IV: The Latest & Greatest
Ace Your Case V: Even More Practice Cases
Ace Your Interview!
Beat the Street: Investment Banking Interviews
Beat the Street II: I-Banking Interview Practice Guide
CAREER & INDUSTRY GUIDES
Careers in Accounting
Careers in Advertising & Public Relations
Careers in Asset Management & Retail Brokerage
Careers in Biotech & Pharmaceuticals
Careers in Brand Management
Careers in Consumer Products
Careers in Entertainment & Sports
Careers in Human Resources
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Careers in Investment Banking
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Consulting for PhDs, Doctors & Lawyers
Industries & Careers for MBAs
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COMPANY GUIDES
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Citigroups Corporate & Investment Bank
Credit Suisse First Boston
Deloitte Consulting
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J.P. Morgan Chase & Company
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25 Top Consulting Firms
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One of the most frequent questions we receive is, So, whats the story behind your name? The
short story is that the inspiration for our name comes from a popular business school case study
about L.L. Bean, the successful mail-order company. Leon Leonwood Bean got his start because
he quite simply, and very literally, had a case of wet feet. Every time he went hunting in the Maine
woods, his shoes leaked, and he returned with soaked feet. So, one day, he decided to make a
better hunting shoe. And he did. And he told his friends, and they lined up to buy their own pairs
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The lesson we took from the Bean case? Lots of people get wet feet, but entrepreneurs make
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Merrill Lynch is a global powerhouse that combines immense
distribution capability with a breadth of product offerings for all kinds of clientsfrom its faithful
Main Street customers to foreign governments and huge institutions. But a behemoth only remains
one if it can respond to a changing marketplace. With an aggressive leader at its helm, todays Merrill
Lynch seems determined to do just that. Merrills strong position on Wall Street has made it a coveted
Merrill Lynch & Co.
Careers/Job Search
employer, and competition for jobs there is heated.
Merrill Lynch & Co.
Turn to this WetFeet Insider Guide to learn

How Merrill has been affected by and responded to current market conditions.
How the firm differs from the white shoe crowd.
What employees love most and like least about working at Merrill Lynch.
Where the firm is headed.
What exciting new developments job seekers should know about.
About the recruiting process.
Merrill insiders tips for acing your interview.

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2005 Edition

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Merrill Lynch is a global powerhouse that combines immense

Merrill Lynch & Co.

employer, and competition for jobs there is heated.

Merrill Lynch & Co.

Turn to this WetFeet Insider Guide to learn

WetFeet Insider Guide

The WetFeet Research Methodology

The WetFeet Guarantee

In addition, WetFeets services include two award-winning websites (WetFeet.com and

About Our Name

Merrill Lynch & Co.

Helping you make smarter career decisions.

Merrill Lynch & Co.

For Your Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

Merrill Lynch at a Glance

Key Differentiating Factors

In the Recruiters Words

What Insiders Say

The Career Ladder

With offices in 35 countries, Merrills international reach is one of its biggest

Anticipated U.S. Hires, 200405

Full-Time Analyst Hires

Full-Time Associate Hires

Summer Analyst Hires

Summer Associate Hires

Merrill is a huge and well-diversified financial services institution that prides

But insiders tell us the success came at a cost. Morale

Its 180 degrees

Salaries were frozen for 3 years, bonuses dropped to

hiring so much that if youre looking for a change in

2. Respect for the individual

The Bottom Line

Merrill Lynch is a global powerhouse combining immense distribution capability

Third-ranked Merrill was once the undisputed industry leader in underwriting.

2003 Industry Rankings

Global equity & -related issues

Global short-term debt

M&A, global announced

U.S. debt & equity

U.S. equity & -related issues

U.S. common stock

M&A, U.S. announced

Source: Investment Dealers Digest, 1/05/04 and 1/12/04.

Institutional Investor Ranks the Wall Street Firms

2003 All-America Research Team: Merrill Ranks #3

2003 Global Research Team: Merrill Ranks #2

2003 Emerging-EMEA Research Team: Merrill Ranks #3

Best on the Street 2004 Analysts Survey

A Quick History Lesson

Organization of the Firm

View from the Top

Global Markets and Investment Banking

Global Private Client

Merrill Lynch Investment Managers

View from the Middle

and three product groups.

The global industries and communications group covers six industry

- Financial sponsors recently handled Madison Dearborns acquisition of

- Global leveraged finance underwrites high-yield bonds, syndicated loans,

origination of equity and equity-linked offerings. It is organized around three

and originate fixed-income offerings: credit, foreign exchange, rates, principal

Global Private Client

Merrill Lynch Investment Managers

View from the Bottom