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Competency Interview (Morgan Stanley)

Unpacking your CV

Talk me through your work history

After graduating from junior college back in Singapore, I had to serve two
years with the army where I was promoted to the rank of platoon sergeant
and was directly responsible for leading 27 men. After which, I attend the
University of Manchester to read PPE. I chose to study PPE because I was
really keen to have a firm grounding in all three disciplines and how they play
off each other. Additionally, I felt that such a multidisciplinary degree can
equip me with a better understanding of the way industries work and react to
changes and serve me well in the future especially in industries which require
multi-faceted thinking such as consultancy and real estate. My interest in the
gradual integration of disciplines led me to the topic of my dissertation
altruisim and economics which was a paper which argued for the use of
moral enquiry in economics. In it, I explored the implications of using
neoclassical economic theory to analyse the impacts of monetary incentives
in altruistic markets. In particular, it discusses how monetary incentives can
exacerbate the undersupply of altruistic goods and diminishing their quality.
To counteract the inadequacies of neoclassical theory in policy evaluation
within altruistic markets, an augmented utility function is proposed. Finally,
this paper emphasises that the augmented utility function should be
supplemented with moral enquiry in order to assess the moral worth of goods
which is an important determinant in the augmented function.
I think theres a thread that links all the internships I have done, and its an
interest in property. In 2014, I worked at Wee Hur Holdings, a property
developer in Singapore. During that period, I completed valuation reports on a
parcel of land located along Meyappa Chettiar Road in Singapore for a
residential development. Conducted handover/takeover checks for the
companys industrial development Premier @ Kaki Bukit (2 blocks of 8/9storey multiple-user). In addition, I managed to convince my direct superior to
allow me to join him on a trip to Manila and paid out of my pocket for the trip.
I assisted in resolving the legal issues of the companys overseas
development venture in Manila by attending and participating in meetings
with the legal team overseeing the case.
After my final exams ended in June 2015, I immediately started my internship
with Heron International. Attended several project meetings with the main
contractor for 66 Chiltern Place. Involved with the site inspections for the
Riverwalk residential development. Participated in the evaluation of potential
implications of apartment resale when the project is not fully sold. (Middle
eastern fund bought 13 units but wanted to sell it off before development was
completed which conflicted with the firms interest as there were unsold
units). Upon my graduation, I returned to Wee Hur Holdings as there was a
huge opportunity for me, it had new developments in Brisbane and I was
really eager to be part of it. Completed feasibility studies for an industrial

development along Ubi Avenue 1 and a residential development on 3 East


Coast Avenue. Evaluated the market for student accommodation in Brisbane,
Australia. Assisted in the negotiations for the acquisition of the Health and
Forestry buildings in Brisbane by exploring options to structure the deal.
Conducted an analysis of the final tender submissions for the student
dormitory development in Woolloongabba, Brisbane.
Such experience was invaluable because it singlehandedly shaped what I
want to do with my future career. Having spent my past 2 summers doing 3
internships with developers in both London and Singapore, I know for certain
that I want to enter the property industry.
In preparation for the quantitative nature of this industry and the REF course,
I decided to major in economics. I took quantitative modules such as
econometrics and business forecasting to foster an initial grounding on
quantitative analysis which is imperative to understanding real estate
valuation methods.
Given my PPE background, I knew that entering the real estate industry will
be hard especially since most developers have lean structures and hiring is
scarce relative to industries like banking. I knew that doing a masters in REF
would be a great next step for me to gain a lot more knowledge about real
estate investments and development, and also to transition my career to
property. Thats why I am reading REF in Cambridge and thats why I have
applied to this company.

Tell me about a major project you have worked on recently

Worked on the student dormitory/mixed use development in Brisbane,


Australia. The site was considered a suitable and strong location for student
accommodation because it is located within close proximity of several tertiary
institutions including University of Queensland, Queensland university of
technology and Griffith University. Railway station, main bus depot, hospital
and shopping and hospitality options are all within close walking distance.
Future supply consist of 1000 beds in the development pipeline.
Future demand strong with the projected growth of international students at
8% and domestic students at 3% per annum given the AUDs fall in value
which means education is more affordable. Current occupancy rates are close
to full in all student dormitories with the lowest being at 95%. Current gap in
market of about 3500 beds.
Additionally, also tenancy, bowling, movies and major supermarket for the
mixed use development next to the development. Regenerate the area.
I also worked on a feasibility project for a residential project on east coast
avenue three where I was supposed to present the outcome of the feasibility
study and give a recommendation whether to bid for the land. The asking
price was 50 million sgd, it was a rectangular plot so it could accommodate

20 semi-detached houses comfortably. It was in a good location, free hold, 10


min to East Coast Park, close to good schools and two shopping centres, 15
min to Orchard Road and Marina Bay. Using a discount rate of 8%, estimated
the price per sq foot, saleable area, minus the transaction cost, construction
costs, legal and marketing fees. LTV=60%. Came to 38 million. IRR of 9%. My
recommendation was to continue bidding for the project. However, CEO said
no because reputation matters a lot in the industry. I was perplexed because I
naively thought that there will be no loss if we went ahead to bid, thought it
works like ebay, if we get it, we hit jackpot, if not its fine. Agents will not
approach you for private sales.

What did you dislike about your last job?

For the most part I really enjoyed my time there but I feel that I could have
learnt more if my permanent job is at a place where the scope and scale of
real estate investments are larger. Thats why I am very keen to work for
Morgan Stanley where the team handles and assesses a large scope and
scale of real estate both direct and indirect to cater to the risk preferences of
clients. I really enjoyed the job, but I felt at Heron international where they
were only working exclusively on high end residential apartments, the scope
was slightly narrower.

Tell me something not on your CV

While studying in Manchester, I had noticed that the rental yield of 7-8%
there was significantly greater than that of Singapore, which hovered around
3-4%. I felt that this was both a good opportunity to let and capture some
capital growth especially since the UK economy was rebounding strongly.
Eventually, I convinced my father to sanction the purchase.

Give me an example of when you have been flexible about a work


problem

I was asked to do a write up for the company and its industrial project for its
marketing website. I was warned that it will be tough to get it approved by
the chairman of the company. So while I was waiting to see if it will be
approved, I also wrote my plan B which incorporated additional details should
the chairman prefers a lengthier version. Indeed, the chairman felt that I did
not include the sufficient number of the companys achievements on the
company write up so I was able to roll out my plan B very quickly.

What have you learnt from your studies that will help you in this
job?

While Mphil REF has equipped me with the practical knowledge required to
start a career in real estate investment with modules like financial modelling
and the fundamentals of real estate finance. I can see how a PPE degree may
not seem like exactly the right qualification. However, I believe the function of
the degree is really to teach you how to think, how to organise your own

learning independently and how to manage your time so you can end up with
a good degree while being involved with club competitions. I believe that PPE
has enabled me to make my own connections between the three disciplines
and the further specialisation in REF will enable me to cope with the rigours of
the working world especially when real estate investment requires
multidisciplinary analysis of macroeconomic and political trends which
extends beyond quantitative and financial analysis. Additionally, I was able to
balance my workload with my volleyball commitment which saw me train up
to 4 times a week when competition is nearing.

How do you keep informed professionally?

Financial times and estate gazette. Increase in stamp duty for luxurious
houses might lead to a slowing down of the residential market, increase in
interest rates, emerging markets, commodities, how chinas slow down might
affect the world.
Responsibility

Tell me about a time when you failed to complete a task or project


on time, despite intending to do so?

Decision making

You realise you don't have enough time to complete a task, what
do you do?
Tell me about a time you made an error
Describe a time when you had to make a rapid decision under
pressure

During army, on a mission in Australia. One of the armoured vehicles in my


platoon flipped over while crossing a bridge. I had to dismount, stop the
convoy, get the rest to pull people in the vehicle out and make sure they are
okay. My officer was unconscious, I had to delegate one of my section
commanders to take over while I radio for help and evacuate him to the base
camp before getting him to the hospital in Rockhampton. It was tense
because I had no idea if my officer was going to be okay especially since an
armoured vehicle overturn usually have a high casualty rate.

What is the most difficult decision you have had to make recently?

One of the difficult decisions I have to make was to make a really unpopular
one. I had to say no to the volleyball team although they were really
enthusiastic to participate in a competition in York. We were really running on
very little funds and I decided the best thing was to make it known quickly
before they continue to inflate their hopes. I was direct about it letting the
treasurer tell them about our current situation and how the competition will
cost us in terms of travel and accommodation since it would end late and we
were unable to claim from the university. The next task was to remotivate the

team by signing them up for another competition in leeds where the cost was
lower and the university was willing to subsidise.

As you know, we are looking for specific competencies. How does


your experience match?

My interpretation is that you are looking for a number of key strengths:


leadership, commercial expertise, experience of managing budgets, and
expertise in fund raising. In my last job

Where exactly have you used this competency?

My leadership skills has been exhibited during my stint in army and as team
manager with the volleyball team. I used attention to detail during my
internships when I was given the task to complete the handover/takeover
checks at the industrial project kaki project and when I had to compare the
tender submissions of the final 2 construction companies at the Brisbane
project.
Communication skills

How would your friends describe you?

Among my group of friends Im usually the one who arranges meals or


actively keeps in touch. The feedback I get from colleagues during Army was
that I am good at getting things organised and not afraid of standing up for
my men when their welfare is compromised.

What are your biggest achievements?

One of my biggest achievements was getting the best out of people and
knowing I have built a great team/platoon during army. Back then, I was
tasked to be in charge of 27 men, all of whom came from different social
backgrounds and were more experienced than me. They were all pretty
demotivated and viewed army as a time in their life they wish they could get
over with as little pain as possible. Naturally, it was really tough to motivate
them and mould them into an efficient team which will heed my instructions
and commands especially when I was fresh out of command school. Initially,
there was a lot of friction and tension and I struggled to carry out my orders
since I could not disseminate it to my platoon. First, I tried to convince them I
am in this with them and went to trek with them in jungles during missions
when I could have stayed back in my vehicle. Next, I made sure I took care of
their welfare by buying them a meal when we had a good mission, sharing my
better rations with them when they were given bad ones. Finally, I made sure
their welfare is compromised and even stood up for them to a superior when
they were allocated significantly more work unfairly. I have to be careful to
know their duties and not let them step over me, I made sure I was critical
when they did not perform but at the same time, I always took time to explain
why I criticised them after. Have to maintain standards and not alienate them.
In the end, very few people fell out, and we were nominated the best

performing platoon in the company and was personally commended by the


commanding officer. One of the proudest moments was when I died and my
men carried on with the mission seamlessly instead of descending into chaos.

What was your most significant accomplishment to date?

Mention an accomplishment that required keen quantitative skills, problem


solving ability and success as a team member.

What personal characteristics do you have which will make you


successful in this position?

Loyalty, strong work ethic, strong communication skills, results orientation,


team player. My last boss said he valued me around because I am always
open to new ideas, result driven and someone who gets things done. Loyalty
(volleyball, standing up for my platoon). Composure to break a mammoth
task into smaller portions (tank overturned at a bridge, managed to settle the
platoon down, delegate someone to take over me, evacuate the injured in a
helicopter.

How determined are you?

I had to be pretty determined to arrange for my transition from ppe to ref. I


wanted to get into the ref program to better position me for a career in real
estate investment. However, I was told by the course administrator that they
do not normally take in students from arts courses like PPE because it was not
very numerate. Nevertheless, I majored in economics by taking quantitative
modules such as econometrics which I was not initially interested in and even
did an economics dissertation to convince them I was numerate. Additionally,
I worked really hard to network with people to get an internship with a
property company to highlight my interest in real estate, eventually I got an
offer from the school.

How much freedom of action do you like in a job?

I am very used to working within tight report structures in the army. Give me
a clear brief and a deadline and I will make sure I get the job done within the
stipulated deadline. I will give progress updates if required but I would not
need to keep asking for advice. For example,

What kind of people do you like to work with? What kind of people
do you least prefer to work with?

I like being around people who are positive and look as if they are passionate
about what they are doing and think about how they can improve the way
they do things. I am afraid I am rather less energised with people who dont
see, to care about what they do as long as they can leave by 5 at the end of
the day.

What are your strengths?

I would like to talk about the strengths relevant to this job. I think I am
unusual in that I have previously done a multidisciplinary social sciences
degree which has endowed me with the ability to write succinctly and analyse
issues in a different way by drawing connections from other areas. At the
same time, I am currently specialising in real estate finance which is
extremely niche. I believe this complements the skills required to work within
the real estate because it is such a multidisciplinary industry.
Second, I think I am good at handling multiple tasks at the same time and
excelling in them. Back at university, I had 4 training sessions a week and
continued excelling in my studies. Additionally, I am responsible and go out of
the way to make sure I complete any tasks allocated to me. For example, I
broke my ankle during my second year mid-way during the season. Instead of
stepping down as the team manager since I could no longer played, I stayed
on to continue managing the team from the side-lines. It was painful at times
being unable to play on court, however, I recognise that the team would have
no adequate replacement if I left halfway throughout the season and that
would have been hugely irresponsible.

What are your weaknesses?

I recognize that sometimes when I am working to tight deadlines I dont


always communicate progress to my team as often as I should. Im working
on that with a mentor right now and have even been setting reminders on my
phone to remember my responsibility of reporting progress.
I used to have immense difficulties communicating with senior people in the
company as I had a reserved personality. In order to confront my fear and
hone my speaking skills, I decided to step out of my comfort zone and joined
the modern UN society at my undergraduate university where they engaged
in frequent debates. One of my proudest moments was when I was eventually
selected to represent the university at the World Harvard Model United
Nations Conference in 2013. Additionally, I have since been actively working
on it by making it a point to talk during my internships to communicate my
ideas. I have also been approaching people during the end to seek their
advice. I am still not great at that but I believe I have made progress.

What kind of manager do you prefer to work with?


Tell me about a time when you persuaded others to see your point
of view

The interviewer wants to know how effective you are at articulating your
recommendations and in defending your opinions. This is an important part of
being an investment professional. A great way to answer this question is to
state whom you were trying to convince and why they opposed your point of
view. Then highlight how you overcame this. For example: I supported my
analysis by outlining the potential risks... Finish your example with
measurable and tangible results.

Why are you interested in the buyside and not the sell side?

Refer to closer interaction with portfolio managers, more input into the
investment decisions and dedicated focus on performing investment analysis
instead of marketing and writing investment reports.

What rattles your cage

I rarely get angry, but I can get frustrated when we outsource tasks out to
people and they let us down badly without a valid excuse. I believe it is
important to ensure there is a good system in place in terms of progress
reports and back-up solutions to ensure that such things are minimised.

What do you normally contribute to the team?

I make sure that other members of the team get on with each other and
usually builds on peoples ideas.

Do you prefer working in teams or working alone?

I have done jobs where I have worked alone out in the field and others where I
have enjoyed having people around me. It all depends what the best way is of
getting the job done. But in teams, more efficient in generating ideas and
executing tasks.

Tell me about a time when you failed to get on with your work
colleagues.

When I left the army, I found temporary work as a relief teacher and was in
charge of the volleyball team of the school as well. I had problems from the
start because the actual teacher in charge was not concerned with the teams
progress and rarely made it a point to come down to speak to the boys. I
spoke to her about it. Unfortunately, she was not very receptive about it and
we did not really speak afterwards.

Give us an example of a time when you worked in a difficult team.

My most recent experience working in a group was during my internship in


Singapore where I had to work with my superior and his team to prepare for
the launch of the companys industrial project, Mega @ Woodlands. My role
was to ensure that the sales brochure and website was completed on time
before the launch and this involved coordinating with people of different
companies.
Unfortunately, the website developers ran into technical issues and could not
launch the website in time. Due to the urgency of the task at hand, tensions
between the developer and my superior rose. I attempted to defuse the
situation by proposing that the launch date be pushed back a few days later
to coincide with the mid-autumn festival which will enable the company to
utilise the festive spirit to hold a launch event and at the same time, allow the

developer to complete the website in time. Eventually, my idea was accepted


after further discussion and a compromise was met.
As such, my main contribution was that I was able to defuse a potentially
detrimental situation and allow both parties to come to a compromise.
Pro-activeness

How do you go about learning a new skill?


Tell me about an important goal you would like to achieve.

Return to the gym again and lift the same volume I did before. Play volleyball.
I am currently attending physio every week right now and gradually loading
my right wrist. Eventually I am working towards being able to carry weights
without the wrist splint. Add 2.5kg per week until I hit my previous levels.
Assertiveness
Leadership skills

Give an example of a situation when you demonstrated


leadership?

In Army, I have inspired my men to improve their performance and keeping


them committed and focused.

Give an example of when you worked in a team to achieve a goal

What problems arose?

Huge deficit in volleyball accounts. 2000 pounds in the red.

How did you solve them?

Stopped hiring referees and sent members on refereeing


courses, deal with local team marvels to take advantage of our
ability to book courts for them. At the same time, allow their first
team members to join our training at 10 pounds per person as
we needed sparring team as well. Conducted weekly trainings
for enthusiasts, charging a fee per session, coached by our first
team players. Promoted in the second year which elevated our
status in sports union and got greater fund assistance.
Positive balance end of second year. Sign a new deal with
marvels. Could offer lower priced memberships to members
which in turn led to more people signing up. Three mens teams.

Commitment to career/Career motivation

Why did you choose your degree program?

I chose to study PPE because I was really keen to have a firm grounding in all
three disciplines and how they play off each other. Additionally, I felt that
such a multidisciplinary degree can equip me with a better understanding of
the way industries work and react to changes and serve me well in the future
especially in industries which require multi-faceted thinking such as
consultancy and real estate. My interest in the gradual integration of
disciplines led me to the topic of my dissertation altruisim and economics
which was a paper which argued for the use of moral enquiry in economics.

Why the transition from ppe to real estate?

You might wonder what a PPE graduate is doing in a real estate finance
program and have been interning at property development firms. Well, in my
studies and in every property development internship I have done the big
theme for me has been about digging through information from multiple
discipline and working out how each discipline will affect the other and what it
spells for the company and the property industry. This is something I enjoy
from my dissertation which was about combining moral inquiry with
neoclassical theory. Real estate investment is the sector which offers me the
opportunity to work in this manner and embrace this particular challenge I
enjoy.
Interest began when I was young.
Unique and fundamental asset class, oldest so it is not going anywhere.
Tangible impacts.
Variety. Real estate requires you to be out and about, not like bonds.
Political impact on investment opportunities (power of town councils and its
immense impact on timing):
Labour (less power to developer) - We will unblock the supply of new homes
by giving local authorities "use it or lose it" powers over developers who
hoard land that has planning permission so that they can sell it on for a
bigger profit, instead of building on it now.
We will tackle empty homes by giving councils more power to charge higher
rates of council tax on empty properties, and ensure new homes are
advertised in the UK first, not overseas.
Conservatives - Government policy has focused on boosting demand rather
than supply, subsidising first-time buyers with policies such as right to buy
help to buy and rent to own. In last weeks Budget, George Osborne
recognised the need for measures to help build homes. But the chancellor is
still doing too little to boost supply while one new policy a sharp reduction
in the rents charged by Britains social landlords may worsen the problem.
The chancellor deserves credit for loosening the UKs rigid planning

regulations. Mr Osborne has tried to shift the balance towards new


developments by unveiling a new zonal system where developers will receive
automatic planning permission on all suitable brownfield sites. Councils will
be fined if they do not make decisions on planning applications quickly
enough, and they will be given stronger compulsory purchase powers to take
control of land for development.

Where would you like to be in five years? What do you think you
will be doing?

I believe in making plans for the future and that plans are made to be
changed. In the current climate, very few of us will know what the world will
look like in five years time. I have no idea how the dynamics of real estate
investment will change. For example how it changed from direct investment
to more liquidity in the form of indirect investment. Or if technology or
platforms (quant) will render my position obsolete in the future. At this point, I
hope to still be with Morgan Stanley with the real estate division, in a position
of increased responsibility where I will be able to continue my professional
growth and make an ongoing contribution to the organisations success. And
perhaps, go back to my alma mater on networking events and convince
students to join the division!

Why should we hire you for this position?

Not only do I have the technical understanding of the software itself but I
have the communication skills to show staff and customers how to get the
best out of it. I think you will find someone with my technical skills fairly
easily, but you might find it harder to get someone who is capable
Commercial awareness

Why Morgan Stanley?

I know I am definitely looking for an organisation that hangs on to talent and


provides a wide range of learning opportunities. I can see from your
programme that you invest a great deal in people, and I believe its also true
that your staff turnover is well below the industry average. I am very
attracted to an organisation that manages staff retention so well

Who are Morgan Stanley's main competitors?

What do you want to get out of todays interview?

Naturally, I would like to find out a lot more about what you are looking for
and tell you about where my experience would be a good fit. Would you like
me to talk you through my recent job history?

Why not other financial organisations?

How do you go about valuing a company?

Tell me which sector/country is a good investment today.

How do you reduce the risk of a portfolio?

You add instruments for diversification which are not well correlated with each
other so they reduce risk overall.

Expand on your understanding of the division you have applied


for

Have you read any article in the press or online that caught your
attention recently?

Predict the state of the financial market in 2 years time.

What do you identify as our biggest opportunity? What do you


feel is our market advantage?

What economic indicators do you think have the greatest impact


on the stock/bond markets?

Discuss the trends in the real estate industry

Strengths and weaknesses of the industry, level of competition, regulatory


changes, impact of economic changes, new innovations, industry threats.

How did you first decide to enter this industry?

In my view, we are experiencing the most interesting years in the asset


management industry to date. I believe that there have been more changes
within the industry in the past few years than in the previous 20. Change
spurs learning. Whats more the industry is becoming more and more
important for the future of all of us. It is extremely interesting to see how fast
the industry is evolving and it is exciting to be an active part of this change.
Investors behavioural patterns are adjusting to the economic and market
climate. More volatile markets can contribute to more unpredictable fund
sales and higher concentration of sales flows in a narrower array of funds.
From a regulatory standpoint, there is the need to increase transparency and
communication requirements to help investors make more informed
decisions. Asset management companies like MS are called to cope with all
these challenges, and many more, and this constitutes, to my eyes, a power
driver to work in this industry.

What are the top 5 economies?

What is the UK interest rate?

What is the GDP of the US?

What is the level of unemployment in the US?

Would IRR be higher for a property generating high cash flow, or


one generating nothing at all?

Finishing Line

Is there anything you would like to add?


Do you have any questions for us?
Earlier you mentioned your plans.. can you tell me how these
plans might impact on this job?
How is the job likely to change in the next couple of years.
What learning opportunities is this job likely to offer.
What kinds of clients would I be working with?/one of the areas I
find hard to find information.
What kind of results would you expect me to achieve in the first
six months?
When would I be able to go on my first client visit?
Can you tell me more about the training I would undertake?

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