Harbus

Issue date: 11/14/05 Section: News

Equipped with the disarming candor that has earned her the distinction of "Cruz Missile" among contemporaries, Morgan Stanley's Acting President, Zoe Cruz (MBA '82), had several pieces of wisdom to share with those contemplating their own forays into financial services as recruiting season officially kicks off. What you're learning in LEAD matters, having fun in life is important, and this is an exciting time to pursue a career in banking. And, by the way, hedge funds are not necessarily the surest path to unstoppable success.

Morgan Stanley, the platinum sponsor of the first annual HBS Finance Conference held on campus last month, deployed one of the most potent weapons in the firm's powerful arsenal to address the over 350 students, faculty members and finance professionals in attendance. Indeed Cruz's ascent through the ranks at Morgan Stanley and ability to perform consistently amid a changing environment has captured the watchful eye of such prestigious publications as Fortune, Forbes and The Wall Street Journal.

Cruz first joined Morgan Stanley's foreign exchange effort in 1982 before eventually becoming Global Head of Fixed Income, Commodities and Foreign Exchange in 2000 and Acting President of the Firm earlier this year. Under her watch Morgan Stanley's fixed income division reported a record $6 billion in revenues for 2004 - and with the Firm now coalescing under the leadership of CEO John Mack, many predict that her best days lie ahead.

Cruz shared her recipe for success, citing three key ingredients: self-awareness, understanding of the rules of the game, and ability to add value. First she recommends, "understand what kind of human being you are and what makes you tick." Next, consider the rules of engagement that govern various functions. "If you don't like shooting first and driving later," for example, fixed income may not represent the best career option, as traders face an environment characterized by "instant decision-making, a sea of humanity all the time, and no private conversations." Finally, add value and positive energy to your surroundings, keeping in mind that "the touchy-feely stuff does matter."

By her own admission, Cruz's journey to the number two position at one of Wall Street's most prestigious institutions has not come without adversity. Cruz shared with attendees what she considers a significant crucible early on in her career - not getting promoted to the next level while a Fixed Income Associate. After talking to her husband she decided to "cry [her] eyes out, stay in the game" and regroup before respectfully advising her boss that she did not intend to make a career of being an Associate. "Having an emotional reaction to things is where I've made most of my mistakes," allows Cruz, and "if you do not learn from your mistakes, you will not do well."

Continued...

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