Morgan Stanley is in a death struggle with Merrill Lynch and others of that ilk over what is called asset accumulation. Executive management is paid on the basis of growth in AUM and AUA, which stands for Assets Under Management (the discretionary account business) and Assets Under Administration (the so-called client-directed accounts, but which are in reality the distribution channel for the firm's products).

In a technique that is even worse than ‘bait-and-switch', these financial services firms hire aspiring young people, not for their talent, but for their "A" list of contacts. Or more accurately, since many of these young people haven't yet established themselves in the world of business and finance, the broker-dealer is fishing for accounts from Mom, Dad, Granny and Uncle Charley.

A few (maybe six) months into the employer-employee contract, if Junior hasn't swung some big accounts from the "A" list, the employer believes there probably is nothing worth pursuing on that list and so fires Junior.

So Boys and Girls, if you want to get a job on Wall Street, go fishing. Tell the recruiters about Uncle Charley's $28 million account. That may not be true, but try to understand that the world is built on b.s., and you are playing a game of bluff against the world's biggest and best poker players.

These Wall Street firms are the dealers, and this is a casino. So you bring your "A" game.

Don't tell that recruiter you have a 135 IQ; that's insulting to a person who has one south of 95. And never tell anyone that you like to analyze markets, or that you excel at trading. It's simply not relevant to somebody who is looking for AUM and AUA.

Since that recruiter never had the decency to tell you the facts of life on the sell-side, you turn the table around, and send that pile of manure right back. You tell that recruiter about Uncle Charley's mega millions. You tell them about that family trust that was set up to pay you gazillions at the age of 30 or whatever.

After they hire you, the employer will figure it out of course, and along with half the trainees, you'll be gone. But think of the possibilities.

While employed, you were learning, making contacts, building a resume, being introduced to the boss's son or daughter, and hoping that a lottery ticket pays out big for Uncle Charley.

Four out of five ain't bad.

And when you get the axe, you are infinitely further ahead when you sit down with your next recruiter. You have a few "real" accounts to put on the table plus, it goes without saying, Uncle Charley and your family trust.

You know, I woke up early to check the international markets (Nikkei Dow at 6-week low on strong Yen " hurts the exporters like Toyota) and gold (wow, spot had traded as high as $713, which is the way things go when $USD craps out), and this Morgan Stanley story jumped right off the page.

Oh the memories.

Every week I get a few letters asking me how to break into the business, and I usually tell the writer that I'll have to cover it in the blog one day.

Thanks to this Morgan Stanley item from Reuters, today is the day.