Budapest Analyst Program Under Scrutiny

In Budapest, Morgan Stanley’s Analyst Program faces scrutiny for allegedly conducting unauthorized activities while offering significantly lower salaries than its U.S. counterparts. The investigation, launched by the Financial Industry Regulatory Authority (FINRA), has raised concerns among employees and industry watchers alike.

The program started two years ago and has since expanded to about forty analysts. However, reports surfaced in late 2025 when a former employee alleged that analysts were assigned Know Your Customer (KYC) tasks without the necessary licenses.

On December 1, 2025, the investigation was officially announced after the employee’s claims prompted further scrutiny. Analysts in Budapest reportedly earned just 1,500 euros per month, a stark contrast to their peers in New York and London.

Working conditions have also come under fire. Many analysts faced grueling hours, often working from 1:00 p.m. to 7:00 a.m., which has led to dissatisfaction among staff members.

Key facts about the Budapest Analyst Program:

• The Budapest analyst team has grown to approximately 40 members since its inception.
• About 20% of the team resigned following announcements regarding changes to relocation promises.
• The waiting period for relocation was extended to three years, which sparked outrage among employees.

The announcement in fall 2025 caused significant unrest within the team. Employees felt misled when they were informed that relocation was not guaranteed. “Instead, they were told: relocation is not guaranteed, the waiting period has been extended to three years,” a source familiar with the situation revealed.

The implications of this investigation are profound for those involved. Analysts are left questioning their job security and future prospects within the firm, while potential recruits might think twice before joining an organization under such scrutiny. As Arsenal recently reached the Champions League final, it serves as a reminder that success often comes with challenges—just like in investment banking.