SQL Server MSDB Database Recovery Model
By: Eric Blinn
In order to be able to restore the MSDB database and not lose data, you should pick the proper recovery model for the MSDB database.
What recovery model should the MSDB database have and can the recovery model be changed?
The MSDB database ships in simple recovery model. This is usually acceptable, but depending on the recovery needs for the instance it might need to be changed to full. Consider whether things like the SQL Server Agent job steps change often enough that point-in-time recovery is necessary. Be sure that if the recovery model is changed that log backups are scheduled at a regular interval.