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STUDENTS & GRADUATES
2026 Investment Banking Off-Cycle Internship (Johannesburg)
Institutional Securities Group
Johannesburg, South Africa
Job # 19181
Application Deadline: Apr 13, 2025
Program Type: Internship
Program Description
PLACEMENT AND DURATION The Investment Banking Off-cycle Internship is an opportunity to experience the culture and atmosphere in the Investment Banking Division (IBD) by taking on some of the responsibilities and functions of a Full-time Analyst for a short period. The internship typically lasts three to six months, but can vary in length depending on business needs and candidate availability. You will spend your internship assigned to a specific group in a specific region, building basic skills in financial analysis, accounting and valuation, while working on a wide range of domestic and international transactions. TRAINING PROGRAM You will receive on-the-job training and benefit from working alongside experienced professionals on a variety of projects. RESPONSIBILITIES Gathering and synthesising financial and operating information about companies, industries and governments. Creating and updating financial models. Gathering market data to analyse trends and help value and price transactions. Drafting presentations and memoranda for a wider audience within the Firm and the financial services industry. Attending team discussions and client meetings, where you may be asked to deliver parts of a presentation. QUALIFICATIONS/SKILLS/REQUIREMENTS You have strong analytical and numerical skills that put You at ease with financial data. You are results-driven, and perform well under pressure and against tight deadlines. You are a proven team player and can manage a wide range of responsibilities. You have an excellent academic background and fluency in English. Ability to communicate effectively in multiple languages is an advantage. You articulate complex ideas simply and summarise them effectively. You are committed to excellence in your work and maintain high professional and ethical standards. Salary is competitive with excellent benefits.
STUDENTS & GRADUATES
2025 Global Capital Markets Off-cycle Internship (London)
Institutional Securities Group
London, United Kingdom
Job # 17608
Application Deadline: Apr 14, 2025
Program Type: Internship
Program Description
Placement and Duration Global Capital Markets at Morgan Stanley is divided into five sub-divisions, comprising of Equity Capital Markets (ECM), Fixed Income Capital Markets (FICM), Leveraged Finance (LAF), Commodities Sales and ESG. GCM is a private-side division which offers the best of both worlds: thinking markets and acting strategy. The Global Capital Markets Off-Cycle Internship is an opportunity to experience the culture and atmosphere of Morgan Stanleys GCM division by taking on the responsibilities and functions of a Full-time Analyst. The internship typically lasts for up to six months, but can vary in length depending on business needs and candidate availability. You will spend your internship assigned to a specific group and/or region, which is determined by an allocation process following an offer of employment, building your product knowledge, market judgement, while working on a wide range of domestic and international transactions. Equity Capital Markets (ECM): Execution-focused product team that advises clients on equity, equity-linked and equity derivative products, including IPOs, follow-on offerings, convertible bonds and derivatives. Provide judgement and advise on optimal transaction structures, timing, sizing, amongst other key execution considerations Work closely with public, private, government and private equity clients, acting as a bridge between them and the global equity investor base Fixed Income Capital Markets (FICM): Support Senior Bankers in the coverage and origination of business for FIG, Corporate and SSA clients in relation to debt financing; this includes regular pitching through meetings, broader capital and issuance strategy planning, weekly updates on markets and debt pricing across the capital structure and currencies for the clients. Work closely with internal teams across IBD, GCM and Sales & Trading on regular market analysis for clients to outline solutions to their financing needs and broader strategy; these might include M&A financing, capital planning, roadshows and swap executions. Execute live transactions collaborating with clients, investors, syndicate desk and traders, as well as other banks. Leveraged & Acquisition Finance (LAF): Generate ideas / act on debt origination opportunities for sub-investment grade rated corporate and sponsor-owned clients (debt origination opportunities broadly consist of (1) general corporate purpose financing, (2) refinancing of existing debt, (3) dividend recapitalisation, (4) leveraged buyout financing. These opportunities can be executed via two types of facilities: high yield bonds and leveraged loans). Once mandated, work closely with internal teams across IBD and GCM to bring clients to the rating agencies where they will receive either a debut rating, or in the case that the client is already rated, a ratings update (which will take into account the latest financial performance of the client, the forecast business plan, the proposed transaction, and other details) After the client receives an updated rating, enter the live execution phase, in which we work closely with internal teams across IBD, GCM and Sales & Trading, to conduct marketing exercises with investors / lenders, until the proposed facilities are priced and allocated Training Program You will receive on-the-job training and benefit from working alongside experienced professionals on a variety of projects. Responsibilities Providing support on marketing and execution of various types of offerings and products such as IPOs, capital increases, derivatives and securitisations Analysing and advising clients on the most effective transaction structures to meet their objectives Gathering data and analysing trends, investor sentiment and market outlook Preparing analyses of transaction precedents, shareholding structures, stocks metrics and performances Creating financial models Attending team discussions and client meetings, where you may be asked to deliver parts of a presentation Qualifications, Skills and Requirements You are in your penultimate or final year of university studies You have strong analytical and numerical skills that put you at ease with financial data You articulate complex ideas simply and summarise them effectively You are results-driven, perform well under pressure and against tight deadlines You are a proven team player with a positive attitude and the ability to manage a wide range of responsibilities You have a creative and entrepreneurial mind-set and think outside of the box You are fluent in English; ability to communicate effectively in another language is an advantage You are committed to excellence in your work and maintain high professional and ethical standard Application Deadline The application deadline for this position is 27 April 2025, we recruit on a rolling basis so application is encouraged as soon as possible. We aim to review all applications within a timely manner, however our response times may vary due to high volumes. Please be assured that you will receive an update via email as soon as a decision on your application has been reached, and kindly note we are unable to accommodate any requests to accelerate the timelines of our application process. Salary is competitive with excellent benefits
STUDENTS & GRADUATES
2026 Global Capital Markets Summer Analyst Program (New York)
Institutional Securities Group
New York, United States of America
Job # 18969
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
Morgan Stanley's Global Capital Markets division offers a 10-week program that takes place at Morgan Stanleys headquarters in New York. The program includes opportunity to be placed on one of our desks within Global Capital Markets (GCM), which could include: Equity Capital Markets (ECM), Fixed Income Capital Markets (FICM), Leveraged Finance (LevFin), Securitized Products Capital Markets (SPCM), Liability Management, Project Finance, or Strategic Lending Group (SLG); a training and orientation with a variety of presentations, coursework, and exercises with experts and industry leaders; a formal mentorship program to aid in your development and provide greater exposure to GCM. The summer program includes, but is not limited to, engagement with senior leadership, lunch & learn sessions, regular networking events, and interaction with other businesses across the Firm, a market driven environment with an open trading floor where you are closely integrated with your team, a flat structure experience that will provide you with a high level of responsibility early in your career. Program Overview Responsibilities may include but are not limited to: Work with our clients on complex, innovative financing, and risk management solutions Learn how to read complex financial models and understand basic multiples such as P/E and Aggregate Value/EBITDA Learn how equity deals are priced and play an active role in the origination and execution of transactions, while working closely with your Corporate Finance counterparts in Investment Banking Help prepare materials to provide clients with valuable updates on market news and trends and how these affect their access to the debt capital markets Work with our trading and syndicate desks on rate views, product management and deal execution; build and run complex financial models. Analyze and create, for both corporate and financial sponsors, various financing alternatives in the context of debt and/or loan financing, leveraged buyouts and acquisition financings Qualifications & Skills Pursuing a Bachelor's degree and will graduate between December 2026 and Spring 2027 Basic knowledge of and a keen interest in finance Outstanding analytical and quantitative skills A great multi-tasker, possess a strong work ethic, and have a positive attitude Excellent verbal and written communication skills A quick learner, both a leader and team player, and a self-starter with the ability to work independently Detail oriented with strong organizational skills and ability to manage time efficiently and effectively Application Details We review Global Capital Markets applications on a rolling basis and encourage you to apply as soon as you are ready because interviews can occur prior to the application period closing, which is Tuesday, April 15. Expected base pay rates for the role will be 52.89 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2026 Equity Research Summer Analyst Program (New York)
Institutional Securities Group
New York, United States of America
Job # 18928
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
During this 10-week program, Summer Analysts are placed directly into one of the following sector teams: Consumer, Energy, Utilities, Financials, Healthcare, Industrials, Materials, Media, Telecommunication or Technology. The placements are made based on the needs of the department and the skill set of the candidate. The Summer Analyst Program begins with a training and development curriculum that covers the fundamental and professional skills you need for success in Equity Research. After a brief training period, Summer Analysts will be assigned to a specific industry group, building a foundation in the basic skills of fundamental analysis, accounting and valuation. There will be networking opportunities and ongoing training throughout the program. Role and Responsibilities Gather and analyze industry data to develop an industry-specific vision. Update and build financial models on the companies and industry you follow. Analyze emerging trends in an industry or macro economy. Assess relative stock valuations and review findings with your team. Build relationships within Sales & Trading and Research. Qualifications and Skills You are pursuing an undergraduate Bachelors degree with a graduation date of December 2026 or Spring 2027. Minimum 3.0 GPA. You have basic knowledge of and a keen interest in finance. You are analytical, adaptive, possess an excellent work ethic, are a leader yet team player, as well as a multi-tasker. You possess proficient oral and written communication skills. Applications will be reviewed on a rolling basis and we encourage you to apply as soon as you are ready. In order to be considered a complete application, students must submit an application and complete a HireVue (instructions emailed upon submission of application). Applications will close on Tuesday, April 15. Expected base pay rates for the role will be 52.89 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2026 Public Finance Summer Analyst Program (San Francisco)
Institutional Securities Group
SAN FRANCISCO, United States of America
Job # 19116
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
The Public Finance Summer Analyst Program a 10-week program, including one week of classroom training. The program provides undergraduate students an opportunity to master the analytical, quantitative and interpersonal skills necessary to develop an exciting and rewarding career on Wall Street. Summer Analysts assume the functions of Full Time Analysts, servicing the Firms investment banking clients in the public sector and not-for-profit sector across the United States. Over the course of the summer, Summer Analysts are given an opportunity to explore multiple product areas, including Infrastructure (States, Cities and Local Governments), Higher Education and Not-for-Profit Institutions, Healthcare, Affordable Housing, Public Power and Utilities and Syndicate. Training Program: Summer Analysts begin with a one-day orientation where they are introduced to the Firm's businesses and learn what it's like to be an employee at Morgan Stanley. Public Finance Summer Analysts then attend divisional Sales & Trading training, where they learn the core skills required to be successful on the job, as well as Public Finance-specific training. The curriculum includes market updates, bond math, the fundamentals of tax-exempt municipal bonds and credit risk analysis. In addition, Summer Analysts have several opportunities to network with peers, mentors and managers through speaker events, teambuilding sessions, learning lunches, community service and social events. Responsibilities: Summer Analysts in Public Finance will collaborate with Full-time employees to develop the skills they will need to have a successful summer, including: Draft presentation materials, memos and responses to Requests for Proposals to generate new business. Develop structuring, cash flow financial models, primarily for bond transactions. Shadow full-time employees as they communicate complex ideas and solutions with potential and existing clients. Applications will be reviewed on a rolling basis and we encourage you to apply as soon as you are ready. In order to be considered a complete application, students must submit an application and complete a HireVue (instructions emailed upon submission of application). Applications will close on Tuesday, April 15. Qualifications/Skills/Requirements: You are pursuing an undergraduate degree with a graduation date of December 2026 or Spring 2027. You have a minimum GPA of 3.0 GPA. You have a compelling interest in and knowledge of the financial markets, specifically in municipals and public finance. You have an advanced knowledge of MS Excel (preferred). Strong work ethic, collaborative, ability to multi-task. Adaptable, versatile, and analytical.
STUDENTS & GRADUATES
2026 Fund Services Summer Analyst Program (New York & Purchase)
Institutional Securities Group
New York, United States of America
Job # 18960
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
Overview Morgan Stanley Fund Services (MSFS) is a leading fund administration business with 500 billion assets under administration and 1,000+ professionals across New York, London, Dublin, Glasgow, Mumbai, Bangalore and Hong Kong. MSFS services a global institutional client base, providing hedge funds, multi-asset class investors, family offices and private equity firms with innovative product solutions. Primarily, MSFS provides accounting, investor servicing, reporting, tax, middle and back-office support, and portfolio analytics. MSFS employees work closely with the Chief Operating Officers, Chief Financial Officers, Portfolio Managers and investors of our clients. Duration The MSFS Summer Analyst Program is a 10-week program that begins with one week of classroom training, followed by four rotations across the business. Summer Analysts will be placed with our Investor Services, Middle Office, Product Development and the Anti-Money Laundering team and spend time in both the New York and Purchase offices. All Summer Analysts will receive on-the-job training and exposure to a wide variety of roles, products and services throughout MSFS, working alongside experienced professionals in a fast-paced, client-facing, and market-driven environment. Summer Analysts will have the opportunity to broaden and strengthen their respective skillsets, collaborating with individuals across MSFS on meaningful projects and initiatives. In addition, the Program features a Senior Management Speaker Series, teach-ins, cross-divisional networking events, community service events, performance reviews, and a robust mentorship program. Training Program The program begins with a one-day orientation where Summer Analysts are introduced to the Firm and primary businesses, as well as to one another at our opening Firmwide networking event. For the remainder of training, Summer Analysts will attend divisional-specific events designed to help develop the core skills required for a successful summer. Placements Investor Services (IS): IS works closely with the Investor Relations, Chief Financial Officers, Chief Operating Officers, Compliance teams and investors of our clients. Further, IS supports our clients with investor capital activity (e.g., subscriptions, redemptions, transfers and assignments) and cash movements to and from the client. The IS team is responsible for supporting the fund manager/investor relationship and core responsibilities include onboarding investors, processing investor documents and managing investor communications. Middle Office (MO): The MO team works closely with the Chief Operating Officers, Directors of Operations, and Treasury Managers of our clients to facilitate their Trades Management and/or Cash & Collateral Management needs, including trade processing, positions and cash reconciliations and corporate actions; as well as manage collateral and monitor cash flows. Product Development: Our Product Development team works across MSFS functions to set technology priorities that enhance MSFS products and platforms for our clients. The team works with our clients and colleagues to better understand technology needs and translate those needs to technology requirements that will be used to design new and enhanced products. Anti-Money Laundering (AML): The AML team is responsible for helping our clients identify and manage potential AML risks. The team works closely with the General Counsel, Compliance, and Investor Relations representatives at our clients. Day-to-day responsibilities include the management of AML documentation, serving as a point of contact for fund managers and their investors. Qualifications / Skills / Requirements: Current undergraduate student with a graduation date of December 2026 or Spring 2027 Strong analytical interpersonal, verbal and written communication skills Collaborative, quick learner, adaptable, enjoy solving problems, possess a strong work ethic and ability to multi-task A keen interest in finance and markets Applications will be reviewed on a rolling basis and we encourage you to apply as soon as you are ready. In order to be considered a complete application, students must submit an application and complete a HireVue (instructions emailed upon submission of application). Applications will close on Tuesday, April 15. Expected base pay rate(s) for the role will be 43.27 per hour at the commencement of employment. However, base pay is only part of the total compensation package, which, depending on the position, may also include discretionary bonuses and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2026 Public Finance Summer Analyst Program (New York)
Institutional Securities Group
New York, United States of America
Job # 19115
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
Placement and Duration: The Public Finance Summer Analyst Program is a 10-week program, including one week of classroom training. The program provides undergraduate students an opportunity to master the analytical, quantitative and interpersonal skills necessary to develop an exciting and rewarding career on Wall Street. Summer Analysts assume the functions of Full Time Analysts, servicing the Firms investment banking clients in the public sector and not-for-profit sector across the United States. Over the course of the summer, Summer Analysts are given an opportunity to explore multiple product areas, including Infrastructure (States, Cities and Local Governments), Higher Education and Not-for-Profit Institutions, Healthcare, Affordable Housing, Public Power and Utilities and Syndicate. Training Program: Summer Analysts begin with a one-day orientation where they are introduced to the Firm's businesses and learn what it's like to be an employee at Morgan Stanley. Public Finance Summer Analysts then attend divisional Sales & Trading training, where they learn the core skills required to be successful on the job, as well as Public Finance-specific training. The curriculum includes market updates, bond math, the fundamentals of tax-exempt municipal bonds and credit risk analysis. In addition, Summer Analysts have several opportunities to network with peers, mentors and managers through speaker events, teambuilding sessions, learning lunches, community service and social events. Responsibilities: Summer Analysts in Public Finance will collaborate with Full-time employees to develop the skills they will need to have a successful summer, including: Draft presentation materials, memos and responses to Requests for Proposals to generate new business. Develop structuring, cash flow financial models, primarily for bond transactions. Shadow full-time employees as they communicate complex ideas and solutions with potential and existing clients. Applications will be reviewed on a rolling basis and we encourage you to apply as soon as you are ready. In order to be considered a complete application, students must submit an application and complete a HireVue (instructions emailed upon submission of application). Applications will close on Tuesday, April 15. Qualifications/Skills/Requirements: You are pursuing an undergraduate degree with a graduation date of December 2026 or Spring 2027. You have a minimum GPA of 3.0 GPA. You have a compelling interest in and knowledge of the financial markets, specifically in municipals and public finance. You have an advanced knowledge of MS Excel (preferred). Strong work ethic, collaborative, ability to multi-task. Adaptable, versatile, and analytical. Expected base pay rate for the role will be 52.89 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2026 Financial Resources and Strategy Summer Analyst Program (New York)
Institutional Securities Group
New York, United States of America
Job # 18934
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
Job Description The Financial Resources and Strategy (FRS) Summer Analyst Program is a 10-week program, beginning with a one-week classroom training followed by nine weeks of three rotations across the FRS BusinessResource Management, Margin & Capital Optimization, and Funding & Collateral Optimization. The Program features senior management speaker series, networking events, community service, performance review and a mentorship program. Summer Analysts receive continued on-the-job training and benefit from working with experienced professionals on meaningful projects. In addition to daily responsibilities on the desks, Summer Analysts will be assigned a summer-long project, which is presented to the entire division at the end of the summer. Responsibilities There are largely four businesses under Institutional Securities Group (ISG): Investment Banking, Global Capital Markets (GCM), Sales & Trading, and Research. Within Sales & Trading, Financial Resources and Strategy (FRS) sits alongside the Institutional Equities Division (IED), Fixed Income Division (FID), and ISG Risk Management. FRS is a centralized function responsible for secured funding, collateral management, margin optimization, CCP (Central Clearing Counterparty) relationship management, and managing capital / balance sheet / liquidity across ISG. Because FRS works with business heads to develop a near and medium-term strategy for growth and optimal use of the Firms financial resources, members of the FRS team work on projects across divisions, asset-classes, and regions. These projects have direct and meaningful impact on ISG and the Firms strategic direction. Resource Management: closely integrated with FID, IED, and GCM enabling/pricing/deploying resources as well as partnering to structure transactions to maximize returns and support strategic business initiatives globally. The team manages the front-to-back ISG Financials, working to ensure efficiency, optimal resource usage and operating leverage, across its balance sheet, capital, liquidity, and expense base. Margin and Capital Optimization: responsible for margin and capital optimization for both cleared and uncleared Firm trading activity for all cash, derivatives, and securities financing transactions across all asset classes. Partner with traders in executing derivatives trades by pricing funding and capital impacts as well as execution of post-trade optimization. Engage with CCPs to establish new clearing services which, are often, capital / liquidity efficient. Funding and Collateral Optimization: finance ISG using Repurchase Agreements, Total Return Swaps, and Securities Lending products. Responsible for ISGs secured funding framework, including impacts to liquidity and capital requirements, and assisting trader execution within this framework. Optimize various collateral margin postings, while minimizing cost and pursuing revenue opportunities. Qualifications/Skills/Requirements You are pursuing an undergraduate Bachelors degree with a graduation date of December 2026 or Spring 2027. Minimum 3.20 GPA. You have basic knowledge and a keen interest in finance. You are analytical, adaptive, collaborative, a leader, and a multi-tasker. You possess strong oral and written communication skills. Expected base pay rate for the role will be 52.89 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2026 Fixed Income Summer Analyst Program (New York)
Institutional Securities Group
New York, United States of America
Job # 18957
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
The Fixed Income Summer Analyst Program is a 10-week program consisting of one week of classroom training, followed by multiple rotations across Fixed Income. Rotations may include Global Credit & Municipals, Securitized Products, Foreign Exchange/Emerging Markets, Interest Rates, and Commodities. Summer Analysts receive on-the-job training, benefit from working alongside experienced professionals on meaningful projects, and build their skillsets in a dynamic and evolving environment. In addition, the program features a Senior Management Speaker Series, desk teach-ins, networking events, community service, performance reviews, and a robust mentorship program. Program Overview Summer Analysts begin with a one-day orientation where they are introduced to the Firms businesses and learn what its like to be an employee at Morgan Stanley. Fixed Income Summer Analysts then attend Sales & Trading division-specific training where they learn core skills essential for success. The curriculum includes daily market updates, business-specific overviews, and basic product and technical training. Role & Responsibilities Sales: Understand how a client base is developed and maintained; create investment ideas; learn how we sell and cross-sell the Firms products; represent the Firm when interfacing with clients on important business issues. Trading: Assist in generating trade ideas and analysis; support all aspects of the market-making and trade execution process, from providing research analytics on trades to relative value analysis. Strategy: Help develop investment recommendations on Fixed Income Securities through the study and analysis of market fundamentals and technical research. Understand how we use the existing firm model database to develop new models. Structuring: Learn how to build valuation models to help issuers and investors optimize a transactions economics, and quantify sources of value and risk. Qualifications & Skills You are pursuing an undergraduate Bachelors degree (junior) or a Masters with a graduation date of December 2026 or Spring 2027. Minimum 3.0 GPA. While no prior knowledge of finance or sales & trading is required, you must have a keen interest in finance and markets. You are analytical, adaptive, possess a strong work ethic, are a leader yet team player, as well as a multi-tasker. You possess strong oral and written communication skills. Applications will be reviewed on a rolling basis and we encourage you to apply as soon as you are ready. In order to be considered a complete application, students must submit an application and complete a HireVue (instructions emailed upon submission of application). Applications will close on Tuesday, April 15. Expected base pay rates for the role will be 52.89 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2025 Early Insights Program (Tokyo)
Multiple Business Areas
Tokyo, Japan
Job # 19341
Application Deadline: Apr 21, 2025
Program Type: Diversity Event/Program
Program Description
This program is for students who are studying overseas outside of Japan who are exploring career opportunities in Japan. If you're currently studying at a Japanese University please apply for our 2025 Summer Insights Program instead or visit our website to register for alternative events. 2025 Early Insights Program (Tokyo) Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firms employees serve clients worldwide including corporations, governments, institutions and individuals. We are one of the largest and most active foreign financial firms in the Japanese market which reflects more than 50 years of client focus, innovation and the continuous pursuit of excellence. Our strategic alliance with Mitsubishi UFJ Financial Group (MUFG) leverages the combined capabilities of Morgan Stanleys global reach and financial expertise and MUFGs unparalleled local client footprint, to better meet client needs and deliver best-in-class financial services and products. The Program A virtual program to support students studying overseas (outside of Japan) to connect with employees in Morgan Stanley Japan and learn more about career opportunities in our Tokyo office. The program consists of five 1 hour mandatory sessions related to Morgan Stanley, our culture, the financial services industry, our business areas and the campus recruitment process. In addition, participants will have priority registration for an additional 5+ optional events, and the opportunity to be selected for smaller networking sessions. Those planning to travel to Tokyo this summer will be invited to visit our Tokyo HQ. Participating Business Areas Equity Research Finance Fixed Income Sales & Trading (includes opportunities in Quantitative Finance) Institutional Equity Sales & Trading (includes opportunities in Quantitative Finance) Investment Banking Division Technology Mandatory sessions: Before applying, please check that you are able to commit to all the mandatory sessions. All dates and times are shown in Japanese Standard Time. These sessions will be in English. Session 1: Early Insights Program Launch [Monday, April 28th 9:00am - 11:30am Session 2: Careers in the Institutional Securities Group [Wednesday, May 21st 9:00am - 11:30am Session 3: Day in the Life of an Analyst (Sales & Trading and Technology) [Monday, May 26th 9:00am - 11:30am Session 4: Day in the Life of an Analyst (Investment Banking Division, Research and Finance) [Monday, June 2nd 9:00am - 11:30am Session 5: Application Best Practices [Monday, June 30th 9:00am - 11:30am Optional sessions include: Divisional Deep Dives [May - June - virtual, these sessions will be in Japanese Campus Recruiter Office Hours [monthly April - August - virtual, these sessions will be in English Office Visit [July - in person, this session will be in English Eligibility Requirements Open to all students graduating from an overseas university (outside of Japan between October 2026 and September 2028 Minimum proficiency in English (fluent) and Japanese (intermediate) required. We welcome students from all degree disciplines. Undergraduate, Master's or PhD students with limited exposure to the financial services industry are encouraged to apply. Must be able available to attend all of the above listed virtual 'Mandatory Sessions'. Applications close on April 20th at 23:59 PM (JST) Applications will be reviewed on a rolling basis. Participation in Early Insights does not guarantee selection for the 2026 Summer Analyst Program. For additional enquiries please contact Recruit.Japan@morganstanley.com
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STUDENTS & GRADUATES
2026 Investment Banking Off-Cycle Internship (Johannesburg)
Institutional Securities Group
Johannesburg, South Africa
Job # 19181
Application Deadline: Apr 13, 2025
Program Type: Internship
Program Description
PLACEMENT AND DURATION The Investment Banking Off-cycle Internship is an opportunity to experience the culture and atmosphere in the Investment Banking Division (IBD) by taking on some of the responsibilities and functions of a Full-time Analyst for a short period. The internship typically lasts three to six months, but can vary in length depending on business needs and candidate availability. You will spend your internship assigned to a specific group in a specific region, building basic skills in financial analysis, accounting and valuation, while working on a wide range of domestic and international transactions. TRAINING PROGRAM You will receive on-the-job training and benefit from working alongside experienced professionals on a variety of projects. RESPONSIBILITIES Gathering and synthesising financial and operating information about companies, industries and governments. Creating and updating financial models. Gathering market data to analyse trends and help value and price transactions. Drafting presentations and memoranda for a wider audience within the Firm and the financial services industry. Attending team discussions and client meetings, where you may be asked to deliver parts of a presentation. QUALIFICATIONS/SKILLS/REQUIREMENTS You have strong analytical and numerical skills that put You at ease with financial data. You are results-driven, and perform well under pressure and against tight deadlines. You are a proven team player and can manage a wide range of responsibilities. You have an excellent academic background and fluency in English. Ability to communicate effectively in multiple languages is an advantage. You articulate complex ideas simply and summarise them effectively. You are committed to excellence in your work and maintain high professional and ethical standards. Salary is competitive with excellent benefits.
STUDENTS & GRADUATES
2025 Global Capital Markets Off-cycle Internship (London)
Institutional Securities Group
London, United Kingdom
Job # 17608
Application Deadline: Apr 14, 2025
Program Type: Internship
Program Description
Placement and Duration Global Capital Markets at Morgan Stanley is divided into five sub-divisions, comprising of Equity Capital Markets (ECM), Fixed Income Capital Markets (FICM), Leveraged Finance (LAF), Commodities Sales and ESG. GCM is a private-side division which offers the best of both worlds: thinking markets and acting strategy. The Global Capital Markets Off-Cycle Internship is an opportunity to experience the culture and atmosphere of Morgan Stanleys GCM division by taking on the responsibilities and functions of a Full-time Analyst. The internship typically lasts for up to six months, but can vary in length depending on business needs and candidate availability. You will spend your internship assigned to a specific group and/or region, which is determined by an allocation process following an offer of employment, building your product knowledge, market judgement, while working on a wide range of domestic and international transactions. Equity Capital Markets (ECM): Execution-focused product team that advises clients on equity, equity-linked and equity derivative products, including IPOs, follow-on offerings, convertible bonds and derivatives. Provide judgement and advise on optimal transaction structures, timing, sizing, amongst other key execution considerations Work closely with public, private, government and private equity clients, acting as a bridge between them and the global equity investor base Fixed Income Capital Markets (FICM): Support Senior Bankers in the coverage and origination of business for FIG, Corporate and SSA clients in relation to debt financing; this includes regular pitching through meetings, broader capital and issuance strategy planning, weekly updates on markets and debt pricing across the capital structure and currencies for the clients. Work closely with internal teams across IBD, GCM and Sales & Trading on regular market analysis for clients to outline solutions to their financing needs and broader strategy; these might include M&A financing, capital planning, roadshows and swap executions. Execute live transactions collaborating with clients, investors, syndicate desk and traders, as well as other banks. Leveraged & Acquisition Finance (LAF): Generate ideas / act on debt origination opportunities for sub-investment grade rated corporate and sponsor-owned clients (debt origination opportunities broadly consist of (1) general corporate purpose financing, (2) refinancing of existing debt, (3) dividend recapitalisation, (4) leveraged buyout financing. These opportunities can be executed via two types of facilities: high yield bonds and leveraged loans). Once mandated, work closely with internal teams across IBD and GCM to bring clients to the rating agencies where they will receive either a debut rating, or in the case that the client is already rated, a ratings update (which will take into account the latest financial performance of the client, the forecast business plan, the proposed transaction, and other details) After the client receives an updated rating, enter the live execution phase, in which we work closely with internal teams across IBD, GCM and Sales & Trading, to conduct marketing exercises with investors / lenders, until the proposed facilities are priced and allocated Training Program You will receive on-the-job training and benefit from working alongside experienced professionals on a variety of projects. Responsibilities Providing support on marketing and execution of various types of offerings and products such as IPOs, capital increases, derivatives and securitisations Analysing and advising clients on the most effective transaction structures to meet their objectives Gathering data and analysing trends, investor sentiment and market outlook Preparing analyses of transaction precedents, shareholding structures, stocks metrics and performances Creating financial models Attending team discussions and client meetings, where you may be asked to deliver parts of a presentation Qualifications, Skills and Requirements You are in your penultimate or final year of university studies You have strong analytical and numerical skills that put you at ease with financial data You articulate complex ideas simply and summarise them effectively You are results-driven, perform well under pressure and against tight deadlines You are a proven team player with a positive attitude and the ability to manage a wide range of responsibilities You have a creative and entrepreneurial mind-set and think outside of the box You are fluent in English; ability to communicate effectively in another language is an advantage You are committed to excellence in your work and maintain high professional and ethical standard Application Deadline The application deadline for this position is 27 April 2025, we recruit on a rolling basis so application is encouraged as soon as possible. We aim to review all applications within a timely manner, however our response times may vary due to high volumes. Please be assured that you will receive an update via email as soon as a decision on your application has been reached, and kindly note we are unable to accommodate any requests to accelerate the timelines of our application process. Salary is competitive with excellent benefits
STUDENTS & GRADUATES
2026 Global Capital Markets Summer Analyst Program (New York)
Institutional Securities Group
New York, United States of America
Job # 18969
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
Morgan Stanley's Global Capital Markets division offers a 10-week program that takes place at Morgan Stanleys headquarters in New York. The program includes opportunity to be placed on one of our desks within Global Capital Markets (GCM), which could include: Equity Capital Markets (ECM), Fixed Income Capital Markets (FICM), Leveraged Finance (LevFin), Securitized Products Capital Markets (SPCM), Liability Management, Project Finance, or Strategic Lending Group (SLG); a training and orientation with a variety of presentations, coursework, and exercises with experts and industry leaders; a formal mentorship program to aid in your development and provide greater exposure to GCM. The summer program includes, but is not limited to, engagement with senior leadership, lunch & learn sessions, regular networking events, and interaction with other businesses across the Firm, a market driven environment with an open trading floor where you are closely integrated with your team, a flat structure experience that will provide you with a high level of responsibility early in your career. Program Overview Responsibilities may include but are not limited to: Work with our clients on complex, innovative financing, and risk management solutions Learn how to read complex financial models and understand basic multiples such as P/E and Aggregate Value/EBITDA Learn how equity deals are priced and play an active role in the origination and execution of transactions, while working closely with your Corporate Finance counterparts in Investment Banking Help prepare materials to provide clients with valuable updates on market news and trends and how these affect their access to the debt capital markets Work with our trading and syndicate desks on rate views, product management and deal execution; build and run complex financial models. Analyze and create, for both corporate and financial sponsors, various financing alternatives in the context of debt and/or loan financing, leveraged buyouts and acquisition financings Qualifications & Skills Pursuing a Bachelor's degree and will graduate between December 2026 and Spring 2027 Basic knowledge of and a keen interest in finance Outstanding analytical and quantitative skills A great multi-tasker, possess a strong work ethic, and have a positive attitude Excellent verbal and written communication skills A quick learner, both a leader and team player, and a self-starter with the ability to work independently Detail oriented with strong organizational skills and ability to manage time efficiently and effectively Application Details We review Global Capital Markets applications on a rolling basis and encourage you to apply as soon as you are ready because interviews can occur prior to the application period closing, which is Tuesday, April 15. Expected base pay rates for the role will be 52.89 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2026 Equity Research Summer Analyst Program (New York)
Institutional Securities Group
New York, United States of America
Job # 18928
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
During this 10-week program, Summer Analysts are placed directly into one of the following sector teams: Consumer, Energy, Utilities, Financials, Healthcare, Industrials, Materials, Media, Telecommunication or Technology. The placements are made based on the needs of the department and the skill set of the candidate. The Summer Analyst Program begins with a training and development curriculum that covers the fundamental and professional skills you need for success in Equity Research. After a brief training period, Summer Analysts will be assigned to a specific industry group, building a foundation in the basic skills of fundamental analysis, accounting and valuation. There will be networking opportunities and ongoing training throughout the program. Role and Responsibilities Gather and analyze industry data to develop an industry-specific vision. Update and build financial models on the companies and industry you follow. Analyze emerging trends in an industry or macro economy. Assess relative stock valuations and review findings with your team. Build relationships within Sales & Trading and Research. Qualifications and Skills You are pursuing an undergraduate Bachelors degree with a graduation date of December 2026 or Spring 2027. Minimum 3.0 GPA. You have basic knowledge of and a keen interest in finance. You are analytical, adaptive, possess an excellent work ethic, are a leader yet team player, as well as a multi-tasker. You possess proficient oral and written communication skills. Applications will be reviewed on a rolling basis and we encourage you to apply as soon as you are ready. In order to be considered a complete application, students must submit an application and complete a HireVue (instructions emailed upon submission of application). Applications will close on Tuesday, April 15. Expected base pay rates for the role will be 52.89 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2026 Public Finance Summer Analyst Program (San Francisco)
Institutional Securities Group
SAN FRANCISCO, United States of America
Job # 19116
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
The Public Finance Summer Analyst Program a 10-week program, including one week of classroom training. The program provides undergraduate students an opportunity to master the analytical, quantitative and interpersonal skills necessary to develop an exciting and rewarding career on Wall Street. Summer Analysts assume the functions of Full Time Analysts, servicing the Firms investment banking clients in the public sector and not-for-profit sector across the United States. Over the course of the summer, Summer Analysts are given an opportunity to explore multiple product areas, including Infrastructure (States, Cities and Local Governments), Higher Education and Not-for-Profit Institutions, Healthcare, Affordable Housing, Public Power and Utilities and Syndicate. Training Program: Summer Analysts begin with a one-day orientation where they are introduced to the Firm's businesses and learn what it's like to be an employee at Morgan Stanley. Public Finance Summer Analysts then attend divisional Sales & Trading training, where they learn the core skills required to be successful on the job, as well as Public Finance-specific training. The curriculum includes market updates, bond math, the fundamentals of tax-exempt municipal bonds and credit risk analysis. In addition, Summer Analysts have several opportunities to network with peers, mentors and managers through speaker events, teambuilding sessions, learning lunches, community service and social events. Responsibilities: Summer Analysts in Public Finance will collaborate with Full-time employees to develop the skills they will need to have a successful summer, including: Draft presentation materials, memos and responses to Requests for Proposals to generate new business. Develop structuring, cash flow financial models, primarily for bond transactions. Shadow full-time employees as they communicate complex ideas and solutions with potential and existing clients. Applications will be reviewed on a rolling basis and we encourage you to apply as soon as you are ready. In order to be considered a complete application, students must submit an application and complete a HireVue (instructions emailed upon submission of application). Applications will close on Tuesday, April 15. Qualifications/Skills/Requirements: You are pursuing an undergraduate degree with a graduation date of December 2026 or Spring 2027. You have a minimum GPA of 3.0 GPA. You have a compelling interest in and knowledge of the financial markets, specifically in municipals and public finance. You have an advanced knowledge of MS Excel (preferred). Strong work ethic, collaborative, ability to multi-task. Adaptable, versatile, and analytical.
STUDENTS & GRADUATES
2026 Fund Services Summer Analyst Program (New York & Purchase)
Institutional Securities Group
New York, United States of America
Job # 18960
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
Overview Morgan Stanley Fund Services (MSFS) is a leading fund administration business with 500 billion assets under administration and 1,000+ professionals across New York, London, Dublin, Glasgow, Mumbai, Bangalore and Hong Kong. MSFS services a global institutional client base, providing hedge funds, multi-asset class investors, family offices and private equity firms with innovative product solutions. Primarily, MSFS provides accounting, investor servicing, reporting, tax, middle and back-office support, and portfolio analytics. MSFS employees work closely with the Chief Operating Officers, Chief Financial Officers, Portfolio Managers and investors of our clients. Duration The MSFS Summer Analyst Program is a 10-week program that begins with one week of classroom training, followed by four rotations across the business. Summer Analysts will be placed with our Investor Services, Middle Office, Product Development and the Anti-Money Laundering team and spend time in both the New York and Purchase offices. All Summer Analysts will receive on-the-job training and exposure to a wide variety of roles, products and services throughout MSFS, working alongside experienced professionals in a fast-paced, client-facing, and market-driven environment. Summer Analysts will have the opportunity to broaden and strengthen their respective skillsets, collaborating with individuals across MSFS on meaningful projects and initiatives. In addition, the Program features a Senior Management Speaker Series, teach-ins, cross-divisional networking events, community service events, performance reviews, and a robust mentorship program. Training Program The program begins with a one-day orientation where Summer Analysts are introduced to the Firm and primary businesses, as well as to one another at our opening Firmwide networking event. For the remainder of training, Summer Analysts will attend divisional-specific events designed to help develop the core skills required for a successful summer. Placements Investor Services (IS): IS works closely with the Investor Relations, Chief Financial Officers, Chief Operating Officers, Compliance teams and investors of our clients. Further, IS supports our clients with investor capital activity (e.g., subscriptions, redemptions, transfers and assignments) and cash movements to and from the client. The IS team is responsible for supporting the fund manager/investor relationship and core responsibilities include onboarding investors, processing investor documents and managing investor communications. Middle Office (MO): The MO team works closely with the Chief Operating Officers, Directors of Operations, and Treasury Managers of our clients to facilitate their Trades Management and/or Cash & Collateral Management needs, including trade processing, positions and cash reconciliations and corporate actions; as well as manage collateral and monitor cash flows. Product Development: Our Product Development team works across MSFS functions to set technology priorities that enhance MSFS products and platforms for our clients. The team works with our clients and colleagues to better understand technology needs and translate those needs to technology requirements that will be used to design new and enhanced products. Anti-Money Laundering (AML): The AML team is responsible for helping our clients identify and manage potential AML risks. The team works closely with the General Counsel, Compliance, and Investor Relations representatives at our clients. Day-to-day responsibilities include the management of AML documentation, serving as a point of contact for fund managers and their investors. Qualifications / Skills / Requirements: Current undergraduate student with a graduation date of December 2026 or Spring 2027 Strong analytical interpersonal, verbal and written communication skills Collaborative, quick learner, adaptable, enjoy solving problems, possess a strong work ethic and ability to multi-task A keen interest in finance and markets Applications will be reviewed on a rolling basis and we encourage you to apply as soon as you are ready. In order to be considered a complete application, students must submit an application and complete a HireVue (instructions emailed upon submission of application). Applications will close on Tuesday, April 15. Expected base pay rate(s) for the role will be 43.27 per hour at the commencement of employment. However, base pay is only part of the total compensation package, which, depending on the position, may also include discretionary bonuses and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2026 Public Finance Summer Analyst Program (New York)
Institutional Securities Group
New York, United States of America
Job # 19115
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
Placement and Duration: The Public Finance Summer Analyst Program is a 10-week program, including one week of classroom training. The program provides undergraduate students an opportunity to master the analytical, quantitative and interpersonal skills necessary to develop an exciting and rewarding career on Wall Street. Summer Analysts assume the functions of Full Time Analysts, servicing the Firms investment banking clients in the public sector and not-for-profit sector across the United States. Over the course of the summer, Summer Analysts are given an opportunity to explore multiple product areas, including Infrastructure (States, Cities and Local Governments), Higher Education and Not-for-Profit Institutions, Healthcare, Affordable Housing, Public Power and Utilities and Syndicate. Training Program: Summer Analysts begin with a one-day orientation where they are introduced to the Firm's businesses and learn what it's like to be an employee at Morgan Stanley. Public Finance Summer Analysts then attend divisional Sales & Trading training, where they learn the core skills required to be successful on the job, as well as Public Finance-specific training. The curriculum includes market updates, bond math, the fundamentals of tax-exempt municipal bonds and credit risk analysis. In addition, Summer Analysts have several opportunities to network with peers, mentors and managers through speaker events, teambuilding sessions, learning lunches, community service and social events. Responsibilities: Summer Analysts in Public Finance will collaborate with Full-time employees to develop the skills they will need to have a successful summer, including: Draft presentation materials, memos and responses to Requests for Proposals to generate new business. Develop structuring, cash flow financial models, primarily for bond transactions. Shadow full-time employees as they communicate complex ideas and solutions with potential and existing clients. Applications will be reviewed on a rolling basis and we encourage you to apply as soon as you are ready. In order to be considered a complete application, students must submit an application and complete a HireVue (instructions emailed upon submission of application). Applications will close on Tuesday, April 15. Qualifications/Skills/Requirements: You are pursuing an undergraduate degree with a graduation date of December 2026 or Spring 2027. You have a minimum GPA of 3.0 GPA. You have a compelling interest in and knowledge of the financial markets, specifically in municipals and public finance. You have an advanced knowledge of MS Excel (preferred). Strong work ethic, collaborative, ability to multi-task. Adaptable, versatile, and analytical. Expected base pay rate for the role will be 52.89 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2026 Financial Resources and Strategy Summer Analyst Program (New York)
Institutional Securities Group
New York, United States of America
Job # 18934
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
Job Description The Financial Resources and Strategy (FRS) Summer Analyst Program is a 10-week program, beginning with a one-week classroom training followed by nine weeks of three rotations across the FRS BusinessResource Management, Margin & Capital Optimization, and Funding & Collateral Optimization. The Program features senior management speaker series, networking events, community service, performance review and a mentorship program. Summer Analysts receive continued on-the-job training and benefit from working with experienced professionals on meaningful projects. In addition to daily responsibilities on the desks, Summer Analysts will be assigned a summer-long project, which is presented to the entire division at the end of the summer. Responsibilities There are largely four businesses under Institutional Securities Group (ISG): Investment Banking, Global Capital Markets (GCM), Sales & Trading, and Research. Within Sales & Trading, Financial Resources and Strategy (FRS) sits alongside the Institutional Equities Division (IED), Fixed Income Division (FID), and ISG Risk Management. FRS is a centralized function responsible for secured funding, collateral management, margin optimization, CCP (Central Clearing Counterparty) relationship management, and managing capital / balance sheet / liquidity across ISG. Because FRS works with business heads to develop a near and medium-term strategy for growth and optimal use of the Firms financial resources, members of the FRS team work on projects across divisions, asset-classes, and regions. These projects have direct and meaningful impact on ISG and the Firms strategic direction. Resource Management: closely integrated with FID, IED, and GCM enabling/pricing/deploying resources as well as partnering to structure transactions to maximize returns and support strategic business initiatives globally. The team manages the front-to-back ISG Financials, working to ensure efficiency, optimal resource usage and operating leverage, across its balance sheet, capital, liquidity, and expense base. Margin and Capital Optimization: responsible for margin and capital optimization for both cleared and uncleared Firm trading activity for all cash, derivatives, and securities financing transactions across all asset classes. Partner with traders in executing derivatives trades by pricing funding and capital impacts as well as execution of post-trade optimization. Engage with CCPs to establish new clearing services which, are often, capital / liquidity efficient. Funding and Collateral Optimization: finance ISG using Repurchase Agreements, Total Return Swaps, and Securities Lending products. Responsible for ISGs secured funding framework, including impacts to liquidity and capital requirements, and assisting trader execution within this framework. Optimize various collateral margin postings, while minimizing cost and pursuing revenue opportunities. Qualifications/Skills/Requirements You are pursuing an undergraduate Bachelors degree with a graduation date of December 2026 or Spring 2027. Minimum 3.20 GPA. You have basic knowledge and a keen interest in finance. You are analytical, adaptive, collaborative, a leader, and a multi-tasker. You possess strong oral and written communication skills. Expected base pay rate for the role will be 52.89 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2026 Fixed Income Summer Analyst Program (New York)
Institutional Securities Group
New York, United States of America
Job # 18957
Application Deadline: Apr 15, 2025
Program Type: Internship
Program Description
The Fixed Income Summer Analyst Program is a 10-week program consisting of one week of classroom training, followed by multiple rotations across Fixed Income. Rotations may include Global Credit & Municipals, Securitized Products, Foreign Exchange/Emerging Markets, Interest Rates, and Commodities. Summer Analysts receive on-the-job training, benefit from working alongside experienced professionals on meaningful projects, and build their skillsets in a dynamic and evolving environment. In addition, the program features a Senior Management Speaker Series, desk teach-ins, networking events, community service, performance reviews, and a robust mentorship program. Program Overview Summer Analysts begin with a one-day orientation where they are introduced to the Firms businesses and learn what its like to be an employee at Morgan Stanley. Fixed Income Summer Analysts then attend Sales & Trading division-specific training where they learn core skills essential for success. The curriculum includes daily market updates, business-specific overviews, and basic product and technical training. Role & Responsibilities Sales: Understand how a client base is developed and maintained; create investment ideas; learn how we sell and cross-sell the Firms products; represent the Firm when interfacing with clients on important business issues. Trading: Assist in generating trade ideas and analysis; support all aspects of the market-making and trade execution process, from providing research analytics on trades to relative value analysis. Strategy: Help develop investment recommendations on Fixed Income Securities through the study and analysis of market fundamentals and technical research. Understand how we use the existing firm model database to develop new models. Structuring: Learn how to build valuation models to help issuers and investors optimize a transactions economics, and quantify sources of value and risk. Qualifications & Skills You are pursuing an undergraduate Bachelors degree (junior) or a Masters with a graduation date of December 2026 or Spring 2027. Minimum 3.0 GPA. While no prior knowledge of finance or sales & trading is required, you must have a keen interest in finance and markets. You are analytical, adaptive, possess a strong work ethic, are a leader yet team player, as well as a multi-tasker. You possess strong oral and written communication skills. Applications will be reviewed on a rolling basis and we encourage you to apply as soon as you are ready. In order to be considered a complete application, students must submit an application and complete a HireVue (instructions emailed upon submission of application). Applications will close on Tuesday, April 15. Expected base pay rates for the role will be 52.89 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
STUDENTS & GRADUATES
2025 Early Insights Program (Tokyo)
Multiple Business Areas
Tokyo, Japan
Job # 19341
Application Deadline: Apr 21, 2025
Program Type: Diversity Event/Program
Program Description
This program is for students who are studying overseas outside of Japan who are exploring career opportunities in Japan. If you're currently studying at a Japanese University please apply for our 2025 Summer Insights Program instead or visit our website to register for alternative events. 2025 Early Insights Program (Tokyo) Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firms employees serve clients worldwide including corporations, governments, institutions and individuals. We are one of the largest and most active foreign financial firms in the Japanese market which reflects more than 50 years of client focus, innovation and the continuous pursuit of excellence. Our strategic alliance with Mitsubishi UFJ Financial Group (MUFG) leverages the combined capabilities of Morgan Stanleys global reach and financial expertise and MUFGs unparalleled local client footprint, to better meet client needs and deliver best-in-class financial services and products. The Program A virtual program to support students studying overseas (outside of Japan) to connect with employees in Morgan Stanley Japan and learn more about career opportunities in our Tokyo office. The program consists of five 1 hour mandatory sessions related to Morgan Stanley, our culture, the financial services industry, our business areas and the campus recruitment process. In addition, participants will have priority registration for an additional 5+ optional events, and the opportunity to be selected for smaller networking sessions. Those planning to travel to Tokyo this summer will be invited to visit our Tokyo HQ. Participating Business Areas Equity Research Finance Fixed Income Sales & Trading (includes opportunities in Quantitative Finance) Institutional Equity Sales & Trading (includes opportunities in Quantitative Finance) Investment Banking Division Technology Mandatory sessions: Before applying, please check that you are able to commit to all the mandatory sessions. All dates and times are shown in Japanese Standard Time. These sessions will be in English. Session 1: Early Insights Program Launch [Monday, April 28th 9:00am - 11:30am Session 2: Careers in the Institutional Securities Group [Wednesday, May 21st 9:00am - 11:30am Session 3: Day in the Life of an Analyst (Sales & Trading and Technology) [Monday, May 26th 9:00am - 11:30am Session 4: Day in the Life of an Analyst (Investment Banking Division, Research and Finance) [Monday, June 2nd 9:00am - 11:30am Session 5: Application Best Practices [Monday, June 30th 9:00am - 11:30am Optional sessions include: Divisional Deep Dives [May - June - virtual, these sessions will be in Japanese Campus Recruiter Office Hours [monthly April - August - virtual, these sessions will be in English Office Visit [July - in person, this session will be in English Eligibility Requirements Open to all students graduating from an overseas university (outside of Japan between October 2026 and September 2028 Minimum proficiency in English (fluent) and Japanese (intermediate) required. We welcome students from all degree disciplines. Undergraduate, Master's or PhD students with limited exposure to the financial services industry are encouraged to apply. Must be able available to attend all of the above listed virtual 'Mandatory Sessions'. Applications close on April 20th at 23:59 PM (JST) Applications will be reviewed on a rolling basis. Participation in Early Insights does not guarantee selection for the 2026 Summer Analyst Program. For additional enquiries please contact Recruit.Japan@morganstanley.com
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