2026 Global Capital Markets Off-cycle Internship (London)

In the Global Capital Markets division, we offer Global expertise in market analysis and in advisory and capital-raising services for corporations, institutions, and governments.

Since 1935, Morgan Stanley is known as a global leader in financial services, continuously evolving and innovating to better serve our clients and our communities in more than 40 countries around the world.

Global Capital Markets at Morgan Stanley is divided into three sub-divisions, comprising of Equity Capital Markets (ECM), Fixed Income Capital Markets (FICM) and Leveraged Finance (LAF). 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 Stanley’s 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.

Role and 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 and Skills

• 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 Process and Deadline

The application deadline for this position is Sunday 26th October 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.

What you can expect from Morgan Stanley

At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work. To learn more about our offices across the globe, please copy and paste into your browser.