2027 Fixed Income Research Off-Cycle Internship (London)

In the Research division, we offer timely, integrated analysis of companies, sectors, markets, and economies, helping clients with their most critical decisions.

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.

Placement and Duration

The Fixed Income Research Off-Cycle Internship Program is an opportunity to experience the culture and atmosphere in the Fixed Income Research Division at Morgan Stanley by taking on the roles and responsibilities of a Full-Time Analyst for a period of six months. There will also be opportunities to be involved in projects to broaden your understanding as well as improve the productivity and efficiency of the desk. The Off-Cycle Internship Program will take place at Morgan Stanley’s European Headquarters in London and is for recent graduates or those who are due to complete their studies in 2027. By the end of the program, Off-Cycle interns will have acquired an in-depth understanding of the role a full-time Analyst can play.

Morgan Stanley Fixed Income Research covers investment strategy across interest rates, currencies, emerging markets, corporate credit, and securitized products.

*Salary is competitive with excellent benefits

Training Program

You will receive on-the-job training and benefit from working alongside experienced professionals on a variety of projects.

Responsibilities

Analysts will be given a specific project during each rotation focusing on anything from developing and pitching a trade idea to creating new valuation and trading models. The project will be presented to the research team at the end of each rotation. These projects would typically involve a combination of the elements below:

•Develop investment recommendations on Fixed Income Securities through the study of market fundamentals and technical research

• Help develop models to identify short term asset dislocations in real time, for example, a potential mis-pricing in European interest rate expectations, or in a particular foreign currency.

• Investigate solutions for clients longer-term asset allocation challenges (e.g. the optimal way to generate a 3% return over inflation).

• Engage with technology, including AI, to drive more impactful analysis of financial analysis

• Assist with the day-to-day production of our research content

• Build a dialogue with our colleagues in Sales & Trading discussing market colour and the impact of incoming data on our published view

Qualifications/ Skills/ Requirements

• You have an excellent academic background

• 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 committed to excellence in your work and maintain high professional and ethical standards

• You articulate complex ideas simply and summarise them effectively

• You have graduated from a Bachelors or Masters degree within the last year

• You are a proven team player and can manage a wide range of responsibilities

It is essential to provide accurate details in the application forms, including an up-to-date CV and cover letter as we cannot guarantee you will be able to edit this after submitting your application. In the case that you are permitted to edit your application, it may cause significant delays to your candidacy.

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.