2027 Institutional Equities Trading Off-Cycle Internship (London)

In the Institutional Equity division, we provide our clients around the world with intellectual insights and innovative product solutions and services that help them generate alpha. 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 Morgan Stanley Institutional Equity Trading Off-Cycle Internship Programme in London runs for 6 to 9 months and students will be assigned to a specific desk – Exotics, Corporates or Structuring. Students will remain on their assigned desk for the duration of the internship, enabling them to build an in-depth understanding of its work, products and responsibilities. The Programme is an opportunity to experience the culture and atmosphere in the Sales & Trading division by taking on some of the responsibilities and functions of a Full-Time Analyst.

As an intern, you will be given full insight into what it takes to be part of a trading desk at Morgan Stanley. You will be responsible for producing analytics as well as ad-hoc reports and leading a diverse set of projects to improve our trading activities. You will learn about a wide range of derivative products which are being traded with different client types and in different regions. You will join a diverse team and be able to learn about the different product solutions that structuring offers including Quantitative Investment Strategies, Retail Structured Products and Institutional Solutions.

You will be part of a team which will provide you with the opportunity to further your career working alongside top industry professionals.

Training Program

You will receive on-the-job training and benefit from working alongside experienced professionals on a variety of projects. Throughout the programme, you will develop the analytical, quantitative and interpersonal skills needed to succeed in the role. You will join a diverse and collaborative team comprising experienced industry professionals and graduates from leading universities, all motivated by solving interesting and complex problems. You will also gain exposure to Sales, Trading and Management, while building your network through opportunities to connect with peers and colleagues across the Firm.

Roles and Responsibilities

• Exotics Desk: Responsible for managing a complex derivative portfolio of both equity & cross-asset underlying and for providing pricing and liquidity to a wide range of institutional (Hedge Funds, Pension Funds, Insurance Companies etc.) and retail clients (private banks, distributors etc.). There are 3 sub-teams that focus on market making and risk management of products across single stocks, equity indices and cross-assets.
• Corporates Desk: Responsible for managing a portfolio of large structured single-stock derivative transactions linked to strategic corporate situations (M&A, stake builds/disposals, etc.). The role combines pricing and structuring with active risk management across equity and, where relevant, credit, FX and rates.
• Structuring Desk: Responsible for manufacturing Quantitative Investment Strategies (QIS), Light Exotics Products, Structured Products and complex solutions / transactions, producing content, complex derivatives pricing, client connectivity as well as product design for a wide range of Morgan Stanley customers.

Qualifications/Skills/Requirements

• You are a Master or PHD student in subjects such as Economics, Mathematics, Financial Mathematics, Physics, Engineering, Quantitative Finance or Computer Science or alike.
• You are a graduate of 2026 or graduating in 2027.
• You will have advance knowledge of Python, SQL, Excel, VBA, R or similar languages is valued.
• You will have an understanding of theoretical pricing models and knowledge of market products and their risks.
• You have a keen interest in the financial markets, economics, complex market dynamics and have the desire to work in a fast-paced environment.
• You will have curiosity and willingness to go beyond the basic textbook models to find trade ideas and arbitrage channels.
• You will have an interest in data and how to tackle diverse datasets in innovative ways.
• You will have an entrepreneurial mindset and possess practical problem-solving skills with a great attention to detail.
• You can analyse and interpret complex information quickly and accurately.
• You are an excellent communicator and enjoy collaboration and teamwork.

Please only submit a CV and Covering Letter in English as part of your application.

What you can expect from Morgan Stanley

We have a track record of innovation and passion for unlocking new opportunities, we help our clients raise, manage and allocate capital. We do this by offering a wide range of investment banking, securities, wealth management and asset management services. All that we do at Morgan Stanley is driven by our five core values: do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. These aren’t just beliefs, they guide the decisions we make every day, ensuring we do what's best for our clients, communities and more than 80,000 employees around the world.

And at the core of our success are the people who drive it - relentless collaborators and creative thinkers who are fuelled by diverse thinking and experiences. Wherever you are in our 1,200 global offices, you’ll have the opportunity to work alongside the best and the brightest in an environment where you are empowered to achieve your full potential. 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.