Morgan Stanley

How the process runsTypical for a large bank's research department

1. 1ApplicationTypicalOnline application at a large bank, choosing research among the divisions. Networking with analysts helps you get read.
2. 2Video interviewTypicalA recorded video step is common at large banks, mostly behavioral prompts.
3. 3First roundTypicalInterviews with an associate or analyst: why research, the sector you follow, then accounting and valuation.
4. 4Final roundTypicalSeveral interviews with analysts across sectors, often a stock pitch and sometimes a written or modeling exercise.
5. 5OfferTypicalUsually within days of the final round.

Timing between stages shows on each program page once students report it. Firms change formats by year and office; the firm's own invite is the final word.

What it tends to weighStated, then typical

From Morgan Stanley's careers site: Know your resume cold, tell your story with varied examples, have a reason for the industry, firm, and division, follow financial news, and ask specific questions. Source

• A stock pitch with a rating and a price target you can defend, built from a method you can explain.
• Writing: a short, clear first take matters as much as the model behind it.
• Knowing the sector you want to cover and the few metrics that move its stocks.

behavioral

6 questions

markets

6 questions

modeling

3 questions

technicals

5 questions