2027 Institutional Equities Trading Off-Cycle Internship (London)

Job description

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

We are recruiting for the following desks:

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. As we cover a wide range of products from barrier options, correlation to quantitative investment strategies (QIS), our portfolios are usually sensitive to various greeks (or derivatives) and risks are dynamic requiring continuous hedging and involve different strategies and techniques. The breadth and depth of the business allows us to offer exciting opportunities to individuals who are interested in problem solving and applying their financial mathematics & quantitative knowledge to real trading scenarios. The daily tasks of an exotic trader include; market making of exotic products in both primary and secondary markets, development of market making / trading tools, interpretation and management of risks at both product and aggregated book levels such as delta, vega, rho, divrho, gamma and cross-gamma, development of quantitative risk analysis tools at product & book levels, hedging / trading in listed and broker markets, optimizing hedging strategies for illiquid risks, development of scenario analysis for macro (e.g. Fed announcements) and micro (e.g. dividends, corporate actions) market events.

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, taking into account liquidity, market impact, transaction costs and risk limits.

Day-to-day responsibilities include pricing strategic derivatives primarily for corporate clients, managing and improving hedges on existing positions, identifying restructuring opportunities, performing scenario analysis around company-specific and macro events, and developing models, analytics and trading tools. A strong understanding of derivatives documentation and the regulatory and jurisdictional constraints surrounding complex corporate transactions is also required.

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 – Private Banks, Distributors, Hedge Funds and Financial Institutions. Role requires strong quantitative academic background, preferably with a focus on financial mathematics and probability theory as well as good Python programming skills and ability to work with large and various financial datasets. Working closely with the Exotic Trading desk and clients, this is a great opportunity for individuals who are solution orientated and strive on problem solving in a fast-paced environment.

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

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. To learn more about our offices across the globe, please copy and paste into your browser.

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