2027 Fixed Income Strats Summer Associate Program (New York)

About the role

The Fixed Income Strats Summer Associate Program is a 10-week internship offering hands-on experience in quantitative finance projects within Morgan Stanley's Fixed Income teams. It includes training, mentorship, and networking opportunities to prepare candidates for a career in financial engineering and quantitative analysis.

Program Structure

• 10-week intensive summer internship in Fixed Income Strats at Morgan Stanley.
• Includes a week-long introductory training covering market knowledge, finance, coding, and product training.
• Continuous on-the-job training with assigned teams and direct managerial support.
• Features senior speaker series, product area training, and networking events.
• Individual coaching and continuous feedback throughout the program.
• Mentorship provided by a program mentor and direct manager.

Responsibilities

• Work on quantitative projects involving statistical analysis, applied mathematics, and computational finance.
• Support trading platforms, market making, derivative structuring, pricing, and risk management.
• Apply technical expertise to solve complex, unsolved problems in Fixed Income.
• Collaborate within one of five Fixed Income Strats groups: Macro, Credit Complex, Fixed Income Management, Commodities, or XVA.
• Develop mathematical models for trading and risk mitigation of various financial products.
• Create data-driven insights and innovative tools for internal and external clients.

Fixed Income Strats Groups

• Macro: Interest Rates and Foreign Exchange products like swaps and futures.
• Credit Complex: Asset-backed securities, structured credit products, and risk mitigation.
• Fixed Income Management: Business reporting and performance management tools.
• Commodities: Pricing, risk management, and trader tool development.
• XVA: Pricing and hedging counterparty credit, funding, and collateral risks.

Qualifications

• Pursuing PhD or Master's in Financial Engineering, Mathematics, Physics, Statistics, Engineering, Quantitative Finance, Computer Science, or related field.
• Degree completion between December 2027 and June 2028.
• Strong programming skills in C++, Java, Matlab, Python, R, or Scala.
• Excellent mathematical academic training and keen interest in financial markets.
• Ability to work in a team-oriented, intense environment with strong decision-making and communication skills.

Application Process

• Application deadline: 2027-10-14 at 23:59 ET.
• Online assessment required; invitations sent starting early September.
• First-round interviews via Zoom begin late September; Superdays start early October.
• Two waves of application reviews; early application encouraged.
• Contact [email protected] for questions or competing deadlines.

Compensation and Diversity

• Expected base pay between $72.12 and $84.14 per hour, individualized upon hiring.
• Total compensation may include commissions, bonuses, and other incentives.
• Morgan Stanley is an equal opportunity employer committed to workforce diversity.
• No discrimination based on protected characteristics as per firm policy.