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Placement and duration
The Financial Resources & Strategy (FRS) Industrial Placement Programme is an opportunity to experience the culture and atmosphere of Morgan Stanley. Interns will be able to take on some of the responsibilities and functions of a Full-time Analyst for a one-year internship. Interns will join FRS, where they will undertake rotations for the duration of the program and will experience a range of roles, whilst also gaining exposure to Institutional Equities and Fixed Income divisions.
The Financial Resources & Strategy (FRS) Industrial Placement is a one-year internship program beginning with classroom training, followed by rotations across the FRS Business – Resource Management, Margin & Capital Optimization, and Funding & Collateral Optimization. The program features senior management speaker series, networking events, volunteering, performance review and a mentorship program. Analysts will receive continued on-the-job training and benefit from working with experienced professionals on meaningful projects. In addition to daily responsibilities on the desks, Analysts will be assigned projects, which will be presented to the entire division.
The Program begins in June with one week of intensive classroom training. This will include an introduction to Morgan Stanley followed by division-specific training. In addition to rotations within FRS, Interns will receive broader exposure across all of Sales & Trading through individual and group project assignments, senior management speaker series and networking events. All Interns will be assigned a dean and a buddy by way of support.
Responsibilities
There are largely four businesses under Institutional Securities Group (ISG): Investment Banking, Global Capital Markets (GCM), Sales & Trading, and Research. Within Sales & Trading, Financial Resources and Strategy (FRS) sits alongside the Institutional Equities Division (IED), Fixed Income Division (FID), and ISG Risk Management.
FRS is a centralized function responsible for secured funding, collateral management, margin optimization, CCP (Central Clearing Counterparty) relationship management, and managing capital / balance sheet / liquidity across ISG. Because FRS works with business heads to develop a near and medium-term strategy for growth and optimal use of the Firm’s financial resources, members of the FRS team work on projects across divisions, asset-classes, and regions. These projects have direct and meaningful impact on ISG and the Firm’s strategic direction.
Resource Management: closely integrated with FID, IED, and GCM enabling/pricing/deploying resources as well as partnering to structure transactions to maximize returns and support strategic business initiatives globally. The team manages the front-to-back ISG Financials, working to ensure efficiency, optimal resource usage and operating leverage, across its balance sheet, capital, liquidity, and expense base.
Margin and Capital Optimization: responsible for margin and capital optimization for both cleared and uncleared Firm trading activity for all cash, derivatives, and securities financing transactions across all asset classes. Partner with traders in executing derivatives trades by pricing funding and capital impacts as well as execution of post-trade optimization. Engage with CCPs to establish new clearing services which, are often, capital / liquidity efficient.
Funding and Collateral Optimization: finance ISG using Repurchase Agreements, Total Return Swaps, and Securities Lending products. Responsible for ISG’s secured funding framework, including impacts to liquidity and capital requirements, and assisting trader execution within this framework. Optimize various collateral margin postings, while minimizing cost and pursuing revenue opportunities.
*Salary is competitive with excellent benefits.
Qualifications / skills / requirements
• You are a penultimate-year undergraduate student with outstanding academic achievements, and on track to achieve a minimum of 2.1 honours degree or equivalent
• All degree disciplines accepted, but applicants must have a keen interest in the financial markets
• Applicants must be available from June 2027 for a duration of 12 months
• You have strong analytical, problem-solving and interpersonal skills
• You have the ability to communicate complex ideas clearly and succinctly
• You thrive under pressure and in ever-changing situations
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.