Process: I interviewed was for a junior position, off cycle. Three rounds, all with direct reports and future team members, with one with HR at the end of the first round, and one with Research management at the end of the third. I know some other candidates have had to sit through 2-hour case studies where they had to make a financial model and write a basic investment thesis, but it wasn’t my case (thank God). My questions where a mix of behavioural and technical, but with a lot more technical. The people were direct, to the point, and MS felt much less ‘political’ than other places I’ve also interviewed at. Soft skills felt less important, somehow. The interviews were short (30 minutes), so perhaps that’s why they didn’t ask me what my favourite colour was… Don’t get too worked up about the Technical questions. At CFA Level II you know more than enough to answer any hard question. Clarity felt almost as important as content: when asked a question, be it behavioural or technical, don’t get wishy washy and vague – make it short and to the point. Be… well, analytical: short, factual sentences, with some extra details over and above what was asked. A strong knowledge of Financial Analysis seemed a given, perhaps because the process was off-cycle and I did not get any training as in an Analyst Programme. Still – there was clearly an expectation that I would not need explaining once on the job, which made me wonder how Humanities graduates, for instance, would perform in this process. Sample questions you should prepare: - Case study… Obviously. I wrote a ‘Guide to Case Studies’ for hedge funds, but feel free to refer to it. You need to come to the interview with strong, well supported Long and Short ideas (at least one of each), preferably in the sector your interviewer is covering. Be strong on numbers, but don’t forget to add a few anecdotes that showed you know all there is to know. - Broader views on the market. Here the field of potential questions is infinite.. but start with some views on the direction of the market and on the relative appeal of different asset classes and regions. And memorise some of the most watched numbers (10-year treasuries, the S&P 500, a few market caps). Nothing too fancy, but enough to show a genuine interest in the markets and that it’s not ‘Just a job’ for you. It is important – especially if you apply for junior roles – that you back absolutely everything you say with data – numbers, names… They’re more convincing, they show that you’ve done your homework, and that you are not easily swayed by the managements you will meet. A final point – Brainteasers!! Maybe it was just me (I don’t think it was) but I’ve had brainteaser questions at almost every meeting except with HR and management. An example would be to estimate the weight of a fully loaded jumbo jets leaving Heathrow to New York. Another would be “What is the cheaper stock? The 10% grower trading on 10x, or the 20% grower trading on 20x?”. As always with these, describe each step of your thinking in details (this will buy you some time!), get the maths right, and back any assumption you make with a source or some context. How you get there matters more than the answer.

During my years at Morgan Stanley, I ended up interviewing quite a lot of candidates for off-cycle internship roles within Global Capital Markets (GCM). These weren’t the classic summer internships or year-long industrial placements with a more rigid recruitment process behind them. Off-cycle roles are much more fluid, they pop up whenever a team suddenly needs help. Sometimes it’s because there’s a surge in deal flow and everyone is stretched; other times someone leaves, moves team, or simply can’t cover everything on their plate. Because of that, the interviews tend to be quicker, more focused, and very much driven by the people who will actually work with the intern. The whole process usually starts at the desk level. It’s the juniors, Analysts or Associates, who do the first CV screening and pick who should be invited for a conversation. It makes sense, because they’re the ones who will be sitting next to the intern every day, teaching them, checking their work, and relying on them for the small but important tasks that keep the team running. The first interview is almost always a short video call, about half an hour or so, and the vibe is generally practical rather than overly formal. These early interviews are not designed to grill candidates on every technical detail under the sun. Yes, a few technical questions can come up, but Morgan Stanley tends to put more weight on logical thinking, common sense, and overall market awareness. Juniors want to see if the candidate can fit smoothly into the workflow: can they understand instructions, prioritise tasks, and ask smart questions without needing constant supervision? It’s much more about “How does this person think?” than “Has this person memorised the entire investment banking handbook?” This is also where the bank differs from some of its peers. Morgan Stanley leans a bit more heavily on logical exercises and simple mental-math or reasoning questions. Nothing impossible, usually quick problems that show how a person approaches a situation under time pressure. These aren’t trick questions; they’re just a way to see if someone can stay calm, think step by step, and communicate clearly. In my experience, the candidates who explain their reasoning out loud - even if they’re not 100% sure - tend to outperform the ones who try to jump straight to a final answer. If a candidate performs well at this first stage, they’re usually invited to one or two follow-up interviews with slightly more senior people in the relevant GCM team. The content here varies depending on the desk and on the candidate’s background. Someone with strong finance coursework might get more technical questions; someone with less technical experience might get more high-level market or problem-solving questions. But even these conversations tend to be fairly interactive rather than formal interrogations. The goal is to understand whether the person has enough raw ability and curiosity to pick things up quickly and contribute in a fast environment. One aspect of the process that people sometimes find surprising is the cross-team interview. Off-cycle candidates almost always meet one or two seniors from another team or product area. The purpose isn’t to test technical knowledge; it’s there to get an outside view on cultural fit and general commercial sense. These interviews often revolve around the candidate’s motivation, communication style, awareness of what’s happening in markets, and interest in the broader investment-banking ecosystem. Overall, the off-cycle recruitment process at Morgan Stanley is a lot more dynamic and pragmatic than the big graduate schemes. It moves quickly, focuses heavily on logic and attitude, and is driven by the actual teams doing the hiring rather than HR. Technical knowledge helps, but it’s not the main differentiator. The people who tend to stand out are those who follow the markets closely, think clearly under pressure, and show genuine enthusiasm for capital markets rather than just going through the motions.