Research

Morgan Stanley Investment Research is uniquely committed to being an essential part of our clients investment process. We strive to be the sell-side research provider that best understands the buy side. Through relevant and timely conversations with leading investors, we focus resources on risk-reward essentials: identifying the investor debates, assessing the potential outcomes, and uncovering the evidence our clients need to validate their investment decisions. Our equity analysts cover some 3,000 stocks; our economists, strategists, and fixed income analysts cover all major regions and other asset classes around the globe.

Equity Research

The Equity Research department is responsible for researching macroeconomic and microeconomic conditions, along with company fundamentals. It also collects and analyses financial information to make investment recommendations on stocks in specific sectors. Research analysts build financial models to explore alternative scenarios, examine industries, and communicate with companies and investors. Equity Research team members discuss their analysis and investment recommendations in research notes. A career in investment research at Morgan Stanley demands a commitment to excellence, a passion for the markets, and the highest level of integrity.

We are seeking an Analyst-level or Associate-level individual to join our Hardlines, Broadlines, and Food Retail team in New York City, covering a wide variety of retailers, including Walmart, Home Depot, and Costco.

Primary Responsibilities

Create and maintain earnings, valuation, and industry models, leveraging skills in accounting, finance, and economics
Translate company, industry, consumer, market, and alternative data into insightful research reports with clear investment debates, differentiated conclusions, and actionable stock calls
Write research reports for initiations of coverage, data analysis, earnings results, company updates, and industry news
Develop and maintain relationships with investor relations personnel, management of companies under coverage, industry specialists, and other key leaders of opinion
Engage with institutional investors by responding to in-depth questions, addressing bespoke requests, and helping communicate the teams highest-conviction views
Support internal sales and trading teams with timely analysis of sector breaking news
Adopt and apply AI-enabled research tools judiciously to accelerate information gathering, model maintenance, data analysis, and workflow execution while maintaining analytical rigor, source verification, and quality control
Conduct industry diligence and primary research through surveys, expert conference calls, and channel checks to evaluate industry trends
Collaborate with cross-functional teams to produce larger industry reports

Qualifications

1-3 years of professional experience in equity research, investment banking, or capital markets
Proven experience using Excel to build and maintain financial models; advanced Excel proficiency is required
Strong written and verbal communication skills, with the ability to present analysis clearly, defend conclusions, and contribute positively in client-facing discussions
Demonstrated interest in public markets and a genuine curiosity about what drives stock performance, investor debates, and valuation
Curiosity about retail, consumer behavior, brand dynamics, competitive positioning, pricing, category trends, and how these factors translate into revenue growth, margins, valuation, and stock performance
Comfort adopting AI-enabled tools and new technologies to improve research efficiency, with the judgment to verify outputs, protect data integrity, and apply tools appropriately
Demonstrated strong attention to detail and commitment to accuracy
Ability to adapt quickly and work well under pressure
High EQ, strong personal drive, intellectual curiosity, organizational discipline, and a team-oriented mindset
Strong PowerPoint skills are required, and experience with Python is a plus but not required
CFA designation or progress toward CFA preferred

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 thats differentiated and weve 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 - arent 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, youll 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. Theres also ample opportunity to move about the business for those who show passion and grit in their work.

To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices into your browser.

Expected base pay rates for the role will be between $110,000 and $125,000 per year for Analyst, and between $150,000 and $200,000 per year for Associate, at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.

Morgan Stanley is an equal opportunity employer committed to building and maintaining a workforce that is diverse in experience and background. Our recruiting efforts reflect our strong commitment to a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents.

Our workforce reflects a broad cross-section of the global communities in which we operate, bringing a variety of backgrounds, talents, perspectives, and experiences.

For more information, please visit: https://www.morganstanley.com/people-opportunities/eeo.