2027 Fixed Income Strats Summer Associate Program (New York)

Fixed Income Strats Summer Associate Program

The Fixed Income Strats Summer Associate Program is an intensive 10-week program that gives Summer Associates the opportunity to work alongside full-time professionals on impactful, quantitative projects. Summer Associates work within an assigned team for the entirety of the program.

The program features a senior strategist speaker series, product area training, and networking events. With individual coaching and continuous feedback, Summer Associates gain insight into what a long-term career with the Firm entails.

Training Program

The summer begins with a week-long introductory training program to provide institutional context for the work Summer Associates will perform. Training includes market-knowledge training, finance workshops, coding, and product training.

After the training week, Summer Associates continue to receive individualized, on-the-job training as they join their assigned desks and begin their daily work and projects. Summer Associates will have a direct manager and a program mentor, who serve as key resources throughout the program.

Responsibilities

Morgan Stanley operates several teams that require expertise in statistical analysis, applied mathematics, computer science, and computational finance. These teams support leading trading platforms, market making operations, and derivative structuring, pricing, and risk management.

As a Summer Associate, you will leverage technical expertise developed through academic study and apply it to highly applied problems. Many of the problems and processes you will work on are still unsolved and may not yet be optimized.

Fixed Income Strats Groups

Summer Associates sit within one of five groups of Fixed Income Strats. You may be selected to interview with multiple teams:

• Macro: Includes Interest Rates and Foreign Exchange (e.g., interest rate swaps, FX swaps, cross-currency swaps, and futures).
• Credit Complex: Includes Securitized Products, Corporates, Municipal Securities, and Lending solutions, with a focus on mathematical models for day-to-day trading and risk mitigation of asset-backed securities, as well as pricing highly structured or distressed credit products.
• Fixed Income Management: A cross-product team that partners with Fixed Income verticals to implement tools and business reporting solutions to help manage key performance indicators and resources. Sales Strats create and deliver data-driven insights and workflow innovations for internal and external clients.
• Commodities: A market leader across a broad range of commodities markets, with expertise in client risk management, financing solutions, and investor products. May involve assisting with pricing incoming trades, productionizing models, and rapidly developing innovative trader tools.
• XVA: Focuses on pricing and hedging counterparty credit risk, funding, and collateral risk associated with OTC derivatives.

Qualifications / Skills

• You are pursuing a PhD or a Master’s in Financial Engineering, Mathematics, Financial Math, Physics, Statistics, Engineering, Quantitative Finance, Computer Science, or another related quantitative field.
• You are completing your degree (including PhD defense, if applicable) between December 2027 and June 2028.
• You have excellent programming skills in C++, Java, Matlab, Python, R, or Scala.
• You have strong mathematical academic training.
• You have a keen interest in financial markets.
• You have the drive and desire to work in an intense, team-oriented environment.
• You have excellent decision-making abilities.
• You have strong communication skills.

Application Process

• Deadline to Apply: Wednesday, October 14 at 11:59pm ET.
• There will be two waves of application reviews; candidates are encouraged to submit as soon as they are ready.
• Online Assessment: Required for a complete application. Invitations to eligible candidates will be sent starting in early September. Candidates will have 1 hour to complete the assessment.
• First-Round Interviews: Conducted via Zoom starting in late September.
• Superdays: Conducted via Zoom starting in early October.
• For competing deadlines or application-process questions, email: qfcampusrecruiting@morganstanley.com.

Compensation

The expected base pay rate for the role will be between $72.12 and $84.14 per hour at the commencement of employment. Base pay, if hired, will be determined on an individualized basis and is only part of the total compensation package. Depending on the position, total compensation may also include commission earnings, incentive compensation, discretionary bonuses, other short- and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.