2027 Institutional Equity Co-Op (United States)

Overview

Morgan Stanley’s Institutional Equity Division (IED) is a world leader in the origination, distribution, and trading of equity, equity-linked, and equity-derivative securities. The Division services a global institutional client base, providing clients with innovative product solutions that help generate alpha within their portfolios. Co-Ops will spend approximately six months fully immersed on a desk within IED.

Desk Options

Global Institutional Equity Sales

• Investment Content & Idea Generation: Deliver differentiated Morgan Stanley research, market insights, and actionable investment and trade ideas tailored to clients’ portfolios, strategies, and investment priorities.
• Capital Markets: Facilitate client participation in Morgan Stanley’s equity capital markets activity, including IPOs, follow-ons, block offerings, and other transactions, while providing relevant market context and investor feedback.
• Firmwide Connectivity & Client Solutions: Serve as a strategic gateway to Morgan Stanley’s broader platform, connecting clients with the firm’s resources and capabilities, including Corporate Access, Cash Trading, Electronic/Algorithmic Trading, Derivatives, Prime Brokerage, Research, and other relevant products and expertise.
• Commercial Development & Market Intelligence: Identify and develop opportunities for Morgan Stanley by maintaining a deep understanding of clients’ portfolios, investment priorities, positioning, and evolving needs; translate client sentiment and market intelligence back to Research, Trading, Capital Markets, and other internal partners to inform firm strategy, deepen client relationships, and drive revenue.

Prime Brokerage Department

For more than 40 years, Morgan Stanley has led the industry and set the standard for excellence in Prime Brokerage. Prime Brokerage is a strategic partner to hedge funds and institutional clients across the globe, providing clearing and custody services, securities lending and financing, risk analytics, consulting, introductions to potential investors, and access to world-class proprietary technology. Prime Brokerage also acts as a portal into the firm and assists clients with navigating Morgan Stanley’s broader resources, including Equity Sales and Trading, Derivatives, Securities Lending, Technology and Operations.

Prime Brokerage Sales

• Work with Morgan Stanley’s hedge fund clients to deliver the resources of its prime brokerage platform and the broader firm.
• Prime Brokerage provides hedge funds with clearing, custody, and financing solutions for their portfolios, in addition to capital introductions and business consulting solutions.
• Primary focus areas: (1) bring in new Prime Brokerage business by pitching the offering and capabilities to prospective startup or existing hedge funds, and (2) manage relationships with existing hedge fund Prime Brokerage clients.

Prime Brokerage Capital Introductions

• Facilitate the flow of capital from a global base of institutional investors to MS Prime Brokerage’s hedge fund clients.
• Discuss alternatives portfolios with decision makers at institutional investors (e.g., endowments, fund of funds, pensions, consultants, etc.) and identify hedge funds that may be a fit as they make investment decisions.
• Partner with Portfolio Managers, Chief Operating Officers, and Marketing & Investor Relations professionals on hedge fund business development strategies and marketplace positioning.

Prime Brokerage Consulting

• Provide strategic consulting and support to start-up and existing hedge fund clients on creating, operating, and optimizing their hedge fund businesses.
• Support clients through all phases of their evolution—prelaunch, growth, and maturity.
• Often serve as the “first call” for clients at various stages of the lifecycle.

Prime Brokerage Client Coverage

• Partner with teams across Morgan Stanley to support leading hedge funds and institutional investors.
• Support client service, risk monitoring, operational oversight, and strategic projects, with strong communication and relationship-building skills.
• Gain exposure to financial markets, Prime Brokerage products, and client relationship management while helping deliver exceptional service and innovative solutions.

Prime Brokerage Content

• Curate strategic research covering trading activity in the hedge fund universe.
• Analyze positioning and leverage across various factors, thematics, and regions to identify where hedge funds pose risks to equity markets.
• Combine underlying market technicals with hedge fund trading behavior to form broad market views that support decision-makers (CIOs, Portfolio Managers, Traders), highlighting crowding risks and potential sources of alpha.
• Collaborate closely with Trading and Equity Derivatives desks to deliver an all-encompassing market outlook for clients.

Prime Brokerage Derivatives Clearing

• Manage the clearing of Futures, Options, and Over-the-Counter (OTC) Swaps at clearing houses globally.
• Serve institutional client types using speculative and hedging strategies across a range of asset classes, including equities, fixed income, FX, and commodities.
• Work directly with clients to ensure an optimal client experience and product offering, including access to 70+ global markets to further enhance portfolios.

Prime Brokerage Finance & Analytics

• Deliver financial analytics, client profitability insights, treasury and liquidity management, balance sheet optimization, and business performance reporting.
• Partner with Sales, Client Coverage, Finance, Technology, and other teams to drive business initiatives, optimize deployment of financial resources, evaluate client and product opportunities, and provide actionable insights.
• Support profitability, capital efficiency, and the overall effectiveness of the Prime Brokerage platform.

Qualifications / Skills / Requirements

• Availability to work full-time, in-person, from January to June 2027 at the role location.
• Pursuing an undergraduate degree with a graduation date after December 2027.
• Minimum 3.0 GPA.
• Advanced knowledge of the Microsoft Office Suite.
• Ability to learn and use new software applications.
• Excellent written and verbal communication skills with a strong attention to detail.
• Professional attitude and demeanor; strong work ethic.
• Strong team-player and collaborator; enthusiastic and motivated.
• Ability to execute quickly, multi-task, and prioritize.
• Quantitative, analytical, and problem-solving skills.
• Quick-learner; adaptable to changing business requirements.
• No prior knowledge of finance or trading is required, but a keen interest in finance and markets is necessary.

Application Process

• Deadline to apply: September 20, 2026 at 11:55pm ET.
• As part of the application, applicants will be asked to rank the above desks in order of preference.
• If selected to progress, candidates will undergo desk-specific interviews.
• Note: Applicants may be selected to interview for more than one desk.
• Candidates must apply with their resume through the Morgan Stanley website. Resumes are reviewed on a rolling basis, and students are encouraged to apply as soon as they are ready.
• To be considered complete, students must submit an application and complete a HireVue (instructions are emailed upon submission).

Compensation

Expected base pay is $52.89 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 include commission earnings, incentive compensation, discretionary bonuses, other short- and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.