2027 Global Capital Markets Off-Cycle Internship (London)

Global Capital Markets Off-Cycle Internship

In the Global Capital Markets (GCM) division, Morgan Stanley offers global expertise in market analysis and advisory and capital-raising services for corporations, institutions, and governments. Morgan Stanley is a global leader in financial services, serving clients and communities across more than 40 countries since 1935.

The Global Capital Markets division is divided into three sub-divisions: Equity Capital Markets (ECM), Fixed Income Capital Markets (FICM), and Leveraged Finance (LAF). GCM is a private-side division combining market thinking with strategic execution.

Internship Overview

• Opportunity to experience the culture and atmosphere of Morgan Stanley’s GCM division by taking on responsibilities and functions similar to those of a Full-Time Analyst.
• Internship typically lasts for up to six months, but length may vary based on business needs and candidate availability.
• Internship placement is assigned to a specific group and/or region through an allocation process following an offer of employment.
• Gain product knowledge and develop market judgment while working on a range of domestic and international transactions.

Sub-Divisions

Equity Capital Markets (ECM)

• Execution-focused product team advising clients on equity, equity-linked, and equity derivative products, including IPOs, follow-on offerings, convertible bonds, and derivatives.
• Provide judgment and advise on optimal transaction structures, timing, sizing, and other key execution considerations.
• Work closely with public, private, government, and private equity clients, acting as a bridge between them and the global equity investor base.

Fixed Income Capital Markets (FICM)

• Support Senior Bankers in coverage and origination of business for FIG, Corporate, and SSA clients related to debt financing.
• Participate in regular pitching through client meetings, as well as broader capital and issuance strategy planning.
• Provide weekly updates on markets and debt pricing across the capital structure and currencies.
• Collaborate with internal teams across IBD, GCM, and Sales & Trading to conduct market analysis and outline solutions to clients’ financing needs and broader strategy (including M&A financing, capital planning, roadshows, and swap executions).
• Execute live transactions in collaboration with clients, investors, the syndicate desk, traders, and other banks.

Leveraged & Acquisition Finance (LAF)

• Generate ideas and act on debt origination opportunities for sub-investment grade rated corporate and sponsor-owned clients.
• Debt origination opportunities may include: general corporate purpose financing, refinancing of existing debt, dividend recapitalisation, and leveraged buyout financing.
• Opportunities can be executed via high yield bonds and leveraged loans.
• Once mandated, work closely with internal teams across IBD and GCM to bring clients to rating agencies for either a debut rating or a ratings update (considering latest financial performance, the forecast business plan, the proposed transaction, and other relevant details).
• After the updated rating is received, support live execution by working with internal teams across IBD, GCM, and Sales & Trading to run marketing exercises with investors/lenders until the facilities are priced and allocated.

Training Program

You will receive on-the-job training and work alongside experienced professionals on a variety of projects.

Role and Responsibilities

• Provide support on marketing and execution of offerings and products such as IPOs, capital increases, derivatives, and securitisations.
• Analyse and advise clients on effective transaction structures to meet their objectives.
• Gather data and analyse trends, investor sentiment, and market outlook.
• Prepare analyses of transaction precedents, shareholding structures, and stock metrics and performance.
• Create financial models.
• Attend team discussions and client meetings, and deliver parts of presentations when requested.

Qualifications and Skills

• You are in your final year of university studies.
• Strong analytical and numerical skills with comfort working with financial data.
• Ability to articulate complex ideas clearly and summarise effectively.
• Results-driven, able to perform well under pressure and meet tight deadlines.
• Proven team player with a positive attitude and ability to manage a wide range of responsibilities.
• Creative, entrepreneurial mindset; able to think outside the box.
• Fluency in English; ability to communicate effectively in another language is an advantage.
• Commitment to excellence and maintaining high professional and ethical standards.

Application Process and Deadline

• Application deadline: Sunday, 18 October 2026.
• Recruitment is conducted on a rolling basis, so early application is encouraged.
• Applications are reviewed in a timely manner; response times may vary due to high volumes.
• Applicants will receive an email update once a decision has been reached.

What You Can Expect from Morgan Stanley

Morgan Stanley raises, manages, and allocates capital for clients to help them reach their goals. The company’s values—putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back—guide the decisions made every day for clients, communities, and more than 80,000 employees across 1,200 offices in 42 countries.

You will have the opportunity to work alongside talented colleagues in an environment where you are supported and empowered. Teams are collaborative and creative thinkers, and the company offers comprehensive employee benefits and perks. There is also ample opportunity to move about the business for those who show passion and resilience in their work.

To learn more about Morgan Stanley’s global offices, visit: https://www.morganstanley.com/about-us/global-offices