# 2027 Institutional Equities Trading Off-Cycle Internship (London) [Morgan Stanley](https://www.jorb.ai/firms/morgan-stanley.md) · London · United Kingdom · [Sales & Trading](https://www.jorb.ai/jobs/sales-trading.md) Morgan Stanley is hiring a 2027 Institutional Equities Trading Off-Cycle Internship (London) in London. Posted 2026-09-08; applications close 2026-11-07. **Apply**: https://morganstanley.tal.net/vx/lang-en-GB/mobile-0/brand-2/xf-dd4fde575c91/candidate/so/pm/1/pl/1/opp/21615-2027-Institutional-Equities-Trading-Off-Cycle-Internship-London/en-GB Posted 1d ago. ## Role details ## Institutional Equity Trading Off-Cycle Internship Programme (London) The Morgan Stanley Institutional Equity Trading Off-Cycle Internship Programme in London runs for **6 to 9 months**. Students will be assigned to a specific desk: **Exotics**, **Corporates**, or **Structuring**. Throughout the internship, you will remain on your assigned desk to build an in-depth understanding of its work, products, and responsibilities. The programme provides an opportunity to experience the culture and atmosphere in the Sales & Trading division by taking on responsibilities and functions of a Full-Time Analyst. As an intern, you will gain full insight into what it takes to be part of a trading desk, including producing analytics, preparing ad-hoc reports, and leading a diverse set of projects to improve trading activities. You will learn about a wide range of derivative products traded with different client types in different regions. You will join a diverse team and gain exposure to different product solutions offered by Structuring, including **Quantitative Investment Strategies**, **Retail Structured Products**, and **Institutional Solutions**. ## Training Programme You will receive on-the-job training and work alongside experienced professionals on a variety of projects. Throughout the programme, you will develop the analytical, quantitative, and interpersonal skills needed to succeed in the role. You will work with a diverse, collaborative team, including experienced industry professionals and graduates from leading universities, focused on solving interesting and complex problems. You will also gain exposure to **Sales, Trading, and Management**, and build your network through opportunities to connect with peers and colleagues across the Firm. ## Roles and Responsibilities ### Exotics Desk - Manage a complex derivative portfolio of both equity and cross-asset underlyings. - Provide pricing and liquidity to institutional (e.g., Hedge Funds, Pension Funds, Insurance Companies) and retail clients (e.g., private banks, distributors). - Work within three sub-teams focused on market making and risk management across single stocks, equity indices, and cross-assets. - Support risk interpretation and management for products sensitive to various greeks (and dynamic risks), including continuous hedging and different strategies and techniques. - Contribute to daily activities such as: - Market making of exotic products in primary and secondary markets - Development of market making/trading tools - Interpretation and management of risks at both the product and aggregated book levels (e.g., delta, vega, rho, divrho, gamma, cross-gamma) - Development of quantitative risk analysis tools at product and book levels - Hedging/trading in listed and broker markets - Optimizing hedging strategies for illiquid risks - Development of scenario analysis for macro events (e.g., Fed announcements) and micro events (e.g., dividends, corporate actions) ### Corporates Desk - Manage a portfolio of large structured single-stock derivative transactions linked to strategic corporate situations (e.g., M&A, stake builds/disposals). - Combine pricing and structuring with active risk management across equity and, where relevant, credit, FX, and rates. - Take into account liquidity, market impact, transaction costs, and risk limits. - Support day-to-day responsibilities including: - Pricing strategic derivatives primarily for corporate clients - Managing and improving hedges on existing positions - Identifying restructuring opportunities - Performing scenario analysis around company-specific and macro events - Developing models, analytics, and trading tools - Apply strong knowledge of derivatives documentation and the regulatory and jurisdictional constraints relevant to complex corporate transactions. ### Structuring Desk - Manufacture Quantitative Investment Strategies (QIS), Light Exotics Products, Structured Products, and complex solutions/transactions. - Produce content, perform complex derivatives pricing, support client connectivity, and contribute to product design for Morgan Stanley customers, including Private Banks, Distributors, Hedge Funds, and Financial Institutions. - Apply a strong quantitative academic background, preferably in financial mathematics and probability theory. - Use strong Python programming skills and work with large and varied financial datasets. - Collaborate closely with the Exotic Trading desk and clients, contributing in a fast-paced, solution-oriented environment. ## Qualifications / Skills / Requirements - Master’s or PhD student in subjects such as Economics, Mathematics, Financial Mathematics, Physics, Engineering, Quantitative Finance, Computer Science, or similar. - Graduate of **2026** or graduating in **2027**. - Advanced knowledge of **Python**, **SQL**, **Excel**, **VBA**, **R**, or similar languages is valued. - Understanding of theoretical pricing models and knowledge of market products and their risks. - Keen interest in financial markets, economics, and complex market dynamics, with the desire to work in a fast-paced environment. - Curiosity and willingness to go beyond basic textbook models to find trade ideas and arbitrage channels. - Interest in data and experience tackling diverse datasets in innovative ways. - Entrepreneurial mindset with practical problem-solving skills and strong attention to detail. - Ability to analyse and interpret complex information quickly and accurately. - Excellent communication skills and enjoyment of collaboration and teamwork. ## Application Requirements Please submit your **CV** and **Covering Letter** in **English**. ## Applying to this role This 2027 Institutional Equities Trading Off-Cycle Internship (London) role at Morgan Stanley runs through the firm's own careers portal and expects a CV and cover letter written specifically for the posting, not a portable submission carried across firms. Jorb AI's application agent tailors a CV and cover letter from your background to this posting and tracks the role alongside the rest of your applications. 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