Equity Research – Analyst/Associate, Hardlines, Broadlines & Food Retail (New York)

Overview

Morgan Stanley Investment Research is uniquely committed to being an essential part of clients’ investment processes. The team focuses on risk-reward essentials by identifying investor debates, assessing potential outcomes, and uncovering the evidence clients need to validate their investment decisions. Equity analysts cover approximately 3,000 stocks, while economists, strategists, and fixed income analysts cover major regions and other asset classes globally.

Equity Research

The Equity Research department researches macroeconomic and microeconomic conditions and company fundamentals. Analysts collect and analyze financial information to make investment recommendations on stocks in specific sectors. They build financial models to explore alternative scenarios, examine industries, and communicate with companies and investors. Equity Research team members discuss analysis and investment recommendations in research notes. A career in investment research at Morgan Stanley requires 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 the Hardlines, Broadlines, and Food Retail team in New York City, covering retailers including Walmart, Home Depot, and Costco.

Primary Responsibilities

• Create and maintain earnings, valuation, and industry models using accounting, finance, and economics skills
• 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, company management for covered companies, 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 team’s 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 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 translate into revenue growth, margins, valuation, and stock performance
• Comfort adopting AI-enabled tools and new technologies to improve research efficiency, with judgment to verify outputs, protect data integrity, and apply tools appropriately
• 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 required; Python experience is a plus but not required
• CFA designation or progress toward CFA preferred

What You Can Expect from Morgan Stanley

At Morgan Stanley, the firm 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 decisions made every day for clients, communities, and employees worldwide.

You will have the opportunity to work alongside strong teams in a supported and empowered environment. Teams are relentless collaborators and creative thinkers, supported by comprehensive employee benefits and perks. There is also ample opportunity to move about the business for those who show passion and grit.

To learn more about offices across the globe, 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. Base pay will be determined on an individualized basis and is only part of the total compensation package, which may also include commission earnings, incentive compensation, discretionary bonuses, and other short- and long-term incentive packages and other Morgan Stanley sponsored benefit programs, depending on the position.

Equal Opportunity

Morgan Stanley is an equal opportunity employer committed to building and maintaining a workforce that is diverse in experience and background. Individuals are hired, developed, and advanced based on skills and talents.

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