Fixed Income Division - Analyst, Municipal Markets (New York)

Join a quantitative team supporting a large municipal bond market-making desk. We collaborate with traders across electronic and voice trading, bond origination, specialized lending, and bespoke derivative products.

Our team applies mathematics, statistics, machine learning, and software to solve practical trading problems. We analyze trading strategies, build electronic trading algorithms, model the financial risks associated with the desk’s inventory, and conduct detailed analysis of trading profits and losses.

Municipal markets present unique quantitative challenges: many securities trade infrequently, bonds feature numerous structural differences, and market data can be incomplete. We develop mathematical models that connect observable market variables to bond prices, enabling the trading desk to estimate value, identify relative-value opportunities, manage risk, and improve trading decisions.

The Role

As a Quantitative Strategist, you will work directly with traders, quantitative researchers, and engineers. You will use data and statistical analysis to identify potential trading strategies, assist with complex trades and hedging decisions, and enhance the models and systems used for securities pricing and risk monitoring.

You will also help organize and maintain the team’s quantitative research environment, including modeling software, the research archive, Python packages, the Linux environment, containers, and testing infrastructure. This role encompasses both immediate desk-facing analysis and longer-term research into trading strategies and market behavior.

Responsibilities

• Research and test quantitative trading strategies.
• Assist traders in evaluating complex transactions, selecting hedges, determining position sizing, and timing execution.
• Develop pricing and risk models for municipal bonds, bond derivatives, and related products.
• Analyze inventory risk, trading activity, and profit-and-loss performance.
• Apply statistics and machine learning to trading, pricing, and risk-management problems.
• Support the deployment of machine learning and AI models into production environments.
• Organize and maintain quantitative models, research code, and development environments.
• Clearly communicate analytical findings to traders and other stakeholders.

Qualifications

• Bachelor’s degree in Mathematics.
• Strong knowledge of probability, statistics, numerical methods, and mathematical modeling.
• Proficient programming skills, preferably in Python.
• Familiarity with or interest in learning Linux, Git, package management, containers, pandas, and NumPy.
• Strong interest in trading and financial markets.
• Demonstrated ability to take ownership of software, models, and research processes.
• Excellent analytical, organizational, and communication skills.
• A collaborative personality and a strong desire to work closely with the trading desk.
• Ability to remain calm and composed under pressure.
• Positive, proactive, and energetic demeanor.
• Experience with fixed income, derivatives, bond mathematics, JavaScript, kdb+/q, machine learning, or production model deployment is helpful but not required.
• Recent graduates and candidates with up to three years of relevant experience are encouraged to apply. Prior municipal bond experience is not required.

What You Can Expect From Morgan Stanley

At Morgan Stanley, we raise, manage, and allocate capital for our clients, helping them reach their goals in a differentiated way—a tradition spanning 90 years. Our values—putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back—guide our daily decisions to serve our clients, communities, and more than 80,000 employees across 1,200 offices in 42 countries.

You will find an environment where you are supported and empowered to work alongside top talent. Our teams are relentless collaborators and creative thinkers, fueled by diverse backgrounds and experiences. We are proud to support our employees and their families throughout their entire work-life journey, offering some of the most comprehensive employee benefits and perks in the industry. There are also ample opportunities for internal mobility for those who show passion and drive.

Expected base pay rates for this role will be between $110,000 and $125,000 per year upon commencement for the Analyst level. However, final base pay will be determined individually and is only part of the total compensation package, which may include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and various Morgan Stanley sponsored benefit programs.

Morgan Stanley is an equal opportunity employer committed to building and maintaining a workforce diverse in experience and background. Our recruiting efforts reflect our strong commitment to a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents. Our workforce reflects a broad cross-section of the global communities in which we operate.