2027 Investment Banking Summer Analyst Program (United States)

Morgan Stanley is a worldwide leader in Investment Banking. We are one of the top firms in mergers & acquisitions (M&A), underwriting of equity and debt transactions. With professionals in over 30 countries, we are consistently recognized for our performance in traditional and innovative financing techniques, helping clients around the world to make decisions about their business strategy and financial structure.

In the United States, we have opportunities in the following cities: New York, Houston, Menlo Park and San Francisco. We are further organized by industry and product groups including Consumer Retail, Corporate Separations, Financial Institutions, Financial Sponsors, Healthcare, Industrials, Latin America, Media & Communications, Mergers & Acquisitions, Power & Energy, Private Capital Advisory, Real Estate, Shareholder Activism, Technology, Transportation. When applying, you will be prompted to identify your preferred office location(s) and banking groups.

Summer Analyst Training Program

Summer Analysts experience the culture and atmosphere of Morgan Stanley by taking on responsibilities of a Full Time Analyst, working on a variety of corporate transactions, and making meaningful contributions to the delivery of projects.

Summer Analysts will be involved in an immersive orientation program and learn about our culture as well as the benefits and responsibilities of being a member of the Firm. In addition, Summer Analysts participate in an intensive division-specific training program focused on developing a strong foundation in the basic skills of financial analysis, accounting, and valuation. Upon conclusion of training, Summer Analysts will have an opportunity to work on a wide range of transactions in their assigned group.

Summer Analysts receive continued on-the-job training throughout the program and benefit from working alongside experienced professionals during their internship. Summer Analysts have many opportunities to exchange ideas and network with peers, mentors and senior managers through team-building sessions and other organized events.

Responsibilities

The roles and responsibilities of a Summer Analyst vary but may include:

• Analyzing detailed corporate and financial information
• Creating statistical exhibits that analyze comparative financial performance
• Building models to illustrate projected financial results and value to companies
• Developing marketing memoranda and delivering sections of research presentation
• Participating in the execution of financings and M&A transactions
• Acting as the liaison for the team and other parts of the Firm

Qualifications, Skills & Requirements

• Pursuing an undergraduate degree with a graduation date between December 2027 and June 2028
• Minimum 3.4 GPA
• Possess basic knowledge of and a keen interest in finance
• Analytical, adaptive, multi-tasker and team player
• Strong work ethic and leadership skills
• Strong oral and written communication skills

Expected base pay rates for the role will be $52.89 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.

Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees.

It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law.

Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).

Our Opportunities

Office Locations: New York, Houston, Menlo Park, and San Francisco

Industry Coverage Groups : Consumer Retail, Financial Institutions, Power & Energy, Healthcare, Industrials, Latin America, Media & Communications, Real Estate, Transportation, and Technology

Product Groups : Corporate Separations, Mergers & Acquisitions, Financial Sponsors, Private Capital Advisory, Shareholder Activism

Application Details

• Applications are open from January 1, 2026 – February 15, 2026 and are reviewed on a rolling basis. Students are encouraged to apply as soon as they feel most prepared to do so.
• You can select and rank up to three preferred office locations and up to three Investment Banking Division (IBD) groups.
• The groups listed below are available for direct hire. If selected, you will interview directly with the group.
  • Financial Institutions Group
  • Latin America
  • Private Capital Advisory
  • Real Estate
  • Corporate Separations
  • Shareholder Activism
  • Houston - Power & Energy
  • Menlo Park - Technology
  • San Francisco - Financial Sponsors
  • San Francisco - Healthcare
  • San Francisco - Industrials
• The groups listed below are included in the New York Generalist* program.
  • Consumer Retail
  • Financial Sponsors
  • Healthcare
  • Industrials
  • Media & Communications
  • M&A
  • Power & Energy
  • Technology
  • Transportation

*If recruiting for The New York Generalist program, you would be eligible for a generalist offer. Group placement takes place during onboarding, prior to the start of the Summer Program, and features a structured process, complemented by educational and networking opportunities.