Equity Research – Analyst/Associate, Airlines & Freight Transportation (New York)

Morgan Stanley•New York, NY

About The Position

Morgan Stanley Investment Research is committed to being an essential part of clients’ investment processes by providing relevant, timely analysis focused on investment debates, potential outcomes, and evidence that informs investment decisions. The Equity Research department studies macroeconomic and microeconomic conditions and company fundamentals, analyzes financial information, makes stock investment recommendations, builds financial models, and communicates research and recommendations to companies and investors. Morgan Stanley is seeking an experienced Analyst/Associate to join its Airlines & Freight Transportation research team in New York City. The team covers more than 30 stocks across airlines, rails, trucking, parcels, and logistics. It develops differentiated, out-of-consensus views through timely tactical calls and thematic research, including analysis of technology-driven disruption such as autonomous trucks, drones, eVTOLs, and freight digitization, supported by a developed data and modeling platform.

Requirements

Ideally, 1–2 years of professional experience in equity research or investment banking.
Advanced Excel proficiency and proven experience building and maintaining financial models in Excel.
Strong written and verbal communication skills, including the ability to present analysis clearly, defend conclusions, and contribute positively in client-facing discussions.
Demonstrated interest in public markets and curiosity about stock performance, investor debates, and valuation.
Comfort adopting AI-enabled tools and new technologies to improve research efficiency, with judgment to verify outputs, protect data integrity, and apply tools appropriately.
Demonstrated attention to detail and commitment to accuracy.
Ability to adapt quickly and work well under pressure.
High EQ, personal drive, energy, creativity, intellectual curiosity, organizational discipline, and a team-oriented mindset.
Ability to think independently, develop differentiated views, and operate with a self-starter mentality.

Nice To Haves

Experience or sector knowledge in airlines and/or freight transportation.
Experience with Python.
CFA designation or progress toward the CFA designation.

Responsibilities

Create and maintain financial, valuation, and industry models using accounting, finance, and economics skills.
Translate company, industry, consumer, market, and alternative data into research reports with clear investment debates, differentiated conclusions, and actionable stock calls.
Develop and maintain relationships with management and investor relations teams at covered companies, industry specialists, and other key opinion leaders.
Engage with institutional investors by responding to in-depth questions and bespoke requests, discussing companies and investment theses, and communicating the team’s highest-conviction views.
Support internal sales and trading teams with timely analysis of breaking sector news and relevant industry developments.
Use AI-enabled research tools judiciously to improve information gathering, model maintenance, data analysis, and workflow execution while maintaining analytical rigor, source verification, data integrity, and quality control.
Conduct industry diligence and primary research through surveys, expert conference calls, and channel checks to evaluate industry trends and their implications for covered companies.
Collaborate with cross-functional teams to produce larger industry and thematic reports.