2027 Institutional Equity Quantitative Finance Off-Cycle Internship - Derivatives (New York)

Morgan Stanley Campus • New York, NY

1d

About The Position

The Institutional Equity Strats Off Cycle Associate Program is an intensive four- to six-month program in which Associates work alongside full-time professionals on quantitative projects within an assigned team. Individual coaching and continuous feedback help participants understand what a long-term career with the Firm entails.

Institutional Equity Strats enables Sales & Trading to innovate and scale business activities using advanced technologies and infrastructure. The Derivative Modeling Strats team works with traders on revenue generation and risk management, models new products, and develops models to assess risks and opportunities in derivative trading books. The team implements and supports models used in Exotics, Corporate, and Flow derivative trading; automates derivative product flow, including pricing methodology, pricing platform controls, and booking; and enhances models and tools for trading, risk management, and hedging.

Off Cycle Associates on the team implement derivative valuation models and algorithms, analyze complex trades and positions, and create tools that support decision-making and improve Sales & Trading efficiency. The expected base pay is $72.12 to $84.14 per hour at the commencement of employment. Pay is determined individually and may be part of a broader compensation package that can include commission earnings, incentive compensation, discretionary bonuses, other short- and long-term incentives, and Morgan Stanley-sponsored benefit programs.

Requirements

• Pursuing a PhD in Financial Engineering, Mathematics, Financial Math, Physics, Statistics, Engineering, Quantitative Finance, Computer Science, or another related quantitative field.
• Completing the degree, including the PhD defense if applicable, between December 2027 and June 2028.
• An advanced degree in a quantitative subject such as Engineering, Applied Mathematics, Physics, or Software Engineering is mandatory.
• Very strong modeling skills.
• Very strong programming skills in an object-oriented language, applied within the library of a front-office team.
• Good knowledge of Probability, Numerical Analysis, Stochastic Calculus, Approximation Theory, and Partial Differential Equations, with expertise in at least one of these subjects.
• Drive and desire to work in an intense, team-oriented environment.
• Ability to communicate effectively in written and spoken English.

Nice To Haves

• Knowledge of equity derivatives models.

Responsibilities

• Implement new models and algorithms for derivative valuation and support the existing analytics library.
• Analyze complex trades to assess the best pricing method.
• Analyze and manage risk in positions currently in the book.
• Create tools to assist decision-making and increase efficiency in Sales & Trading.
• Contribute to modeling and risk management activities for derivative trading, including model enhancements and tooling.

What This Job Offers

• Career Level: Intern
• Education Level: Ph.D. or professional degree