2026 Fixed Income Strats Summer Associate Program (New York)

The Fixed Income Strats Summer Associate Program is an intensive 10-week program that provides Summer Associates the opportunity to work alongside full-time professionals on impactful quantitative projects. Summer Associates will work within an assigned team for the entirety of the program. The multi-faceted program features senior strat speaker series product area training and networking events. With individual coaching and continuous feedback the program enables Summer Associates to experience and understand what a long-term career with the Firm entails.

Training Program

The Summer will kick off with a week-long introductory training program which will provide an institutional contextualization to the work that Summer Associates will be doing through market-knowledge training finance workshops coding and product training. Following the training week Summer Associates will continue to receive more individualized on-the-job training as they join their assigned desks and begin their daily work and projects. Summer Associates will have a direct manager as well as a program mentor both of whom will act as invaluable resources throughout their time at Morgan Stanley.

Responsibilities

Morgan Stanley operates several teams which require experts in statistical analysis applied mathematics computer science and computational finance. These teams operate our leading trading platforms market making operations and derivative structuring pricing and risk management. The mathematical problems arising in these areas are subtle complex and require a broad range of technical skills. As a Summer Associate you will leverage the technical expertise you have been grooming in your academic studies and apply it to extremely applied problems. Many of the applied problems and processes that you will work on are still unsolved and are yet to be optimized.

Summer Associates sit within one of five groups of Fixed Income Strats. You may be selected to interview with multiple teams:

Macro:

Macro departments within Morgan Stanley include Interest Rates and Foreign Exchange with examples such as interest rate swaps FX swaps cross-currency swaps and futures.

Credit Complex:

Credit Complex is comprised of Securitized Products Corporates Municipal Securities and Lending solutions. Strats are oftentimes focused on developing mathematical models for day-to-day trading and risk mitigation of asset-backed securities as well as pricing highly structured or distressed credit products.

Fixed Income Management:

The Fixed Income Management team is a cross-product team that partners with the various verticals within Fixed Income to implement tools and business reporting solutions aiming to enhance the business ability to manage key performance indicators and resources. Sales Strats are tasked with creating and delivering data-driven insights and workflow innovations for both internal and external clients.

Commodities:

The Commodities desk is a market leader across a broad range of commodities markets with expertise in areas including client risk management financing solutions and investor products. Strats can find themselves assisting the desk to price incoming trades utilizing quantitative skills to productionize models and rapidly develop innovative trader tools.

XVA:

The XVA desk focuses on pricing and hedging counterparty credit risk funding and collateral risk associated with OTC derivatives.

Qualifications/Skills/Requirements

• You are pursuing a PhD or a Masters in Financial Engineering Mathematics Financial Math Physics Statistics Engineering Quantitative Finance Computer Science or another related quantitative field.
• You are completing your degree (inclusive of PhD defense if applicable) between December 2026 and June 2027.
• You have excellent programming skills in C Java Matlab Python R or Scala.
• You have strong mathematical academic training.
• You have a keen interest in financial markets.
• You have the drive and desire to work in an intense team-oriented environment.
• You have excellent decision-making abilities.
• You have strong communication skills.

Deadline to Apply: Wednesday October 15 at 11:59pm ET

• There will be two waves of application reviews as such we encourage you to submit your application as soon as youre ready.
• An online assessment is required in order for your application to be considered complete.
  • Invitations to the online assessment will go out to eligible candidates starting in early September.
  • Applicants will have 1 hour to complete the online assessment.
• First-Round Interviews will be conducted via Zoom starting in late September.
• Superdays are conducted via Zoom and will take place starting early October.
• Please let us know of any competing deadlines or questions regarding the application process by emailing us at

Expected base pay rate for the role will be between $72.12 and $84.14 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 Stanleys 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).