MSIM - Municipal Research - Analyst

Morgan Stanley Investment Management (“MSIM”), together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.7 trillion in assets under management or supervision as of June 30, 2025. Morgan Stanley Investment Management strives to provide strong long-term investment performance, outstanding service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.

This role provides investment research and analytical support to Municipal Credit Analysts and Portfolio Managers, with a focus on credit fundamentals, security structure, and relative value. The Research Analyst will work closely with Senior Analysts to research new investment ideas and help monitor existing investments in assigned market sectors. The Research Associate will work closely with Senior Analysts to identify new investment opportunities, monitor existing holdings, and develop the credit judgment, analytical rigor, and communication skills required to make independent recommendations over time. As experience and sector expertise deepen, the Research Associate is expected to become a meaningful contributor to the Municipal team’s investment process.

Primary Responsibilities:

• Support senior analysts by conducting issuer-level municipal credit research, including analysis of financial performance, operating trends, security structure, and sector-specific risks.
• Collect, maintain, and analyze financial, market, and statistical data to support fundamental credit research and relative value analysis.
• Develop quantitative models, data tools, and AI-enabled workflows that improve research efficiency, surveillance quality, and the broader team’s analytical capabilities.
• Maintain surveillance of assigned credits through review of periodic financial reporting, news sources, peer comparisons, external research, and communication with market participants or issuer management teams.
• Write clear credit surveillance reports, present findings to colleagues, and develop trade ideas or investment recommendations with guidance from senior analysts.
• Build and maintain spreadsheets, dashboards, macros, or other tools that consolidate information from multiple sources into usable research outputs.
• Support Senior Analysts on sector reviews, issuer deep dives, portfolio surveillance, and other research projects as needed.

Job Requirements:

• Bachelor’s degree required with a strong academic record; relevant experience or demonstrated interest in investment research, municipal finance, or credit analysis preferred.
• Strong Excel and quantitative skills required; experience with Python, SQL, R, data visualization, or AI-enabled research tools preferred.
• Strong written and verbal communication skills, with the ability to synthesize complex issuer information into concise, actionable investment views.
• Intellectual curiosity, sound credit judgment, attention to detail, and the ability to think critically and creatively.
• Ability to work independently and collaboratively in a fast-paced investment environment, with flexibility to support multiple analysts, sectors, and priorities.
• Commitment to continued professional development; progress toward the CFA designation or graduate business study is preferred.

WHAT YOU CAN EXPECT FROM MORGAN STANLEY:

At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work.

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Expected base pay rates for the role will be between $110,000 and $125,000 per year 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 is an equal opportunity employer committed to building and maintaining a workforce that is 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, bringing a variety of backgrounds, talents, perspectives, and experiences.

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