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

Placement and Duration

The Institutional Equity Strats Off Cycle Associate Program is an intensive four to six-month-long Program that provides Associates the opportunity to work alongside full-time professionals on impactful, quantitative projects. Associates will work within an assigned team for the entirety of the program. With individual coaching and continuous feedback, the program enables Associates to experience and understand what a long-term career with the Firm entails.

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 an Off Cycle 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.

Institutional Equity Strats operates with a core focus on enabling sales and trading to innovate and scale business activities using cutting-edge technologies and world-class infrastructure. Primary responsibilities include creation of data and analytical decision-making tools, conducting analysis and presenting research ideas, developing supporting frameworks and workflows, and delivering valuation and risk management systems.

Derivative Strat Modeling team. Derivative Modeling Strats are key participants, together with traders, in the revenue-generating and risk management activities of our Sales & Trading Division. Derivative Modeling Strats are the primary modelers for new products, and team with the traders to deliver innovative ideas using models to analyze risks and opportunities in trading books for derivatives.

Derivative Modeling Strats are responsible for implementing and supporting the models used in all of Exotics, Corporate and Flow derivative trading. They also look after automation of the derivative product flow, including pricing methodology, control of the pricing platform and automated booking. They also constantly assist with model enhancements and tooling for derivative trading, to improve the risk management and hedging infrastructure

Off Cycle Associates on the Derivative Modeling Strats team can expect to be doing the following:

• Implementing new models and algorithms for the valuation of derivatives and support the existing analytics library.
• Conducting analysis of complex trade to assess the best pricing method.
• Analyzing and managing the risk of the positions currently in the book.
• Creating tools to assist decision making & increase efficiency in sales and trading.

Qualifications/Skills/Requirements

• You are pursuing a PhD in Financial Engineering, Mathematics, Financial Math, Physics, Statistics, Engineering, Quantitative Finance, Computer Science, or other related quantitative field.
• You are completing your degree (inclusive of PhD defense, if applicable) between December 2027 and June 2028
• An advanced degree in a quantitative subject such as Engineering, Applied Mathematics, Physics, Software Engineering is mandatory.
• Very strong modeling skills, with knowledge of equity derivatives models a strong plus.
• 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, Partial Differential Equation, and an expertise in either of these subjects.
• Drive and desire to work in an intense team-oriented environment.
• Ability to communicate effectively in both written and verbal English

Expected base pay rates 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.