General Overview of S&T at MS

Based on the most helpful WSO content, here's what you need to know about S&T at Morgan Stanley (MS):

General Overview:

1. Internship Program Dynamics:

   • MS's S&T internship program has been described as challenging due to the nature of the work. Interns often face limited opportunities to contribute tangible value because of regulatory restrictions (e.g., needing FINRA/FCA certifications to trade or speak to clients).
   • Interns are evaluated more on their fit and ability to interact well on a dynamic trading floor rather than on technical deliverables.
   • The rotational program requires interns to secure preferences from desks to return. For example, sophomore interns need two desks to choose them, while junior interns only need one. However, even meeting these criteria doesn't always guarantee an offer, as MS has been noted for inconsistencies in their return decisions.

2. Strengths and Weaknesses of Desks:

   • While specific strong/weak desks at MS aren't explicitly detailed in the context, it's clear that desk placement can significantly impact your experience and future opportunities. For example, desks like Solutions or Credit are recommended for those looking to transition to IBD, as they involve transferable skills like financial statement analysis, Excel, and market research.

3. Challenges in S&T:

   • S&T internships are often seen as less structured compared to IB. Interns may feel underutilized, as the focus is more on observing and networking rather than producing deliverables.
   • The push towards automation and electronic trading has reduced the need for large intern classes, and the job market's slow turnover has further limited full-time opportunities.

Analyst/Internship Program Quality and Exits:

• Program Quality:

  • The program is heavily reliant on networking and building relationships with team members. Interns are encouraged to spend time with everyone on their desk and related desks, shadowing and engaging in coffee chats.
  • Technical skills like Python (for equities desks) or Bloomberg in Excel (for fixed income desks) can be useful but are not always necessary.

• Exits:

  • Exits from S&T at MS can vary widely depending on desk placement and individual performance. Those on technical or client-facing desks may have better opportunities to transition to other roles, such as IBD or buy-side positions.
  • Interns aiming for IBD full-time roles are advised to focus on desks that involve accounting, corporate finance, or Excel-heavy tasks to build a strong narrative for interviews.

If you're considering MS S&T, prioritize desk placement and networking to maximize your experience and future opportunities.

Sources: S&T Summer Analyst Lateral to IB FT?, How to be a good S&T Intern, How were S&T intern return rates at GS/MS/JPM?, HELP: The Future of the S&T Job Market and Selecting the Right Desk, Microsoft: The (not so) Evil Empire