Market Risk Management Internship
The Market Risk Department (MRD) identifies, measures, monitors, advises, challenges and stress tests
market risks generated by the Firm’s market-making and banking activities.
• Summer Analyst Program for six months.
• A comprehensive hands-on introduction to Financial Services and Risk Management.
• In-depth exposure to Market Risk Management.
• Opportunities to take on meaningful and challenging projects with real day-to-day impact.
• Analysts will receive on-the-job training, a peer buddy, senior leader mentorship, networking
opportunities and interaction with the senior management of the division.
• Diverse culture and commitment to providing and supporting an inclusive workplace for all
employees.

Roles and Responsibilities
Build data models that can provides business insights and improve decision making and efficiencies. This
will be achieved through one or more of the following activities:
• Provide data insights using Artificial Intelligence/Machine Learning models.
• Provide solutions to identify data patterns and groups.
• Develop models for data quality scoring.
• Interact with relevant stakeholders and recommend actionable insights.
• Assist, as needed, with the review and challenge of existing data models.

What We Look For
• Intellectually curious about risk management, financial products, markets, and regulation.
• Outstanding verbal and written communication skills.
• Strong attention to detail and can exercise sound judgement.
• Excellent time management and multitasking skills.
• Familiarity with Microsoft office and Python.
• Demonstrate flexibility and collaboration when solving problems.

Risk Analytics Internship
Morgan Stanley’s Risk Analytics department that resides within Firm Risk Management (FRM) performs
quantitative analysis on the Firm’s credit, market, operational, and liquidity risk exposures. The
department’s primary objective is to measure and project risks across the Firm to support executive
decisions and protect the Firm.
Summer Analysts are integrated into teams in Risk Management and are expected to take on
responsibilities of full-time analysts. Placement will be determined by aligning your skillset and interests
with our business needs. We are committed to provide opportunities to develop key competencies
necessary for a successful career within Risk Management. Managers are committed to provide
meaningful and challenging projects that can be implemented and incorporated into our day-to-day
activities. Risk Management professionals are focused on developing and training summer analysts to
ensure a successful internship experience.

Roles and Responsibilities
• Model Development: Participate in developing and enhancing tools and methodologies to
quantify risks for business as usual and stress testing purposes.
• Risk Monitoring: Assist in day-to-day risk management of our market, credit, operational or
liquidity risk exposures by providing independent analysis of business activities and
establishing processes to monitor these risks.
• Model Risk Management: Learn about the Firm’s governance framework for models used in
all divisions and assist in reviewing and validating various types of models.
• Reporting: Develop innovative reporting on risk exposures and metrics to support leadership
decisions.
• Risk Projects: Contribute to key projects to establish and maintain strong risk processes and
infrastructure, using project management best practices.
• Regulatory Programs: Work with teams within Risk and across the Firm to drive key
regulatory initiatives including rule implementation, regulatory exam and relationship
management, remediation, and governance.

The projects are presented to senior management, alongside getting a firsthand experience of
working on a project from inception to delivery.
What We Look For
• Strong interest in risk management.
• Excellent verbal and written English communication skills.
• Intellectually curious and enjoy learning.
• Demonstrate leadership, inter-personal skills, and are a team player.
• Attention to detail, analytical and problem-solving skills, and ability to understand and evaluate
complex information quickly.
• Ability to manage dynamic priorities.

Model Risk Management Internship
The Model Risk department independently validates model documentation, tests the accuracy of Firm
models, monitors implementation and performance and assesses appropriateness of model usage across
the Firm.

Roles and Responsibilities
Support one of the Risk Analytics or Model Risk Management teams in their tasks. The responsibilities of
these quantitative groups within the Risk Management department include:
• Develop, maintain and monitor the Firm’s market risk models such as Value at Risk,
Incremental Risk Charge and Comprehensive Risk Measure. The various tasks include
performing econometric analyses to support methodology development, conducting tests such
as sensitivity studies, data analyses to assess the model behavior and stability, and
performing backtests to assess the historical performance of the model.
• Develop methodology for stress testing and counterparty exposure to satisfy various
regulatory requirements (CCAR/DFAST/ICAAP). This requires thorough statistical analysis of
the underlying data, such as regression and time series analyses, and understanding of the
various macroeconomic factors and risk factors that impact the credit quality of portfolios.
• Develop models for portfolio analyses purpose, such as credit limit setting and loss reserve.
• Perform independent review of pricing or risk models used by Morgan Stanley. Besides
assessing the theoretical soundness and applicability of the modelling approach, independent
testing, enforcement of proper model control and review report writing are typical steps of the
model validation process.

What We Look For
• Ongoing studies preferably in Mathematics, Physics, Finance or Economics.
• Quantitative background, good analytical and numerical skills.
• Knowledge about probability.
• Statistical skills especially in hypothesis testing, regression and discriminant analyses are
advantageous.
• Excellent written and verbal English communication skills.
Morgan Stanley is an equal opportunities employer. We work to provide a supportive and inclusive environment
where all individuals can maximise their full potential. Our skilled and creative workforce is comprised of individuals
drawn from a broad cross section of the global communities in which we operate and who reflect a variety of
backgrounds, talents, perspectives and experiences. Our strong commitment to a culture of inclusion is evident
through our constant focus on recruiting, developing and advancing individuals based on their skills and talents