2026 Fixed Income Off Cycle Internship (London)

In the Fixed Income division, we work in fast-paced and constantly changing global markets to assess and manage risk, trade securities, manage relationships with clients, and structure and execute innovative transactions.

Since 1935, Morgan Stanley is known as a global leader in financial services, continuously evolving and innovating to better serve our clients and our communities in more than 40 countries around the world.

The Morgan Stanley Fixed Income Sales and Trading Internship Program is based in London, runs for 6 months and is aimed at students who are required to complete a long-term internship as part of their studies or have already graduated. Please note that the successful candidate will need to be available to start in 2026 for a period of six months.

Off-cycle Interns are hired onto specific Sales and Trading desks where they remain for the duration of their programme. Interns will have the opportunity to develop and master the analytical, quantitative, and interpersonal skills they will need to succeed. The firm’s organizational structure offers opportunities for collaboration with more experienced colleagues and interaction with senior professionals.

Responsibilities

• The intern will provide support to the European Fixed Income Sales and Trading Team based in London.
• Sat on the desk, you will be required to regularly liaise with Salespeople, Traders, Research and Cross-Asset Teams to gather colour for clients on specific trends and day-to-day flow.
• You will be required to follow the market throughout the day and be able to construct and articulate thoughts and ideas across range of products.
• Work on trades or stock pitching ideas; write investment cases by looking at competitive advantages, sector specificities and valuations.
• General desk support and ad-hoc requests.

QUALIFICATIONS/ SKILLS/ REQUIREMENTS

• You have strong analytical and numerical skills that put you at ease with financial data
• You are curious and eager to exchange with people
• You are a proven team player and can manage a wide range of responsibilities
• You are committed to excellence in your work and maintain high professional and ethical standards
• You articulate complex ideas simply and summarise them effectively
• You have an excellent academic background and fluency in English

WHAT YOU CAN EXPECT FROM MORGAN STANLEY

We have a track record of innovation and passion for unlocking new opportunities, we help our clients raise, manage and allocate capital. We do this by offering a wide range of investment banking, securities, wealth management and asset management services. All that we do at Morgan Stanley is driven by our five core values: do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. These aren’t just beliefs, they guide the decisions we make every day, ensuring we do what's best for our clients, communities and more than 80,000 employees around the world. And at the core of our success are the people who drive it - relentless collaborators and creative thinkers who are fuelled by diverse thinking and experiences. Wherever you are in our 1,200 global offices, you’ll have the opportunity to work alongside the best and the brightest in an environment where you are empowered to achieve your full potential. 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. To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices into your browser.