By Andre Atallah, CEO of EP Advisory
Investment Banking Summer Analyst · London · 2027 programme
Closes Sun 18 OctDeadline was set for Sun 18 OctMissed it? Your options
Short answer: Apply early. Both London investment banking routes close on Sunday 18 October 2026. Morgan Stanley reviews applications as they arrive.The deadline for both London investment banking routes was set for Sunday 18 October 2026. Morgan Stanley reviewed applications as they arrived. You apply online, then face interviews and an assessment centre in London. Morgan Stanley names no online test for this role. eFinancialCareers reported Aon tests in 2021 and a recorded video interview in 2026, so expect them but check each invite.
Where are you now?
Independent guide. EP Advisory is not affiliated with Morgan Stanley.
Morgan Stanley has two London investment banking internships for 2027: the 10-week Summer Analyst Programme and an off-cycle internship of about five months. Both close on Sunday 18 October 2026.The deadline for both was set for Sunday 18 October 2026. This guide now covers the stages after you apply.
This playbook covers London, including for international students. It marks what Morgan Stanley says and what is only reported. For nearly 10 years, we’ve helped more than 5,000 professionals get hired. Want to know if your CV will pass screening in the UK? Check your CV for free: a score in 30 seconds, then a fix for each problem.
01/10
Your route to an offer
Pick your stage and tick each step when done. Dates are from Morgan Stanley’s 2027 ads. Prep times are our suggestions.
1. Apply: closes Sunday 18 October 20261. Apply: deadline was set for Sunday 18 October 2026
Apply online now, because review is rolling. Prep 1 to 2 days. The form’s questions sit behind the login.This year’s London ads have closed. If you applied, watch your email for next steps. Start your interview prep now.
2. Tests and video: reported, not confirmed
Morgan Stanley names no test for this role. Aon tests and a video interview are reported. Prep about 1 week if invited.
3. Interviews: format not published
Competency, strengths, skills or technical questions. Prep 2 to 3 weeks. How many and how long is not published.
4. Assessment centre: held in London
All assessment centres are held in London. Morgan Stanley does not publish the format.
Your ticks save on this device.
02/10
The programme at a glance
Two routes, one deadline, one assessment centre city. If Morgan Stanley has not published something, we say so.
18 Oct 2026
Deadline for both London routesClosed, both London routes
London
20 Bank Street, Canary Wharf
10 weeks
Summer Analyst Programme
5 months
Off-cycle internship, typical
Any subject
Degree
Not published
Pay, places and return offers
Where these facts come from
- The ads. The summer ad and the off-cycle ad, checked on 14 October 2026. Summer Analysts “are assigned to a specific group in IBD”.
- Subject. “We recruit candidates from across all academic disciplines” (Morgan Stanley EMEA FAQ).
03/10
What Morgan Stanley looks for
The ads list skills, not a finance degree. Show each one with proof on your CV and in your answers.
At ease with numbers
Show it by: a result with numbers, or a model you built.
Calm under pressure
Show it by: a hard deadline you met.
Teamwork
Show it by: a group project and your part in it.
Clear explaining
Show it by: something complex you made simple.
Academics and English
Show it by: grades first. Other languages help.
High ethical standards
Show it by: a time you did the right thing.
What Morgan Stanley says, in its own words
- The ads. “Strong analytical and numerical skills that put you at ease with financial data”. “Results-driven, perform well under pressure and against tight deadlines”. “You articulate complex ideas simply and summarise them effectively”.
- Values. “Putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back”.
04/10Stage 1 · Apply
How to apply
Apply online by Sunday 18 October 2026. Morgan Stanley recruits “on a rolling basis”, so earlier is better.This year’s deadline was set for Sunday 18 October 2026. Use this section to plan next year’s application.
1
Apply online
CV and the online form
2
Review
Rolling, update by email
3
Interviews
Format not published
4
Assessment centre
In London
More on the form, limits and scams
- The form. Its questions sit behind the login. Morgan Stanley does not publish them, so we do not guess. The investment banking ads do not mention a cover letter.
- Closing time. The ads give none. Apply now. Do not leave it to Sunday night.The ads gave none. Next year, apply well before the closing day.
- How many. In EMEA you can apply to up to 6 roles a year, at most 3 of them internships (job board, archived 11 July 2026).
- AI. We found no Morgan Stanley rule on AI. Write every line yourself, because you must explain it live.
- Scams. Morgan Stanley never asks you to pay, “with the exception of reimbursable travel expenses”. Its staff never email from Gmail, Yahoo or Hotmail (scam note).
Your CV: do and don’t
Do
“Built a three-statement model to value a listed retailer for a student fund pitch”
Lead with your degree and grades. Give each role a result with a number.
Don’t
“Passionate about financial markets”
A claim with no proof. Morgan Stanley says every CV line is “fair game”.
Our CV achievement examples show how to write those lines. Getting ready to apply for jobs in the UK? Check your CV for free: see it the way a recruiter does, then fix each problem.
Save Morgan Stanley and over 2,000 other UK schemes to one free calendar. See what closes next and what you have applied to.
Track my schemes freeFree account, no card.
Missed the deadline? Your options
- Not a fallback. The Madrid, Milan, Stockholm, Dubai and Paris off-cycle banking ads close on 18 October 2026 too.The Madrid, Milan, Stockholm, Dubai and Paris off-cycle banking ads were listed to close on 18 October 2026 too.
- London, Sales & Trading. The Sales & Trading Summer Analyst ad closes on Monday 19 October. It is a different desk and asks for a cover letter.The Sales & Trading Summer Analyst ad was listed to close on Monday 19 October. It is a different desk and asked for a cover letter.
- London off-cycle, later. Sales & Trading and other markets roles are listed to 31 March 2027.Sales & Trading and other markets roles were listed to 31 March 2027. Fixed Income Research is listed to 30 November 2026.Fixed Income Research was listed to 30 November 2026.
- Placement year? London industrial placements, such as Finance, close between 15 November and 27 November 2026.London industrial placements, such as Finance, were listed to close between 15 November and 27 November 2026. Check each ad’s own date.
- Banking elsewhere. The Paris full-time analyst ad closes on 25 October 2026 and needs French.The Paris full-time analyst ad was listed to close on 25 October 2026. It needed French. Tel Aviv off-cycle is rolling, with Hebrew preferred. Check the ad is still live.Tel Aviv off-cycle was rolling when we checked on 17 October 2026, with Hebrew preferred.
- Another bank. J.P. Morgan’s London routes close on 1 November 2026.J.P. Morgan’s London routes were listed to close on 1 November 2026. See our J.P. Morgan playbook.
- First year now? The summer programme takes penultimate-year students, so apply next autumn.
05/10Stage 2 · Tests
Morgan Stanley online tests: what is known
Morgan Stanley names no online test for London investment banking. Neither ad mentions one. Everything below is reported, so check your invite.
None named
Test in the London ads
Aon
Test maker, reported in 2021
6 months
Wait to retake, reported
On 28 September 2021, eFinancialCareers reported that Morgan Stanley “is known to source its tests from Aon”. Morgan Stanley “declined to comment”. The tests are reported to be bank-specific, so Aon’s public practice is a guide only.
The reported tests, one by one
Situational judgement: reported
Questions read like messages from colleagues, based on situations Morgan Stanley staff meet. One reported example: “Hi, a customer asked me if we could sell them a customized product, what do you think?”
Aon’s chat-style judgement test, chatAssess, takes 20 minutes. You reply to messages sent to you. eFinancialCareers does not name it, so the match is ours.
Your moves
- Reply as a careful new analyst: check before you promise.
- Put the client first and stay within the rules.
Numerical reasoning: reported
You “analyze data in various forms”, such as tables and charts.
Aon’s numerical test takes 12 minutes for 37 tasks. You judge whether a statement is true, based on the data.
Your moves
- Read the statement first, then find only the numbers it needs.
- Skip rather than guess wildly. Aon takes points off for wrong answers.
Verbal reasoning: reported
Questions are set on “a chunk of text like the agenda for a shareholder meeting”.
Aon’s verbal test takes 12 minutes for 49 tasks. You judge whether a statement is true, based on the text.
Your moves
- Use only the text, not what you already know.
- Work fast. Aon asks you to finish as many as you can.
SwitchChallenge: reported
eFinancialCareers calls it “a kind of gamified test of your numerical and cognitive ability”. It has several levels.
Aon’s switchChallenge takes 6 minutes. You find the four-digit sequence that turns a set of shapes into the right result.
Your moves
- Practise with Aon’s free switchChallenge PDF first.
- Learn what each switch does, one step at a time.
The rules: allowed and not allowed
Allowed
- A calculator or pen and paper, if the test intro says so
- Tests on different days, before the invite deadline
- Aon’s free demos and practice tasks
Not allowed
- Someone else doing your tests
- Reading from notes in a video interview
- Other programs open during a video interview
The test rule is Aon’s: anyone caught is “immediately excluded”. The video rules are Morgan Stanley’s. We found no written Morgan Stanley rule on AI.
On the day: timing, scoring and retests
- How many. Aon says there are usually “no more than five tests”, each under 15 minutes. You usually get “several days” to finish them all.
- No pausing. “Once you start a test, you cannot interrupt it.” Find a quiet hour.
- Retests. Employers may ask you to “complete a repeat module” at interview.
The video interview: also reported
eFinancialCareers reported on 9 September 2026 that Morgan Stanley gives 30 seconds to think and 90 seconds to answer. It did not say which office or division. The London ads do not mention a video interview. Morgan Stanley’s own video tips name its North America and Asia offices.
Morgan Stanley: “Don’t Read From Notes. Speak from memory. Write down any reminders on a sticky note and attach it to the edge of your screen at eye level so that you can glance at it discreetly.” It also says “close out of all programs and documents” first (tips for video interviews, 8 January 2020).
Go further: the best outside help
Our own picks, checked on 14 October 2026. We are not linked to any of these sites and earn nothing from them.
From Aon, the reported test maker
- Prepare for your online assessmentAon · demos and practice PDFs · no accountThe test maker’s own demos, timings and rules.Free
- Practice tasks: switchChallengeAon · PDFFree practice for the fast logic test reported in Morgan Stanley’s set.Free
- chatAssess demoAon on YouTube · 17 Jan 2021 · 3 minAon’s own tour of its chat-style judgement test.Free
Read
- What to expect from Morgan Stanley’s psychometric testseFinancialCareers · 28 Sep 2021 · 4 min readThe only dated report tying Morgan Stanley to Aon. From 2021, so check your invite.Free
Skip test solvers and “real test” packs. Aon says employers may retest you at interview.
Next: Aon’s tests reward practice against the clock. Our guide to psychometric and logic tests shows how to train for each type.
06/10Stage 3 · Interviews
Morgan Stanley interviews
Morgan Stanley names four kinds of interview. It does not publish how many you get, how long they last, or who runs them.
Competency
A real time you showed a skill.
Strengths based
What you do well and enjoy.
Skills based
Showing a skill in the room.
Technical
Accounting, valuation and deals.
Morgan Stanley: “Interviews could be competency, strengths based, skills based or technical.” And: “We don’t always expect candidates to have the right answer during an interview” (interview preparation). The short notes under each type are ours.
Morgan Stanley’s own advice: do and don’t
- Your CV. “Be able to articulate everything you’ve listed without reading or referring to it.”
- Deals. For investment banking, “know what deals the firm has done recently and be prepared to speak about their highlights” (10 biggest interview mistakes, 2015).
- The firm. Learn its “history, integrated capabilities, and core values” and the latest financial news.
- Stuck? Do not bluff. Ask the interviewer to elaborate, or say you would like to get back to them.
- Your questions. Make them “relevant and specific”. Never ask “What does Morgan Stanley do?”
How to answer: point, proof, part, lesson
This answer frame is ours, not Morgan Stanley’s:
Point
Answer first, in one sentence.
Proof
One real example, with a number.
Your part
What you did, not the team.
Lesson
What you learned and changed.
Follow-ups to rehearse
What exactly did you do?What would you change?Why Morgan Stanley, not another bank?
See our guides on how to pass a job interview and the toughest interview questions.
Practise: one question at a time
Morgan Stanley’s six questions
Morgan Stanley published these six with Vice Chairwoman Carla Harris in 2017. The quoted tips are hers. The rest is ours.
Your story
“Tell me about yourself.”
What they’re testing: fit with the job, not your life story.
Show a strong answer
- “Try to hit the qualities in the job description.” Two minutes: who you are, two proofs, why this programme.
Self-knowledge
“Describe yourself in three words.”
What they’re testing: words you can back up.
Show a strong answer
- Her example for a Wall Street internship: “analytical, detail-oriented, quantitative”. Give one short example per word.
Weakness
“What’s your biggest weakness?”
What they’re testing: self-awareness.
Show a strong answer
- “Pick a weakness that’s not a key competency for the job.” Say what you are doing about it. “Don’t say you’re a perfectionist.”
Fit
“Why should we hire you?”
What they’re testing: whether you match the role.
Show a strong answer
- “Think of yourself as a product and the interviewer a customer.” Match three proofs to the skills in the ad.
Setback
“Describe a time you failed.”
What they’re testing: “the maturity to learn from it”.
Show a strong answer
- A real failure that was yours. Then “outline the steps you took to improve.”
Motivation
“Why are you interested in us?”
What they’re testing: research, not praise.
Show a strong answer
- “Show how your strengths and personality traits align with the job position and the company’s culture.” Name one value, such as putting clients first, and your proof.
Video questions, reported
eFinancialCareers reports these Morgan Stanley video questions, from candidates’ own posts online. Morgan Stanley has not confirmed them. Practise each in 90 seconds.
Integrity
“Tell me about a time you did the right thing.”
What they’re testing: Morgan Stanley’s values.
Show a strong answer
- A choice that cost you something. Say what you weighed and what happened.
Teamwork
“Tell me about a time you worked on a team project that you struggled with.”
What they’re testing: how you handle friction.
Show a strong answer
- Name the problem without blame. Say what you did to fix it and how it ended.
Leadership
“Tell me about your leadership experience and what you learned from it.”
What they’re testing: what you learned, not your title.
Show a strong answer
- One time you led people towards a goal. Say what you did, how it ended and what you would change.
Motivation
“Why [city]?”
What they’re testing: a real reason for London.
Show a strong answer
- Link London to the work: its role as Morgan Stanley’s European base since 1977, and the deals run from there.
Technical questions
Coaches say learn these first (Mergers & Inquisitions). Morgan Stanley publishes no syllabus. The answers are our short versions.
Accounting
Walk me through the three financial statements.
What they’re testing: how they link.
Show a strong answer
- Net income starts the cash flow statement and adds to equity. The change in cash updates cash on the balance sheet.
Value
Enterprise value or equity value: what is the difference?
What they’re testing: who each value belongs to.
Show a strong answer
- Equity value belongs to shareholders. Enterprise value is the core business, for all investors. Roughly, enterprise value is equity value plus debt, minus cash.
Valuation
How would you value a company?
What they’re testing: the three main methods.
Show a strong answer
- Comparable companies and precedent deals value it against others. A DCF values its own cash flows. Precedents often come out higher, because buyers pay for control.
DCF
Walk me through a DCF.
What they’re testing: the steps, in order.
Show a strong answer
- Project free cash flow for 5 to 10 years. Add a terminal value. Discount both at the cost of capital to get enterprise value.
Deals
Tell me about a deal Morgan Stanley advised on recently.
What they’re testing: Morgan Stanley’s own rule: know its recent deals.
Show a strong answer
- Who bought what, for roughly how much, and why. Then Morgan Stanley’s role and one risk.
Your story bank: a worksheet to print or copy
Two stories per skill in the ad. Learn them well enough to tell without notes.
| Skill | Story 1 | Story 2 |
|---|---|---|
| Numbers | ||
| Pressure | ||
| Teamwork | ||
| Explaining | ||
| Ethics |
Go further: the best outside help
Our own picks, checked on 14 October 2026. We are not linked to any of these sites and earn nothing from them.
From Morgan Stanley
- Morgan Stanley interview preparationMorgan Stanley careers · no accountThe four interview types, and how to talk about your CV without notes.Free
- Tips for video interviewsMorgan Stanley · 8 Jan 2020Morgan Stanley’s own rules on notes and screens.Free
- 10 biggest interview mistakesMorgan Stanley · 28 Oct 2015For banking, know the firm’s recent deals and speak to their highlights.Free
Read and watch
- Investment Banking Interview Questions and AnswersMergers & Inquisitions · updated 1 Mar 2026 · no accountA long free guide to fit and technical questions, with model answers.Free
- Banking HireVue interviews: what they’ll ask youeFinancialCareers · 9 Sep 2026 · 6 min readThe reported Morgan Stanley video timings and questions.Free
- Investment Banking Mock Interview, VP Round at Morgan StanleyAced on YouTube · 19 Mar 2026 · 30 minA full mock, not a real interview. The candidate misstates the deal terms of V-Wave’s sale: $600 million was upfront, up to $1.7 billion with milestones.Free
Skip live AI interview helpers. Morgan Stanley says speak from memory.
07/10Stage 4 · Final
Assessment centre and offers
All assessment centres are held in London. Morgan Stanley does not publish the format, the length or the number of interviews.
In London
For both London routes, the ads say.
Decision by email
Response times “may vary due to high volumes”.
No fast track
Morgan Stanley cannot speed up its timelines on request.
Offers, thank-you notes and next steps
- Offers. The ads say nothing about pay, the number of places or full-time offers after the internship.
- After. Morgan Stanley says send a thank-you note that does more than say thanks. Add one point you discussed.
- Not selected. See the other routes under How to apply, or reapply next cycle if eligible.
Key dates: London, 2027 programme
As you apply
Rolling review, update by email
18 Oct 2026
Both London routes close
18 Oct 2026
Deadline for both London routes
Not published
Interview, assessment centre and offer dates
Not published
Interview, assessment centre and offer dates
Mid-June 2027
Summer programme starts with a week of classroom training
08/10
Visa sponsorship
Our reading: Morgan Stanley’s ads do not mention visa sponsorship. Do not assume this role is sponsored.
The ads say nothing about right to work either. If you need a visa, ask Morgan Stanley’s graduate recruitment team before you apply.
Need sponsorship? See our guides to UK companies that sponsor visas and staying in the UK after studying. This is general information, so check GOV.UK.
09/10
Key takeaways
Before you apply
- Both London routes close on Sunday 18 October 2026. Review is rolling, so apply early.The deadline for both London routes was set for Sunday 18 October 2026. If you applied, watch your email for invites.
- The summer programme is for students graduating in 2028. The off-cycle ad states no year.
- Morgan Stanley names no online test. eFinancialCareers reported Aon tests in 2021.
- Morgan Stanley says speak from memory in video interviews, with a sticky note at most.
- Know every line on your CV and Morgan Stanley’s recent deals.
- The ads say nothing on visas, so ask Morgan Stanley before you apply.
When a scheme gives a close date, we email you a few days before it closes. Save Morgan Stanley once and the reminder is set.
Set my reminders freeFree account, no card.
10/10
Frequently asked questions
When is the Morgan Stanley investment banking summer analyst deadline?
Both London routes, the Summer Analyst Programme and the off-cycle internship, close on Sunday 18 October 2026. Morgan Stanley recruits on a rolling basis and asks you to apply as soon as possible. The ads give no closing time.The deadline for both London routes, the Summer Analyst Programme and the off-cycle internship, was set for Sunday 18 October 2026. Morgan Stanley reviewed applications on a rolling basis. If you applied, watch your email for interview and assessment centre invites.
Who can apply for the Morgan Stanley Summer Analyst Programme in London?
Penultimate-year students graduating in 2028 from a Bachelor or Masters degree. Morgan Stanley says it recruits from across all academic disciplines. The off-cycle internship ad states no year of study.
Does Morgan Stanley use online tests for investment banking?
Morgan Stanley names no test for London investment banking. eFinancialCareers reported in 2021 that it uses bank-specific Aon tests, covering numerical, verbal and logic skills and situational judgement. Check your invite for the current list.
Is there a video interview for Morgan Stanley investment banking?
The London ads do not mention one. eFinancialCareers reported in September 2026 that Morgan Stanley gives 30 seconds to think and 90 seconds to answer. It did not say which office or division.
Can you use notes in a Morgan Stanley video interview?
Morgan Stanley says speak from memory. You may put a few reminders on a sticky note at the edge of your screen. It also says close all other programs and documents. We found no written Morgan Stanley rule on AI.
What happens at the Morgan Stanley assessment centre?
All assessment centres for these routes are held in London. Morgan Stanley does not publish the format. It says interviews can be competency, strengths based, skills based or technical. For investment banking, it says know the firm’s recent deals.
Does Morgan Stanley sponsor visas for summer analysts in London?
Our reading: the ads do not mention visas or right to work. Do not assume this role is sponsored, so ask Morgan Stanley before you apply.
