Analyst/Associate

About the Role

Morgan Stanley Investment Research is committed to being an essential part of clients' investment process, striving to be the sell-side research provider that best understands the buy side. Through relevant and timely conversations with leading investors, the focus is on risk-reward essentials: identifying investor debates, assessing potential outcomes, and uncovering evidence for investment decisions. Equity analysts cover approximately 3,000 stocks, while economists, strategists, and fixed income analysts cover major regions and other asset classes globally. The Equity Research department researches macroeconomic and microeconomic conditions, company fundamentals, and analyzes financial information to make investment recommendations. Analysts build financial models, examine industries, and communicate with companies and investors, discussing analysis and recommendations in research notes. A career in investment research at Morgan Stanley demands a commitment to excellence, a passion for markets, and the highest level of integrity. We are seeking an experienced Analyst/Associate member to join our Airlines & Freight Transportation team in New York City. This team covers 30+ stocks across airlines, rails, trucking, parcels, and logistics, known for differentiated, out-of-consensus views balancing timely tactical calls with deep thematic research, including work on technology-driven disruption like autonomous trucks, drones, eVTOLs, and freight digitization, supported by a developed data and modeling platform.

Key Responsibilities

• Create and maintain financial, valuation, and industry models, leveraging skills in accounting, finance, and economics.
• Translate company, industry, consumer, market, and alternative data into insightful research reports with clear investment debates, differentiated conclusions, and actionable stock calls.
• Develop and maintain relationships with management and investor relations teams of companies under coverage, industry specialists, and other key leaders of opinion.
• Engage with institutional investors by responding to in-depth questions, addressing bespoke requests, discussing companies and investment theses, and helping communicate the team’s highest-conviction views.
• Support internal sales and trading teams with timely analysis of sector breaking news and relevant industry developments.
• Adopt and apply AI-enabled research tools judiciously to accelerate information gathering, model maintenance, data analysis, and workflow execution while maintaining analytical rigor, source verification, data integrity, and quality control.
• Conduct industry diligence and primary research through surveys, expert conference calls, and channel checks to evaluate industry trends and their implications for companies under coverage.
• Collaborate with cross-functional teams to produce larger industry and thematic reports.

Requirements & Tech Stack

• Proven experience using Excel to build and maintain financial models; advanced Excel proficiency is required.
• Comfort adopting AI-enabled tools and new technologies to improve research efficiency, with the judgment to verify outputs, protect data integrity, and apply tools appropriately.
• Python is a plus but not required.

Qualifications

• Ideally 1-2 years of professional experience in equity research or investment banking.
• Experience or sector knowledge in airlines and/or freight transportation is highly desirable.
• Strong written and verbal communication skills, with the ability to present analysis clearly, defend conclusions, and contribute positively in client-facing discussions.
• Demonstrated interest in public markets and a genuine curiosity about what drives stock performance, investor debates, and valuation.
• Demonstrated attention to detail and commitment to accuracy.
• Ability to adapt quickly and work well under pressure.
• High EQ, strong personal drive, energy, creativity, intellectual curiosity, organizational discipline, and a team-oriented mindset.
• Ability to think independently, develop differentiated views, and operate with a self-starter mentality.
• CFA designation, or progress toward CFA is a plus but not required.