Morgan Stanley interview (41 real questions, process, and prep)

Today we’re going to show you what to expect during Morgan Stanley interviews, and what you should do to prepare.

The information in this guide is based on an analysis of over 60 Morgan Stanley interview reports (from real candidates for analyst roles), which were recorded between 2016-2021.

And here’s one of the first things you’ll want to know:

Morgan Stanley emphasizes “behavioral" questions in its interviews. However, unlike its rivals Goldman Sachs and JP Morgan, it also focuses heavily on technical questions. So, if you want to prioritize your preparation, then you’ll want to pay close attention to the questions section below.

Here’s an overview of what we’ll cover:

• Process and timeline
• Questions
  • Behavioral questions
  • Technical questions
  • Business sense questions
• How to prepare

1. Interview process and timeline

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Here we’ll cover what you can expect at each stage of Morgan Stanley's application process. Before we start, take a look at this short video by Morgan Stanley for a quick overview on how to approach your interviews.

Now, in this article, we’ll focus primarily on investment banking (IBD) roles, but the below process likely has some overlap with the steps for other roles.

The interview process at Morgan Stanley typically takes around 6 weeks to complete, but it can take 3 months or even longer, so be prepared for an extensive process. 

Let’s begin with an overview of each step you’ll encounter, then we’ll dig deeper into each one.

1.1 What interviews to expect

Whether applying for a full-time position or an internship program, Morgan Stanley candidates will typically go through 4 steps:

• Application and resume
• Aptitude test (interns and graduate roles)
• Screening interviews (HireVue or phone)
• Final-round interviews

1.1.1 Application and resume

There are three main ways that the Morgan Stanley interview process may begin:

1. You’ll apply on their website
2. You’ll apply through an event or career fair
3. A recruiter will reach out to you

Regardless of which of these starts your application journey, you’ll want to be ready with a polished resume that is targeted to Morgan Stanley.

If you'd like expert feedback on your resume, you can get help from our team of ex-investment bankers, who will cover what achievements to focus on (or ignore), how to fine tune your bullet points, and more.

It’s also important to spend some time learning about the specific division within Morgan Stanley where you intend to apply. If you don’t have a clear perspective on the division where you want to work within the company, then this can be a red flag for recruiters. 

You should also understand the teams that exist within your target division. This will demonstrate that you’re highly motivated and familiar with how the firm operates.

If you really want to get your foot in the door, another way to set yourself apart is by attending career fairs or events hosted by Morgan Stanley. Try to make genuine connections with people from the company. Then, when you go to apply, specifically name drop the people you’ve met in your cover letter. You could even write in a quote you heard from them, or mention what you learned from them about the company.

1.1.2 Aptitude test

Depending on your level of experience and what division you’re applying for, you may be asked to take one or more of the following online aptitude tests:

• Verbal reasoning test
• Numerical reasoning test
• Logical reasoning test
• Accuracy (error-checking) test

The numerical test contains problems of up to 11th grade (GCSE) level difficulty, and if you’re not confident with your numbers it might be worth practicing beforehand with one of the many online test providers. 

The other tests should all be reasonably straightforward, but be sure to give yourself the best possible conditions: make sure you’re in a calm, quiet environment with a strong internet connection before you start. 

1.1.3 Screening interviews (HireVue or phone)

Once you’ve passed any aptitude tests (if applicable) you’ll be invited to one or more screening interviews. These are now most often done using HireVue, though depending on your experience and where you’re applying, you may be invited for phone interviews instead.

1.1.3.1 Screening interview via HireVue

HireVue is a digital tool that allows you to record your responses to a series of interview questions, without having an interviewer on the other side of the camera.

You’ll be asked 3-5 questions during the interview. For each question, you’ll have a few moments to prepare your answer, and then you’ll have a time limit of 2-3 minutes to give your answer on camera.

You’ll only be allowed one opportunity to re-record each answer, so we’d recommend preparing answers to common questions in advance. You can get started with the example questions listed later in this article. You can also take unlimited practice questions within HireVue before starting your actual interview, which we strongly encourage you to do.

The HireVue interview mostly contains common behavioral questions like “Why investment banking?” and “Tell me about a time…” type questions. In addition, some candidates get business sense questions or questions specific to the department to which they’ve applied. For example, you might get a question like “tell us about a recent M&A deal that interested you.”

1.1.3.2 Screening interview via phone

If you are given phone interviews, the first one is likely to be with a single member of the Morgan Stanley recruiting team. It might be a recruiter or someone from the relevant division. You’ll be asked general questions about your resume and motivations, such as “Why Morgan Stanley?” and “Tell me about yourself.”

If you have a second round of screening interviews, it will probably be on a video call with two or three Vice Presidents from the division you’re applying for. Here you can expect more behavioral and situational questions, as well as some technical questions to test your knowledge in the relevant field. Some candidates have reported getting brainteaser questions at this stage, so you should be prepared for that too.

1.1.4 Final-round interviews

If you do well enough in the screening interview, you’ll be invited to the final round of interviews. What this consists of depends on your experience level. Let’s take a look at the different possibilities.

1.1.4.1 Super Day / Assessment Centre

For entry level positions at the firm (internships and graduate hires) this may take the form of a “Super Day” (called “Assessment Centre” in the UK). This is where a large number of candidates spend the day interviewing at a Morgan Stanley office or a conference center, although due to COVID-19 this is now normally done on Zoom.

The Super Day usually consists of:

• 2-5 interviews (~30min each)
• A group exercise
• An individual presentation (some roles)

Let’s go through what to expect in each one.

Interviews:  You will likely face at least two people in each interview, and they’ll be of varying levels of seniority across the division you’re applying to (associate, vice-president, managing director, and executive director).

Group exercise: This gives Morgan Stanley the opportunity to see your teamwork and leadership skills in action. One common setup for the task sees candidates being asked to agree on budget allocation at an imaginary firm. One candidate is made head of department while the rest are given projects that they must try and get funds for.

Individual presentation: This is more for people in roles where presentations are part of the job (like Sales) but we have seen reports of banking analysts doing them too. If you’re asked to do a presentation, you’ll be given a short time to research a question before having to present your findings.

1.1.4.2 Experienced hires

If you’re a candidate who has already worked in investment banking, you’re less likely to be invited to a Super Day. Instead, your final round will likely consist of at least 3 back-to-back interviews with different Morgan Stanley team members from across the hierarchy. Each interview should last around 30 minutes.

Now that you know what to expect in the interview process, let’s take a look at the type of questions you can expect to face.

2. Question types

During the interview process at Morgan Stanley, you’ll face the following question types:

• Behavioral
• Technical
• Business sense

However, some of these questions are asked more frequently than others. Here’s a summary of the data:

As you can see, around half the questions you’ll face are likely to be behavioral questions, so we’ll cover that category next.

Below, we’ve curated a list of practice questions for each question type.

Note: The questions below were originally posted on Glassdoor, but we have improved the grammar or phrasing in some places to make them easier to understand.