Morgan Stanley interview process

1. Step 1

   First round

   Regional guidance: phone, video conference, or on-campus, with some divisions testing beforehand.

   • Technical, competency, and motivational questions in the same conversation.
   • Some divisions add prior testing or a language-proficiency check.
   • “How would you explain a DCF model to a client with no finance background?”
   • “Why do you want to work at Morgan Stanley?”

2. Step 2

   Final round

   Regional guidance: in person or virtual, with activities that vary by division.

   • Individual conversations, technical interviews, and group exercises depending on the division.
   • Expect a mix of resume, technical, and motivation questions across separate interviewers.
   • “How would you explain the impact of interest rates on bond prices?”
   • “Can you describe a time when you led a team?”

Share of the 18 Morgan Stanley questions in our bank by topic. Each topic links to a worked example.

1. Behavioral questions33%
2. Valuation multiples28%
3. DCF questions11%
4. Accretion and dilution11%
5. Enterprise value bridge6%
6. Paper LBO6%
7. Mental math and markets6%

• DCF, comparable companies, and precedent transactions explained fluently.
• A rate or market move connected to a real client decision.
• Your own contribution separated clearly from a team or project outcome.
• How a value like client focus or integrity shows up in an action, not a slogan.
• Composure defending one assumption under direct pushback.

Real questions from the set. Open one to answer it with grading.

• Walk me through a recent deal and what you would do differentlyBehavioral questions|Advanced
• Tech group: how do you value a high-growth SaaS company?Valuation multiples|Advanced
• Explain a DCF to a client with no finance backgroundDCF questions|Advanced
• All-stock deal: compute the exact accretion percentageAccretion and dilution|Advanced
• EV to equity value bridge: solve for equity valueEnterprise value bridge|Basic
• Paper LBO: walk through entry to exitPaper LBO|Advanced
• Explain the impact of interest rates on bond pricesMental math and markets|Basic
• Tell me about a time you disagreed with a teammateBehavioral questions|Basic

• Build a short evidence sheet for one project: objective, your decision, result, and limitation, so you can handle any follow-up.
• State the one assumption you would check first before trusting any valuation output.
• Tie your reason for Morgan Stanley to a verified role responsibility, not an assumed culture or exit path.
• Separate a sourced market fact from your own inference, and name what would change your view.