Firm Risk Management

Quantitative Risk Summer Analyst

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Placement and duration

The 10-week Firm Risk Management (FRM) Summer Analyst Program provides students an introduction to the Financial Services industry and risk management. Summer Analysts are integrated into teams in FRM and are expected to take on the responsibilities of full-time analysts. Placement will be determined by aligning skillsets and interests with business needs.

We are committed to providing opportunities for Summer Analysts to develop key competencies necessary for a successful career in FRM. Summer Analysts will receive classroom and on-the-job training to shape a strong foundation in risk management and our businesses. Managers are committed to providing meaningful and challenging projects that can be implemented and incorporated into day-to-day activities. Firm Risk Management is focused on developing and training Summer Analysts to ensure a successful internship experience.

Firm Risk Management values diversity and is committed to providing a supportive and inclusive workplace for all employees. Firm Risk Management’s unique franchise promotes:

  • Flat, flexible and integrated global organization
  • Collaboration and teamwork
  • Credible, independent decision-making
  • Organizational influence
  • Creative and practical solutions
  • Meritocratic and diverse culture

Training program

Summer Analysts participate in a Firmwide Orientation which provides an overview of Morgan Stanley’s businesses, structure, and strategy. This is followed by additional classroom training covering product and industry knowledge, soft skills and teambuilding activities. Summer Analysts will also take part in networking events within Firm Risk Management and with other divisions at the Firm. Summer Analysts will be assigned a peer mentor and senior leader mentor and will have opportunities to meet senior management in the Division through the weekly Senior Speaker Lunches.

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Risk Model Development
  • Research, develop, enhance and document risk models, methodologies and tools for regulatory and risk management purposes
  • Perform analysis including back-tests, stress tests, scenario and sensitivity analyses
  • Program, test and implement quantitative financial methods using tools such as Python, C++, VBA, R, MATLAB and SQL
  • Utilize advanced statistics, econometrics and mathematics skills such as probability theory, stochastic calculus, Monte Carlo simulation, numerical analysis, optimization techniques and time series analysis
  • Partner with Technology on model testing, implementation and production
  • Collaborate with risk managers and other stakeholders to address their requests for additional analysis based on specific needs as they arise
  • Participate in regulatory and validation exams by providing documentation and responses to regulators and internal validators

Risk Model Validation

  • Learn about the Firm’s governance framework for models used in all divisions
  • Provide independent review and validation of Firm models, for example equity derivative pricing and risk capital models, using tools such as Python, C++, VBA, R, MATLAB and SQL 
  •  Collaborate with teams within the Firm to provide regular ongoing model performance assessments. Review analysis results with senior management and provide recommendations
  • Write high-quality model review documentation that satisfies the Firm’s internal model approval functions, audit requirements, and the Firm’s regulators (e.g. FRB, OCC, and PRA)

Qualifications/ Skills/ Requirements

Qualifications/Skills/Requirements for all Roles:

  • Strong technical skills in Python, C++, VBA, R, MATLAB and/or SQL
  • Understanding of complex financial products (derivatives, options, swaps, etc.), financial markets and key regulations
  • Analytical thinking and problem solving skills
  • Outstanding communication skills; able to present complex issues verbally and in writing
  • Self-starter and highly organized
  • Detail-oriented
  • Minimum cumulative GPA of 3.0
  • In penultimate year of study toward a degree; Master's or Doctoral students in a quantitative field (Financial Engineering, Statistics, Physics, Mathematics, Engineering, etc.) are strongly preferred



Morgan Stanley New York

Founded in New York City in 1935, Morgan Stanley has evolved into one of the world's foremost financial institutions, with more than 55,000 employees in 43 countries. Our New York headquarters offers the finest in financial thinking, products and execution to individual investors, companies, institutions and government agencies. We offer our clients the personalized attention and service of a boutique, the intelligence and creativity of the brightest professionals in the industry and the global resources of Morgan Stanley.

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Application Process & Deadlines

Students must apply online at

Learn more about Our Recruitment Process