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Morgan Stanley Investment Banking Analyst Interview Questions

Morgan Stanley's IB is famously strong in technology + healthcare M&A. The process is rigorous but the culture is uniquely collaborative — analysts move between groups more fluidly than at Goldman or JPM.

Process length
4-8 weeks
Rounds
5
Questions
8
Mid-level TC
$175k base + $145-230k bonus (Associate Year 1)
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The Morgan Stanley Investment Banking Analyst interview process

What to expect, in order.

  1. 1HireVue video screen (recorded, behavioral + 1 technical)
  2. 2First round (3-4 interviews with analysts + associates)
  3. 3Superday (6-10 interviews in one day, often grouped by practice area)
  4. 4Group-specific deep dives (e.g., 2-3 healthcare-specific if applying healthcare)
  5. 5Decision typically within 1-2 weeks post-superday

What Morgan Stanley actually evaluates

MS's culture is famously more collaborative than Goldman. Analysts move between groups (e.g., from healthcare to tech) more fluidly. The interview reflects this — they want candidates who'd thrive in cross-group collaboration.

Putting clients first
Doing the right thing
Leading with exceptional ideas
Giving back
Committing to diversity and inclusion

Process quirks worth knowing

MS practice strength: tech M&A (Silicon Valley relationships), healthcare, equity capital markets. Group preference matters more here than at JPM. Research the practice areas + know your top 2-3 preferences before interviews.

8 questions Morgan Stanley actually asks

Each question includes the tip for answering and what the interviewer is actually evaluating.

Q1behavioral

Walk me through your resume.

How to answer: 90 seconds. Story arc, not bullet list. Show how each role led to interviewing for IB.
What they evaluate: Crisp narrative, relevant experience highlighted, IB rationale clear
Q2technical

Walk me through a precedent transactions analysis.

Why Morgan Stanley asks: MS asks this more than other banks — they pride themselves on comparable transaction expertise.
How to answer: Identify comparable deals (sector, size, geography, time period). Calculate transaction multiples (EV/EBITDA, EV/Revenue). Adjust for differences (synergies, control premium, market conditions). Apply to target.
What they evaluate: Comparable analysis fluency, ability to adjust for differences, judgment in selecting precedents
Q3behavioral

Tell me about a recent tech M&A deal.

Why Morgan Stanley asks: Morgan Stanley is famously strong in tech M&A (advised Twitter sale to Musk, many SaaS deals). Genuine tech deal interest matters.
How to answer: Pick a recent tech deal. Discuss strategic rationale (consolidation, capability acquisition), valuation multiple, financing. Bonus if MS was on either side.
What they evaluate: Tech sector knowledge, deal-specific analysis, MS-specific awareness
Q4behavioral

What's your view on the current M&A environment?

Why Morgan Stanley asks: MS interviewers love this question. They want analysts with market views, not just executors.
How to answer: Form a real opinion: regulatory environment, interest rate impact on financing, deal sizes, sector trends. Cite specific 2026 deals or non-deals as evidence.
What they evaluate: Real market opinion, ability to defend it, awareness of M&A drivers
Q5technical

Walk me through accretion/dilution analysis.

How to answer: Acquirer EPS post-deal: (Acquirer NI + Target NI - financing cost) / Acquirer shares post-deal. Compare to Acquirer EPS pre-deal. Accretive if higher; dilutive if lower. Discuss financing mix (cash vs stock vs debt) impact.
What they evaluate: Accretion/dilution mechanics, financing structure impact, judgment on deal advisability
Q6values

Why Morgan Stanley over Goldman?

How to answer: Specific MS strengths: tech M&A + healthcare practice strength, more collaborative culture, group mobility. Avoid generic 'I want a less intense culture' — MS is still very demanding.
What they evaluate: Specific MS knowledge, culture awareness, practice-area interest
Q7behavioral

Tell me about a time you had to deliver difficult news.

How to answer: Pick a real example. Show how you framed the news (honest, structured), how the recipient responded, what you learned. IB analysts deliver difficult news to clients regularly.
What they evaluate: Direct communication skill, professional framing, conflict comfort
Q8technical

How would you value a biotech company pre-product approval?

Why Morgan Stanley asks: Healthcare is a MS practice strength. Tests sector-specific valuation knowledge.
How to answer: Risk-adjusted DCF (probability-weight FCF projections by clinical trial success), comparable company valuation (other pre-approval biotechs), precedent acquisitions, sum-of-parts (if multiple pipeline products). Discuss why traditional multiples fail.
What they evaluate: Healthcare-specific knowledge, risk-adjustment methodology, sector valuation judgment

Common ways candidates fail this interview

Specific to Morgan Stanley, not generic interview advice.

  • ⚠️Generic 'tech M&A is hot' — MS wants specific deal knowledge
  • ⚠️Weak healthcare or tech sector understanding — these are practice strengths
  • ⚠️Treating culture differentiation as 'easier' — MS is still very demanding
  • ⚠️Underprepping precedent transactions — MS asks this more than other banks
  • ⚠️Missing group preference research — different groups have different cultures

Morgan Stanley Investment Banking Analyst compensation (2026)

Entry / Junior
$110k base + $45-75k bonus (Analyst Year 1)
Mid-level
$175k base + $145-230k bonus (Associate Year 1)
Senior+
$250k base + $375k-950k bonus (VP / Director)

Sources: levels.fyi, Glassdoor, public filings (US figures, total compensation including base + bonus + equity).

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