Research

Morgan Stanley Investment Research is uniquely committed to being an essential part of our clients' investment process. We strive to be the sell-side research provider that best understands the buy side. Through relevant and timely conversations with leading investors, we focus resources on risk-reward essentials: identifying the investor debates, assessing the potential outcomes, and uncovering the evidence our clients need to validate their investment decisions. Our equity analysts cover some 3,000 stocks; our economists, strategists and fixed income analysts cover all major regions and other asset classes around the globe.

Equity Research

The Equity Research department is responsible for researching macroeconomic and microeconomic conditions, along with company fundamentals. It also collects and analyzes financial information to make investment recommendations on stocks in specific sectors. Research analysts build financial models to explore alternative scenarios, examine industries, and arrive at investment theses that they communicate with companies and investors. Equity Research team members discuss their analyses and investment recommendations in written research reports and presentations. A career in investment research at Morgan Stanley demands a rigorous analytical skill set, a passion for the markets and/or coverage industry, curiosity, and a willingness to collaborate.

We are seeking an Associate-level individual to join our Specialty Softline, Department Store, and Branded Apparel & Footwear team in New York City, covering a wide variety of retailers & brands, including Lululemon, Nike, Macy's, TJ Maxx, & Revolve, among others.

The primary responsibilities are but are not limited to:
• Create and maintain earnings, valuation, and industry models leveraging skills in general data analysis, accounting, finance, and economics.
• Write research reports for initiations of coverage, quarterly earnings results, company announcements, industry news, & industry-wide themes/trends.
• Collaborate with US & global teams across sectors on written reports or presentations on themes/trends that are relevant across industries and geographies.
• Service and develop relationships with institutional investors: respond to requests for data analysis, models, and relevant published research, as well as host events/calls as needed.
• Keep abreast of industry-related news flow and themes/trends: analyze implications of news/industry developments to companies under coverage.
• Develop and maintain relationships with investor relations personnel and management of companies under coverage.
• Conduct industry diligence and primary research through surveys, expert conference calls, and various channel checks to evaluate industry trends.
• Assist internal sales and trading teams in the timely analysis of breaking news in the sector and how it impacts stock movements and investment theses across covered companies.
• 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, and quality control
• The candidate should have 3+ years of professional experience in Equity Research, Investment Banking, Capital Markets, and/or the retail industry.
• Experience utilizing Excel to build and/or maintain financial models; an advanced level of Excel proficiency is ideal.
• Experience writing in a professional capacity (e.g. crafting equity research notes/correspondence); presentation and/or development of industry reports.
• PowerPoint skills are required, but not a large component of the everyday work.
• Expected to be adaptable, open to exploring multiple solutions to a question, and have the ability to work well under pressure/quick-turnaround deadlines.
• Strong attention to detail is a must.
• Retail sector experience is a plus.
• Accounting experience is a plus.
• CFA is a plus

Expected base pay rates for the role will be between $110,000 and $125,000 per year for Analyst, and between $150,000 and $200,000 per year for Associate, at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.