This role provides investment research and analytical support to Municipal Credit Analysts and Portfolio Managers, with a focus on credit fundamentals, security structure, and relative value. The Research Analyst will work closely with Senior Analysts to research new investment ideas and help monitor existing investments in assigned market sectors. The Research Associate will work closely with Senior Analysts to identify new investment opportunities, monitor existing holdings, and develop the credit judgment, analytical rigor, and communication skills required to make independent recommendations over time. As experience and sector expertise deepen, the Research Associate is expected to become a meaningful contributor to the Municipal team's investment process. Primary Responsibilities: • Support senior analysts by conducting issuer-level municipal credit research, including analysis of financial performance, operating trends, security structure, and sector-specific risks. • Collect, maintain, and analyze financial, market, and statistical data to support fundamental credit research and relative value analysis. • Develop quantitative models, data tools, and AI-enabled workflows that improve research efficiency, surveillance quality, and the broader team's analytical capabilities. • Maintain surveillance of assigned credits through review of periodic financial reporting, news sources, peer comparisons, external research, and communication with market participants or issuer management teams. • Write clear credit surveillance reports, present findings to colleagues, and develop trade ideas or investment recommendations with guidance from senior analysts. • Build and maintain spreadsheets, dashboards, macros, or other tools that consolidate information from multiple sources into usable research outputs. • Support Senior Analysts on sector reviews, issuer deep dives, portfolio surveillance, and other research projects as needed. Job Requirements: • Bachelor's degree required with a strong academic record; relevant experience or demonstrated interest in investment research, municipal finance, or credit analysis preferred. • Strong Excel and quantitative skills required; experience with Python, SQL, R, data visualization, or AI-enabled research tools preferred. • Strong written and verbal communication skills, with the ability to synthesize complex issuer information into concise, actionable investment views. • Intellectual curiosity, sound credit judgment, attention to detail, and the ability to think critically and creatively. • Ability to work independently and collaboratively in a fast-paced investment environment, with flexibility to support multiple analysts, sectors, and priorities. • Commitment to continued professional development; progress toward the CFA designation or graduate business study is preferred. Expected base pay rates for the role will be between $110,000 and $125,000 per year 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.