Through the Morgan Stanley HireVue? Next is a short live first round. Here is who calls you, how technical New York and the West Coast get, the questions by group and how fast the superday follows.
Key facts
- Format: A short live call after the HireVue: a phone screen in investment banking (2025), a phone first round for New York FIG (2026), and Zoom in San Francisco.1,2
- Length: A 20-minute phone screen in investment banking (Jan 2025, summer 2026). One US prep guide puts it at 20 to 30 minutes.1,10
- Who calls you: Two analysts in an investment banking first round (Jan 2025), a VP in Equity Research (Mar 2025), and the head of the group in Public Finance (Feb 2026).1,4,3
- How technical: One banking first round with two analysts was mostly behavioral (Jan 2025). An accelerated San Francisco first round was entirely technical and very difficult (Jan 2025), and Menlo Park was very tech focused (2024).1
- How many: One in New York, then straight to the superday. San Francisco and Menlo Park have added a second round for some.1
- Whose interview: Investment banking groups that hire directly, such as FIG and Menlo Park Technology, interview you themselves. The form lets you rank up to three offices and three groups.6
- When: First rounds go out in batches. Menlo Park's came about two weeks after the HireVue (2024); for summer 2027, people involved in recruiting pointed to one to two weeks (Jan 2026).1,2
- Then: Two days after the first round in Menlo Park (2024), and the day after for one invite (Jan 2026). One New York interviewer said up to two weeks (Feb 2025).1,2
Outside banking the first round follows the group: a VP phone screen with a resume walk and a stock pitch in Equity Research (Mar 2025), and a phone call with the head of the group in Public Finance (Feb 2026).4,3
What the Morgan Stanley interview looks like
After the HireVue
In investment banking the HireVue comes with the application, and first rounds go out in batches after it. In the summer 2026 cycle they took nearly two weeks to start; for summer 2027 they started on Jan 6, 2026, and people involved in recruiting told one applicant to expect them within one to two weeks.1,2
The invite
An email from recruiting asks you to book a slot. If the scheduler shows no times, check back: one applicant found slots a little later. Direct-placement first rounds have run over three days, Wednesday to Friday, with a set time slot for each applicant.1,2
On the call
Expect a short call by phone or Zoom, such as a 20-minute phone screen. One investment banking first round was with two analysts; Equity Research put applicants on with a VP, and Public Finance with the head of the group.1,4,3
What they ask
It depends on the office. One investment banking first round with two analysts was mostly behavioral; another applicant was thrown by a bridge from enterprise value to equity value. An accelerated San Francisco round was entirely technical, and Menlo Park went far beyond the HireVue, with sector multiples, paper LBOs and merger math across its rounds.1
How to answer
Morgan Stanley does not always expect the right answer; it wants to see how you work through a scenario. Know every line of your resume without reading it, take your time, communicate concisely and let the interviewer finish before you respond.7
After the call
New York has no second round: a pass goes straight to the superday. San Francisco and Menlo Park have run a second round for some. Superday invites have come from the next day to about two weeks later.1,2
The first round, by office and group
- Investment Banking, New York (2025 and 2026) Phone
- A phone first round for FIG (Jan 2026); no second round, straight to the superday (Feb 2025).
- Investment Banking, office not stated (Jan 2025) Two analysts
- Mostly behavioral.
- Investment Banking, San Francisco (Jan 2025) Zoom, accelerated
- Entirely technical and very difficult; a second round for some.
- Investment Banking, Menlo Park (2024) About 2 weeks after HireVue
- Very tech focused; the superday followed two days later.
- Equity Research, New York (Mar 2025) VP phone screen
- A resume walk and a stock pitch, then an online superday.
- Public Finance, New York (Feb 2026) Phone, head of group
- Behavioral questions, public finance and bond math.
Each row is one office or group's first round, with when it ran. The common thread: a short live call where your resume and your reasons for the group come first, and the technicals follow the office.1,2,3,4
Before your first round
- Your resume, told without looking at it, with a number on every line you can defend.
- A two-minute tell me about yourself pointed at the group you ranked first.
- The bridge from enterprise value to equity value, said cleanly in under a minute.
- For the West Coast: which multiples fit which kinds of tech company, a paper LBO and simple merger math.
- One or two areas of the industry you can discuss with knowledge and conviction.
- A quiet room, a charged phone or a tested Zoom link, and a pen and paper for numbers.
- Two specific questions about the group, never "What does Morgan Stanley do?"
The questions
Morgan Stanley uses interviews to find out who you are and what motivates you, and whether you understand the business and the job. In the first round that means motivation and resume questions, plus technicals that depend on the office and group.7,1
- Fit and motivation: Tell me about yourself, why this industry, Morgan Stanley and this group.
- Behavioral: A team you worked on, how you managed your time, a time you failed.
- Technical: Enterprise to equity value, valuation methods, paper LBOs; bond math in Public Finance.
- Markets and ideas: A stock pitch in Equity Research; an area of the industry you follow.
- Group knowledge: What the group does, such as what public finance covers.
Which division question you get
- Investment Banking, New York
- Feb 2025 (summer 2026): no second round, so a pass goes straight to the superday; one interviewer said up to two weeks for next steps. Jan 2026 (summer 2027): generalist first rounds out from early January.1,2
- Investment Banking, office not stated
- Jan 2025 (summer 2026): a first round with two analysts, mostly behavioral; another first round asked for the bridge from enterprise value to equity value.1
- Investment Banking, San Francisco
- Jan 2025 (summer 2026): an accelerated first round, set before the application opened, that was entirely technical and very difficult; a second round for some.1
- Investment Banking, Menlo Park
- 2024 (summer 2025): very tech focused across the first round and superday, with sector multiples, paper LBOs and merger math.1
- Financial Institutions, New York
- Jan 2026 (summer 2027): a phone first round, for an applicant who applied generalist with FIG as the top choice.2
- Equity Research, New York
- Mar 2025 (summer 2026): a VP phone screen, walking through the resume and pitching a stock already pitched for a club.4
- Public Finance, New York
- Feb 2026 (summer 2027): a phone call with the head of the group. Teamwork, managing your time, what you know about public finance, bond math and a perpetuity.3,5
- Sales and TradingBest guess
- Expect why markets, a market you follow and one trade idea you can defend.
The Sales and Trading line is our best guess from the stock pitch in Equity Research and Morgan Stanley's advice to know one or two areas of the industry well.
Using Morgan Stanley's values in your answers
Morgan Stanley names five core values: Do the Right Thing, Put Clients First, Lead with Exceptional Ideas, Commit to Diversity and Inclusion, and Give Back. Its interview guide tells candidates to learn its history, capabilities and core values before the interview.9,7
- Do the Right Thing
“Act with integrity”9
Any judgment question about a rule or a shortcut. Say plainly what you would do.
- Put Clients First
“Listen to what the client is saying and needs”9
Why this group, and stories where you put someone else's goal first.
- Lead with Exceptional Ideas
“Be vigilant about what we can do better”9
A failure or a weakness. Show what you changed afterward.
- Commit to Diversity and Inclusion
“Value individual and cultural differences as a defining strength”9
Teamwork questions, especially a team that disagreed.
- Give Back
“Develop our talent through mentoring and sponsorship”9
Leadership questions about someone you taught or brought into a club.
The quotes are Morgan Stanley's own. Matching them to questions is Intervyo's advice: on a short call, use one value as the reason your story matters.
Example questions and how to answer them
Technical"Walk me through how you get from enterprise value to equity value."1
- 1Start from enterprise value: the operating business, valued for all capital providers.
- 2Subtract debt and debt-like claims: preferred stock and noncontrolling interest.
- 3Add cash and non-operating assets, such as equity investments.
- 4Divide by diluted shares for a value per share.
Tip: Asked in a summer 2026 investment banking first round (Jan 2025), where it threw the applicant off. Say it in one breath, then give a one-line example.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Enterprise value is what the operating business is worth to everyone who funds it. To get to equity value, I take away the claims that rank ahead of common shareholders: debt, preferred stock and noncontrolling interest. Then I add back cash and anything outside the core business, like an equity stake in another company. So a company with $1 billion of enterprise value, $300 million of debt and $50 million of cash has $750 million of equity value; with 50 million diluted shares, that is $15 a share.
Technical"Would you rather have $1,000 today or $100 every year forever?"3,5
- 1Spot the perpetuity: $100 forever is worth $100 divided by the discount rate.
- 2Find the breakeven: $100 / r = $1,000 at a 10% rate.
- 3Answer it: below 10%, take the $100 a year; above 10%, take the $1,000.
- 4Add the real-world point: who is promising to pay forever, and inflation.
Tip: The hardest question in a New York Public Finance first round with the head of the group (Feb 2026). Give the breakeven, not just a choice.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. It depends on the discount rate. $100 a year forever is a perpetuity, worth $100 divided by the rate, so at 10% it is worth exactly $1,000. If my required return is lower, say 5%, the stream is worth $2,000 and I take it; above 10% I take the cash today. In practice I would also ask how safe the payer is: a city with a weak credit, or high inflation, pushes the rate up and makes the $1,000 look better.
Markets and ideas"Pitch me a stock."4
- 1Name the company, your call and the upside you see.
- 2Give two or three reasons the market is missing.
- 3Back it with a valuation: a multiple against peers, or a simple DCF.
- 4Name the main risk and what would make you wrong.
Tip: An Equity Research applicant in New York pitched a stock already pitched for a club in the VP phone screen (Mar 2025). Bring one you have defended before.
Behavioral"Tell me about a time you worked on a team."3,5
- 1Set the scene in two sentences: the team, the goal and what was at stake.
- 2Say what your part was, and the moment the team needed something more from you.
- 3Spend most of the answer on what you did and why.
- 4Close on the result, with a number, and what you would repeat.
Tip: Asked in a New York Public Finance first round (Feb 2026). On a 20-minute call, keep it to about 90 seconds.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Last fall four of us entered a case competition on a hospital merger. A week out, our analysis was solid but the slides told three different stories, because each of us had built our own section. I offered to own the storyline: I wrote a one-page outline of the recommendation, and we each rebuilt our section to fit it. I also set two short check-ins so nobody worked past the others. We cut the deck from 30 slides to 14 and placed second of 22 teams. What I would repeat is agreeing the answer before building the slides.
Technical"What are common valuation approaches, and which one gives the highest value?"10
- 1Name the three: comparable companies, precedent transactions and a DCF.
- 2Precedents often come out highest, because they include a control premium.
- 3A DCF can come out higher or lower than both, because it rests on your assumptions.
- 4Close with when you would lean on each one.
Tip: From a US prep guide's list of recent Morgan Stanley first-round questions. The "it depends" is the answer, as long as you say what it depends on.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. The three main ones are trading comparables, precedent transactions and a discounted cash flow. Precedent transactions usually give the highest value, because the prices paid include a premium for taking control. Comparables reflect what the market pays for a minority stake today. A DCF can land anywhere, because it depends on the growth, margins and discount rate you assume, so for a high-growth company it can be the highest of the three.
Technical"What multiples would you use for a high-growth app, an enterprise software company and a semiconductor company?"1
- 1High-growth app, often unprofitable: EV/Revenue on forward numbers.
- 2Enterprise software: EV/Revenue for fast growers, EV/EBITDA or EV/free cash flow once margins are stable.
- 3Semiconductors, cyclical: EV/EBITDA and P/E on normalized earnings.
- 4Give the one-line reason for each.
Tip: Asked in Menlo Park technology banking (2024, summer 2025), in an account of the first round and superday together. For the West Coast, prepare it before the first round.
More Morgan Stanley interview questions
Fit and motivation
“Tell me about yourself.”8
Morgan Stanley calls it the first question you are likely to get
“Walk me through your resume.”4
Equity Research, New York, Mar 2025, VP phone screen
“What do you know about public finance?”3
Public Finance, New York, Feb 2026
“Why this industry, Morgan Stanley and this division?”7
Morgan Stanley asks for a compelling reason for all three
Behavioral
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How long to hear back after the interview
Superday invites go out in batches after first rounds, from the next day to about two weeks later. New York goes straight to the superday; the West Coast can add a second round first.1,2
2024 (summer 2025)
Investment Banking, Menlo Park
First round about two weeks after the HireVue, superday two days after the first round.1
Jan 2025 (summer 2026)
Investment Banking, US
A first round with two analysts on Jan 27, still waiting ten days later. In New York, an interviewer said up to two weeks for next steps (Feb 2025).1
Jan 2025 (summer 2026)
Investment Banking, San Francisco
An accelerated first round before the application opened, then a second round for some before the superday.1
Jan 2026 (summer 2027)
Summer analyst, US
On Jan 29, a superday invite the day after round one, for 8 a.m. on a Saturday.2
Jan 2026 (summer 2027)
Equity Research
An email a week after the first round: candidacy on hold, for review again in two weeks (posted Jan 30).2
Feb 2026 (summer 2027)
Public Finance, New York
Phone first round in early to mid February; the whole process took less than a month.3
An on-hold email is not a no: it has come with a date to review the file again.2
Best guessIf two weeks pass after your first round with no news, send your recruiter one short, polite note and keep preparing for the superday.
What happens after the interview
Online application
Resume, office and group rankings on the Morgan Stanley Campus board, reviewed on a rolling basis.6
HireVue video interview
Done. Offered straight after you submit, with 48 hours to finish it in banking.1,2
Online assessment
Done. Online tests after the HireVue, due by a set deadline. For the New York equity derivatives summit (summer 2027), eligible applicants were sent an additional online assessment, due by its own deadline.11
First roundYou are here
This page. A short phone or Zoom call with analysts, a VP or the head of the group.1,4,3
Superday
Several back-to-back interviews in one day. Equity Research in New York ran three 30-minute interviews online (2025).4
Offer
In New York Equity Research, an offer came exactly a week after the superday (2025).4
New York vs West Coast first rounds
Investment banking first rounds at Morgan Stanley split by coast: New York moves a pass straight to the superday, while the West Coast has tested technicals hard and can add a round.
Format
A phone first round for FIG, applied generalist with FIG first (Jan 2026).2
Zoom in San Francisco (Jan 2025).1
FAQ
What is the Morgan Stanley first round?
A short live call by phone or Zoom after the HireVue, with analysts, a VP or the head of the group. In New York investment banking it leads straight to the superday.1,4,3
How long is the Morgan Stanley first-round interview?
Short: a 20-minute phone screen in investment banking (Jan 2025). One US prep guide puts it at 20 to 30 minutes.1,10
Is the Morgan Stanley first round technical?
It depends on the office. One banking first round with two analysts was mostly behavioral in 2025, while another asked for the bridge from enterprise value to equity value. San Francisco ran an entirely technical first round, and Menlo Park was very tech focused.1
Is there a second round before the Morgan Stanley superday?
Not in New York: a pass goes straight to the superday. San Francisco and Menlo Park have run a second round for some.1
When do you hear back after the Morgan Stanley first round?
From the next day to about two weeks. Menlo Park invited one applicant to a superday two days after the first round (2024), and one New York interviewer said up to two weeks.1,2
How do I prepare for the Morgan Stanley first round?
Know every line of your resume without reading it, and have a compelling reason for the industry, the firm and the division. Then prepare the technicals for your office: the enterprise to equity bridge everywhere, and multiples, paper LBOs and merger math for the West Coast.7,1
Interview at other firms
Sources
Firm pages first, then dated candidate reports. Last checked Nov 4, 2026.
- 1Candidate discussion on a public forum: Morgan Stanley IBD 2026 Thread (from Jan 2025)
- 2Candidate discussion on a public forum: Morgan Stanley SA 27 (from Jan 2026)
- 3Candidate report on a public forum: Public Finance Summer Analyst interview, New York (Feb 2026)
- 4Candidate report on a public forum: Equity Research Summer Analyst interview, New York (Mar 2025)
- 5Candidate reports on a public forum: Morgan Stanley Interview Questions (2026) - 1479 Entries
- 6Morgan Stanley Campus: 2027 Investment Banking Summer Analyst Program (United States)
- 7Morgan Stanley: Interview Preparation
- 8Morgan Stanley: Don't Let These Common Interview Questions Trip You Up
- 9Morgan Stanley: Morgan Stanley Core Values
- 10Aced: Morgan Stanley Investment Banking (IB) Summer Analyst Interview Guide · prep site
- 11Morgan Stanley (AnitaB.org job board): 2027 Institutional Equity Derivatives Trading and Structuring Summer Analyst Program, In-Person Summit (New York)
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