Type · Technical
How would you value a company with no revenue or earnings, such as a pre-product biotech startup?
Enterprise · IB Analyst Interview Guide
Applies via WorkdayHeadquartered in United StatesInterview language: English
How to Pass the Morgan Stanley IB Analyst Interview in 2026
The Morgan Stanley DNA (TL;DR)
The interview loop at Morgan Stanley rigorously assesses a candidate's capacity for precise financial analysis and ethical judgment, often through scenario-based questions. They seek individuals who embody their 'Commitment to Excellence' principle, demonstrating a deep understanding of market mechanics and risk mitigation strategies crucial for their global client base.
The Morgan Stanley Interview Loop
Your onsite loop will typically consist of 4 rounds.
- 1
Round 1
Recruiter ScreenMotivation, fit, GPA, deal interest. - 2
Round 2
Technical ScreenAccounting, valuation (DCF, comps, precedent transactions), enterprise vs equity value. - 3
Round 3
Market KnowledgeRecent deals, market events, sector outlook, why this firm. - 4
Round 4
SuperdayMultiple back-to-back interviews with MDs/VPs covering technical + behavioral + fit. - 5
Round 5
Behavioral / LeadershipPast evidence of ownership, influence, resolving conflict.
The Danger Zone: Top Reasons Candidates Fail
Based on our database of Morgan Stanley interview outcomes, avoid these common traps:
- Confusing the time periods covered by each statement.
- Using an inappropriate discount rate (WACC) or making arbitrary changes to it.
- Failing to emphasize the high degree of uncertainty and reliance on projections.
- Focusing on a personal task rather than a systematic improvement that benefited the broader team
Test Yourself: Real Morgan Stanley Questions
Three real prompts pulled from our database.
Type · Deal Knowledge
Can you discuss a recent M&A transaction involving a company in the technology or healthcare sector that Morgan Stanley advised on? What was the strategic rationale?
Type · Motivation
Why are you interested in Investment Banking at Morgan Stanley specifically, and what aspects of our firm's work in M&A or Capital Markets appeal to you?
+ many more questions, signals, and worked examples
Sign up to unlock the full Morgan Stanley grading rubric
Morgan Stanley Interview Question Bank
A sample from our database, grouped by round. Sign up to see the full set.
9 of 14 questions shown
1
Recruiter Screen
1- 1
Type · Motivation
Why are you interested in Investment Banking at Morgan Stanley specifically, and what aspects of our firm's work in M&A or Capital Markets appeal to you?
2
Technical Screen
3- 2
Type · Valuation
Walk me through a Discounted Cash Flow (DCF) analysis. What are the key components, and what are common pitfalls when building one? - 3
Type · Valuation
How do you calculate Enterprise Value and Equity Value? Explain the relationship between them and why Enterprise Value is often preferred for valuation multiples. - + 1 more questions in this round (sign up to unlock)
3
Market Knowledge
3- 4
Type · Deal Knowledge
Can you discuss a recent M&A transaction involving a company in the technology or healthcare sector that Morgan Stanley advised on? What was the strategic rationale? - 5
Type · Market Trends
What are some of the key trends you're observing in the current IPO market, and how might they impact companies looking to go public? - + 1 more questions in this round (sign up to unlock)
4
Superday
4- 6
Type · Technical
Imagine a company is considering acquiring another. What are the key financial metrics and strategic considerations you would analyze to determine if the deal makes sense? - 7
Type · Technical
If a company's stock price is declining, what are the potential reasons, and how would you investigate them from an investment banking perspective? - + 2 more questions in this round (sign up to unlock)
5
Behavioral / Leadership
3- 8
Type · Ownership
At Morgan Stanley, we emphasize the principle of Giving Back and stewardship of client capital. Describe a specific instance where you identified a potential risk or inefficiency in a process or project that was already functioning, and you decided to overhaul it to ensure better long-term reliability for the team or client. How did you balance the need for immediate delivery with the effort required to implement this improvement? - 9
Type · Influence
Describe a situation where you had to persuade someone or a group to adopt your point of view or approach, especially when they initially disagreed. How did you handle it? - + 1 more questions in this round (sign up to unlock)
Unlock all 14 Morgan Stanley questions, free
No credit card. Every question with its framework, the grading signals interviewers score against, and a worked answer for each.
Interview tracks at Morgan Stanley
How Morgan Stanley's DNA translates across functions. Pick your role.
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Practice Morgan Stanley interviews end-to-end
Morgan Stanley Mock Interview
Run a live mock interview with our AI interviewer using Morgan Stanley-style prompts. Get scored on structure, signal, and answer length - exactly how the real loop grades you.
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STAR Stories for Morgan Stanley Behavioral Rounds
Build a Story Bank of your past wins, mapped to the leadership signals Morgan Stanley interviewers grade on. Reuse them across every behavioral round.
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Morgan Stanley Interview Prep Hub
The frameworks behind every Morgan Stanley round: CIRCLES for product sense, hypothesis-driven debugging for analytical, STAR for behavioral. Learn each one in 10 minutes.
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Interview Frameworks
CIRCLES, STAR, AARRR, RICE, MECE. The exact frameworks that make Morgan Stanley interviewers nod instead of frown. Step-by-step playbooks with the moves and the pitfalls.
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Sample answers
What a strong answer to these Morgan Stanley interview questions shows.
How would you value a company with no revenue or earnings, such as a pre-product biotech startup?
A strong answer shows: Adaptability; Creativity in valuation; Understanding of early-stage finance.
Can you discuss a recent M&A transaction involving a company in the technology or healthcare sector that Morgan Stanley advised on? What was the strategic rationale?
A strong answer shows: Industry knowledge; Deal awareness; Analytical skills.
Frequently asked questions
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