Asset management · High yield / Fixed income

You spend a summer helping the team that picks high yield bonds for Morgan Stanley's fund clients, researching the companies that issue them. High yield bonds are loans to companies with weaker credit ratings. They pay more interest because there is a greater chance the borrower cannot repay. The High Yield team sits within Fixed Income at Morgan Stanley Investment Management, the part of the firm that invests money for governments, institutions, companies and individuals rather than trading for the bank itself. You join as a summer analyst, which is an intern at the first rung of the ladder.

The seat exists to give the portfolio managers and analysts more research capacity. Your job is to feed them the analysis they need to decide which bonds to buy, hold or sell, and to learn how a professional credit investor thinks.