Equity Research – Analyst/Associate, Airlines & Freight Transportation (New York)

711 MS Smith Barney, LLC; New York (NY); On-site; USD 110,000 - 200,000; Full time

Job summary

Morgan Stanley's Equity Research team in New York City seeks an Analyst/Associate for Airlines & Freight Transportation. You will build financial models, translate data into clear investment theses, and interact with management and investors to support high-conviction stock calls.

The role emphasizes AI-enabled research tools, collaboration with cross-functional teams, and rigorous analysis to inform investment decisions across a 30+ stock coverage universe.

Qualifications

• 1–2 years of professional experience in equity research or investment banking.
• Experience or sector knowledge in airlines and/or freight transportation is desirable.
• Proven use of Excel to build and maintain financial models; advanced Excel proficiency required.
• Strong written and verbal communication; ability to present analysis clearly.
• Interest in public markets and curiosity about drivers of stock performance.

Responsibilities

• Create and maintain financial, valuation, and industry models leveraging accounting, finance, and economics.
• Translate data into insightful research reports with clear debates and actionable stock calls.
• Develop relationships with management and investor relations teams of covered companies.
• Engage with institutional investors by addressing questions and communicating high-conviction views.
• Support internal sales and trading with timely analysis of sector developments.
• Apply AI-enabled tools to speed data gathering, model maintenance, and analysis while ensuring data integrity.
• Conduct industry diligence and primary research through surveys and channel checks.

Skills

Excel modeling

Analytical thinking

Communication skills

AI tools adoption

Self-starter

Education

CFA designation or progress toward CFA

Equity research/investment banking experience

Tools

Python

Excel

Job description

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 analyses financial information to make investment recommendations on stocks in specific sectors. Research analysts build financial models to explore alternative scenarios, examine industries and communicate with companies and investors. Equity Research team members discuss their analysis and investment recommendations in research notes. A career in investment research at Morgan Stanley demands a commitment to excellence and a passion for the markets as well as the highest level of integrity. We are seeking an experienced Analyst/Associate member to join our Airlines & Freight Transportation team in New York City.

The Airlines & Freight Transportation research team covers 30+ stocks across airlines, rails, trucking, parcels, and logistics. The team is known for differentiated, out-of-consensus views that balance timely tactical calls with deep thematic research, including work on technology-driven disruption such as autonomous trucks, drones, eVTOLs, and freight digitization, supported by a highly developed data and modeling platform.

Primary Responsibilities

• Create and maintain financial, valuation, and industry models, leveraging skills in accounting, finance, and economics
• Translate company, industry, consumer, market, and alternative data into insightful research reports with clear investment debates, differentiated conclusions, and actionable stock calls
• Develop and maintain relationships with management and investor relations teams of companies under coverage, industry specialists, and other key leaders of opinion
• Engage with institutional investors by responding to in-depth questions, addressing bespoke requests, discussing companies and investment theses, and helping communicate the team’s highest-conviction views
• Support internal sales and trading teams with timely analysis of sector breaking news and relevant industry developments
• 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, data integrity, and quality control
• Conduct industry diligence and primary research through surveys, expert conference calls, and channel checks to evaluate industry trends and their implications for companies under coverage
• Collaborate with cross-functional teams to produce larger industry and thematic reports

Qualifications

• Ideally 1-2 years of professional experience in equity research or investment banking
• Experience or sector knowledge in airlines and/or freight transportation is highly desirable
• Proven experience using Excel to build and maintain financial models; advanced Excel proficiency is required
• Strong written and verbal communication skills, with the ability to present analysis clearly, defend conclusions, and contribute positively in client-facing discussions
• Demonstrated interest in public markets and a genuine curiosity about what drives stock performance, investor debates, and valuation
• Comfort adopting AI-enabled tools and new technologies to improve research efficiency, with the judgment to verify outputs, protect data integrity, and apply tools appropriately
• Demonstrated attention to detail and commitment to accuracyAbility to adapt quickly and work well under pressure
• High EQ, strong personal drive, energy, creativity, intellectual curiosity, organizational discipline, and a team-oriented mindset
• Ability to think independently, develop differentiated views, and operate with a self-starter mentality
• Experience with Python is a plus but not required
• CFA designation, or progress toward CFA is a plus but not required

WHAT YOU CAN EXPECT FROM MORGAN STANLEY:

At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work. To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices into your browser.

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.

Morgan Stanley is an equal opportunity employer committed to building and maintaining a workforce that is diverse in experience and background. Our recruiting efforts reflect our strong commitment to a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents. Our workforce reflects a broad cross-section of the global communities in which we operate, bringing a variety of backgrounds, talents, perspectives, and experiences. For more information, please visit: https://www.morganstanley.com/people-opportunities/eeo.

At Morgan Stanley, we advise, originate, trade, manage and distribute capital for people, governments and institutions, always with a standard of excellence and guided by our core values. Morgan Stanley is dedicated to providing first-class service to our clients, in a way that reflects our commitment to creating a more sustainable future and fostering stronger communities around the world. In each line of business, we strive to demonstrate our belief in the power of transformative thinking, innovative strategies and leading-edge solutions—and in the ability of capital to work for the benefit of all society.