Morgan Stanley Aptitude Test 2026: Complete Preparation Guide
Everything you need to pass Morgan Stanley's hiring process — the exact SHL tests used, cut scores by division, HireVue digital interview, superday format, and a structured preparation plan for analyst and internship applicants.
Morgan Stanley Hiring Overview
Morgan Stanley is a leading global investment bank with a highly competitive graduate hiring process. UK and global graduate programmes span Investment Banking (IBD), Institutional Securities (Sales & Trading, Research), Wealth Management, Investment Management, and Technology. The assessment requirements differ by division, but the core pipeline follows a consistent structure.
Online Application
CV, cover letter, and motivational questions. Key questions include: "Why Morgan Stanley?", "Why this division?", and a commercial awareness or current markets question relevant to the division. Applications for summer internships open in September/October.
Online Aptitude Tests (SHL)
Numerical and verbal reasoning tests via SHL TalentCentral, plus sometimes inductive reasoning. Must be completed within 5–7 days. Morgan Stanley's numerical reasoning cut scores are among the highest of any bank.
HireVue Digital Interview
One-way video interview with 3–5 questions. Mix of behavioural (competency-based) and motivational questions. Technical questions may be included for Trading and Technology divisions.
Superday
Final-stage in-person or virtual day of 4–6 back-to-back interviews. Includes technical, behavioural, and cultural fit interviews with professionals across seniority levels. The most selective stage — typically 2–3 candidates progress to offer per available position.
Morgan Stanley is known for setting high cut scores on online aptitude tests — higher than many comparable banks. Candidates aiming for Investment Banking or Sales & Trading divisions should target the 80th+ percentile on numerical reasoning. The numerical reasoning test is the primary gating filter; verbal reasoning is secondary. Don't underestimate the test stage — many well-qualified candidates fail here.
Online Aptitude Tests
Morgan Stanley uses SHL TalentCentral for its online aptitude screening. The tests must be completed at home, unsupervised, within the invitation window.
| Test | Questions | Time | Notes |
|---|---|---|---|
| SHL Numerical Reasoning | 18 questions | 25 minutes | Data tables, graphs, percentage change, ratios. Calculator typically allowed. Most heavily weighted test for IBD and S&T. |
| SHL Verbal Reasoning | 30 questions | 19 minutes | True/False/Cannot Say format. Tests logical inference from written information — do not use outside knowledge. |
| SHL Inductive Reasoning | 24 questions | 25 minutes | Shape and pattern sequences. Included for some divisions, especially Technology and Operations. |
Estimated Cut Scores by Division
| Division | Numerical Reasoning | Verbal Reasoning | Overall |
|---|---|---|---|
| Investment Banking (IBD) | ~80th–85th percentile | ~70th percentile | Both scores matter; numerical is primary |
| Sales & Trading | ~80th percentile | ~65th percentile | Speed is especially valued; fastest correct answers score higher |
| Equity Research | ~75th percentile | ~70th percentile | Verbal reasoning is weighted more equally |
| Technology | ~65th percentile | ~60th percentile | Inductive reasoning typically included; higher weight |
| Operations / Finance | ~65th percentile | ~65th percentile | Balanced across all three tests |
Investment banking and markets roles at Morgan Stanley use numerical reasoning as the primary screen. Candidates who score below the 75th percentile rarely advance regardless of other qualifications. See our Numerical Reasoning guide for structured preparation including worked examples, speed techniques, and timed practice.
HireVue Video Interview
Morgan Stanley uses HireVue for its digital interview stage. Candidates receive 3–5 questions and record video responses with no live interviewer. Responses are reviewed by recruiters and, in some cases, division representatives.
Typical Morgan Stanley HireVue Questions
- "Why do you want to work at Morgan Stanley specifically, rather than another bank?"
- "Walk me through a time when you had to analyse complex information to reach a decision. What was the outcome?"
- "Tell me about a time you worked under significant pressure. How did you manage it?"
- "What recent development in the financial markets interests you most, and why?"
- "Describe a time you worked with a difficult team member. How did you handle it?"
- (For S&T/Research): "What trade or investment would you put on today and why?"
Unlike some employers whose HireVue is purely behavioural, Morgan Stanley expects candidates to discuss current markets, specific deals, and relevant financial developments. Prepare 2–3 current financial topics you can discuss confidently: a recent M&A deal Morgan Stanley advised on, a significant market development (interest rate movements, IPO market), and a relevant trend in your target division. Read the FT or Bloomberg daily in the 2 weeks before your HireVue.
For general HireVue preparation, see our HireVue Interview guide. For STAR answer frameworks, see our STAR Interview Technique guide.
Superday Structure
The Morgan Stanley superday is the final-stage interview process, typically consisting of 4–6 back-to-back 30-minute interviews over one day. Interviewers span analyst through to director/MD level.
| Interview Type | Interviewer Level | What to Expect |
|---|---|---|
| Behavioural / Fit | Analyst or Associate | STAR-format competency questions; motivation; why Morgan Stanley; teamwork, resilience, leadership examples |
| Technical | Associate or VP | Division-specific: accounting, valuation, DCF for IBD; P&L concepts, market views for S&T; financial modelling for Research |
| Commercial Awareness | VP or Director | Current markets discussion; a deal or investment idea you'd recommend; your view on a macro trend |
| Culture Fit / Vision | MD or Director | Long-term career goals; what you'd contribute to the firm; questions about leadership and values |
Superday Preparation Priorities
- Technical preparation is non-negotiable: IBD candidates must be able to walk through a DCF valuation, explain the three financial statements and how they link, and describe an M&A deal structure. S&T candidates should be prepared to pitch a trade and discuss current market dynamics across rates, equities, and credit.
- Prepare your "Why Morgan Stanley" answer specifically: Vague answers about Morgan Stanley being "a top bank" do not impress. Research specific recent Morgan Stanley deals, rankings, and strategic initiatives. Reference specific teams, business areas, or research you've read.
- Have a strong markets view ready: At least one current financial topic you have a genuine, reasoned opinion on — not just a fact recitation. The "pitch a trade" question rewards conviction and logical structure more than being right.
- Prepare 5–6 STAR examples mapped to banking competencies: Analytical rigour, resilience under pressure, client/stakeholder management, leadership, and working in teams under tight deadlines. See our STAR Interview Technique guide for full worked examples.
Division-Specific Preparation
| Division | Key Technical Topics | Behavioural Focus | Preparation Resources |
|---|---|---|---|
| Investment Banking (IBD) | DCF valuation, LBO basics, M&A process, financial statements linkage, EV vs equity value | Work ethic & resilience (hours culture), analytical rigour, attention to detail, client focus | Investment Banking Guide → |
| Sales & Trading | Market dynamics (rates, equities, credit, FX), options basics (for structured roles), P&L concepts, your trade pitch | Risk tolerance & decisiveness, market instinct, communication speed & clarity, resilience under fast-moving conditions | — |
| Equity Research | Financial modelling fundamentals, sector knowledge, earnings drivers, 3-statement model basics | Intellectual curiosity, written communication, independent thinking, thoroughness | — |
| Technology | Data structures & algorithms (for SWE), system design, coding fundamentals (Python/Java/C++) | Problem-solving methodology, collaboration, learning agility | Tech Assessment Guide → |
| Operations | Trade lifecycle, settlement processes, risk management basics | Accuracy, process improvement mindset, stakeholder management | — |
4-Week Preparation Plan
| Week | Focus | Activities |
|---|---|---|
| Week 1 | Aptitude Test Mastery | 45 min daily numerical reasoning practice; verbal True/False/CNS technique drills; 2 full mock tests with full review |
| Week 2 | Speed & Accuracy to 80th%ile | 3 full timed SHL mock tests daily; target 90%+ accuracy on each; FT/Bloomberg 15 min daily for commercial awareness build |
| Week 3 | HireVue & Behavioural Prep | Build 6 STAR examples; 2 mock HireVue recordings reviewed; prepare "Why Morgan Stanley" answer; research 2–3 MS deals |
| Week 4 | Technical & Superday Prep | Technical interview prep for your division; 2 mock superday interviews with a friend; prepare trade/investment pitch; review MS annual report |
In addition to summer internships and graduate programmes, Morgan Stanley runs spring week (insight) programmes in March/April for first-year students, and some divisions offer off-cycle internship positions. Spring week applications typically open in November/December. The assessment process is lighter (application + interview, often no aptitude tests), making spring week an excellent pathway to summer internship offers.
Frequently Asked Questions
Start Preparing for Morgan Stanley Today
Build your numerical reasoning score to the 80th percentile with our free SHL-format practice tests — the same question style Morgan Stanley uses to screen thousands of applicants.