Morgan Stanley M&A interview structure

I haven’t interviewed there myself, but based on what candidates typically report, the Morgan Stanley M&A interview structure follows a fairly consistent pattern.

Recent interviews usually combine classic technicals with deal-focused discussion, rather than leaning fully into one or the other. You should expect solid coverage of fundamentals like DCF logic, accretion and dilution, valuation multiples, and how the financial statements link together. Interviewers often use these topics as a baseline to check whether you really understand the mechanics, not just memorised answers.

On top of that, Morgan Stanley tends to put meaningful weight on live-deal or transaction-style discussions, especially in later rounds. This can mean being asked to talk through a recent deal you found interesting, explain the strategic rationale, or think about how you would approach a sell-side or buy-side situation. The focus there is less on perfect numbers and more on judgment, structure, and how you think about transactions.

In practice, the best preparation is to be comfortable with technical basics and also ready to discuss deals in a clear, structured way. If you can explain valuation concepts confidently and then apply that thinking to a real transaction, you’ll be well aligned with how Morgan Stanley typically interviews for M&A.