Online Application
For this initial stage, you are required to submit, both a CV and a cover letter, explaining why Morgan Stanley and why that role in particular.
How to respond for success
I researched the company, mentioning recent deals and relating them to my interests. If you know someone who has worked / works there, that would also help.
Expect up to a 1 week wait before progressing to the next stage.
Final Interview
There were 4 interviews, about an hour each. I made sure I knew Morgan Stanley and global current affairs in as much detail as possible.
Example
Expect standard behavioural questions, technical questions, especially about the specific role you've applied to, and a case study (sort of like a sales pitch) that you cannot really prepare for in advance (although knowledge of current global affairs helps in this regard as well).
How to respond for success
I think my answers stood out because I seemed confident and knew what I was talking about, and took a couple of seconds to think before speaking rather than just saying the first thing that I could think of. My advice would just be to do your research before-hand, and don't be phased by the interview setting, especially if it's your first time. Your interviewers truly want you to succeed as much as you, after all they are also spending their valuable time talking to you. My interview was online but I still wore a suit since first impressions matter. Good luck!
Expect a 1 week wait before receiving your offer.
Example
How to respond for success