Interviewed for an ML engineer role at Morgan Stanley earlier this year. The team was on the risk modeling side, not the quant trading desk, so your experience may vary if you're targeting a different group. But here's what I saw.
Screening
First call was with a tech recruiter. Nothing interesting. They confirmed I had Python and ML experience and asked about my current role.
Second call was with the hiring manager. This was actually substantive. She asked about specific models I'd deployed, how I think about production reliability for ML systems, and what I know about monitoring model drift. This wasn't a warmup, it was a real filter. I'd say prep for this like a real technical conversation, not a soft screen.
Onsite (virtual, 3 rounds)
ML fundamentals: core ML concepts, bias-variance tradeoff, regularization, how you'd choose between models for a specific classification problem. They asked me to walk through how I'd approach training a credit default prediction model. They didn't need me to know the specific MS models, they wanted to see my reasoning process.
Coding: Python, LeetCode-medium range, data manipulation. One problem was essentially pandas/numpy style (not algorithmic), one was more traditional. They seem to be fine with either approach as long as you're fluent in Python.
MLOps/system design: this one surprised me. They cared a lot about how I'd operationalize a model. Feature stores, batch vs. real-time inference, monitoring for data drift, rollback strategy when a model degrades. In finance the production reliability bar is high, you can't just retrain and hope for the best.
What I noticed
They don't care much about deep learning or transformer architectures for most ML eng roles. This isn't a GenAI team (at least not the one I interviewed for). They care about classical ML, clean feature engineering, and models you can explain to a risk committee. Interpretability over accuracy is a real cultural preference.
Level was VP (their equivalent of senior IC). Offer I declined was around $240k total comp in NYC, mostly base-heavy.