Fellowship terms

The Morency Fellowship is free. These terms apply to everyone who applies.

1. Operator. The Fellowship is operated by Morency Fellowship Ltd, not by Morency & Co. or MUZA Trading Academy.
2. Free participation. The Fellowship is free. You do not need to buy a course, subscription, token or service, or deposit money, to apply or participate.
3. Academy separation. Buying or using any Academy product gives no advantage in Fellowship selection, assessment or employment. Academy customer data is not used to score Fellowship applicants.
4. Simulation only. Fellowship exercises use simulated funds and fills. They are not live trading, investment services or evidence of likely investment returns.
5. No employment promise. Participation, completion and performance do not guarantee an interview, employment, compensation, funding or access to a trading desk.
6. Assessment. We may use simulator results, integrity checks and risk-desk review to assess an application. A human will review any decision to make an employment offer.
7. Eligibility. You must be at least 18 and legally permitted to participate from your location. We may refuse or end participation where required by sanctions, employment, immigration or other law.
8. No investment advice. Fellowship content is educational and evaluative only. It is not personal investment, legal or tax advice.
9. Data use. Morency Fellowship Ltd will process application and assessment data as described in its privacy notice, including applicable retention, transfer and applicant-rights information.
10. Honest participation. You must not use another person, concealed automation, leaked assessment material or false identity or location information.

For the first intake we cannot accept residents of the United States or South Africa, or of countries under comprehensive sanctions.

Last updated 25 October 2026.