"Young people must be equipped with the right skills, the right knowledge and the right advice they need to succeed," said Mr Miliband.
"Failure to do this will not only cheat our young people of a decent future, it will cheat our country too."
Labour's education manifesto also includes commitments to smaller classes in infants' schools, a qualified teacher in every classroom and local directors of school standards "to tackle underachievement".
In December, Mrs Morgan announced £20m to set up a new careers company to forge links between schools and businesses in England.
This followed concerns that careers advice had deteriorated after schools took over responsibility for it from local councils in 2012.
Mrs Morgan says Labour's alternative does not add up.
"Once again the chaotic Labour Party have shown they don't have a plan for education.
"The Conservatives have already introduced a careers company properly backed up by industry, qualifications valued by employers and given young people the skills they need to go achieve in life and build a secure future.
"Only the Conservatives can ensure our young people have the world-class skills they need."
The Liberal Democrats maintain that the pupil premium, which they championed in the coalition government, is the key to increasing fair access to opportunities for teenagers.
The premium is paid to schools for every pupil they have who is eligible for free school meals.
The National Union of Students said face-to-face careers advice was "essential" to help people "fully explore their options".
NUS president Toni Pearce said she welcomed Labour's commitment "wholeheartedly".
CBI deputy director general Katja Hall said too many young people were unable to access reliable information to make the right decisions for their futures.
"Ensuring businesses are at the heart of inspiring young people is welcome, but we need to know how these changes will interact with the new 'Careers Company'," she said.
The National Association of Head Teachers agreed all children should have access to high-quality careers advice, from primary school onwards.
The union said its Primary Futures project already put "professional people into primary schools to showcase the world of work".
But the Association of School and College Leaders, which primarily represents secondary heads, expressed "serious misgivings over Labour's approach", particularly over the suggestion that careers advisers would be employed centrally rather than directly through schools.
"The needs of young people in different parts of England vary enormously and cannot be met from Westminster," said ASCL general secretary Brian Lightman.
The charity Barnardo's added that it was vital to ensure that training options for disadvantaged young people with low qualifications were included in any new careers service.