The Program: At Morningstar, we seek individuals who are smart, creative, hard-working, curious, and passionate about their work. We built the Morningstar Development Program to prepare recent college graduates for successful, long-term careers at Morningstar. Throughout this two-year program, you will be placed in a cohort where you'll receive ongoing career development, networking, mentoring, training opportunities, apprenticeship program opportunities, and exposure to different areas of the business to help you succeed.

About the role: Morningstar's Research group provides impartial ratings on stocks, funds, markets, and portfolios. Morningstar is one of the largest independent sources of fund, equity, and credit data and research in the world, and our advocacy for investors' interests is the foundation of our company. We believe that our researchers are among the most respected in the industry, and that we offer original, influential, thoughtful, and unbiased research. We offer stimulating career paths and the opportunity to work alongside talented and collaborative teammates.

Our Equity Research team is looking for a highly motivated Associate Equity Analyst to facilitate coverage of stocks on a sector team. The Associate will have opportunities to contribute materially to topical and thematic research, and substantially assist with coverage on a variety of firms in the sector.

Expectations or Goals

• Acquire a deep understanding of the companies and industries your team covers by gathering and interpreting relevant research, news, and data.

• Build modeling expertise by helping your teammates develop and maintain company and industry models.

• Develop high proficiency with Morningstar's equity research methodologies and disciplines relevant to equity research, including financial statement analysis and corporate finance.

• Support your team's efforts to publish timely and insightful research updates aimed at broad audience of investors.

• Collaborate with teammates on "deep dive" research that is differentiated, substantiated, and clearly communicated.

• Sharpen your awareness of behavioral biases and embody an "investors first" mindset at all times.

Location: Chicago

Start Date: July 6th 2026

What We Look For:

• A Bachelor's degree completed no later than May 2026. All majors welcome.

• Highly motivated to succeed in a stimulating environment.

• Irrepressible curiosity, with an eagerness to dig deep and explore widely.

• Creativity, with a penchant for experimenting with new ways to approach questions and puzzles.

• High personal standards for thoroughness and attention to detail.

• Strong reasoning skills.

• Ability to communicate complex ideas clearly and succinctly.

• Progress toward CFA designation and/or MBA preferred.

• Comfortable drawing conclusions amid incomplete information and under tight deadlines.

• Collaborative mindset, capable of respectfully accepting and providing constructive feedback.

• Must possess unrestricted right to work in the U.S. in this position

A resume is required to apply. **Please be sure to include the word "Resume" in the file name of the resume you upload

Total Cash Compensation Target

91,300 USD

Inclusive of annual base salary and target incentive

Compensation and Benefits

At Morningstar we believe people are at their best when they are at their healthiest. That's why we champion your wellness through a wide-range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:

• Financial Health
  • 75% 401k match up to 7%
  • Stock Ownership Potential
  • Company provided life insurance - 1x salary + commission

• Physical Health
  • Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages
  • Additional medical Wellness Incentives - up to $300-$600 annual
  • Company-provided long- and short-term disability insurance

• Emotional Health
  • Trust-Based Time Off
  • 6-week Paid Sabbatical Program
  • 6-Week Paid Family Caregiving Leave
  • Competitive 8-24 Week Paid Parental Bonding Leave
  • Adoption Assistance
  • Leadership Coaching & Formal Mentorship Opportunities
  • Annual Education Stipend
  • Tuition Reimbursement

• Social Health
  • Charitable Matching Gifts program
  • Dollars for Doers volunteer program
  • Paid volunteering days
  • 15+ Employee Resource & Affinity Groups

Morningstar's hybrid work environment gives you the opportunity to work remotely and collaborate in-person each week. While some positions are available as fully remote, we've found that we're at our best when we're purposely together on a regular basis, typically three days each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.