The Role:
We are seeking a Quantitative Analyst to join our Equity Analytics team. The team owns and advances Morningstar's proprietary equity research IP — valuation, business analysis, business classification, company narrative, and the portfolio-level aggregation of foundational equity data — built with the analytical depth of fundamental research on every company, public and private.
You will work on well-defined pieces of this research, turning Morningstar's holdings, equity data, and company filings into high-quality, insightful, and actionable analytics, and supporting the ongoing validation of our models in production. You'll work independently on your assigned work while collaborating closely with senior analysts and your manager on trickier judgment calls, priorities, and open questions.
This position is based in our Chicago office. We are in-office 4 days/week.
Responsibilities:
- Run the full lifecycle of a research task: pulling and exploring the underlying data, assessing its quality and fit for purpose, proposing and testing an approach, and refining it based on what the data and results show.
- Build analytics across the team's core IP — valuation, business analysis, business classification, company narrative, and portfolio-level aggregations of equity data — under the guidance of senior analysts and your manager.
- Build real depth in how investors use equity analytics to understand stock exposure within a fund or portfolio, and use that growing expertise to propose new or better ways to surface those insights.
- Support ongoing model validation — from pre-launch checks on new methodology to investigating and resolving issues that surface in production.
- Maintain clear, well-documented code and analysis so your work can be reviewed, reused, and handed off without confusion.
- Flag edge cases, data issues, or methodology questions to senior analysts rather than resolving ambiguous judgment calls alone.
- Contribute to peer review of other analysts' work, and stay open to close review of your own.
- Stay current on the team's methodologies and tools, including AI-assisted approaches used in research and validation.
Requirements:
- Strong foundation in equity fundamentals — financial statement analysis, valuation, and business drivers — combined with a quantitative mindset and genuine interest in how investors use company-level data to make decisions.
- Strong Python and SQL skills, comfortable working independently with large, varied datasets.
- A rigorous, skeptical approach to research — testing assumptions, questioning first results, and validating findings before treating them as done — across the full arc of a task, from exploring raw data through to a tested, working analysis.
- Comfortable with ambiguity in the data itself (gaps, inconsistencies, edge cases) even where the task and its goals are well defined.
- Clear written and verbal communication, able to explain your analysis and reasoning to senior colleagues.
- Familiarity with using AI tools to support research, coding, or validation work.
- 2–5 years of experience in quantitative research, equity analysis, or a related field.
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
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 Leave
Adoption Assistance
Leadership Coaching & Formal Mentorship Opportunities
Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses
Tuition Reimbursement
Social Health
Charitable Matching Gifts program
Dollars for Doers volunteer program
Paid volunteering days
15+ Employee Resource & Affinity Groups
Total Cash Compensation Range
$89,625.00-131,441.66
Inclusive of annual base salary and target incentive
Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office 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.
