Structured Finance Cash Flow Analytics, VP/AVP – Chicago

Morningstar DBRS is seeking a highly motivated and experienced individual to join its Cash Flow Analytics group as a VP or AVP in Chicago, New York or Stamford. The Cash Flow Analytics team is a global team supporting Structured Finance. The team provides transaction-level cash flow support to the US ABS, US RMBS, US CMBS, US SC, European RMBS, European ABS and European NPL teams. Cash Flow Analytics sits within the Structured Finance Analytics team and directly supports ratings activity. This role will have a US focus, potentially covering US CMBS, US ABS and US RMBS. The candidate will work closely with the ratings teams to create, run, and analyze cash flows for a variety of securitizations, act as a technical resource on complex deals, and help mentor junior analysts.

As deal flow and structural complexity continue to rise, this role carries the team's capacity for new-issue and amendment volume. You will be a senior modeler who can independently own bespoke and complex transactions end to end, from interpreting legal documents through building, tying out, and defending the cash flow analysis. You will be expected to become an expert on securitization structures and legal document review, reverse-engineer issuer assumptions so cash flows reconcile to our methodology, and present findings to senior staff and rating committees.

Job Responsibilities

• Develop, maintain, and run cash flow models in Intex Dealmaker, Python and other proprietary platforms for new-issue and amendment transactions.
• Independently own bespoke and complex structures, including new asset classes and first-time issuers, where standardized approaches do not apply.
• Interpret and analyze transaction legal documents, with a focus on waterfall and structural nuances (excess spread, triggers, shortfalls, loss mechanics) necessary for building and running cash flows.
• Reverse-engineer and reconcile issuer-provided assumptions and cash flows to Morningstar DBRS methodology (cash flow tie-out).
• Perform AI-assisted numerical input validation, comparing the template against the CDI and results files as part of the standard pre-review workflow.
• Assist with analysis to evaluate the credit profile of securities and communicate results clearly to senior staff and Ratings Analyst teams, attending rating committees to present findings.
• Provide review, guidance, and informal training to junior analysts, helping raise consistency and throughput across the team.

Qualifications

• Completion of a Bachelor’s degree in Finance, Engineering, Mathematics, or a related field.
• 4–10 years of experience working in Structured Finance, with direct, hands-on cash flow modeling experience.
• Demonstrated ability to independently model bespoke and complex transactions under tight deadlines.
• Strong quantitative and analytical abilities, with a high attention to detail.
• Excellent written/verbal communication and interpersonal skills, including experience presenting to senior staff.
• Self-starter and team player with a demonstrated ability to work in a fast-paced environment and mentor others.
• Completion of a Master’s degree in Finance, Engineering, Mathematics, or a related field is a plus.
• Completion of the Chartered Financial Analyst (CFA) program (or progress toward it) is a plus.
• Proficiency in fixed income analytical software such as Intex (Dealmaker, Calc, Wrapper) is strongly preferred.
• Proficiency in AI tools is strongly preferred.
• Knowledge of advanced Excel/VBA functionality and Python is a plus.

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

  • 100% 401k match up to 6% of salary

  • 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 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

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.