Analyst, Canadian Financial Institutions Ratings

Morningstar Credit Ratings, LLC; Toronto; Hybrid; CAD 67,000 - 82,000; Full time

Job summary

Morningstar DBRS is seeking an analyst to support credit ratings for Canadian financial institutions and broader North American entities. You’ll analyze financials, filings, and performance to inform independent credit opinions, working with experienced lead analysts.

You will develop strong analytical skills, gain exposure to banks, insurers, pension funds, and investment managers, and contribute to rating communications and research that guide investors.

Qualifications

• Bachelor’s degree in finance, accounting, economics, statistics, mathematics, or a related discipline.
• Strong analytical and quantitative skills with the ability to interpret financial statements.
• Demonstrated interest in financial institutions, capital markets, credit analysis, or investment research.
• Progress toward, or interest in pursuing, a CFA designation or graduate degree is viewed favorably.
• Strong written and verbal communication skills, with the ability to present complex information clearly and concisely.
• Ability to manage multiple priorities, work independently, and collaborate effectively with colleagues across the organization.
• Proficiency in Microsoft Excel and other Microsoft Office applications.
• Knowledge of programming, data analysis, or automation tools is helpful but not required.
• Curiosity about emerging technologies, including AI-enabled tools, and an interest in how they can support research, analysis, and workflow efficiency.

Responsibilities

• Analyze financial statements, regulatory filings, and operating performance to support credit rating assessments across a broad range of financial institutions.
• Assist lead analysts in monitoring existing ratings and evaluating the credit implications of financial, strategic, regulatory, and market developments.
• Prepare analytical materials for rating committees and contribute to discussions that support rating recommendations and decisions.
• Draft rating reports, press releases, and research commentaries that communicate credit views clearly and accurately to market participants.
• Monitor industry trends and emerging risks affecting banks, insurers, pension funds, investment managers, and non-bank financial institutions.
• Maintain internal databases, financial models, and rating documentation to support the rating process and regulatory requirements.
• Contribute to team projects and sector research initiatives that strengthen Morningstar DBRS's coverage of the North American financial institutions market.

Skills

Financial analysis

Credit analysis

Analytical thinking

Excel

Data analysis

Communication skills

Education

Bachelor's degree in finance, accounting, economics, statistics, mathematics, or related discipline

CFA designation (progress toward)

Tools

Microsoft Excel

Job description

The Role

Join Morningstar DBRS's North American Financial Institutions Ratings Group (FIG), where you'll help assess the creditworthiness of some of the most important participants in the financial system. Working alongside experienced lead analysts, you'll primarily support credit ratings for Canadian financial institutions, including banks, insurance companies, pension funds, investment management companies, and non-bank financial institutions. As you develop in the role, you'll also have opportunities to gain exposure to credits across the broader North American market. This role is designed for someone early in their career who wants to build strong analytical skills, develop a deep understanding of financial institutions, and contribute to independent credit opinions that help investors make informed decisions.

What you’ll be doing

• Analyze financial statements, regulatory filings, and operating performance to support credit rating assessments across a broad range of financial institutions.
• Assist lead analysts in monitoring existing ratings and evaluating the credit implications of financial, strategic, regulatory, and market developments.
• Prepare analytical materials for rating committees and contribute to discussions that support rating recommendations and decisions.
• Draft rating reports, press releases, and research commentaries that communicate credit views clearly and accurately to market participants.
• Monitor industry trends and emerging risks affecting banks, insurers, pension funds, investment managers, and non-bank financial institutions.
• Maintain internal databases, financial models, and rating documentation to support the rating process and regulatory requirements.
• Contribute to team projects and sector research initiatives that strengthen Morningstar DBRS's coverage of the North American financial institutions market.

What we’re looking for

• Bachelor’s degree in finance, accounting, economics, statistics, mathematics, or a related discipline.
• Strong analytical and quantitative skills, including the ability to interpret financial statements and identify key drivers of credit performance.
• Demonstrated interest in financial institutions, capital markets, credit analysis, or investment research.
• Progress toward, or interest in pursuing, a CFA designation or graduate degree is viewed favorably.
• Strong written and verbal communication skills, with the ability to present complex information clearly and concisely.
• Ability to manage multiple priorities, work independently, and collaborate effectively with colleagues across the organization.
• Proficiency in Microsoft Excel and other Microsoft Office applications.
• Knowledge of programming, data analysis, or automation tools is helpful but not required.
• Curiosity about emerging technologies, including AI-enabled tools, and an interest in how they can support research, analysis, and workflow efficiency.

Compensation

Starting Salary Target - $74,500 Target Bonus - 10%

The Group

The North American Financial Institutions Group assigns and monitors credit ratings for banks, insurance companies, pension funds, investment managers, and non-bank financial institutions. The team combines independent thinking, rigorous analysis, and sector expertise to assess credit risk and provide transparent rating opinions to market participants.

About Us

Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,000 issuers and 60,000 securities, it is one of the top four credit rating agencies in the world. Morningstar DBRS empowers investor success by bringing more transparency and a much-needed diversity of opinion in the credit rating industry. Our approach and size allow us to be nimble enough to respond to customers’ needs in their local markets, but large enough to provide the necessary expertise and resources they require. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service. Morningstar DBRS is the next generation of credit ratings.

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.

R08_DBRSLtdCanada DBRS Limited - Canada Legal Entity

If you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). If this applies and your account(s) are not with an approved broker, you will be required to move your holdings to an approved broker.

Morningstar is strongly committed to creating and preserving equal opportunity for all employees and applicants. We make all employment decisions—including recruitment, hiring, compensation, training, promotion, transfer, discipline, termination, and other personnel matters—without regard to race, color, ancestry, religion, sex, national origin, age, disability, protected veteran status, marital status, sexual orientation, genetic information, citizenship, gender identity and expression, parental status, or other legally protected characteristics or conduct.