Morningstar Development Program - Credit Analyst (North American Financial Institutions Ratings Group)

Morningstar; Toronto; On-site; CAD 67,000 - 82,000; Full time

Job summary

Morningstar DBRS in Toronto offers the Morningstar Development Program (MDP) for recent graduates. This two-year fixed-term contract starts January 2027, with mentoring, networking, and training to launch careers in credit research.

You will analyze financial statements, assist analysts, and draft rating materials, supporting rating decisions for financial institutions across North America. The program welcomes diverse majors and encourages CFA pursuit.

Qualifications

• Bachelor's degree in finance, accounting, economics, statistics, mathematics, or related discipline.
• Strong analytical and quantitative skills with ability to interpret financial statements and identify key drivers.
• Interest in financial institutions, capital markets, credit analysis, or investment research.
• Progress toward CFA designation or graduate degree is favorable.
• Strong written and verbal communication; ability to present complex information clearly.
• Ability to manage multiple priorities, work independently, and collaborate across the organization.

Responsibilities

• Analyze financial statements, regulatory filings, and operating performance to support credit rating assessments.
• Assist lead analysts in monitoring ratings and evaluating credit implications of developments.
• Prepare analytical materials for rating committees and contribute to rating discussions.
• Draft rating reports, press releases, and research commentaries communicating credit views clearly.
• Monitor industry trends and emerging risks affecting banks, insurers, and non-bank financial institutions.
• Maintain internal databases, financial models, and rating documentation to support processes.
• Contribute to team projects and sector research to strengthen coverage in North American financial institutions.

Skills

Analytical skills

Communication skills

Multitasking

Excel proficiency

Curiosity about credit markets

Team collaboration

Education

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

Tools

Microsoft Excel

Programming / data analysis tools

Job description

The Program At Morningstar, we want people who are smart, creative, hard-working, curious, and passionate about their work. We hire all majors, including liberal arts, as we appreciate the different perspectives they bring to our company. We built the Morningstar Development Program (MDP) to prepare recent graduates for a strong start to their careers at Morningstar DBRS. Throughout this two-year program, you will be placed in a cohort where you’ll receive ongoing career development, networking, mentoring, and training opportunities to help you succeed. This is a two-year fixed-term contract position, starting in January 2027. We are accepting applicants with less than 2 years of full-time work experience. While we look for individuals who have an interest in investing and credit markets, we welcome all fields of study. This position is based in our Toronto office.

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%

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.

Compliance & Conflict of Interest

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.

Hybrid Work Environment

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.

EEO & Diversity

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.

Other Employment Details

• This is a two-year fixed-term contract position, starting in January 2027.
• We are accepting applicants with less than 2 years of full-time work experience.
• This position is based in our Toronto office.
• Morningstar's hybrid work model is four days in-office each week.

Additional Information

• US Applicants: Morningstar is an E-Verify program participant.