Equity Analyst

Morningstar; Chicago (IL); Hybrid; USD 114,000 - 167,000; Full time

Benefits offered by this job

401k match up to 6%

Stock ownership potential

Life insurance

Health benefits

Wellness incentives

Sabbatical

Parental leave

Educational stipend

Job summary

Morningstar in Chicago seeks an experienced equity analyst to cover Technology stocks, with a primary focus on SaaS companies. The role offers intellectual freedom to develop long‑term, original research pieces and to publish notes for a sophisticated client base.

The analyst will be in the office most days, collaborating with a top-tier team and contributing to Morningstar’s Economic Moat framework. You will develop fair-value estimates, perform detailed DCF analyses, and present insights that

Qualifications

• Bachelor’s degree; CFA designation and/or a Masters degree is preferred.
• Three to five years of experience in sell side or buy side equity research; Alternatively, three to five years of technology industry experience combined with a proven interest in equity research.
• Advanced Excel proficiency and strong quantitative skills; ability to build and interpret financial models.

Responsibilities

• Analyze publicly available information and build data to create investment mosaic for approximately 20 Tech companies, focusing on SaaS.
• Estimate fair values for selected SaaS peers and major players like Microsoft, Salesforce, Atlassian, Shopify, ServiceNow.
• Develop long-term industry vision and write notes for a sophisticated client base with timely, accurate insights.

Skills

Quantitative analysis

Written and verbal communication

Independent thinking

Decision making under deadlines

Interest in investing

Education

Bachelor's degree; CFA designation and/or Masters preferred

Tools

Excel

Financial modeling

DCF modeling

Job description

The Group

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 research analysts are among the most respected thought leaders in the industry, and we offer original, influential, thought provoking, and independent analysis. We offer intellectually challenging career paths and the opportunity to work alongside highly motivated individuals and industry experts.

The Role

Our Equity Research team requires an experienced equity analyst to cover Technology stocks, primarily focusing on a select group of SaaS companies. The role offers considerable intellectual freedom to focus on developing long-term oriented, original, and in-depth insights on complex industry issues with an emphasis on understanding ever-changing competitive dynamics. The analyst will publish in-depth research pieces that exemplify our reputation for thought leadership, our ability to assess outcomes for debatable investor topics, and provide the analysis our clients need to make better investing decisions. This position is based in our Chicago office and requires at least four days a week in office.

Responsibilities

• Analyze publicly available information, develop industry-relevant contacts and build internally-generated data to create investment mosaic, often with incomplete information.
• Estimate fair values for about 20 Tech companies, mostly focusing on the SaaS sector. Companies may include: Microsoft, Salesforce, Atlassian, Shopify, ServiceNow, and others.
• Gather and analyze industry data to develop a long-term industry vision and write notes for a sophisticated and demanding client base in a timely, accurate, insightful manner. Analyze implications of fundamental industry developments for coverage.
• Regularly publish reports, detailed discounted cash flow models that focus on the key drivers of the business, and in-depth research pieces, including the qualitative and quantitative analyses of your coverage’s Economic Moats.
• Develop relationships with coverage companies and industry participants by attending company events and industry conferences to enhance research and build brand.
• Become an expert in Morningstar’s Economic Moat research methodology.
• Proactively surface attractive investment ideas internally and externally to support all products and clients.
• Collaborate with colleagues by lending your financial, industry and investment expertise, including reviews of written research, financial models, moat presentations and other items as requested by your Director.
• Act with independence and an ‘investors first’ attitude at all times.

Requirements

• A bright, motivated individual with the desire to succeed in an intellectually-intense environment. Possess intellectual curiosity, a passion for creative analysis, and attention to detail.
• Ability to think broadly and creatively about a range of strategic issues affecting a business.
• Strong qualitative and quantitative acumen combined with strong written and verbal communication skills.
• Bachelor’s degree; a CFA designation and/or a Masters degree is preferred.
• Three to five years of experience in sell side or buy side equity research; Alternatively, three to five years of technology industry experience combined with a proven interest in equity research.
• Ability to make decisions under tight deadlines, at times with incomplete information.
• Independent and critical thinking skills and a passion for investing, with a bias toward long-term fundamental research.
• Sound financial modeling skills and knowledge of discounted cash flow modeling techniques.
• Advanced Excel proficiency
• Abilit to work well within a team and to respectfully accept and provide constructive feedback.

Your application package should include your resume and cover letter.

Compensation And Benefits

• 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

$114,100.00-167,350.00

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.

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