Lead Quantitative Analyst

Morningstar Credit Ratings, LLC; Chicago, Northern (IL, KY); Hybrid; USD 114,000 - 167,000; Full time

Benefits offered by this job

401k match up to 6%

Stock ownership potential

Life insurance

Comprehensive health benefits

Job summary

Morningstar is seeking a hands-on index builder to design and launch benchmark, thematic, factor, strategic beta, and multi‑asset indexes from concept to market in partnership with research, product, technology, operations and commercial teams. The role is based in Chicago and requires four days in office weekly.

You will use quant methods, back‑testing, risk analytics, portfolio construction, and AI‑enabled tools to turn investment ideas into durable methodologies.

Qualifications

• 4+ years of experience in indexes, asset management, investment banking, fintech, systematic investing, quantitative research, or related investment technology environment.
• Strong quant toolkit with investment analysis, factor research, portfolio construction, back-testing, risk analytics, or systematic strategy design.
• Proficiency in coding and data work with Python, R, SQL, MATLAB, or similar to prototype ideas and automate workflows.
• Excitement for AI-first workflows with exposure to AI agents, RAG, or workflow orchestration is a plus.
• Clear communication translating quant/AI concepts into methodology documents and client-facing narratives.

Responsibilities

• Build and launch new benchmark, thematic, factor, strategic beta, and multi-asset indexes from concept to market with cross-team collaboration.
• Drive the full product innovation cycle: spot opportunities, explore data, test signals, run back-tests, and shape methodology.
• Use quant techniques, machine learning, portfolio construction, risk analytics, and statistical testing to turn ideas into durable index methodologies.
• Push AI-enabled workflows to automate research, speed up analysis, and improve product development.
• Create tools, prototypes, dashboards, research insights, and client-facing narratives to simplify complex ideas.

Skills

Quant toolkit

Python / R / SQL

Portfolio construction

Risk analytics

AI tools familiarity

Effective communication

Tools

Python

R

SQL

MATLAB

Copilot / AI tools

Job description

The Area

Morningstar Indexes is building the next generation of index products at the intersection of markets, quant research, data science, and AI. This is a hands‑on builder role for someone who wants to move fast, experiment with new tools, turn bold ideas into scalable index solutions, and help redefine how investment products are researched, tested, and launched. The role is based in our Chicago office and requires at least four days a week in office.

Responsibilities

Build and launch new benchmark, thematic, factor, strategic beta, and multi‑asset indexes from concept to market in partnership with research, product, technology, operations, and commercial teams. Drive the full product innovation cycle—spot opportunities, explore data, test signals, run back‑tests, shape methodology, solve implementation challenges, and get products launch‑ready. Use quant techniques, machine learning, portfolio construction, risk analytics, and statistical testing to turn investment ideas into durable, rules‑based index methodologies. Push the use of AI, coding assistants, and agentic workflows to automate research, speed up analysis, test methodology logic, and make product development smarter and faster. Bring builder energy to the team by creating tools, prototypes, dashboards, research insights, and client‑ready stories that make complex quant and AI ideas easy to understand and exciting to use.

Requirements

• 4+ years of experience in indexes, asset management, investment banking, fintech, systematic investing, quantitative research, or a related investment technology environment.
• Strong quant toolkit, including hands‑on experience with investment analysis, factor research, portfolio construction, back‑testing, risk analytics, or systematic strategy design.
• Proficient in writing code and working with data using Python, R, SQL, MATLAB, or similar tools to prototype ideas, analyze large datasets, and automate repeatable workflows.
• Excited by AI‑first ways of working, with experience using tools such as Microsoft Copilot, GitHub Copilot, Claude Code, Gemini, ChatGPT, or similar platforms; exposure to AI agents, RAG, or workflow orchestration is a plus.
• Clear communicator who can translate complex quant, AI, and investment concepts into methodology documents, research notes, presentations, and compelling client‑facing narratives.
• Experience developing and using optimized portfolio construction and risk modelling tools, factor investment strategies, private equity data, and index derivatives strategies is a strong plus.

Why this role is exciting

You will join a global indexes team with the freedom to build, experiment, and scale new ideas—using AI, quant research, and modern development tools to create products that can reach investors around the world.

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.

001_MstarInc Morningstar Inc. Legal Entity

Morningstar is a global independent investment research and financial data company. Here, you'll help uncover what's hidden, simplify what's complex, and create insights that empower investor success.

Company overview

Morningstar Development Program 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.