Morningstar Development Program - Equity Research (Partner Link)

Morningstar Credit Ratings, LLC; Chicago (IL); Hybrid; USD 75,000 - 91,000; Full time

Benefits offered by this job

401k match up to 6%

Life insurance 1x salary

Comprehensive health benefits

Disability insurance

Paid sabbatical program

Parental leave

Job summary

Morningstar seeks an Associate Equity Analyst in its Equity Research group. You will join a two-year Development Program based in Chicago, rotating through areas of the business and receiving mentoring, training, and practicum opportunities.

The role emphasizes rigorous analysis, clear writing, and strong curiosity as you build sector coverage and financial models. The program accepts candidates with 0–2 years of full-time experience and a bachelor’s degree to be completed by May 2027.

Qualifications

• Bachelor’s degree to be completed no later than May 2027.
• Resume required with file name including the word 'Resume'.
• Highly motivated to succeed in a stimulating environment.
• Irrepressible curiosity and eagerness to dig deep and explore widely.
• Creativity with a penchant for solving questions and puzzles.
• Strong reasoning skills and attention to detail.
• Ability to communicate complex ideas clearly and succinctly.

Responsibilities

• Acquire a deep understanding of covered companies and industries from research, news, and data.
• Build modeling expertise by developing and maintaining company and industry models.
• Develop proficiency with Morningstar’s equity research methodologies and finance analyses.
• Support publication of timely, insightful research updates for investors.
• Collaborate on deep dive research that is differentiated and well substantiated.
• Maintain an investors-first mindset in all analyses.

Skills

Strong reasoning skills

Analytical mindset

Written communication

Curiosity

Team collaboration

Education

Bachelor’s degree (or equivalent)

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 to prepare recent college graduates for successful, long-term careers here at Morningstar. Throughout this two-year program, you will be placed in a cohort where you’ll receive ongoing career development, networking, mentoring, training opportunities, practicum program opportunities, and exposure to different areas of the business to help you succeed at Morningstar. We are accepting applicants with zero to two years of full-time work experience. While we look for individuals who have an interest in investing, we welcome all fields of study. All positions are based in our Chicago office. Within our equity track, you will start as an Associate Equity Research Analyst.

Equity Research: Morningstar’s Research group provides impartial ratings on stocks, funds, markets, and portfolios. 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 researchers are among the most respected in the industry, and that we offer original, influential, thoughtful, and unbiased research. We offer stimulating career paths and the opportunity to work alongside talented and collaborative teammates. Our Equity Research team is looking for a highly motivated Associate Equity Analyst to facilitate coverage of stocks on a sector team. The Associate will have opportunities to contribute materially to topical and thematic research, and substantially assist with coverage on a variety of firms in the sector. Strong reasoning and writing skills are expected. Intellectual curiosity and a willingness to learn are required.

Job responsibilities

• Acquire a deep understanding of the companies and industries your team covers by gathering and interpreting relevant research, news, and data.
• Build modeling expertise by helping your teammates develop and maintain company and industry models.
• Develop high proficiency with Morningstar’s equity research methodologies and disciplines relevant to equity research, including financial statement analysis and corporate finance.
• Support your team’s efforts to publish timely and insightful research updates aimed at broad audience of investors.
• Collaborate with teammates on "deep dive" research that is differentiated, substantiated, and clearly communicated.
• Sharpen your awareness of behavioral biases and embody an "investors first" mindset at all times.

Application Requirements

• A bachelor’s degree to be completed no later than May 2027.
• A resume is required to apply. Please be sure to include the word "Resume" in the file name of the resume you upload to your application on the front page.
• Highly motivated to succeed in a stimulating environment.
• Irrepressible curiosity, with an eagerness to dig deep and explore widely.
• Creativity, with a penchant for experimenting with new ways to approach questions and puzzles.
• High personal standards for thoroughness and attention to detail.
• Strong reasoning skills.
• Ability to communicate complex ideas clearly and succinctly.

The base salary for this position is $83,000.00. This role will be posted until October 5, 2026.

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

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 and Diversity Statement

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.