Principal Quantitative Analyst

Morningstar, Inc.; Chicago (IL); On-site; USD 148,000 - 226,000; Full time

Benefits offered by this job

401k match

Comprehensive health benefits

Sabbatical program

Job summary

Morningstar Indexes, based in Chicago, is seeking a principal quantitative analyst to design and launch benchmark, thematic, and multi-asset indexes from concept to market.

Collaborate across research, product, technology, operations, and commercial teams, applying AI-first workflows and advanced analytics to turn ideas into scalable index solutions.

Qualifications

• 6+ years of experience in indexes, asset management, investment banking, fintech, or related investment tech environment.
• Strong quant toolkit including investment analysis, factor research, portfolio construction, back-testing, risk analytics, or systematic strategy design.
• Proficient coding and data work in Python, R, SQL, MATLAB or similar to prototype ideas, analyze large datasets, and automate workflows.
• Excited by AI-first workflows with exposure to Copilot, Claude Code, or similar tools; experience with AI agents or workflow orchestration is a plus.
• Clear communicator able to translate complex quant and AI concepts into documents, notes, presentations, and client narratives.
• Experience developing optimized portfolio construction, risk modelling tools, factor strategies, and index derivatives is a strong plus.
• This position is based in our Chicago office.

Responsibilities

• Build and launch new benchmarks, thematic, factor, and multi-asset indexes from concept to market with cross-functional teams.
• Drive the full product innovation cycle: spot opportunities, test signals, run back-tests, shape methodology, and prepare for launch.
• Use quant techniques and AI to turn investment ideas into durable, rules-based index methodologies.
• Push AI-first workflows to automate research, speed analysis, and validate methodology logic.
• Create tools, prototypes, dashboards, research insights, and client-facing narratives to make complex ideas accessible.

Skills

Quant research

Portfolio construction

Back-testing

Python/R/SQL

AI & ML tools

Communication

Education

Bachelor's or higher in a related field

Tools

Python

R

SQL

MATLAB

GitHub Copilot

Job description

The Group: 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.

We are looking for a new principal quantitative analyst to work in new product development.

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

• 6+ 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.
• Comfortable 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.
• This position is based in our Chicago office.

This role does not qualify for immigration sponsorship. Morningstar will not be considering candidates that require immigration sponsorship now or in the future. This role is required to be in Chicago office four days a week.

Compensation and Benefits

At Morningstar we believe people are at their best when they are at their healthiest. That's why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:

• 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 plansand coverages

  • Additional medical Wellness Incentives - up to $300-$600 annual

  • Company-provided long- and short-termdisabilityinsurance

• 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 & FormalMentorshipOpportunities

  • 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

$147,550.00-226,233.33

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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