Quantitative Analyst

Morningstar, Inc.; Chicago (IL); On-site; USD 92,000 - 135,000; Full time

Benefits offered by this job

401k match

Life insurance

Health benefits

Disability insurance

Sabbatical

Parental leave

Tuition Reimbursement

Volunteer days

Job summary

Morningstar, Inc. is seeking a Quantitative Analyst to join the Equity Analytics team in Chicago. The role focuses on turning holdings, equity data, and company filings into high-quality analytics, supporting validation of models in production.

You will work independently with senior analysts on judgment calls and priorities. The position emphasizes strong Python/SQL skills and a rigorous, skeptical approach to research across the full research lifecycle.

Qualifications

• Strong foundation in equity fundamentals and valuation.
• Strong Python and SQL skills, data proficiency.
• Rigorous, skeptical research approach from data exploration to validated analysis.

Responsibilities

• Run the full lifecycle of a research task: data gathering, quality assessment, methodology testing, and refinement.
• Build analytics across valuation, business analysis, and equity data under guidance.
• Develop depth in how investors use equity analytics to understand stock exposure within a portfolio.
• Support ongoing model validation from pre-launch checks to production issue resolution.
• Maintain clear, well-documented code and analysis for review and handoff.
• Flag edge cases and data issues to senior analysts when needed.
• Contribute to peer review and stay updated on methodologies and AI-assisted tools.

Skills

Python

SQL

Quantitative research

Job description

The Group:

Morningstar's Analytics group turns data into the methodologies, analytics, and insights that help investors make better decisions. We build proprietary intelligence across hundreds of thousands of securities and the portfolios that hold them: equities, fixed income, managed investments, and, increasingly, private and alternative assets. We are applying AI to make that intelligence more accessible and to bring it into investors' research and portfolio workflows. As one of the largest independent sources of fund, equity, and credit data and research in the world, Morningstar is guided by a single mission - empowering investor success.

The Role:

We are seeking a Quantitative Analyst to join our Equity Analytics team. The team owns and advances Morningstar's proprietary equity research IP - valuation, business analysis, business classification, company narrative, and the portfolio-level aggregation of foundational equity data - built with the analytical depth of fundamental research on every company, public and private.

You will work on well-defined pieces of this research, turning Morningstar's holdings, equity data, and company filings into high-quality, insightful, and actionable analytics, and supporting the ongoing validation of our models in production. You'll work independently on your assigned work while collaborating closely with senior analysts and your manager on trickier judgment calls, priorities, and open questions.

This position is based in our Chicago office. We are in-office 4 days/week.

Responsibilities:

• Run the full lifecycle of a research task: pulling and exploring the underlying data, assessing its quality and fit for purpose, proposing and testing an approach, and refining it based on what the data and results show.
• Build analytics across the team's core IP - valuation, business analysis, business classification, company narrative, and portfolio-level aggregations of equity data - under the guidance of senior analysts and your manager.
• Build real depth in how investors use equity analytics to understand stock exposure within a fund or portfolio, and use that growing expertise to propose new or better ways to surface those insights.
• Support ongoing model validation - from pre-launch checks on new methodology to investigating and resolving issues that surface in production.
• Maintain clear, well-documented code and analysis so your work can be reviewed, reused, and handed off without confusion.
• Flag edge cases, data issues, or methodology questions to senior analysts rather than resolving ambiguous judgment calls alone.
• Contribute to peer review of other analysts' work, and stay open to close review of your own.
• Stay current on the team's methodologies and tools, including AI-assisted approaches used in research and validation.

Requirements:

• Strong foundation in equity fundamentals - financial statement analysis, valuation, and business drivers - combined with a quantitative mindset and genuine interest in how investors use company-level data to make decisions.
• Strong Python and SQL skills, comfortable working independently with large, varied datasets.
• A rigorous, skeptical approach to research - testing assumptions, questioning first results, and validating findings before treating them as done - across the full arc of a task, from exploring raw data through to a tested, working analysis.
• Comfortable with ambiguity in the data itself (gaps, inconsistencies, edge cases) even where the task and its goals are well defined.
• Clear written and verbal communication, able to explain your analysis and reasoning to senior colleagues.
• Familiarity with using AI tools to support research, coding, or validation work.
• 2-5 years of experience in quantitative research, equity analysis, or a related field.

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

$92,300.00-135,383.33

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.