Structured Finance Cash Flow Analytics, Assistant Vice President / Vice President – Chicago

R06_DBRSInc DBRS, Inc. - US Legal Entity; Chicago (IL); On-site; USD 134,000 - 209,000; Full time

Benefits offered by this job

Hybrid work environment

401k match

Health benefits

Sabbatical program

Parental leave

Job summary

Morningstar DBRS in Chicago seeks an accomplished structured finance professional to lead cash flow modeling for new-issue, amendment and surveillance transactions at AVP/VP level. You will independently analyze complex securitization structures, translate deal documentation into models and present findings to senior staff and rating committees.

You will work with Ratings Analysts and junior team members, leveraging Intex Dealmaker, Calc and Excel to validate results and support credit

Qualifications

• Bachelor's degree in Finance, Engineering, Mathematics or related quantitative discipline.
• 4+ years of structured finance experience with hands-on cash flow modeling.
• Strong understanding of securitization structures, waterfalls, and credit analysis.
• Ability to interpret documentation and model complex securitizations.
• Experience across ABS, RMBS, CMBS or Structured Credit; Intex Dealmaker proficiency strongly preferred.

Responsibilities

• Develop, maintain and run cash flow models for new-issue, amendment and surveillance transactions.
• Model complex securitization structures and translate waterfall mechanics into accurate cash flow results.
• Review transaction documents and reconcile assumptions with Morningstar DBRS methodologies.
• Present analyses to senior staff and rating committees with clear write-ups and visuals.
• Collaborate with global teams to support transaction execution and evolving needs.

Skills

Cash flow modeling

Structured finance

Intex Dealmaker

Data analysis

Communication

Education

Bachelor's degree in Finance/Engineering/Mathematics

Master's degree or CFA progress

Tools

Intex Dealmaker

Calc

Excel

Job description

Role

Morningstar DBRS is seeking a highly motivated and experienced structured finance professional to join its Global Structured Finance Cash Flow Analytics team at the Assistant Vice President or Vice President level in Chicago. The Cash Flow Analytics team supports Structured Finance ratings globally, providing transaction-level cash flow modeling and analytical support across multiple asset classes, including ABS, RMBS, CMBS, Structured Credit and other securitized products. The team works closely with Ratings Analysts to evaluate transaction structures, assess cash flow performance and support credit rating decisions. The Role: You will serve as a key cash flow modeling resource, responsible for developing, running and analyzing cash flow models for new-issue, amendment and surveillance transactions. This role requires strong structured finance expertise, hands-on modeling experience and the ability to independently analyze complex securitization structures. You will work closely with Ratings Analysts and senior team members to interpret transaction documentation, evaluate structural features, reconcile cash flow results and communicate analytical findings. You will also serve as a technical resource on complex transactions and contribute to the development and mentoring of junior team members. We are considering candidates at both the Assistant Vice President and Vice President levels, with final leveling determined by experience, technical expertise and demonstrated ability to independently manage complex transactions.

Job Responsibilities

• Develop, maintain and run cash flow models using Intex Dealmaker and other analytical platforms for new-issue, amendment and surveillance transactions.
• Independently model complex and bespoke securitization structures, including transactions involving new asset classes, first-time issuers and nonstandard structural features.
• Review and interpret transaction legal documentation, translating waterfall mechanics, excess spread, triggers, shortfalls, loss allocations and other structural provisions into accurate cash flow models.
• Perform cash flow tie-outs, reconciling issuer-provided assumptions and model outputs with Morningstar DBRS methodologies and analytical expectations.
• Work closely with Ratings Analysts to evaluate transaction cash flow results, identify key structural risks and assess the credit implications of different scenarios.
• Present cash flow analysis and findings to senior team members and rating committees, clearly communicating assumptions, structural considerations and analytical conclusions.
• Leverage available analytical tools, including AI-assisted validation processes, to support model accuracy, consistency and efficiency.
• Serve as a technical resource on complex transactions, providing review, guidance and informal training to junior analysts.
• Collaborate with colleagues across the global Cash Flow Analytics and structured Finance teams to support transaction execution and evolving business needs.

Qualifications

• Bachelor's degree in Finance, Engineering, Mathematics or a related quantitative discipline.
• Approximately 4+ years of structured finance experience, including direct, hands-on cash flow modeling experience.
• Strong understanding of securitization structures, cash flow waterfalls and structured finance credit analysis.
• Demonstrated ability to independently interpret transaction documentation and model complex or bespoke securitization transactions.
• Experience across one or more structured finance asset classes, including ABS, RMBS, CMBS or Structured Credit.
• Proficiency with Intex products, particularly Dealmaker, Calc or other cash flow modeling tools, is strongly preferred.
• Strong quantitative and analytical capabilities, with exceptional attention to detail and the ability to manage multiple transaction deadlines.
• Excellent written and verbal communication skills, including the ability to explain complex analytical findings to senior stakeholders.
• Ability to work independently and collaboratively in a fast-paced, global team environment.
• Experience reviewing work and providing guidance to junior analysts is preferred.
• Knowledge of advanced Excel, VBA and Python is a plus.
• Familiarity with AI-assisted analytical and validation tools is a plus.
• A Master's degree in a related field or progress toward the CFA designation is a plus.
• For consideration at the Vice President level, candidates should demonstrate greater depth of structured finance experience, the ability to independently lead highly complex transactions and a track record of providing technical guidance to other analysts.

About Us

Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,000 issuers and 60,000 securities, it is one of the top four credit rating agencies in the world. Morningstar DBRS empowers investor success by bringing more transparency and a much-needed diversity of opinion in the credit rating industry. Our approach and size allow us to be nimble enough to respond to customers' needs in their local markets, but large enough to provide the necessary expertise and resources they require. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service. Morningstar DBRS is the next generation of credit ratings.

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 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 $133,900.00-209,433.33 Inclusive of annual base salary and target incentive

If you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). If this applies and your account(s) are not with an approved broker, you will be required to move your holdings to an approved broker.

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.

R06_DBRSInc DBRS, Inc. - US Legal Entity Morningstar DBRS is a leading provider of independent credit rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. We are one of the top four credit rating agencies in the world and a market leader in Canada, the U.S., and Europe in multiple asset classes. Company overview 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.