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

Morningstar DBRS; Chicago (IL); On-site; USD 134,000 - 209,000; Full time

Job summary

Morningstar DBRS is seeking a highly motivated structured finance professional to join its Global Structured Finance Cash Flow Analytics team in Chicago at the AVP or VP level. The role focuses on developing and running cash flow models for various securitized products, collaborating with Ratings Analysts, and mentoring junior staff.

Ideal candidates have 4+ years in structured finance, strong modeling skills with Intex Dealmaker, and the ability to independently manage complex transactions in a

Qualifications

• 4+ years of structured finance experience with hands-on cash flow modeling.
• Strong understanding of securitization structures and waterfalls.
• Proficiency with Intex Dealmaker and related cash flow tools.

Responsibilities

• Develop, maintain and run cash flow models for new-issue, amendment and surveillance transactions.
• Independently model complex securitization structures for new asset classes.
• Review transaction documentation and translate waterfall mechanics into cash flow results.
• Perform cash flow tie-outs and reconcile assumptions with methodologies.
• Collaborate with Ratings Analysts to evaluate results and risks.
• Present findings to senior team and rating committees.
• Leverage AI-assisted validation tools to ensure model accuracy.
• Provide guidance and mentoring to junior analysts.
• Collaborate across global teams to support execution.

Skills

Quantitative analysis

Written/verbal communication

Independent/work in fast-paced env.

Attention to detail

Education

Bachelor's degree in Finance/Engineering/Math

Master's or CFA progression a plus

Tools

Intex Dealmaker

Intex Calc

Excel

Python

VBA

Job description

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.

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 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

$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.