Structured Finance Cash Flow Analytics, VP/AVP – Chicago

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

Job summary

Morningstar DBRS in Chicago/NY/Stamford seeks a VP/AVP for Structured Finance Cash Flow Analytics. You will own end-to-end cash flow modeling for securitizations, interpret complex deal documents, and ensure reconciliations to our methodology.

You will serve as a technical resource and mentor junior analysts, supporting US and European issuers as needed. The role requires deep modeling expertise, strong communication skills, and ability to present to senior staff and rating committees.

Qualifications

• Bachelor’s degree in Finance, Engineering, Mathematics, or related field.
• 4–10 years of Structured Finance cash flow modeling experience.
• Ability to model bespoke and complex transactions under tight deadlines.
• Strong quantitative and analytical abilities with high attention to detail.
• Excellent written/verbal communication and interpersonal skills.
• Mentor others and work well in a fast-paced environment.
• CFA (or progress toward it) is a plus.
• Intex (Dealmaker/Calc/Wrapper) and Python proficiency is a plus.
• Excel/VBA proficiency is a plus.

Responsibilities

• Develop, maintain, and run cash flow models in Intex Dealmaker, Python, and other platforms for new-issuance and amendments.
• Independently own complex structures and new asset classes where standard approaches fail.
• Interpret and analyze transaction documents focusing on waterfalls, excess spread, and loss mechanics.
• Reverse-engineer issuer assumptions to Morningstar DBRS methodology and reconcile cash flows.
• Perform AI-assisted validation comparing templates to CDI and results files.
• Present findings to senior staff and Ratings Analyst teams; attend rating committees.
• Provide review and training to junior analysts to raise consistency and throughput.

Skills

Quantitative analysis

Communication

Mentor teammates

Fast-paced work

Education

Bachelor’s degree in Finance/Engineering/Mathematics

Master’s degree in Finance/Engineering/Math

CFA progress (plus)

Tools

Intex Dealmaker

Python

Excel/VBA

Job description

Structured Finance Cash Flow Analytics, VP/AVP – Chicago

Morningstar DBRS is seeking a highly motivated and experienced individual to join its Cash Flow Analytics group as a VP or AVP in Chicago, New York or Stamford. The Cash Flow Analytics team is a global team supporting Structured Finance. The team provides transaction-level cash flow support to the US ABS, US RMBS, US CMBS, US SC, European RMBS, European ABS and European NPL teams. Cash Flow Analytics sits within the Structured Finance Analytics team and directly supports ratings activity. This role will have a US focus, potentially covering US CMBS, US ABS and US RMBS. The candidate will work closely with the ratings teams to create, run, and analyze cash flows for a variety of securitizations, act as a technical resource on complex deals, and help mentor junior analysts. As deal flow and structural complexity continue to rise, this role carries the team's capacity for new-issue and amendment volume. You will be a senior modeler who can independently own bespoke and complex transactions end to end, from interpreting legal documents through building, tying out, and defending the cash flow analysis. You will be expected to become an expert on securitization structures and legal document review, reverse-engineer issuer assumptions so cash flows reconcile to our methodology, and present findings to senior staff and rating committees.

Job Responsibilities

• Develop, maintain, and run cash flow models in Intex Dealmaker, Python and other proprietary platforms for new-issue and amendment transactions.
• Independently own bespoke and complex structures, including new asset classes and first-time issuers, where standardized approaches do not apply.
• Interpret and analyze transaction legal documents, with a focus on waterfall and structural nuances (excess spread, triggers, shortfalls, loss mechanics) necessary for building and running cash flows.
• Reverse-engineer and reconcile issuer-provided assumptions and cash flows to Morningstar DBRS methodology (cash flow tie-out).
• Perform AI-assisted numerical input validation, comparing the template against the CDI and results files as part of the standard pre-review workflow.
• Assist with analysis to evaluate the credit profile of securities and communicate results clearly to senior staff and Ratings Analyst teams, attending rating committees to present findings.
• Provide review, guidance, and informal training to junior analysts, helping raise consistency and throughput across the team.

Qualifications

• Completion of a Bachelor’s degree in Finance, Engineering, Mathematics, or a related field.
• 4–10 years of experience working in Structured Finance, with direct, hands‑on cash flow modeling experience.
• Demonstrated ability to independently model bespoke and complex transactions under tight deadlines.
• Strong quantitative and analytical abilities, with a high attention to detail.
• Excellent written/verbal communication and interpersonal skills, including experience presenting to senior staff.
• Self‑starter and team player with a demonstrated ability to work in a fast‑paced environment and mentor others.
• Completion of a Master’s degree in Finance, Engineering, Mathematics, or a related field is a plus.
• Completion of the Chartered Financial Analyst (CFA) program (or progress toward it) is a plus.
• Proficiency in fixed income analytical software such as Intex (Dealmaker, Calc, Wrapper) is strongly preferred.
• Proficiency in AI tools is strongly preferred.
• Knowledge of advanced Excel/VBA functionality and Python 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.

• 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
• 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 are 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.