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Morningstar

Independent investment research and data provider

North American CMBS Credit Ratings Senior Analyst

Full-Time
$92k - $115.8k/yr
Junior
Bachelor's
Chicago, IL, USA
HybridHybrid work model with four days in-office each week.
Finance & BankingRisk Management
Company Does Not Provide H1B Sponsorship

About the job

Requirements
  • A minimum of two years of experience in a commercial real estate-related field is required.
  • An undergraduate degree in accounting, business, finance, or another relevant discipline is preferred.
  • Strong analytical abilities and knowledge of financial statements are required.
  • Solid research and analytical skills, with acute attention to detail, are required.
  • Strong oral and written communication skills are required.
  • The candidate must be able to meet deadlines while producing high-quality work.
  • A genuine interest in commercial real estate and structured finance is required.
  • The candidate must be able to travel 10–20% domestically and across North America.
  • The candidate must possess and maintain a valid driver's license and passport.
  • Advanced knowledge of Microsoft Excel is a plus.
Responsibilities
  • Serve as lead or backup analyst for CMBS transactions while adhering to the relevant rating methodology.
  • Determine stabilized cash flows for all major property types, including office, retail, multifamily, MHC, hotel, and self-storage, across loan sizes from $1 million to over $100 million.
  • Search for and aggregate market data for use in credit analysis.
  • Track key economic and industry indicators and various asset-class metrics.
  • Review third-party reports, including appraisals, property condition reports, environmental reports, and other industry-specific reports.
  • Contribute text and analysis for rating reports, press releases, commentaries, presentations, and industry reports under the supervision of lead analysts.
  • Review and create rating committee materials and participate in rating committee meetings with guidance from lead analysts.
  • Assist with the publishing workflow, including regulatory disclosures.
  • Develop a solid understanding of the real estate asset classes covered.
  • Develop client-communication skills through interactions with issuers, investors, and intermediaries.
  • Adhere to compliance, regulatory, and company policies and procedures.
Desired Qualifications
  • Advanced knowledge of Microsoft Excel is a plus.

About the company

Morningstar provides independent investment research and data to individual investors, financial advisors, and asset managers. It offers subscription-based access to a broad database of investment information, analytics, and tools through platforms like Morningstar Advisor Workstation, Morningstar Office Cloud, and Morningstar Cloud, plus managed portfolios and retirement services. The company differentiates itself with a wide breadth of data across retail and professional channels, strong ESG offerings through Sustainalytics, and an ecosystem that combines research, portfolio management, and retirement services. Its goal is to help users make informed investment decisions by delivering reliable data, analytics, and ESG insights while growing its subscription business.

Company Size

10,001+

Company Stage

IPO

Headquarters

Chicago, Illinois

Founded

1984

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Simplify's Take

What believers are saying

  • Q2 2026 revenue rose 9.6% to $663.2 million, with 28.4% operating-income growth.
  • Morningstar repurchased $300 million in Q2 2026 and $1.1 billion since 2024.
  • PitchBook's Time to Exit and Corporate Credit Analytics expand higher-value private-market products.

What critics are saying

  • PitchBook revenue grew only 4.9% in Q2 2026, limiting AI partnership monetization.
  • Morningstar carried $723.5 million debt at December 31, 2025 after refinancing.
  • OpenAI, Google, Microsoft, and Perplexity can disintermediate Morningstar if connectors commoditize data.

What makes Morningstar unique

  • Morningstar's proprietary public-market research plus PitchBook private capital data spans both markets.
  • August 2026 Gemini Enterprise and June 2026 Microsoft Copilot integrations embed Morningstar into workflows.
  • CEO Kunal Kapoor said over half employees completed AI Academy by August 2026.

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Benefits

  • Health Insurance
  • Dental Insurance
  • Vision Insurance
  • Life Insurance
  • Disability Insurance
  • Unlimited Paid Time Off
  • Sabbatical Leave
  • 401(k) Retirement Plan
  • 401(k) Company Match
  • Paid Sick Leave
  • Parental Leave
  • Adoption Assistance

Company News

Yahoo Finance
Oct 14th, 2026
Robinhood vs Morningstar: $4.5B revenue growth stock or steady data giant?

Robinhood Markets (NASDAQ:HOOD) and Morningstar (NASDAQ:MORN) offer investors a choice between rapid growth and steady performance, according to a comparison of the two stocks. Robinhood's FY 2025 revenue reached nearly $4.5 billion, up about 51.6%, with net income of roughly $1.9 billion. Morningstar's revenue was about $2.4 billion, up 7.5%, with net income near $374.2 million. Robinhood trades at a forward P/E of 49.8x against 16.8x for Morningstar. Its shares have gained 757% since the start of 2024, while Morningstar's are down nearly 27%. Robinhood faces regulatory and litigation risks, including lawsuits over its event contracts. Morningstar's risks include threats to its independence and pressure from artificial intelligence.

Yahoo Finance
Oct 13th, 2026
Morningstar launches Direct AI as shares rise 8% in a week to $204.30

Morningstar has launched Morningstar Direct AI, an agent-based upgrade to its flagship analytics platform. The tool helps professionals with research, product design, and distribution work. The stock has risen 8% over seven days and 19.84% over 90 days, closing at $204.30. Returns over one, three, and five years remain negative. The most followed analyst narrative puts fair value at $236.67, making the stock 14% undervalued. A Simply Wall St discounted cash flow model estimates $162.54, which would mean the shares trade above fair value. Risks include weak client adoption of the AI tools and continued insider share sales.

Yahoo Finance
Sep 16th, 2026
Morningstar's PitchBook data powers ChatGPT for finance as AI integration highlights proprietary dataset value

Morningstar's PitchBook private markets data was integrated into OpenAI's ChatGPT for Financial Services platform in September 2026, enhancing AI-assisted analytical tools for finance professionals. The collaboration highlights the growing importance of high-quality private market datasets as foundational inputs for advanced AI models serving institutional investors. The integration reinforces Morningstar's investment narrative by spotlighting the value of its proprietary datasets as AI inputs. The move could act as a catalyst for data licensing and deeper platform adoption, supporting the case for current buybacks and dividends. However, Morningstar faces key risks around its high debt load, relatively modest growth outlook, and share price performance that has lagged broader markets. Community fair value estimates range from about $161,000 to over $329,000, showing divergent views on the company's prospects.

Yahoo Finance
Sep 11th, 2026
Morningstar stock could reach $13B by 2031 — 73% higher than current $7.5B valuation

Morningstar stock, recently valued at $7.5 billion, could reach $13.2 billion within five years, according to market analysis based on the company's growth trajectory. The financial services firm has demonstrated consistent expansion, with net income rising from $223.6 million in 2020 to $421.6 million on a trailing-12-month basis. The projection assumes a continuation of Morningstar's 12% average annual growth rate over the past five years. Revenue grew from $1.39 billion in 2020 to $2.45 billion in 2025. The company's flagship platform increased 6% year-over-year, whilst its PitchBook platform serving venture capital and private equity businesses saw nearly 10% revenue growth. Morningstar manages approximately $375 billion in client assets. Current valuation metrics suggest the stock may be undervalued, with its forward price-to-earnings ratio at 16.3, down from 31.9 a year ago.

Associated Press
Aug 25th, 2026
Morningstar and PitchBook integrate with Google's Gemini Enterprise for financial services AI

Morningstar and PitchBook announced integrations with Google Cloud's Gemini Enterprise for Financial Services through the Model Context Protocol. The integrations are expected to be available imminently. The partnerships allow eligible subscribers to access investment data, research, and market intelligence directly within Gemini Enterprise. Morningstar provides public market insights, whilst PitchBook delivers private capital markets intelligence covering companies, investors, funds, and transactions. The integrations aim to help financial professionals access source-attributed investment information within AI workflows. Users can conduct research without switching between multiple applications whilst maintaining visibility into data sources behind AI-generated responses. Morningstar and PitchBook join Google Cloud as launch partners for the preview of Gemini Enterprise for Financial Services. The move forms part of broader efforts to make investment intelligence available across leading AI platforms.