Morningstar
Independent investment research and data provider
Assistant Vice President - Multiple Teams
+ 20% annual bonus target
Four days in-office each week are generally required; occasional travel within Europe may be required.
About the job
- A Bachelor's degree or equivalent in Finance, Mathematics, Financial Engineering, Economics, Accounting, or a related quantitative discipline.
- At least 5 years of experience in the financial services industry.
- Working knowledge of asset-backed securities and residential mortgage-backed securities transactions.
- Experience reviewing legal documentation and performing cash flow analysis for structured finance transactions.
- Advanced proficiency in Microsoft Excel and strong working knowledge of the broader Microsoft Office suite.
- Excellent written and verbal communication skills in English.
- Strong analytical skills, exceptional attention to detail, and a commitment to delivering high-quality work.
- Ability to manage multiple priorities, work independently, and meet demanding deadlines.
- Willingness to learn new analytical methodologies, think creatively, and contribute effectively within a collaborative team environment.
- Eligibility to live and work in the European Union.
- Serve as a lead or rating analyst in maintaining Morningstar DBRS ratings of European transactions across different asset classes, mainly residential mortgage-backed securities, asset-backed securities, and/or SME-CLOs.
- Review legal documents related to European structured finance transactions, including transaction prospectuses, hedging documents, and due diligence reports.
- Conduct portfolio credit analysis using Morningstar DBRS rating methodologies and analytical tools.
- Analyze asset-liability cash flow structures using Morningstar DBRS built-in cash flow engines and Intex.
- Study recent performance trends for transactions, including credit enhancement, delinquency, cumulative defaults, recoveries, prepayments, seasoning, excess spread, and changes in collateral characteristics.
- Review and approve the publication of performance analytics reports on the Morningstar DBRS website.
- Collaborate with other European Structured Finance teams and analysts, and support analysts in assigning new ratings to transactions across different asset classes.
- Work with arrangers and issuers on transaction amendments and restructurings while supporting primary analysts.
- Draft surveillance committee memoranda summarizing the analysis and recommending a rating action.
- Write and publish press releases, commentaries, and market research.
- Develop and maintain analytical tools and reports for internal and external use.
- Conduct market research and financial analysis for rating committees, investor meetings, and conferences.
- Represent Morningstar DBRS in meetings with market participants and at industry events.
- Travel occasionally within Europe as required.
- CFA designation, a professional accounting qualification, and/or a Master's degree in Finance, Economics, Mathematics, or a related field.
- Experience with analytical programming languages, such as VBA, Python, or similar tools.
- Proficiency in one or more additional European languages.
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%, and organic revenue would have reached 8.2%.
- Morningstar bought back $400 million in 2026, shrinking float 5.6% since December.
- Microsoft 365 Copilot and Gemini Enterprise integrations widen distribution inside advisor workflows.
What critics are saying
- AI-native rivals like Anthropic, OpenAI, Perplexity, and Rogo attack Morningstar pricing.
- Morningstar Office and second-party opinions were retired in Q1 2026, signaling product churn.
- If financial professionals move research into copilots, Morningstar’s standalone platforms lose seat demand.
What makes Morningstar unique
- Morningstar’s curated data, research, and software create high switching costs across workflows.
- PitchBook spans private markets, giving Morningstar rare coverage from venture to credit.
- CRSP’s February 2026 integration strengthens Morningstar Indexes with deeper market infrastructure.
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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
Hybrid Work Options
Stock Options
Professional Development Budget
Tuition Reimbursement
Mentorship Program
Employee Referral Bonus
Company Social Events
Company News
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.
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.
Morningstar shares fell 9.79% in Q2 2026 despite solid financial performance, as investors worried about generative AI disrupting its data and research businesses. The company reported 8% organic revenue growth and 18% adjusted EBIT growth over 12 months. Baron Partners Fund, which holds Morningstar, noted the company maintains high-quality, hard-to-replicate data businesses. Management accelerated share buybacks, repurchasing $300 million in the most recent quarter and $1.1 billion since 2024. The stock traded at $207.41 on 14 August 2026, with a market capitalisation of $7.78 billion. Shares fell 19.78% over the past 52 weeks but gained 20.76% in the preceding month. Baron Partners Fund believes Morningstar's trusted, structured data remains valuable for AI applications, with the stock trading at a 63% discount to its three-year average multiple.
Morningstar reported second-quarter 2026 revenue of $663.2 million, up 9.6% year-over-year, with organic revenue growing 6.8%. Operating income increased 28.4% to $160.6 million, whilst adjusted operating income rose 22.7%. Diluted earnings per share climbed 35.4% to $2.83, with adjusted diluted earnings per share up 29.2% to $3.10. Free cash flow surged 96.3% to $122.5 million. CEO Kunal Kapoor highlighted the company's focus on building agentic workflows atop its data and research, plus helping investors navigate converging public and private markets. Morningstar Credit, Morningstar Direct Platform, and PitchBook were key organic revenue contributors. The investment insights provider repurchased 567,844 shares for $100 million during the quarter.
Morningstar introduced Time to Exit, a machine learning tool from its PitchBook segment that estimates when venture-backed companies may exit over one, three, or five-year periods. The product launch comes as Morningstar's share price has declined. The stock fell 11.22% over 30 days to US$165.18, with one-year total shareholder returns down 43.21%. Morningstar currently trades at a price-to-earnings ratio of 15.6x. This sits below the US Capital Markets peer average of 21.2x and the broader US market at 19.1x. However, it represents a slight premium to an estimated fair P/E of 15.2x. Analyst price targets for the stock stand near US$227, suggesting potential upside from current levels.