Morningstar Development Program - Quant Track (Jan 2027)

The Group:

Morningstar's Analytics group turns data into the methodologies, analytics, and insights that help investors make better decisions. We build proprietary intelligence across hundreds of thousands of securities and the portfolios that hold them: equities, fixed income, managed investments, and, increasingly, private and alternative assets. We are applying AI to make that intelligence more accessible and to bring it into investors' research and portfolio workflows. As one of the largest independent sources of fund, equity, and credit data and research in the world, Morningstar is guided by a single mission - empowering investor success.

The Role:

We are seeking an Associate Quantitative Analyst to join our Quantitative Research team. You'll work on production validation and model efficacy testing - helping make sure the analytics investors rely on are accurate, well-tested, and behaving as intended, before and after they go live.

This is a role built for growth. You'll start on defined tasks with clear guardrails - running validation checks, investigating anomalies, learning how our models and data actually behave - progressively taking on more responsibility and starting to contribute to the team's broader research agenda as your depth and judgment build. You'll work closely with more senior analysts who'll help you get there, building the skills and confidence to take on more over time.

This position is based in our Chicago office.

Responsibilities:

• Run validation checks on models and analytics already in production, and help investigate when something looks off.
• Learn how our models and data actually behave, so you can start to spot when a result doesn't look right.
• Build real depth in the methodologies you work with, and start noticing where they could be better, as a first step toward proposing enhancements yourself.
• Apply quantitative techniques - data wrangling, statistics, and numerical methods - to real production data and models, not just theory.
• Write clear, well-documented code, notebooks, and technical documentation, so what you build and learn is something a colleague can pick up without you there to explain it.
• Take part in peer review - both learning from feedback on your own work after presenting it, and starting to review others' for correctness and clarity.
• Use AI tools to support your own work, and learn to check their output carefully rather than taking it at face value.

Requirements:

• Genuine interest in investing and financial markets, with curiosity about how the analytics you help build actually get used by investors to make decisions.
• A degree in a quantitative, financial, or related discipline (e.g., math, statistics, economics, engineering, computer science), with hands-on comfort in data wrangling and basic statistical or numerical methods.
• Proficient in Python, and comfortable with SQL.
• Clear written and verbal communication skills - able to explain your work and ask good questions within a collaborative team environment.
• Curious and detail-oriented, with a habit of noticing when something doesn't look quite right.
• Comfortable asking for help and escalating when something is unclear, rather than guessing.

Base Compensation for this role is $94,286.

The role will be open until October 20 and applications will be reviewed on a rolling basis.

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

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.