Morningstar Development Program - Equity Research

The Program:

At Morningstar, we want people who are smart, creative, hard-working, curious, and passionate about their work. We hire all majors, including liberal arts, as we appreciate the different perspectives they bring to our company. We built the Morningstar Development Program to prepare recent college graduates for successful, long-term careers here at Morningstar. Throughout this two-year program, you will be placed in a cohort where you’ll receive ongoing career development, networking, mentoring, training opportunities, practicum program opportunities, and exposure to different areas of the business to help you succeed at Morningstar. We are accepting applicants with zero to two years of full-time work experience. While we look for individuals who have an interest in investing, we welcome all fields of study. All positions are based in our Chicago office. Within our equity track, you will start as an Associate Equity Research Analyst.

Equity Research:

Morningstar’s Research group provides impartial ratings on stocks, funds, markets, and portfolios. Morningstar is one of the largest independent sources of fund, equity, and credit data and research in the world, and our advocacy for investors’ interests is the foundation of our company. We believe that our researchers are among the most respected in the industry, and that we offer original, influential, thoughtful, and unbiased research. We offer stimulating career paths and the opportunity to work alongside talented and collaborative teammates.

Our Equity Research team is looking for a highly motivated Associate Equity Analyst to facilitate coverage of stocks on a sector team. The Associate will have opportunities to contribute materially to topical and thematic research, and substantially assist with coverage on a variety of firms in the sector. Strong reasoning and writing skills are expected. Intellectual curiosity and a willingness to learn are required.

Job responsibilities:

• Acquire a deep understanding of the companies and industries your team covers by gathering and interpreting relevant research, news, and data.

• Build modeling expertise by helping your teammates develop and maintain company and industry models.

• Develop high proficiency with Morningstar’s equity research methodologies and disciplines relevant to equity research, including financial statement analysis and corporate finance.

• Support your team’s efforts to publish timely and insightful research updates aimed at broad audience of investors.

• Collaborate with teammates on “deep dive” research that is differentiated, substantiated, and clearly communicated.

• Sharpen your awareness of behavioral biases and embody an “investors first” mindset at all times.

Application Requirements:  

• A bachelor’s degree to be completed no later than May 2027

• A resume is required to apply. **Please be sure to include the word "Resume" in the file name of the resume you upload to your application on the front page.

• Highly motivated to succeed in a stimulating environment.

• Irrepressible curiosity, with an eagerness to dig deep and explore widely.

• Creativity, with a penchant for experimenting with new ways to approach questions and puzzles.

• High personal standards for thoroughness and attention to detail.

• Strong reasoning skills.

• Ability to communicate complex ideas clearly and succinctly.

The base salary for this position is $83,000.00

This role will be posted until October 5, 2026.