North American CMBS Credit Ratings, Senior Analyst – Chicago
Morningstar DBRS is seeking a highly motivated individual, with an interest in real estate finance and credit analysis, to join its Commercial Mortgage-Backed Securities (CMBS) as a Senior Analyst in Chicago. The successful candidate will mainly serve as a support analyst for lead analysts and team leads for Morningstar DBRS rated transactions or entities, including CMBS), real estate investment trust and real estate operating entities. The successful candidate will be expected to gradually develop a solid understanding of the US and Canadian real estate sectors and to acquire a broad understanding of the appropriate Morningstar DBRS rating methodologies and criteria.
Job Responsibilities:
- Serve as lead or backup analyst for CMBS transactions, while adhering to the relevant rating methodology.
- Determine Morningstar DBRS stabilized cash flows of all major property types (office, retail, multifamily, MHC, hotel, self-storage) and a variety of loan sizes ($1 million to > $100 million)
- Search and aggregate market data to be used in the 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 release, commentaries, presentations and industry reports under supervision of lead analysts.
- Review and create rating committee materials and participate in Rating Committee meetings with guidance from the lead analysts
- Assist with the publishing workflow, including regulatory disclosures.
- Assist with the preparation of rating committee materials and participate in Rating Committee meetings with guidance from the lead analysts.
- Develop a solid understanding of real estate asset classes covered.
- Develop client-communication skills through interacting with issuers, investors, and intermediaries.
- Adhere to compliance, regulatory and company policies and procedures.
Qualifications:
- Minimum of two years of experience in a commercial real estate related field.
- Undergraduate degree in accounting, business, finance or other relevant discipline is preferred.
- Strong analytical abilities and knowledge of financial statements.
- Solid research and analytical skills, with acute attention to detail.
- Strong communication skills, both oral and written.
- Self-starter and strong team player, with the ability to meet deadlines while producing high quality work.
- Genuine interest in commercial real estate and structured finance.
- Ability to travel 10-20% domestically/ North America.
- Possess and maintain a valid driver’s license and passport.
- Advanced knowledge of Microsoft Excel would be 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. 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 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
6-Week 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
$92,000.00-115,816.66Inclusive 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'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.
R06_DBRSInc DBRS, Inc. - US Legal EntitySkills Required
- Minimum two years of experience in a commercial real estate related field
- Undergraduate degree in accounting, business, finance, or another relevant discipline
- Strong analytical abilities and knowledge of financial statements
- Solid research and analytical skills with acute attention to detail
- Strong oral and written communication skills
- Ability to meet deadlines while producing high-quality work
- Genuine interest in commercial real estate and structured finance
- Ability to travel 10–20% domestically and across North America
- Valid driver's license and passport
- Progress toward a CFA designation
- Advanced knowledge of Microsoft Excel
- Bloomberg skills
- SNL skills
What the Team is Saying
Morningstar Compensation & Benefits Highlights
-
Leave & Time Off Breadth — Policies include a paid sabbatical every four years and flexible PTO covering vacation, sick, and personal days, alongside paid volunteer time. Feedback suggests these features create meaningful flexibility and rest opportunities beyond standard leave plans.
-
Parental & Family Support — A global minimum of 16 weeks paid parental leave for primary caregivers (up to 8 weeks for secondary) and at least six weeks of paid caregiving leave are publicly stated, with adoption assistance also available. These provisions indicate robust support for families during key life events.
-
Retirement Support — U.S. materials document a 401(k) match of $0.75 per $1 up to 7% of pay and no‑cost access to Morningstar retirement tools. This combination strengthens long‑term savings and planning for employees.
Morningstar Insights
What We Do
We are a global investment research and financial data company with 40-plus offices across North America, Europe, Australia, and Asia. Our products and services are used daily by individual investors, financial advisors, asset managers, retirement plan providers, and institutional investors. We provide data, research, and analysis across managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. The financial system can have real barriers—hidden information, friction that can slow decisions, and forces that can limit transparency and access. We work to remove them, bringing independent research, connected data, and investor-first tools to a system that needs more clarity. The people doing this work span research, technology, design, product, sales, and functional areas. We build many of our products in-house, so the work can connect directly to the tools investors use to make real financial decisions.
Why Work With Us
Morningstar’s missing is to empower investor success. We can only do that if our people feel empowered. That means finding people who think independently, bring a wide range of backgrounds with analytical rigor and genuine intellectual curiosity to the work.
Gallery
Morningstar Teams
Morningstar Offices
Hybrid Workspace
Employees engage in a combination of remote and on-site work.
Across most of our offices globally, employees work four days a week in the office and one day from home. We recognize that life doesn't always fit a fixed schedule and offer programs that can help provided increased workplace flexibility.
