Equity Analyst

Morningstar is one of the largest independent sources of fund, equity, and credit data and research in the world. Our advocacy for investors’ interests is the foundation of our company. We believe our research analysts are among the most respected thought leaders in the industry, offering original, influential, and independent analysis. We provide intellectually challenging career paths and the opportunity to work alongside highly motivated individuals and industry experts.

About the role

Our Equity Research team requires an experienced equity analyst to cover Technology stocks, primarily focusing on a select group of SaaS companies. The role offers considerable intellectual freedom to develop long-term, original, and in-depth insights on complex industry issues, with an emphasis on understanding ever-changing competitive dynamics. The analyst will publish in-depth research pieces that exemplify our reputation for thought leadership and provide the analysis clients need to make better investing decisions. This position is based in our Chicago office and requires at least four days a week in office.

Responsibilities

• Analyze publicly available information, develop industry-relevant contacts, and build internally-generated data to create an investment mosaic, often with incomplete information.
• Estimate fair values for about 20 Tech companies, mostly focusing on the SaaS sector. Companies may include: Microsoft, Salesforce, Atlassian, Shopify, ServiceNow, and others.
• Gather and analyze industry data to develop a long-term industry vision and write notes for a sophisticated and demanding client base in a timely, accurate, and insightful manner.
• Analyze implications of fundamental industry developments for coverage.
• Regularly publish reports, detailed discounted cash flow models focusing on key business drivers, and in-depth research pieces, including qualitative and quantitative analyses of your coverage’s Economic Moats.
• Develop relationships with coverage companies and industry participants by attending company events and industry conferences to enhance research and build brand.
• Become an expert in Morningstar’s Economic Moat research methodology.
• Proactively surface attractive investment ideas internally and externally to support all products and clients.
• Collaborate with colleagues by lending your financial, industry, and investment expertise, including reviews of written research, financial models, moat presentations, and other items as requested by your Director.
• Act with independence and an ‘investors first’ attitude at all times.

Requirements

• A bright, motivated individual with the desire to succeed in an intellectually intense environment.
• Intellectual curiosity, a passion for creative analysis, and attention to detail.
• Ability to think broadly and creatively about a range of strategic issues affecting a business.
• Strong qualitative and quantitative acumen combined with strong written and verbal communication skills.
• Bachelor’s degree; a CFA designation and/or a Master’s degree is preferred.
• Three to five years of experience in sell-side or buy-side equity research; alternatively, three to five years of technology industry experience combined with a proven interest in equity research.
• Ability to make decisions under tight deadlines, at times with incomplete information.
• Independent and critical thinking skills and a passion for investing, with a bias toward long-term fundamental research.
• Sound financial modeling skills and knowledge of discounted cash flow modeling techniques.
• Advanced Excel proficiency.
• Ability to work well within a team and to respectfully accept and provide constructive feedback.

Benefits

Morningstar champions wellness through a wide range of programs supporting all stages of personal and professional life:

• 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 annually)
  • 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 ($1,000 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

Pay

Total Cash Compensation Range: $114,100.00–$167,350.00 (inclusive of annual base salary and target incentive).

Schedule

Morningstar's hybrid work environment requires four days a week in-office at our Chicago location. A range of other benefits are available to enhance flexibility as needs change.