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Equity Analyst (Banking and Life Insurance)

Chicago, Illinois
Closing date
Nov 28, 2023

Job Details

Our Equity Research team is looking for an Equity Analyst to cover a group of approximately 20 financial sector stocks in the North American banking and life insurance industries.


The candidate will have considerable freedom to pursue in-depth and original research, but should be comfortable utilizing a long-term, fundamental approach based on bottom-up, intrinsic valuation.


The candidate will identify the drivers of a firm’s value and be prepared to discuss how our views may differ from those of the market.


Our methodology focuses on durable competitive advantage or “moats,” and the candidate should be able identify the presence of any moats for covered companies.


Ultimately, our research should help our clients reach better investment conclusions and empower their success. This is a research and client-facing role based out of our Chicago office, but with flexible work arrangements.


Job responsibilities:


• Acquire a deep understanding of and outlook for covered companies and industries by gathering and interpreting relevant regulatory filings, reports, news, and data to create an investment mosaic.
• Maintain intrinsic value estimates for covered companies based on our proprietary discounted cash flow model
• Regularly publish detailed company reports and in-depth notes aimed at a broad audience of investors.
• Become an expert in Morningstar’s Economic Moat Methodology by possessing a deep understanding of company moats and their sources.
• Investigate and publish long-form research that yields insights for clients that are differentiated, substantiated, and clearly communicated.
• Develop a network of relationships with industry experts and covered company representatives to enhance our research product and build Morningstar’s brand and reputation.
• Proactively surface attractive investment ideas internally and externally to support all products and clients, including collaboration with the Equity Research Sales team.
• Promptly and diligently answer client inquiries regarding covered companies.
• Support and contribute to the department’s and a sector team’s long-term initiatives, including collaboration with global colleagues, development of talent, and review of team member research.
• Always act with impartiality and an ‘investors first’ attitude.




• Intelligence, energy, motivation, and a high degree of personal integrity.
• Irrepressible curiosity, with an eagerness to dig deep and explore widely, but always with a healthy degree of skepticism.
• Creativity, with a penchant for experimenting with new ways to approach questions.
• Strong attention to detail.
• Confidence in a stock call after diligent investigation and strong reasoning, but with humility to adapt that view as new information arrives.
• Ability to communicate complex ideas clearly and succinctly.
• Comfortable drawing conclusions amid incomplete information and under tight deadlines.
• Collaborative mindset and capable of both respectfully accepting and providing constructive feedback. Willingness to consider diverse points of view.
• Bachelor’s degree; CFA designation and/or MBA preferred.
• Three plus years of relevant experience either in equity research or industry.
• Sound discounted cash flow modeling and financial statement analysis skills. Advanced Excel proficiency is expected.




Please submit a resume, cover letter, and prior investment recommendation with your application materials. Candidates also have the option to submit a response to the diversity statement below.


“Morningstar’s Equity Research department deeply values diversity. We believe it results in better investment outcomes for our clients and a more inclusive professional environment. Diversity presents itself in many forms, including different worldviews and values, life experiences, cultural and educational backgrounds, socioeconomic status, professional experience, skills and specializations, and different styles of working and thinking. We invite you to tell us how you would contribute to improve diversity in the department and across Morningstar, more broadly.”

Submitting this statement is optional for all applicants. Please kindly limit your responses to 500 words or less.




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