Structured Finance Cash Flow Analytics, Assistant Vice President / Vice President – Chicago

Morningstar•Chicago, IL

4d•$133,900 - $209,433•Hybrid

About The Position

Morningstar DBRS is hiring a structured finance professional for its Global Structured Finance Cash Flow Analytics team in Chicago at the Assistant Vice President or Vice President level. The team supports global Structured Finance ratings by providing transaction-level cash flow modeling and analytical support across asset classes such as ABS, RMBS, CMBS, Structured Credit and other securitized products. It works closely with Ratings Analysts to evaluate transaction structures, assess cash flow performance and support credit rating decisions. The role serves as a key cash flow modeling resource, developing, running and analyzing models for new-issue, amendment and surveillance transactions. The successful candidate will interpret transaction documentation, evaluate structural features, reconcile cash flow results and communicate analytical findings. The role also provides technical support on complex transactions and contributes to reviewing and mentoring junior team members. Final leveling will depend on experience, technical expertise and the ability to independently manage complex transactions. Morningstar DBRS is an independent provider of ratings and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments. Its hybrid work model generally requires four days in the office each week, with opportunities to collaborate in person and tools and resources for engaging with global colleagues. The total cash compensation range is $133,900.00–$209,433.33, inclusive of annual base salary and target incentive. Benefits include financial, physical, emotional and social wellness programs. Employment offers are subject to confidential disclosure and review of personal and related investments for compliance with the Code of Ethics; some employee accounts may be required to be held with an approved broker.

Requirements

Bachelor's degree in Finance, Engineering, Mathematics or a related quantitative discipline.
Approximately 4 or more years of structured finance experience, including direct, hands-on cash flow modeling experience.
Strong understanding of securitization structures, cash flow waterfalls and structured finance credit analysis.
Ability to independently interpret transaction documentation and model complex or bespoke securitization transactions.
Experience in one or more structured finance asset classes, including ABS, RMBS, CMBS or Structured Credit.
Strong quantitative and analytical capabilities, exceptional attention to detail, and ability to manage multiple transaction deadlines.
Excellent written and verbal communication skills, including explaining complex analytical findings to senior stakeholders.
Ability to work independently and collaboratively in a fast-paced, global team environment.
For Vice President consideration, greater depth of structured finance experience, ability to independently lead highly complex transactions, and a track record of providing technical guidance to other analysts.

Nice To Haves

Proficiency with Intex products, particularly Dealmaker, Calc or other cash flow modeling tools.
Experience reviewing work and providing guidance to junior analysts.
Knowledge of advanced Excel, VBA and Python.
Familiarity with AI-assisted analytical and validation tools.
A Master's degree in a related field or progress toward the CFA designation.

Responsibilities

Develop, maintain and run cash flow models using Intex Dealmaker and other analytical platforms for new-issue, amendment and surveillance transactions.
Independently model complex and bespoke securitization structures, including transactions involving new asset classes, first-time issuers and nonstandard structural features.
Review and interpret transaction legal documentation, translating waterfall mechanics, excess spread, triggers, shortfalls, loss allocations and other structural provisions into accurate cash flow models.
Perform cash flow tie-outs, reconciling issuer-provided assumptions and model outputs with Morningstar DBRS methodologies and analytical expectations.
Work with Ratings Analysts to evaluate cash flow results, identify structural risks and assess the credit implications of different scenarios.
Present cash flow analysis and findings to senior team members and rating committees, communicating assumptions, structural considerations and analytical conclusions.
Use analytical tools, including AI-assisted validation processes, to support model accuracy, consistency and efficiency.
Serve as a technical resource on complex transactions, reviewing work and providing guidance and informal training to junior analysts.
Collaborate with global Cash Flow Analytics and Structured Finance colleagues to support transaction execution and evolving business needs.

Benefits

100% 401(k) match up to 6% of salary.
Stock ownership potential.
Company-provided life insurance equal to 1x salary plus commission.
Comprehensive medical, dental and vision benefits, with potential premium discounts and company-provided HSA contributions of up to $500–$2,000 annually for specific plans and coverages.
Additional medical wellness incentives of up to $300–$600 annually.
Company-provided long- and short-term disability insurance.
Trust-Based Time Off.
Six-week paid sabbatical program.
Six-week paid family caregiving leave.
Paid parental leave of 8–24 weeks.
Adoption assistance.
Leadership coaching and formal mentorship opportunities.
Annual flex stipend of $1,000 for personal education and well-being expenses.
Tuition reimbursement.
Charitable matching gifts program.
Dollars for Doers volunteer program and paid volunteering days.
Employee Resource and Affinity Groups.
Hybrid work model, generally four days in-office each week in most locations.