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

Responsibilities

• The Cash Flow Analytics team supports Structured Finance ratings globally, providing transaction-level cash flow modeling and analytical support across multiple asset classes, including ABS, RMBS, CMBS, Structured Credit and other securitized products.
• The team works closely with Ratings Analysts to evaluate transaction structures, assess cash flow performance and support credit rating decisions.
• This role requires strong structured finance expertise, hands-on modeling experience and the ability to independently analyze complex securitization structures.
• If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately.
• 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.
• You will serve as a key cash flow modeling resource, responsible for developing, running and analyzing cash flow models for new-issue, amendment and surveillance transactions.
• You will work closely with Ratings Analysts and senior team members to interpret transaction documentation, evaluate structural features, reconcile cash flow results and communicate analytical findings.
• You will also serve as a technical resource on complex transactions and contribute to the development and mentoring of junior team members.
• Develop, maintain and run cash flow models using Intex Dealmaker and other analytical platforms for new-issue, amendment and surveillance transactions.
• 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 closely with Ratings Analysts to evaluate transaction cash flow results, identify key structural risks and assess the credit implications of different scenarios.
• Present cash flow analysis and findings to senior team members and rating committees, clearly communicating assumptions, structural considerations and analytical conclusions.
• Serve as a technical resource on complex transactions, providing review, guidance and informal training to junior analysts.
• Collaborate with colleagues across the global Cash Flow Analytics and Structured Finance teams to support transaction execution and evolving business needs.
• Leverage available analytical tools, including AI-assisted validation processes, to support model accuracy, consistency and efficiency.
• Rating more than 4,000 issuers and 60,000 securities, it is one of the top four credit rating agencies in the world.

Qualifications

• Approximately 4+ 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.
• Demonstrated ability to independently interpret transaction documentation and model complex or bespoke securitization transactions.
• Experience across one or more structured finance asset classes, including ABS, RMBS, CMBS or Structured Credit.
• Proficiency with Intex products, particularly Dealmaker, Calc or other cash flow modeling tools, is strongly preferred.
• Strong quantitative and analytical capabilities, with exceptional attention to detail and the ability to manage multiple transaction deadlines.
• Excellent written and verbal communication skills, including the ability to explain complex analytical findings to senior stakeholders.
• Ability to work independently and collaboratively in a fast-paced, global team environment.
• Experience reviewing work and providing guidance to junior analysts is preferred.
• Knowledge of advanced Excel, VBA and Python is a plus.
• Familiarity with AI-assisted analytical and validation tools is a plus.
• A Master's degree in a related field or progress toward the CFA designation is a plus.

Morningstar US

Morningstar US is an employer hiring in India (sector: BFSI / Investments / Insurance).

Its finance, accounts, audit and tax openings in India are mostly in Chicago and New York.

• Industry: BFSI / Investments / Insurance