North American CMBS Credit Ratings, Assistant Vice President – 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) team as an Assistant Vice President in Chicago. The successful candidate will mainly serve as a support/lead analyst for Morningstar DBRS rated transactions or entities and will gradually develop a solid understanding of the US and Canadian real estate sectors, as well as the relevant rating methodologies and criteria.

• Act as the lead analyst and manage the process of evaluating credit risk, 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).
• Prepare/update spreadsheets on properties and companies, including historical information and financial projections.
• Search and aggregate market data for use 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 releases, commentaries, presentations and industry reports under supervision of lead analysts.
• Assist with the preparation of rating committee materials and participate in Rating Committee meetings with guidance from the lead analysts.
• Assist with the publishing workflow, including regulatory disclosures.
• Develop a solid understanding of real estate asset classes covered.
• Assist with training junior staff.
• Develop client‑communication skills through interaction with issuers, investors, and intermediaries.
• Adhere to compliance, regulatory and company policies and procedures.

• Minimum of two years of experience in a commercial real estate related field.
• Undergraduate degree in accounting, business, finance or another relevant discipline (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.

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 while providing 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.

At Morningstar we believe people are at their best when they are at their healthiest. That’s why we champion your wellbeing through a wide range of programs that support all stages of your personal and professional life.

• Financial Health
  • 100% 401(k) match up to 6% of salary
  • Stock ownership potential
  • Company‑provided life insurance – 1× 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 &…