Unlock what's already in you
Morningstar Logo

Morningstar

Associate Managing Director, North American CMBS Ratings

Posted 9 Days Ago
Be an Early Applicant
Hybrid
Chicago, IL, USA
187K-294K Annually
Senior level
Hybrid
Chicago, IL, USA
187K-294K Annually
Senior level
Leads complex North American CMBS ratings and serves as a senior credit decision-maker, evaluating property, loan, structural, and transaction risks. Manages and mentors analysts, chairs rating committees, oversees analytical quality and compliance, engages clients and market participants, approves rating publications, develops research, and contributes to methodology improvements. Requires extensive commercial real estate credit expertise, advanced Excel and financial modeling proficiency, strong communication, and domestic travel.
The summary above was generated by AI
The Role:

You will serve as a senior transaction lead and people manager on the North American Commercial Real Estate team at Morningstar DBRS, with primary responsibility for the analytical rigor, credit quality, and execution of CMBS ratings, including conduit, SASB, CRE CLO and other transactions. The work calls for deep commercial real estate and structured finance expertise and independent judgment on complex transactions. You will uphold the analytical standards of Morningstar DBRS, mentor junior professionals, and engage with senior market participants.


What you’ll be doing:
  • Provide senior leadership and oversight for the analysis and rating of CMBS transactions, including SASB, Conduit, CRE-CLO, Agency and highly customized esoteric CRE debt and structured finance executions.
  • Serve as the primary lead analyst and senior credit decision-maker on complex and high-profile transactions, exercising independent judgment consistent with Morningstar DBRS methodologies.
  • Evaluate credit risk through detailed property-level, loan-level, and structural analysis, including cash flow modeling and downside stress testing. Determine stabilized and transitional net cash flows across all major commercial property types and loan sizes, from small-balance to large institutional exposures.
  • Assess transitional business plans, sponsor quality, capital structures, reserve mechanisms, and execution risks.
  • Oversee credit rating discussions and committees, ensuring consistency and adherence to internal policies, compliance requirements, regulatory requirements, and publishing standards.
  • Serve as a Committee Chair within the NA CMBS ratings team, completing all required Committee Chair responsibilities, and act as an independent voter, as approved, with other Structured Credit groups.
  • Manage, mentor, and develop a team of analysts, establishing analytical standards and ensuring consistent application of rating criteria.
  • Work with business development and other senior leaders to allocate deals throughout the new issuance team and monitor workloads across the team.
  • Act as the primary client-facing representative with issuers, lenders, investors, and intermediaries, including attending conferences and meetings and taking on speaking engagements.
  • Create and lead topical research with publishing and other content creators for presentation to the market. Approve presale reports, final rating reports, press releases and analytical publications.
  • Bring expert knowledge of credit models and tools, with a full understanding of their inputs, drivers, and outputs.
  • Contribute significantly to refining existing methodologies and developing new methodologies or processes.

What we’re looking for:
  • Minimum of 20 years of progressive commercial real estate credit experience, with substantial exposure at a rating agency, lending institution, private credit platform, or comparable credit-focused organization.
  • Demonstrated depth of experience in CMBS, structured credit, or securitized real estate products, and a strong understanding of commercial real estate valuation, cash flow analysis, and credit risk drivers across market cycles.
  • Demonstrated ability to exercise independent credit judgment and defend recommendations before senior committees.
  • Established experience managing and mentoring analytical teams in a performance-driven environment.
  • Strong written and verbal communication skills, with the ability to synthesize complex analyses for senior audiences.
  • Advanced proficiency in Excel and financial modeling; comfort working with large datasets.
  • Bachelor’s degree in finance, real estate, accounting, or a related discipline required; advanced degrees preferred.
  • Willingness to work outside of normal business hours, including weekends.
  • Ability to travel domestically within North America approximately 15-20%. Valid driver’s license and passport; ability to complete international travel as required.

The Group:

The North American Commercial Real Estate team at Morningstar DBRS analyzes and rates commercial real estate debt and structured finance transactions. The team brings property-level, loan-level, and structural analysis to credit rating decisions, supported by rating methodologies and research for market participants.

About Us
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, but large enough to provide 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.
Morningstar DBRS is the next generation of credit ratings.

Compensation and Benefits

At Morningstar we believe people are at their best when they are at their healthiest. That’s why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:

  • 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 annual

    • 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 - $1000 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

Total Cash Compensation Range

$187,450.00-293,883.33

Inclusive of annual base salary and target incentive

If you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). 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.

Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.

R06_DBRSInc DBRS, Inc. - US Legal Entity
HQ

Morningstar Chicago, Illinois, USA Office

Morningstar Global Headquarters Office

22 West Washington Street, Chicago, IL, United States, 60602

Morningstar’s Chicago office is the company’s headquarters, bringing together teams across research, technology, product, sales, corporate functions, and more. Employees work in a mission-driven culture shaped by independent thinking, openness, and fact-based decision-making, with the energy of a downtown location and opportunities to connect across teams.

Software Engineering

Software engineers at Morningstar build and maintain the applications that power the firm's work, and they do it in a culture built on independent thinking, evidence-based decisions, and continuous learning. Engineers are trusted to bring their own perspective and judgment to how the work gets done. That's not incidental to the culture here; it's central to it.

Product Manager

Product managers at Morningstar sit at the center of decisions that shape what gets built, and how it works. In Chicago, product managers work across areas including Credit Ratings; Data, Analytics & Research; Indexes; Investment Management & Services; and Corporate. Product managers are trusted to define what problems are worth solving and bring their own judgement to every stage of the process.

Research

Research at Morningstar spans markets, asset classes, and disciplines, all connected by the same purpose: give investors what they need to make confident decisions. Our independent research covers equities, managed investments, fixed income, alternatives, private markets, ESG and climate, and credit ratings. Analysts bring their own judgment to complex questions, and that independence is central to how the work gets done.

Similar Jobs at Morningstar

2 Days Ago
Hybrid
Chicago, IL, USA
100K-500K Annually
Entry level
100K-500K Annually
Entry level
Artificial Intelligence • Big Data • Enterprise Web • Fintech • Software • Financial Services
Develop and execute bespoke, omnichannel marketing strategies for strategic enterprise accounts. Partner with account executives, sales, demand generation, customer marketing, and product marketing to influence revenue, create tailored messaging and content, track sourced and influenced opportunities, and optimize programs based on performance data. Build trusted relationships with sellers, understand client needs, secure internal buy-in, and communicate market insights to product marketing teams.
2 Days Ago
Hybrid
Chicago, IL, USA
118K-172K Annually
Entry level
118K-172K Annually
Entry level
Artificial Intelligence • Big Data • Enterprise Web • Fintech • Software • Financial Services
Conduct independent quantitative and qualitative research on funds and alternative investment vehicles, develop forward-looking ratings, and produce analytical reports and industry studies. The analyst will evaluate management teams, strategies, performance, expenses, and regulatory information; interview portfolio managers; lead due diligence visits; communicate findings to clients and internal teams; and represent Morningstar at media, conferences, associations, and regulatory events.
3 Days Ago
Hybrid
Chicago, IL, USA
100K-500K Annually
Mid level
100K-500K Annually
Mid level
Artificial Intelligence • Big Data • Enterprise Web • Fintech • Software • Financial Services
Manage client relationships for Morningstar Direct and other institutional investment products. Educate clients, demonstrate product capabilities, drive adoption and subscription conversions, identify account growth opportunities, support retention, collaborate with Sales and internal product teams, resolve client issues, and provide product feedback. The role serves institutional investment organizations and requires occasional travel within an assigned territory.
Top Skills: Institutional Investment SoftwareLicensed Financial DataMorningstar Direct

What you need to know about the Chicago Tech Scene

With vibrant neighborhoods, great food and more affordable housing than either coast, Chicago might be the most liveable major tech hub. It is the birthplace of modern commodities and futures trading, a national hub for logistics and commerce, and home to the American Medical Association and the American Bar Association. This diverse blend of industry influences has helped Chicago emerge as a major player in verticals like fintech, biotechnology, legal tech, e-commerce and logistics technology. It’s also a major hiring center for tech companies on both coasts.

Key Facts About Chicago Tech

  • Number of Tech Workers: 245,800; 5.2% of overall workforce (2024 CompTIA survey)
  • Major Tech Employers: McDonald’s, John Deere, Boeing, Morningstar
  • Key Industries: Artificial intelligence, biotechnology, fintech, software, logistics technology
  • Funding Landscape: $2.5 billion in venture capital funding in 2024 (Pitchbook)
  • Notable Investors: Pritzker Group Venture Capital, Arch Venture Partners, MATH Venture Partners, Jump Capital, Hyde Park Venture Partners
  • Research Centers and Universities: Northwestern University, University of Chicago, University of Illinois Urbana-Champaign, Illinois Institute of Technology, Argonne National Laboratory, Fermi National Accelerator Laboratory

Sign up now Access later

Create Free Account

Please log in or sign up to report this job.

Create Free Account