Morningstar Development Program (MDP)

About Us

Morningstar DBRS is a full-service global credit ratings business with approximately 700 employees worldwide. We’re a market leader in Canada and across multiple asset classes in the U.S. and Europe.

We rate more than 4,000 issuers and nearly 60,000 securities globally, providing independent credit ratings for financial institutions, corporate and sovereign entities, and structured finance products. Market innovators choose us for our agility, transparency, and tech-forward approach.

Morningstar DBRS empowers investor success as the go-to source for independent credit ratings, bringing transparency, responsiveness, and leading-edge technology to the industry.

About the Morningstar Development Program (MDP)

The MDP is a two-year rotational program designed to prepare recent graduates for long-term careers at Morningstar. Based in our Madrid office, you’ll gain hands-on experience across multiple teams within our Credit Ratings business, supported by mentorship, training, and professional development opportunities.

Program Highlights:

Full-time placement in Madrid
Rotational exposure to diverse teams over two years
Ongoing career development, mentorship, and training
Stretch projects across regions and business units

Rotational Opportunities

As an MDP participant, you’ll rotate through key teams within Morningstar DBRS, including:

Compliance: The team ensures that Morningstar DBRS functions, both analytical and non-analytical, comply with internal policies and regulations. You will have the opportunity to support the Regional Compliance Officer and the Global Head of Internal Controls.

Corporate Finance: The Corporate Finance Team in Europe covers a broad range of credits across Diversified Industries, Energy and Natural Resources, as well as Asset Finance. You will be supporting a pan-European team with the analysis of financial statements. You will also be involved in financial modelling and helping to draft rating reports and press releases, including compilation of rating committee materials. Observing ratings committees to understand the entire rating process will also be part of the rotational experience.

Financial Institutions: This team is responsible for assigning and maintaining the credit ratings of European Financial Institutions. This includes Banks, Insurance companies and Non-Bank Financial Institutions. You will be assisting with various tasks such as collection and treatment of financial data, drafting rating committees packages, reports and research pieces. You will also receive advanced training about credit rating analysis from Morningstar DBRS’ senior team.

Private Credit: This team assigns credit ratings to companies with high debt burdens and operating earnings of up to EUR 150 million (so-called middle market companies). Most of these companies are controlled by private equity sponsors. You will support our fast-paced team by assessing financial statements, analyzing business profiles and preparing materials for rating committee discussions.

Sovereign: The Sovereign team's main activity is to analyze macroeconomic and financial indicators of both countries and public sector entities to measure their credit risk. This implies collecting data, reading documents published by official institutions and using quantitative models.

Structured Finance: There are more than 70 analysts in the European Structured Finance team responsible for analyzing European securitization transactions. Securitization transforms an (illiquid) pool of financial assets into a (liquid) security through financial structuring, allowing for raising capital and transferring risk to capital market investors. The team's work process is mainly based on 1) analyzing the portfolio of assets and the structure of the transaction and 2) writing down, presenting and defending their analysis to other participants in a rating committee, ultimately to users of their ratings.

Who You Are

We’re looking for smart, curious, and passionate individuals who thrive in dynamic environments. You should:

Hold a bachelor’s or master’s degree in economics, finance, or a related field (0–2 years of experience)
Have an outstanding academic record
Demonstrate strong leadership and communication skills
Enjoy problem-solving and interpreting complex information
Adapt quickly and perform well under pressure

What You’ll Gain

Through rotations, stretch projects, and mentorship, you’ll build a strong foundation in credit ratings and financial analysis. You’ll work closely with senior professionals, gain exposure to global markets, and develop technical and analytical skills that will set you up for success.

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.