Pros
Laid-back, low pressure atmosphere. Great work/life balance as most people work no more than 45-50 hours per week and casual dress code. Highly intelligent equity and credit analyst peer group. Intellectually stimulating work with significant responsibilities and opportunity to learn. Research business is growing and doing quite well.
Cons
Comp, comp, comp. Did I mention comp? Salaries are okay, but bonuses are a joke... total comp 30%-50% below industry averages for experience level. "One Morningstar" means that our group is not properly rewarded for our superior efforts and higher levels of profitability & growth. Very tight budgets mean limited resources to do job properly (research tools, research data, travel). Pay does not scale very well as one moves up in the department or company. To put it simply, Morningstar is cheap. As a result, employee turnover is relatively high.