Morningstar Mumbai Equity Research Analyst Salaries by 40+ Employees (Updated 2025)

0 - 3 years exp.

₹3 Lakhs - ₹6.5 Lakhs

Salary of majority employees

60% less than the average Equity Research Analyst Salary in Financial Services Companies for 0 - 3 years of experience

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Salaries in different departments

Finance & Accounting Equity Research Analyst Salary 0 - 3 years exp. (36 salaries)	₹3.3 L/yr - ₹6.5 L/yr
BFSI, Investments & Trading Equity Research Analyst Salary 0 - 3 years exp. (8 salaries)	₹3 L/yr - ₹5.8 L/yr
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Customer Success, Service & Operations Equity Research Analyst Salary 1 year exp. (AmbitionBox Estimate)	₹3.9 L/yr - ₹5.8 L/yr

Last Updated: 17 Mar 2025

Companies similar to Morningstar for Equity Research Analyst in Mumbai

Morningstar Equity Research Analyst Salary

0 - 3 years exp. (46 salaries)

₹3 L/yr - ₹6.5 L/yr

Company name	Avg Annual Salary	Open Jobs
Sharekhan Equity Research Analyst Salary 1 - 8 years exp. (11 salaries)	₹8 L/yr - ₹27.2 L/yr 203% more	1 job opening
Axis Direct Equity Research Analyst Salary 1 - 13 years exp. (8 salaries)	₹9.2 L/yr - ₹23 L/yr 233% more
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Macquarie Group Equity Research Analyst Salary 4 - 8 years exp. (4 salaries)	₹38 L/yr - ₹60 L/yr 750% more
Transparent Value Equity Research Analyst Salary 0 - 5 years exp. (54 salaries)	₹8 L/yr - ₹16 L/yr 93% more
JPMorgan Chase & Co. Equity Research Analyst Salary 0 - 4 years exp. (54 salaries)	₹12.1 L/yr - ₹43 L/yr 410% more

Equity Research Analyst salary at Morningstar ranges between ₹3 Lakhs to ₹6.5 Lakhs per year for employees with less than 1 year of experience to 3 years. Salary estimates are based on 46 latest salaries received from various employees of Morningstar.

Experience wise Morningstar Equity Research Analyst salaries in Mumbai

Last Updated: 17 Mar 2025

Experience	Avg Annual Salary
Fresher (9 salaries)	₹3.3 L/yr - ₹5.3 L/yr
1 year (17 salaries)	₹3 L/yr - ₹6 L/yr
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2 years (14 salaries)	₹3.8 L/yr - ₹6.5 L/yr
3 years (6 salaries)	₹4.1 L/yr - ₹6 L/yr

From

Equity Research Analyst

0 - 3 years exp.

Senior Equity Research Analyst

1 - 5 years exp.

Disclaimer: Our data limits the visualization of this career path at this point. However, other roles and opportunities might be available within the organization beyond what is shown here.

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₹5 L/yr - ₹18.75 L/yr

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Business Analyst Salary

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Senior Financial Analyst Salary

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Process Specialist Salary

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Associate Analyst Salary

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Salary related reviews for Morningstar

1.0

Rated by 1 employees for salary & benefits

Equity Research Analyst in Mumbai

Full Time

Finance & Accounting Department

1.0

• posted on 18 Jun 2023

1.0

for Salary and Benefits

Likes

In recession period morning Star have become as stressful as any other company would be , previously it is known for work life balance but it's not the case at present

Job security - Good

Dislikes

Politics and low salary and no recognition

Salary - Bad

+5 more

Team Lead in Mumbai

Full Time

BFSI, Investments & Trading Department

1.0

• posted on 24 Dec 2024

1.0

for Salary and Benefits

Likes

Nothing cost cutting it sucks big time

Work-life balance - Good

Dislikes

...ple to work like a BPO, where you will slog for 10-12 hours and give production. Company is working on hiring only freshers salary is peanuts

Salary - Bad

+4 more

Team Lead in Navi Mumbai

Full Time

Risk Management & Compliance Department

5.0

• posted on 27 Jun 2023

3.0

for Salary and Benefits

Likes

--> Excellent work culture --> Promoting learning & skill development --> Growth & Opportunity --> Additional benefits provided (Insurance coverage for self & dependants)

Skill development - Excellent

+5 more

Dislikes

Can improve in terms of being a better pay-master.

Senior Analyst in Navi Mumbai

Full Time

Finance & Accounting Department

1.0

• posted on 04 Mar 2023

1.0

for Salary and Benefits

Likes

Nothing is good about company

Dislikes

...motion activity is very slow and lot of politics. Lack of appreciation for work. Company does not pay well

Salary - Bad

+6 more

Research Associate in Mumbai

Full Time

BFSI, Investments & Trading Department

4.0

• posted on 03 Feb 2025

1.0

for Salary and Benefits

Likes

The company has a great culture, people are treated with respect. Employees are given time to perform if they are struggling. The office has a very flexible time schedule and work hours. As long as the work gets done no one will interfere with when you login or log out. Promotions are dependent on business growth. However, the promotion hikes are barely 20%.

Skill development - Good

+4 more

Dislikes

The company offers very limited pay with 4-6% hike on every appraisal. It's a great company to be at when you are already satisfied with your pay and want to keep pace with inflation. Not when you are looking to grow.

Salary - Bad

+1 more

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Morningstar Equity Research Analyst Salary FAQs

What is the salary of Equity Research Analyst at Morningstar in Mumbai?

The average salary of a Equity Research Analyst at Morningstar in Mumbai typically ranges from ₹3.0 Lakhs to ₹6.5 Lakhs per year, depending on experience (from Fresher to 3 years).

The top 10% of Equity Research Analyst in Mumbai at Morningstar earn more than ₹6.0 Lakhs per year, and the top 1% earn over ₹6.5 Lakhs per year. Equity Research Analyst Salaries at Morningstar can be higher or lower depending on factors such as the specific team, level of experience, and additional benefits like bonuses and stock options.

These estimates are based on salary data submitted by 40+ Morningstar employees in India.

What is the estimated take home salary of a Equity Research Analyst at Morningstar in Mumbai?

The estimated take-home salary of a Equity Research Analyst at Morningstar in Mumbai typically ranges from ₹41,343 to ₹42,488 per month. This is based on the average salary range of ₹3.0 Lakhs to ₹6.5 Lakhs per year for employees with experience ranging from Fresher to 3 years.The take-home salary is calculated after accounting for standard deductions such as taxes, provident fund (PF), and insurance. Salary estimates are based on 40+ salaries received from various employees of Morningstar. Check how we calculate in-hand salary with our in-hand salary calculator.

Which companies offer higher salaries than Morningstar for Equity Research Analyst in India?

Macquarie Group	₹38.0 Lakhs to ₹60.0 Lakhs per year
JPMorgan Chase & Co.	₹12.1 Lakhs to ₹43.0 Lakhs per year
Axis Direct	₹9.2 Lakhs to ₹23.0 Lakhs per year
Sharekhan	₹8.0 Lakhs to ₹27.2 Lakhs per year
Transparent Value	₹8.0 Lakhs to ₹16.0 Lakhs per year

These companies are known for offering competitive compensation packages that can exceed the salary offered by Morningstar, depending on the role and experience level.

How the salary growth look like for a Equity Research Analyst at Morningstar in Mumbai?

The salary growth for a Equity Research Analyst at Morningstar in Mumbai depends on factors such as experience, performance, and promotions. On average, a Equity Research Analyst in Mumbai can expect the following growth trajectory at Morningstar:

Experience	Average Salary Range
Fresher	₹3.3 Lakhs to ₹5.3 Lakhs per year
1 year	₹3.0 Lakhs to ₹6.0 Lakhs per year
2 years	₹3.8 Lakhs to ₹6.5 Lakhs per year
3 years	₹4.1 Lakhs to ₹6.0 Lakhs per year

and so on.

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Morningstar Equity Research Analyst Salaries in Mumbai

Morningstar Equity Research Analyst salary in Mumbai ranges between ₹3 Lakhs to ₹6.5 Lakhs with an average annual salary of ₹. Salary estimates are based on 46 Morningstar latest salaries received from various employees of Morningstar.