Pros
Generous time off policy - no bats an eye if you take time off as long as you and your team delivers. Of course the expectation is that its all hands on deck during crunch time, but once things settle down, you are actively encouraged to take a break. Lots of freedom to work from home too. This has allowed our team to deal with personal/family/health issues while still remaining productive. Great people to work with. I think Morningstar puts a heavy emphasis on hiring for cultural fit, especially ability to work in teams and collaborate. I enjoy coming to work because of the people I work with.
Cons
The cons listed below I see more as opportunities; I list them though since anyone looking to work at Morningstar should be aware of these things that not everyone appreciates or wants in an employer: Morningstar is changing the way it's whole technology platform is structured, and this naturally leads to a lot of the pains one might imagine from a company its size embarking on such a mission. It's caught in two worlds: trying to please it's existing customer base while maintaining (and even expanding) certain systems, and, experimenting with and leading the charge into new technologies and services. It is headed in the right direction, and the leadership is doing a great job at communicating the vision. Still, you need to be able to function within the tension created by the conflict of these two very different worlds. Morningstar's core technology platform is developed by teams spread across the world, and this requires either holding meetings outside of normal work hours or being happy with a 24hr question-response cycle, if your team is dependent on another team's work.