Research Intern - Global Macro & Public Markets

Job Summary

We are looking for a Research Intern with strong macroeconomic and capital-markets fundamentals, ideally a CFA Level II candidate who has cleared Level II or a CFA charterholder/CFA Level III candidate, to contribute to Calisades research platform.

This is a macro-focused research role. You will study how changes in the global economic and financial environment translate into implications for equities, sectors, valuations, and capital allocation.

The ideal candidate is comfortable asking questions such as:

• What does a change in the global rate regime mean for equity valuations
• How do inflation and real yields affect different sectors
• What does fiscal expansion mean for rates, liquidity, and risk assets
• How do changes in global liquidity and credit conditions affect capital flows
• How should investors interpret shifts in sovereign balance sheets
• Which sectors are structurally advantaged or vulnerable under changing macro regimes

This is not a spreadsheet-only internship. Research, writing, synthesis, and independent thinking are central to the role.

Core Responsibilities

• Global Macro Research - Monitor and analyze major macroeconomic developments across the U.S., India, Europe, China, and other major markets, including:
  • Inflation and inflation expectations
  • Central-bank policy and interest-rate cycles
  • Real and nominal yields
  • Yield curves and duration sensitivity
  • Fiscal deficits and sovereign debt dynamics
  • Global liquidity conditions
  • Credit spreads and financial conditions
  • Currency movements
  • Commodity cycles
  • Cross-border capital flows
• Major structural economic and technological trends - Translate these developments into clear, evidence-based research conclusions.
• Macro-to-Market Analysis - Connect macroeconomic factors to public markets.
  • Analyze how changes in the macro environment affect:
  • Equity valuations
  • Earnings expectations
  • Sector performance
  • Risk premiums
  • Capital allocation
  • Corporate financing conditions
  • Investment cycles
  • The ability to move from macro to markets sectors and companies is particularly important
• Public Equity Research - Support company-level research within broader macro and thematic frameworks.
  • Business models and competitive positioning
  • Revenue and margin durability
  • Balance-sheet strength
  • Valuation
  • Scenario analysis
  • Sensitivity to rates, inflation, liquidity, and economic cycles
  • The objective is not simply to identify good companies, but to understand how businesses behave under different macroeconomic regimes
• Research Writing - Contribute directly to Calisades written research output, including:
  • Long-form macro research papers
  • Thematic research notes
  • Company and sector analyses
  • Weekly research publications
  • Calisade Digest
• You will be expected to defend your reasoning, respond to challenges, revise your work, and improve your analytical framework over time

Who We Are Looking For

Mandatory Credential Requirement

Candidates must meet at least one of the following:

• CFA Level II passed or above preferred
• CFA Level III candidate
• CFA charterholder
• MBA from a recognized institution with a strong focus in Finance, Economics, or a closely related discipline
• Candidates who have cleared CFA Level II and are continuing toward the charter are particularly encouraged to apply.

Strong Preference for Macro-Focused Candidates

• Global macroeconomics
• Monetary policy
• Inflation and real rates
• Fixed income and duration
• Fiscal policy and sovereign debt
• Liquidity and credit cycles
• Global capital flows
• Cross-asset relationships
• Macro-driven equity research
• Investment regime analysis
• A candidate who can explain why a macroeconomic change matters for markets rather than simply describe what happened will stand out

Academic Analytical Background

Preferred backgrounds include:

• Finance
• Economics
• Mathematics
• Engineering
• Statistics
• Quantitative disciplines
• Related analytical fields

Candidates should demonstrate a strong understanding of:

• Inflation
• Interest Rates
• Liquidity
• Credit
• Valuations
• Capital Flows
• Equity/Sector Outcomes

Experience analyzing public equities is valuable, but strong macroeconomic reasoning and the ability to connect macro factors to markets are more important than having extensive prior equity-research experience.

What We Value

• Analytical precision
• Strong macroeconomic intuition
• Structured thinking
• Excellent written English
• Evidence-based reasoning
• Intellectual curiosity
• Ability to synthesize complex information
• Comfort challenging consensus
• Willingness to defend and revise an argument
• Consistent and reliable execution

You should be able to take a complex macroeconomic development and answer:

• What changed
• Why did it change
• Why does it matter
• Who is affected
• And what does it imply for markets

Why This Role Matters

Calisades credibility is built on research quality and intellectual independence.

As a Research Intern, your work will contribute directly to the research foundation of the platform.

You will gain exposure to:

• Institutional-style macroeconomic research
• Global public-market analysis
• Thematic investment research
• Macro-to-equity frameworks
• Research writing and publication
• Scenario and valuation analysis
• A rigorous process for developing and defending investment theses

Disclaimer: This job posting & Location has been aggregated from external source. Role details, content, and availability are subject to change. Applicants are advised to confirm the latest information directly on the company website before applying.