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Macro Analyst

IMC Trading · Chicago, IL · Trading Services

Posted Sep 30, 2026 · We last checked this listing on Oct 6, 2026

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Likely interview questions for this role

Written from this job description, not a generic list. Each one notes what the interviewer is really checking.

About your past

How do you decide which investment bank research is worth reading and which to skip?

What they are checking: Their filter for signal versus noise, since monitoring everything is impossible on a trading floor.

Tell me about a time you held a view that most people disagreed with. How did it turn out?

What they are checking: Independent thinking and honesty about being wrong, which matters when the goal is seeing what others miss.

Describe your morning routine for getting up to speed on markets before the open.

What they are checking: Discipline and process in market monitoring, which shows whether they will be useful from the first minute.

What's a macro call you got wrong, and what did you change afterward?

What they are checking: Self-awareness and learning from mistakes, which is how a good analyst builds trust with traders.

What would you do

A headline hits from a source you don't recognize claiming a major policy change. What do you tell the traders?

What they are checking: Judgment on reliability and speed, since passing on a false headline or sitting on a true one both cost money.

A trader pushes back hard on your idea in the middle of a busy open. What do you do?

What they are checking: Composure in a pressured dealing room and whether they can defend or revise a view quickly.

About the work

CPI comes out hotter than expected. Walk me through what you'd expect to happen to S&P futures and the VIX term structure in the next hour.

What they are checking: Whether they can connect a macro release to index futures and volatility moves in a fast, reasoned way.

Give me a trade idea on US index futures or options right now, with a probability attached.

What they are checking: Whether they can turn a view into an actionable idea framed in probabilities with real conviction.

What does it usually mean when the front of the volatility curve rises above the back?

What they are checking: Understanding of vol term structure inversion and what it says about near-term fear versus longer-term calm.

How would you scenario-map an upcoming Fed meeting for the desk?

What they are checking: Ability to lay out outcomes, probabilities and market impact in a form traders can act on before the event.

How do US equity indices tend to relate to rates, the dollar and oil, and when does that relationship break?

What they are checking: Cross-asset macro knowledge and awareness that correlations shift with regime.

Practice this interview out loud.

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The full job description

As published by IMC Trading.

As a Macro Research Analyst on our US Index desk in Chicago, you will partner closely with Traders to identify trading opportunities in the markets for US index futures and options. Based in our Chicago office, you will be an integral part of the trading team. You will attempt to find opportunities that other market participants may not be aware of or are interpreting in a different way. More than reporting what you see, you will translate macro context into actionable trade ideas - framing your views in probabilistic terms and with conviction, so that Traders can convert them into positions. You will work in a fastpaced, dynamic, sometimes highly pressured dealing room, and over time you may potentially be handling trades yourself. Your Core Responsibilities:  • Monitor markets with a focus on US equity indices and their relation to other macro products • Monitor headlines and analysis (mainstream media, specialized Investment Bank research). Make judgement calls on its importance, impact and reliability • Understand and react to changes in the volatility term structures in light of new trends and events  • Spot trading opportunities across the US equity markets and translate them into actionable trade ideas  • Look at global economic events and perform impact / scenario analysis, expressing views in probabilistic terms with clear conviction  • Understand the possible risks and opportunities in each scenario, suggesting the best pay-off structures • Prepare for and analyze important events (FOMC meetings, data releases, elections) • Interact proactively with Traders to game plan trading around scenarios • Analyze the historical performance of trade recommendations and tie research output directly to trading results • Study time series related to the volatility of events and realized moves, to spot patterns, potential regime shifts and to build scenarios • Monitor the relation (beta) between equity indices and their single-stock constituents  Your Skills and Experience:  • Bachelor's degree in Finance, Econometrics, STEM or a related field of study  • 2-4 years of work experience with Equity Index, Equity Research and/or Fixed Income Futures • A strong and proven interest in financial markets, experience with options is a plus • Outstanding analytical and problem-solving skills • Strong Excel skills • Experience in programming with Python is a plus • Ability to work in a fast-moving and competitive environment • Strong focus on teamwork, details and accuracy • Fluent in English   The Base Salary range for the role is included below. Base salary is only one component of total compensation; all full-time, permanent positions are eligible for a discretionary bonus and benefits, including paid leave and insurance. Please visit Benefits - US | IMC Trading for more comprehensive information. Salary Range $200,000 — $225,000 USD About Us IMC is a research-driven trading firm where quantitative modeling, machine learning, and engineering shape how modern markets are traded. A stabilizing force in markets since 1989, we provide liquidity across trading venues, delivering the best outcome in value and risk management to investors. Using our own technology and capital, we build proprietary systems and algorithms that operate across global markets. Our researchers, traders, and engineers work as a collective, combining rapid experimentation, advanced infrastructure, and real-time feedback to turn insight into execution and execution into advantage.  

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