Macro Analyst

IMC

About the role IMC’s Macro Analyst team provides traders with market-moving insights and actionable trading ideas across global macro and volatility markets. As a Senior Macro Analyst, you will be based in Amsterdam and take ownership of generating insights and trading ideas across European equity index volatility and related markets. Working closely with traders and the Lead Macro Analyst, you will develop event-driven scenarios, identify opportunities around global macro themes, and help shape IMC’s response to fast-moving economic, political, and market developments. You will translate complex market information into clear trading implications, contribute to macro-driven strategies across options and volatility products, and play a key role in ensuring IMC remains ahead of market narratives. This is a highly collaborative role for someone who combines strong macro judgment, deep market understanding, and the ability to communicate clearly and decisively under time pressure. Your Core Responsibilities * Generate actionable trading ideas and market analysis across European equity index volatility, options, spreads, futures, and related financial instruments; * Develop and maintain scenario analyses around key market-moving events, including economic data releases, central bank meetings, national budgets, elections, geopolitical developments, and unexpected macro shocks; * Monitor global and European macro themes, identifying how changes in policy, politics, growth, inflation, rates, FX, and risk sentiment may affect equity index volatility and related markets; * Provide traders with timely, clear, and actionable updates on what is driving markets during European trading hours and relevant out-of-hours futures sessions; * React quickly to breaking news and unexpected market events, assessing potential outcomes, market impact, and trading opportunities in real time; * Work closely with traders to evaluate risk/reward, refine trading hypotheses, and contribute to the development of macro-driven options and volatility strategies; * Contribute to discussions around macro-driven positions, market themes, PnL drivers, and evolving risks across European and global markets; * Take ownership of specific research areas, recurring event playbooks, analytical frameworks, or market coverage themes; * Help ensure strong operational coverage of key events, market sessions, and trader needs through disciplined preparation, responsiveness, and high-quality communication; * Collaborate with other IMC analyst teams across Amsterdam, Chicago, Sydney, and Mumbai to share insights, compare market views, and strengthen global coverage; * Support the development of more junior analysts by sharing market knowledge, improving team processes, and helping raise the overall quality of the team’s output; * Continuously improve the team’s analytical tools, event preparation, communication formats, and trading idea generation process. Your Skills and Experience * 4–6+ years of experience in a trading, macro research, volatility, options, or strategy-focused role, ideally at a high-frequency trading firm, investment bank, hedge fund, asset manager, or market-making environment; * Strong understanding of European financial markets and the macroeconomic, political, and geopolitical factors that influence equity indices, volatility, rates, FX, and broader risk sentiment; * Experience analyzing equity index products, options, volatility, futures, spreads, or related financial instruments; * Proven ability to translate macro events, political developments, and market headlines into practical trading implications; * Strong scenario analysis skills, with the ability to assess probabilities, market impact, positioning, and potential second-order effects; * Excellent written and verbal communication skills, with the ability to engage traders clearly, succinctly, and confidently in fast-moving market conditions; * Sound market judgment and the ability to form independent views while incorporating feedback from traders and other analysts; * Calm, focused, and decisive when markets are moving quickly or information is incomplete; * Collaborative mindset, with the ability to work effectively with traders, analysts, and global teams; * High level of ownership, curiosity, and intellectual drive, with a strong interest in markets, policy, politics, and global events; * Entrepreneurial approach, with a desire to improve processes, develop new analytical frameworks, and contribute ideas that can directly impact trading outcomes. About Us IMC is a global trading firm powered by a cutting-edge research environment and a world-class technology backbone. Since 1989, we’ve been a stabilizing force in financial markets, providing essential liquidity upon which market participants depend. Across our offices in the US, Europe, Asia Pacific, and India, our talented quant researchers, engineers, traders, and business operations professionals are united by our uniquely collaborative, high-performance culture, and our commitment to giving back. From entering dynamic new markets to embracing disruptive technologies, and from developing an innovative research environment to diversifying our trading strategies, we dare to continuously innovate and collaborate to succeed.

Baringa

ABOUT BARINGA  Baringa is a global consulting firm that partners with leaders to drive change and create value. With deep industry expertise, and enabled by advanced technology, the firm helps clients to deliver with greater confidence and certainty. With over 2,000 people across the UK, Europe, North America, Asia and Australia, the firm combines global insight with local understanding. The firm works across energy and resources, financial services, government and public sector, consumer products and retail, pharmaceuticals and life sciences, manufacturing, and technology, media and telecoms, with capabilities spanning strategy, transformation and operational excellence – all powered by advanced technology, data, AI and digital innovation. Clients value Baringa’s collaborative approach and the way its teams integrate seamlessly – all working with a shared understanding of what matters most. The firm is known for its kind, curious experts who listen closely and care deeply about client success as they help clients transform energy markets, modernise financial platforms, expand telecoms and digital networks through advanced data analytics, enable digital services in government, and unlock growth in consumer sectors. Certified as a Great Place to Work around the world, Baringa has been recognised by the Financial Times in 22 categories of its UK Leading Management Consultants rankings, and by Forbes for four consecutive years as one of the World’s Best Management Consulting Firms. OUR ENERGY & RESOURCE PRACTICE ARE LOOKING FOR AN ENERGY RESEARCH ANALYST TO JOIN THE TEAM.  In this role, you will be based out of our Sofia office, working at the forefront of the energy transition alongside market specialists with deep industry knowledge where you will be able to deploy and then broaden your skill set and sector expertise. Baringa’s Power Markets Modelling Experts leverage the latest market intelligence, deep energy market expertise, and advanced modelling tools to deliver valuable power forecasts to the energy industry. These reports help our clients deploy and build energy assets as well as navigate the energy transition.   WHAT YOU WILL BE DOING The Energy Market & Macro Insights team at Baringa delivers cutting-edge analysis and thought leadership on energy and climate-related topics, using economic and political analysis to support our power market subscribers, broader client base, and media presence. Drawing on Baringa’s proprietary models and third-party data, the team distils complex market dynamics into accessible, compelling insights with a strong emphasis on storytelling through data. We produce both short- and long-form content to track and interpret emerging trends in energy markets. Recent reports have included: * Middle East Conflict: Scenarios and Power Asset Implications * The investment attractiveness of battery storage assets * The implications of elections and policy changes to the energy transition * The impact of a global trade war on European power markets * The increasing prevalence of negative power pricing and its implications In addition, the team is also responsible for generating Baringa’s macroeconomic and financial market assumptions used in our energy system models, including forecasts for FX, interest rates, inflation, and the cost of capital. We publish regular macroeconomic outlooks across Baringa’s key geographies. Core responsibilities include: * Conducting primary and secondary research across a wide range of topics, including energy deployment, technologies, geopolitics, macroeconomics, policy developments and investor trends * Supporting the development of models, data insights, and methodologies to identify emerging market dynamics * Writing high-quality, data-driven reports tailored for investors, policymakers, and commercial clients * Developing a strong understanding of the macroeconomic context and the energy transition ecosystem * Engage with internal stakeholders to shape and refine research outputs, ensuring insights are accurate, relevant and actionable What success looks like: To succeed in this role, you will bring a combination of curiosity, analytical rigor, and communication skills. You should be comfortable working with data, developing your macro and energy market knowledge, and delivering impactful research that helps clients navigate a fast-evolving energy landscape.   YOUR SKILLS AND EXPERIENCE    * Deeply passionate about the energy transition, macroeconomic developments, geopolitics, and energy and climate policy. * Curious and analytical, with a strong ability to connect macro-level events - from the war in Ukraine to populism and re-militarisation - to developments in the energy market. * Self-starter with an entrepreneurial mindset; thrives under pressure and takes ownership to deliver during peak periods. * Record of being a team player and meeting deadlines. * Excellent written and verbal communication skills, with the ability to craft compelling narratives through data-led research, both in long-form reports and short-form, journalist-style notes. * Highly data literate, confident in interpreting modelling results and manipulating data sets. * Strong academic background, with high performance in undergraduate or master’s studies (preferably with some economics component). * Fluent in written and spoken English. * Some experience working with Excel/R/Python (or similar tools) and AI for data analysis and modelling is a plus but not a prerequisite. * Candidates should be comfortable with international travel, which may be required for up to 30% of the time. Candidates must be able to travel and work within the EU/UK.   WHAT A CAREER AT BARINGA WILL GIVE YOU  PUTTING PEOPLE FIRST. BARINGA IS A PEOPLE FIRST COMPANY AND WELLBEING IS AT THE FOREFRONT OF OUR CULTURE. WE RECOGNISE THE IMPORTANCE OF WORK-LIFE BALANCE AND FLEXIBLE WORKING AND PROVIDE OUR STAFF AMAZING BENEFITS. SOME OF THESE BENEFITS INCLUDE:  * Generous Annual Leave Policy: We recognise everyone needs a well-deserved break. We provide our employees with 5 weeks of annual leave, fully available at the start of each year. In addition to this, we have introduced our 5-Year Recharge benefit which allows all employees an additional 2 weeks of paid leave after 5 years continuous service.  * Flexible Working: We know that the ‘ideal’ work-life balance will vary from person to person and change at different stages of our working lives. To accommodate this, we have implemented a hybrid working policy and introduced more flexibility around taking unpaid leave.  * Corporate Responsibility Days: Our world is important to us, so all our employees get 3 every year to help social and environmental causes and increase our impact on the communities that mean the most to us.  * Wellbeing Fund: We want to encourage all employees to take charge and prioritise their own wellbeing. We’ve introduced our annual People Fund to support this by offering every individual a fund to support and manage their wellbeing through an activity of their choice.  * Profit Share Scheme: All employees participate in the Baringa Group Profit Share Scheme so everyone has a stake in the company’s success.  DIVERSITY AND INCLUSION We are proud to be an Equal Opportunity Employer. We believe that creating an environment where everyone feels a sense of belonging is central to our culture and that diversity is paramount to driving creativity, innovation, and value for our clients and for our people.  AN AWARD-WINNING WORKPLACE You can be a part of our ‘Great Place to Work’ – with our commitment to women and well-being in the workplace for all. Click here to see some of our recent awards and how we’ve achieved this.  USING BUSINESS AS A FORCE FOR GOOD.  We maintain high standards of environmental performance and transparency, which can be seen through our commitment to Net Zero with our SBTI-verified Scope 1, 2 and 3 emissions reduction targets and our support of the Better Business Act. We report our progress publicly and ensure that we are also externally assessed and scored through organisations like CDP and EcoVadis - helping us to continually identify where we can improve.  We have a long legacy of supporting the communities in which we work, and offer a variety of ways to contribute, by putting people first and creating impact that lasts. Our Corporate Social Responsibility (CSR) agenda is about giving back to the communities in which we live and work by sharing our skills, talent and time. In essence, we aim to empower and encourage everyone in the firm to contribute to the things we care about, and support registered charities and organisations with a clear social or environmental purpose to increase the positive impact they can have.   JOIN US All applications received will be reviewed by a member of our Talent Acquisition team. We never rely solely on automated screening or AI tools to make hiring decisions. Your application will be considered for employment without regard to race, ethnicity, religion, gender, gender identity or expression, sexual orientation, nationality, disability, age, faith or social background. We do not filter applications by university background and encourage those who have taken alternative educational and career paths to apply. We would like to actively encourage applications from those who identify with less represented and minority groups. We operate an inclusive recruitment process, ensuring reasonable adjustments where needed. Please contact a member of our Recruitment Team to discuss further.   BARINGA PRIVACY NOTICES For UK & EU Your personal data will be retained by Baringa for up to two years, in accordance with our UK Recruitment Privacy Notice / EU Recruitment Privacy Notice, to evaluate your application and meet our legal and reporting obligations. In line with the General Data Protection Regulation (GDPR), you have the right to request access to, rectification, or erasure (subject to legal limitations) of your personal data. For more information, please contact us at privacy@baringa.com For the USA Your personal data may be retained by Baringa for up to two years, as outlined in our Recruitment Privacy Notice (AMER & APAC), to support the recruitment process and internal reporting requirements. Where applicable, and in accordance with relevant federal and state laws, you may have the right to request access to or correction of your personal information. For further details, please contact privacy@baringa.com For Australia & Singapore Your personal data will be retained by Baringa for up to two years, in accordance with our Recruitment Privacy Notice (AMER & APAC), to assess your application and meet applicable reporting and legal obligations. In line with the Australian Privacy Act and Singapore’s Personal Data Protection Act (PDPA), you may have rights to access, correct, or request limited deletion of your personal data. For more information, please contact us at privacy@baringa.com

European Macro Policy Network

THE CHALLENGE Europe is entering a period of structural economic stress that demands a serious policy response. A second China shock — this time concentrated in advanced manufacturing, electric vehicles, and clean technology — is hollowing out the industrial base of Europe’s export-led economies and compressing the wage and employment gains on which social cohesion depends. Meanwhile, Europe’s technological dependence in digital infrastructure, energy systems, and defence — exposed sharply by a decade of geopolitical shocks — is no longer a strategic inconvenience but an economic liability. The answer strategic autonomy and innovation-led growth: building the industrial and technological ecosystems that generate productive, well-paid jobs at scale; reducing strategic vulnerabilities through sovereign capacity in digital, energy, and defence; and designing public investment frameworks smart enough to crowd in private capital rather than substitute for it. Growth is the fertile ground on which every other European challenge — energy transition, social cohesion, fiscal sustainability, geopolitical credibility — will ultimately be resolved or frustrated. EMPN’s industrial and innovation policy work sits at the heart of this challenge. We analyse the structural sources of European competitiveness, design efficient allocation mechanisms for strategic public investment, and develop proposals — legally grounded, fiscally credible, and politically feasible — to help Europe move from subsidy reflex to genuine industrial strategy. YOUR ROLE As Senior Industrial & Innovation Policy Analyst, you will be a central member of EMPN’s Brussels team, working closely with the Managing Director and EMPN’s network of partner institutes. You are expected to think hard about the structural forces reshaping European industry and innovation ecosystem, produce rigorous and accessible policy analysis, and translate research into proposals that can land with policymakers. Key responsibilities include: * Research: Lead and contribute to EMPN’s work on industrial transformation, innovation ecosystems, strategic autonomy, AI and labour markets, skills policy, and the design of public investment instruments. Engage seriously with the economic literature while keeping one eye firmly on policy applicability. * Content production: Write policy briefs, working papers, and shorter analytical pieces tailored to a senior policymaker audience. You are not a summariser of existing debates — you are expected to have a view, defend it, and explain what is wrong with the alternatives. * Network coordination: Work with EMPN partner institutes across the network to develop joint research and policy proposals on industrial and innovation policy. This includes shaping research priorities, organising workshops, and turning collective expertise into coherent output. * Advocacy: Engage with Commission officials, MEPs, national ministries, and industry stakeholders to increase the impact of EMPN’s work. Build relationships that turn good analysis into policy traction. YOUR PROFILE * We are looking for senior talent (5+ years of experience). You might be an economist with deep grounding in industrial or innovation policy; a policy practitioner who knows how the relevant legislative files move in practice; or someone from a development bank, financial institution, or industrial group who understands how strategic investment actually gets done. What matters is deep knowledge of the field, analytical rigour, policy judgement, and the standing to be taken seriously by senior policymakers. An advanced degree is expected and a PhD is an asset, but equivalent hands-on experience is valued just as highly. * You can write policy briefs that actually move people. You write with precision and confidence, producing texts that are analytically rigorous and immediately accessible to a non-specialist policymaker. You understand that your work is public and subject to scrutiny, and you hold yourself to that standard. * You think about feasibility, not just optimality. You are not content with technically correct proposals that no institution can adopt. You understand the legal, fiscal, and political constraints that shape what is achievable — and you design your proposals accordingly. * You are willing to advocate for your conclusions. You are prepared to defend your analysis in meetings with senior officials, at public events, and in the media, or you are actively building these skills. Intellectual confidence and intellectual honesty are equally non-negotiable. * You take ownership of your work. You work independently, follow questions to their end, and do not wait to be managed. The EMPN team and expert network are there to think with you, not to drive you. * You bring strong organisational skills and a solutions-focused mindset. You are flexible and constructive, with attention to detail and a genuine interest in building an institution as well as producing research. * You speak fluent English; French or German is a strong asset, and other European languages are welcome. WHY US? This is what we offer: * Contract: A permanent contract under Belgian law. 100%, or part-time negotiable. * Meaningful work: A chance to work on some of the defining economic questions of the decade – European industrial sovereignty, innovation-led growth, and the transition to a competitive, decarbonised economy – from the institution best placed to shape the policy response. * A growth opportunity: As EMPN’s Brussels headquarters expands, this role will offer increasing leadership potential. You will have access to personal and professional development opportunities, including skill-building, networking, and the chance to shape your role. It is an environment where your ideas can flourish, allowing you to grow into the best version of yourself. * Competitive salary: €65,000–€85,000 annual gross, depending on experience and skills, plus a benefits package. * Flexible work environment: Primarily based in Brussels with options for remote work. * Inspiring colleagues: Last but not least, you will join a fantastic team at our Brussels headquarters and Berlin team and work alongside inspiring partners across Europe’s capitals – Paris, The Hague, Rome, Helsinki, Stockholm, Vienna and soon Madrid and Warsaw. Expect meaningful work, exciting challenges, and plenty of fun along the way.