Markets, Trading & Research · related to Equity Research Associate

Macro Research Analyst

BriefYour role

L3 salary: Not published yetSalary figures open with the salaries section.
Upcoming dated changes: 2 changes aheadNext: 31 Jan 2027
Where the changes come from
Each change in the Regulatory calendar comes from an official text, linked on its page.
A change affects this role directly when it names a process that is one of the role's main tasks.
Top critical skills: Applied economics
Causal inference and econometrics
Financial markets knowledge

What the role does

Macro Research Analyst is a role in Markets, Trading & Research. The family covers trading, sales, research and brokerage in financial markets. The core skill is applied economics, and the main work is portfolio and investment management.

This is a brief profile written from the catalogue. A full profile with a day in the life, level descriptions and the effect of AI is being written.

Levels

L1 Starting out 0-2 years
L2 Independent 2-5 years
L3 Senior or specialist 5-9 years
L4 Leads a team or an area 8-14 years
L5 Leads the function 12+ years

Full level descriptions and job titles

The EFO level names are the common scale; job titles differ between employers.

Levels of Macro Research Analyst
Level	What the work looks like	Typical years	Typical job titles
L1 Starting out	Learns the job; executes defined tasks with supervision	0-2	Banks: Analyst, Junior Analyst, Associate (asset servicing), Trainee, GraduateAsset servicers: Junior, Specialist (entry), Officer
L2 Independent	Owns a process end to end; trains L1; first contact for the team's clients	2-5	Banks: Analyst / Senior Analyst, AssociateAsset servicers: Specialist, Senior Specialist, Senior Officer
L3 Senior or specialist	Deep expertise; handles exceptions and change; represents the function in projects	5-9	Banks: Senior Associate, AVP, Assistant ManagerAsset servicers: Senior Specialist, Expert, Team Lead (small team)
L4 Leads a team or an area	Manages people or a large process; owns budgets or controls; escalation point	8-14	Banks: VP, Manager, Senior ManagerAsset servicers: Team Lead, Manager, Head of Section
L5 Leads the function	Accountable for the function in a legal entity or region; sets priorities and standards	12+	Banks: Director, Executive Director, Managing Director, Head of functionAsset servicers: Head of Department, Director

Skills

The percentage is the skill's share of the role; the bars are drawn relative to the anchor skill, which is shown full.

Critical 4

The job cannot be done without these.

Applied economicsWeight 14.6%Anchor skillExpected level: expertRelevant to you
Causal inference and econometricsWeight 9.8%Expected level: expertRelevant to you
Financial markets knowledgeWeight 9.8%Expected level: expertRelevant to you
Forecasting methods and time seriesWeight 9.8%Expected level: expertRelevant to you

Important and supporting skills 17

Important 8

Needed in most positions.

Professional written communicationWeight 4.9%Expected level: practitionerRelevant to you
Bloomberg Terminal / market dataWeight 4.9%Expected level: practitionerRelevant to you
Assessing the quality of sourcesWeight 4.9%Expected level: practitionerRelevant to you
Advanced Microsoft ExcelWeight 4.9%Expected level: practitionerRelevant to you
Commercial acumen and business senseWeight 4.9%Expected level: practitionerRelevant to you
Working to tight deadlinesWeight 4.9%Expected level: practitionerRelevant to you
Building a slide narrativeWeight 4.9%Expected level: practitionerRelevant to you
Descriptive statistics and distributionsWeight 4.9%Expected level: practitionerRelevant to you

Supporting 6

Help in many positions.

Market data analysis (share, penetration)Weight 2.4%Expected level: practitionerRelevant to you
Verbal communication and presentingWeight 2.4%Expected level: practitionerRelevant to you
Market sizingWeight 2.4%Expected level: practitionerRelevant to you
Intellectual curiosityWeight 2.4%Expected level: practitionerRelevant to you
Conduct and investor protection rules (MiFID II, FINRA, SEBI)Weight 2.4%Expected level: practitionerRelevant to you
Python for data analysisWeight 2.4%Expected level: practitionerRelevant to you

Useful 3

Occasionally useful.

Querying data with SQLWeight 0.8%Expected level: working knowledgeRelevant to you
ESG frameworks and rating criteriaWeight 0.8%Expected level: working knowledgeRelevant to you
Persuasion and influenceWeight 0.8%Expected level: working knowledgeRelevant to you

Processes

The work the role takes part in.

Portfolio and investment management

What each process covers

Portfolio and investment managementMainBuilding portfolios, measuring performance and investment risk.

Dated changes for this role

31 Jan 2027Retail Investment Strategy: final adoption expectedRelevant to you
16 Apr 2027AIFMD II and UCITS changes: reporting standards due 2027Relevant to you

See all 2 in the Regulatory calendar

Salary snapshot

Salary figures are not published yet

The L3 salary range for this role, with its sources, will appear here when the salaries section opens.

Certifications

CFA Program Level I CFA Institute
CFA Program Level II CFA Institute
FRM GARP

Concepts to know

Yield curve

Neighbouring roles

Roles that need many of the same skills, by weighted skill overlap, with the skills you would need to add.

Equity Research Associate

58% skill overlap

To add: Company valuation (DCF, multiples), Financial statement analysis and ratios, Three-statement financial modelling

Your role

ESG Research Analyst

54% skill overlap

To add: Company valuation (DCF, multiples), Financial statement analysis and ratios, Three-statement financial modelling

Your role

Credit Research Analyst

53% skill overlap

To add: Company valuation (DCF, multiples), Financial statement analysis and ratios, Three-statement financial modelling

Your role

Equity Capital Markets Analyst

45% skill overlap

To add: Company valuation (DCF, multiples), Financial statement analysis and ratios, Microsoft PowerPoint

Your role

Portfolio Manager Assistant

42% skill overlap

To add: Portfolio construction and allocation, Performance measurement and attribution, Net asset value calculation

Your role

Portfolio Analyst

41% skill overlap

To add: Performance measurement and attribution, Portfolio construction and allocation, Net asset value calculation

Your role

Do this job? Suggest a correction

Sources

The EFO role catalogue, with skills, levels and processes. How it is built
ESCO classification of the European Commission (external site) for job titles