This is a remote position.

Calisade Research Intern – Global Macro & Public Markets

Location: India (Remote)

Hours: India Business Hours

Company: Calisade — Research Division of Vulcury LLC

Compensation: Stipend-based Internship

About Calisade

Calisade is a research-driven public markets platform focused on understanding structural shifts in global capital markets and the macroeconomic forces that drive asset prices.

We conduct long-form thematic research across monetary policy, inflation, interest rates, liquidity, fiscal policy, sovereign balance sheets, capital flows, technological investment cycles, and sector-level dislocations.

Our research informs investment vehicles operating downstream, but Calisade itself is a research institution.

We prioritize intellectual rigor over speed, evidence over narrative, and clarity over consensus.

The Role

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 Calisade's 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

1. 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.

2. 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 markets sectors companies is particularly important.

3. Public Equity Research

Support company-level research within broader macro and thematic frameworks.

You may analyze:

- Business models and competitive positioning

- Revenue and margin durability

- Capital allocation

- 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.

4. Research Writing

Contribute directly to Calisade's 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.

Robust Preference for Macro-Focused Candidates

We are particularly interested in candidates who have a demonstrated interest or experience in:

- 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

We are looking for someone who demonstrates:

- 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

Calisade's 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

What Success Looks Like

Success in this role means producing research that is:

Clear — complex ideas are communicated simply.

Defensible — conclusions are supported by evidence.

Macro-aware — company and sector analysis reflects the broader economic regime.

Independent — analysis is not driven by consensus.

Useful — research leads to meaningful conclusions about markets and capital allocation.

Consistent — high-quality output is delivered reliably.

Ideal Candidate Profile

CFA Level II cleared or above + strong macroeconomic understanding + public-markets interest + excellent research writing.

If you are interested in global macro, monetary policy, fiscal dynamics, liquidity, capital flows, and how these forces shape equity markets, this role is designed for you.

📌 Research Intern – Global Macro & Public Markets | CFA Level II+ (India)
🏢 Vulcury Venture Studio and Advisors
📍 India