Associate - Macro Trader

About AQR Capital Management

AQR is a global investment management firm built at the intersection of financial theory and practical application. We strive to deliver superior, long-term results for our clients by looking past market noise to identify and isolate what matters most, and by developing ideas that stand up to rigorous testing. Our focus on practical insights and analysis has made us leaders in alternative and traditional strategies since 1998.

At AQR, our employees share a common spirit of academic excellence, intellectual honesty and an unwavering commitment to seeking the truth. We’re determined to know what makes financial markets tick – and we’ll ask every question and challenge every assumption. We recognize and respect the power of collaboration, and we believe transparency and openness to new ideas leads to innovation.

The Team:

We are seeking an exceptionally talented individual to join our Global Trading Strategies team as a Macro Trader with a focus on Commodities. Candidates should be ambitious, enthusiastic about implementing new ideas, and able to work both independently and collaboratively.

The trader will lead our commodities trading efforts, taking primary responsibility for execution, strategy, and market engagement in this space. In addition, the role will provide cross-coverage and serve as a backup across other products, including Interest Rate Swaps, inflation-linked bonds, currencies, TBAs, repo, and volatility.

The trader will also partner closely with researchers and portfolio management teams to support market and liquidity analysis, navigate evolving market structure, and periodically review execution quality and costs. Finally, the role will contribute to building and enhancing pricing, automation, and analytics tools.

Your Role:

• Execute trades across global Commodities (developed and alternative), Fixed Income, and Volatility markets in line with PM intent, with strong discipline around liquidity, sizing, and risk.
• Apply deep understanding of market structure and liquidity dynamics across futures and OTC markets to optimize trade implementation and minimize market impact.
• Assess positioning, flows, and thematic drivers to inform execution timing and risk management decisions.
• Understand the full ecosystem of market participants — dealers, producers, consumers, CTAs, macro funds, real money, retail — and how their incentives shape price action.
• Evaluate and monitor risk across instruments, including basis, carry, convexity, funding, and cross-asset linkages.
• Identify and assess new markets or instruments with a disciplined framework for liquidity, structural risk, and execution quality.
• Continuously track macro developments (policy, inflation, growth, geopolitics, supply/demand dynamics) and translate them into actionable trading implications.
• Act as a thoughtful partner to PMs — asking the right risk questions before, during, and after trades.

What You’ll Bring:

• 2 to 5 years of experience trading or directly supporting trading in Rates, Commodities (energy, metals, agriculture, alternative commodities), and/or Volatility markets.
• Strong understanding of how macro markets actually function in practice — not just directionally, but structurally:
  • Market microstructure and liquidity regimes
  • Exchange-traded vs. OTC differences
  • Positioning and flow dynamics
  • Stress behavior and dislocations
• Demonstrated ability to assess execution quality and transaction costs across venues and instruments.
• Commercial judgment and risk awareness — you instinctively consider liquidity, crowding, downside asymmetry, and second-order effects before putting risk on.
• Experience evaluating new products or markets with a disciplined approach to structural risk and operational considerations.
• Clear, direct communicator who can challenge assumptions constructively and articulate risk trade-offs.

Who You Are:

• Excellent communication skills and the ability to work collaboratively in a fast-paced environment
• Strong attention to detail and a proactive approach to problem-solving
• Resourceful and well-organized with the ability to multi-task and work within tight timeframes
• Strong sense of integrity, consistent with AQR’s values and core principles

The salary range for this role is expected to be $150,000 to $180,000.  This is the range that we in good faith believe is accurate for this role at the time of this posting.  We may ultimately pay more or less than the posted range, depending upon factors such as skills, experience, location, or other business and organizational needs.  This wage range may also be modified in the future.

This job is also eligible for an annual discretionary bonus.

We offer comprehensive package of benefits including paid time off, medical/dental/vision insurance, 401(k), and any other benefits to eligible employees.

Note: No amount of pay is considered to be wages or compensation until such amount is earned, vested, and determinable. The amount and availability of any bonus, commission, benefits, or any other form of compensation and benefits that are allocable to a particular employee remains in the Company's sole discretion unless and until paid and may be modified at the Company’s sole discretion, consistent with the law.

AQR is an Equal Opportunity Employer. EEO/VET/DISABILITY