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The global financial markets offer a wealth of lucrative opportunities. When one thinks of a career in Forex, the perception is usually limited to full-time trading. However, the industry has a lot more to offer. It is possible to become a full-time employee of a brokerage or industry regulator. They are constantly looking for professionals who can manage trades for big clients, produce market research for the media, or maintain their websites and networks.
Most positions included in our trade careers list require at least a Bachelor’s degree in a financial and/or technical area. Some jobs may require you to pass a special exam (e.g., Series 3, Series7, Series 34, or Series 63). Still, it is possible to find a general position like that of the HR manager, which is suitable for non-traders.
Candidates who are hired enjoy secure jobs and a steady income. This sets them apart from ordinary traders that rely on market trends to generate returns. If you feel tired of depending on external forces, these currency traders’ jobs may be exactly what you are looking for.
The global foreign exchange is the largest market in the world. Every day, it sees transactions for over 6 trillion US dollars. No other marketplace can boast the same liquidity and volume. This exchange rarely sleeps. It is vital for international commerce and finance.
Employers in the field have full-time positions. Schedules are tied to the nature of the market, which is open 24/5. Most of the positions described below involve odd hours, long days, and quick work. Candidates need solid knowledge of regulation applied to currency trading in their geographic area.
Forex can even allow you to launch an international career. For instance, it is possible to find Forex trader jobs London employment market can offer and move to the vibrant UK capital. Job seekers who are eligible to work abroad and speak a foreign language may find their callings overseas. Languages like French, German, Spanish, Arabic, Japanese, Korean, Mandarin, Cantonese, and Portuguese are especially valuable.
Discover five major directions for employment in the field. Please note that different companies have different names for these jobs. This article mentions several possible titles for each occupation. So, what are professional FX careers like?
1. Market Analysis
This position may be named market analyst, currency researcher, or currency strategist. To make a profit, retail traders learn to assess market trends. Fundamental and technical analysis are two approaches that lead to successful decisions. They also form the basis of several Forex trader jobs. If you feel your foresight is exceptional, consider a career of a currency strategist.
These professions constitute a special segment of FX broker jobs, as specialists are employed by intermediaries. Their competencies include research for the purpose of producing daily commentary. This means they analyze the market situation and draw conclusions about the effect of economic and political events on the rates. In addition to fundamental and technical methods, quantitative analysis is also applied.
The job is quite hectic, as opinions must be formulated quickly. The market may be moving at breakneck speed, and an analyst must keep up with it. The resulting content is used by institutional and retail traders.
Another dimension of work is educational. A consultant foreign exchange trader may conduct seminars, both offline and online. The purpose of these events is to teach clients (both existing and potential) on the fundamentals of currency trading.
Finally, an analyst should cooperate with media outlets. Once you establish yourself as a trustworthy source of information, all the doors are open. Presence in the media will be encouraged by your employer, as it is a powerful promotion tool. Thus, public speaking skills are indispensable for these kinds of FX trader jobs. To become a trusted expert, an FX analyst needs to be a good marketer.
In terms of education, a Bachelor’s degree in finance or economics will suffice. It is important to have impressive communication skills. An analyst must have broad knowledge in several fields: global finance, economics, and international politics. Successful candidates have at least one year of experience in the financial field – either as traders or analysts. Active Forex trading is a must.
2. Account Management
Titles of these Forex trading jobs may vary. The employees are called account managers, professional traders, or institutional traders. If you have mastered the art of lucrative trades, and the exchange brings a steady income, you may consider building a trade career. Now, you will be making the same buy and sell decisions, but the money involved will belong to corporations.
Professional traders work for institutional players engaged in currency exchange, such as hedge funds and mutual funds. The second category includes banks, multinational businesses, and central banks. These actors hire traders to protect themselves against fluctuations in foreign currency rates.
High-class account managers are trusted with executing trades for individual accounts based on their clients’ needs and attitude to risk. They may manage sizeable funds, which means the stakes are high. Performance in account management defines their reputation and willingness of large employers to hire them. The job involves clear targets, regular progress reviews, and rigorous risk restrictions.
Companies that look for Forex traders for hire have special requirements. One needs experience in the finance field and preferably a Bachelor’s degree in economics or related subjects. Business education is also acceptable. Finally, the range of instruments is often broader than currency pairs. Professional traders have extensive experience in other markets: derivatives, options, commodities, etc.
3. Industry Regulation
Forex is a popular earning tool and deceit is not uncommon. Dubious brokers lure clients in with promises of easy gains and mismanage their deposits. Fraud prevention is therefore a major issue. Fortunately, the industry has institutions whose mission is to regulate the field. Such entities have branches in different countries, and they employ different types of finance professionals. Typically, their operations concern both the private and the public sectors.
One of these prominent regulatory giants is the Commodity Futures Trading Commission (CFTC). The federal regulator is the chief watchdog for the markets of commodities, futures, and options in the country. The organization introduces rules in the Forex realm. It also deals with consumer education and fraud alerts. The range of FX careers is thus broad. The company has branches in four U.S. cities and it hires local citizens after a thorough background check. The range of Forex jobs includes:
- futures trading specialists/investigators, and
- management professionals.
Auditors are hired to check compliance with CFTC regulations. Most eligible candidates have Master’s degrees or Certified Public Accountant (CPA) status, while a Bachelor’s in accounting could also allow you to land the job.
Economists analyze the ways in which CFTC standards affect the industry. In terms of education, a Bachelor’s degree in economics is the entry point.
Requirements for futures trading specialists and investigators vary in terms of both experience and education. Their job is to monitor operations and look into the alleged fraud. They identify manipulative practices and breaches of trade practice rules.
Another large institution is the National Futures Association (NFA). This entity creates regulation standards and oversees Forex brokerage services in the private sector. The organization is not very different from the CFTC, as it also deals with the control of the futures and commodities markets. The key distinction is its status as a private-sector agency, rather than a state-run regulator.
This watchdog operates based on authorization by Congress and it regulates itself. Jobs are based in New York and Chicago. The scope of operations encompasses the following goals:
- ensuring market integrity,
- counteracting and preventing fraud/abuse,
- resolving disputes via arbitration,
- protecting and educating investors, and
- providing online broker research.
These are the largest and most famous regulatory entities in the United States. There are also opportunities in other countries. For instance, the UK regulator is the Financial Conduct Authority (FCA), while the Japanese markets are overseen by the Financial Services Agency (FSA). In Hong Kong, the regulator is called the Securities and Futures Commission (SFC). There are also jobs in Australia – check vacancies at the Australian Securities and Investments Commission (ASIC).
4. Exchange Operations
Here, the two key positions are an exchange operations manager and trade audit associate. Brokerage firms register new accounts and work as intermediaries between clients and the global exchange. This means they need special departments that handle account service. Their members are known as exchange operations managers.
Despite the ubiquity of automation, certain tasks are still completed by individuals. Such jobs require advanced FX knowledge – these are not ordinary customer service operators. Here is what the teams do:
- process new account requests,
- verify customer identities in accordance with state regulations,
- process withdrawals, deposits, and transfers,
- provide customer care.
Like other jobs in the industry, these vacancies require a Bachelor’s degree in finance or business. Accounting specialists are also accepted. Candidates need an in-depth understanding of financial markets and instruments – not just currencies. Prior experience with a brokerage firm may also be a must.
Another possible title is a trade audit associate. These professionals resolve disputes, so they work with customers directly. The job includes executing, funding, settling, and reconciling transactions in the foreign exchange.
Candidates need strong soft skills in addition to in-depth knowledge of their employer’s trading software and services, as well as the SWIFT (Worldwide Interbank Financial Telecommunication) system. These employees must be flexible. They have to find resolutions quickly and think on their feet. However, the scope of responsibility is more narrow in comparison with exchange operations managers. Requirements to prior experience are less stringent, too.
5. Software Development
Forex traders work through cutting-edge terminals on their computers, tablets, and smartphones. Some brokers invest in their own unique apps to serve customers while they are on the go. Such proprietary software is created by professional developers. Through their products, customers access the foreign exchange and conduct all operations from initial analysis to execution.
Experience in trading Forex is an advantage, not a mandatory requirement. This is because the real trading background means that candidates have a better understanding of the customer base. They understand how loyalty is stimulated via technology.
For retail customers, everything is done via software, so it is a crucial aspect of brokerage services. Technical glitches that interrupt trades and other issues with execution can affect the bottom line. To attract and retain interest, a company needs unique software solutions that work flawlessly.
This technical dimension of Forex includes other jobs as well. Candidates with technical education who want to look beyond jobs as currency traders may consider becoming network or systems administrators, support technicians, user-experience designers, or web developers.
Forex brokerages have HR and accounting departments just like other types of businesses. Sometimes, they even hire undergraduates. Hence, if you have not yet gained sufficient experience to qualify for anything else, try getting a general business position. You may be able to find internship offers or Forex trading apprenticeships in your area.
Attractive Employment Opportunities
Forex is an exciting field of expertise. Brokerage firms and industry regulators hire professionals with financial and/or technical education. Job seekers that have achieved results in retail trading can transition to the professional field.
If analysis and public speaking are your strengths, try analytical jobs. Ex-traders may also contribute to the regulation of the industry. Those with a solid technical background may design platforms or ensure the smooth functioning of brokerage sites and tools. Finally, there are even offers for undergraduates.
Forex brokers and regulators are found in many countries. Forex capital market’s careers are varied. Research vacancies in your area – your dream job may be waiting for Forex careers for you!
This post is also available in: Indonesia