Also known as “foreign exchange” trading, forex trading is a global marketplace where investors exchange national currencies. Forex traders must be flexible in their approach to the market because the value of the currencies they are trading are in flux. Unexpected events such as natural disasters or social unrest can impact currency quite a bit, for example, and traders who do not pay attention to the market risk losing money. Luckily, there are other jobs for the forex-interested job seeker.
If you would like to work in foreign exchange but do not want the responsibilities or difficulties that come from being a trader, there are plenty of opportunities to join the market. From account managers to market analysts and regulators, there might be something perfect for your unique strengths and interests.
Story Stages
1. Software developer
Software developers are an increasingly important part of the forex marketplace. Developers are often hired to create and maintain proprietary trading platforms for brokers. These platforms are designed to make trading easy despite of the figure-heavy nature of the market.
Pricing currency and analysing potential trades, as well as the actual process of trading itself, are elements with which skilled software developers work to create competitive software tailored towards a specific broker’s clients. Pepperstone, for example, is an award-winning broker with proprietary forex trading platforms which emphasize easy trading while remaining in line with ASIC regulations and ensuring fast trade execution.
Note that software developers do not necessarily need to have experience in finance or the forex industry. Landing a job as a software developer for forex trading requires at least a bachelor’s degree in computer engineering or computer science, as well as experience with a number of operating systems and programming languages.
2. Currency analyst
Financial analysis is a foundational aspect of forex trading, and currency analysts are a kind of financial analyst focused specifically on the value of money fluctuations over time. These professionals are also known as currency researchers and currency strategists, both titles which grant a bit more insight into the field.
As a currency analyst, you would be responsible for using quantitative, fundamental and technical analysis to determine how economic and political issues might affect a specific currency. This can be a particularly difficult job because analysts must also understand how currencies tend to interact with each other and how unexpected issues in one country might impact another. A degree in finance is often the preferred foundation for currency analysts.
3. Account manager
Account managers are also known as professional traders and institutional traders. It might seem as though the title is an odd one for anyone who wants to stay away from trading, but the job entails a lot more than simple trades.
When institutional investors, such as multinational corporations, banks and central banks as well as currency hedge and mutual funds, are interested in buying or selling, they reach out to skilled account managers. These individuals are in charge of making trade decisions that work for their clients’ goals.
Account managers often deal with very large sums of money, and it is a job with high stakes as a result. These professionals must understand how to meet profit targets without taking unnecessary risks. They must also demonstrate their knowledge of options, commodities and derivatives too, not just forex.
Degrees in business, economics or finance are often the bare minimum to find work in this field, and some organizations only hire individuals with experience using specific platforms.
4. Regulator
Regulators work within the forex industry in both the public and private sectors to prevent fraud. There are different ways in which regulators can build their careers, but one of the most popular is to work for the Commodity Futures Trading Commission (CFTC) or the National Futures Alliance (NFA) to regulate forex trading and help develop regulation standards.
Regulators take a few different forms, such as auditors, attorneys, management professionals and future trading investigators. It is possible to tweak your education and experience to align more closely with one kind of regulator in particular, in other words, if there is a specific regulatory area in which you would like to work. The exact requirements needed for regulators varies depending upon where and how they choose to work, however a Certified Public Accountant (CPA) designation and at least an undergraduate degree in accounting are preferred.
Are you interested in pursuing a career in forex? The market is massive and has a diverse array of jobs and responsibilities. The most important step is finding a job that sounds interesting and look into both job responsibilities as well as education and/or professional requirements.
