Are you attracted by the Forex market or would you like to switch your career? Explore here the top 3 Forex career opportunities that many are considering at the moment. Learn the pros and cons of these positions.
AtoZForex – If you have a thorough understanding of financial markets and are interested in Forex trading you might think of getting a position in the Forex industry. Given that the Forex market is open 24/5, you be will working in a fast-paced environment. However, everything has pros and cons.
Therefore, I have conducted a small research on the most searched Forex jobs at the moment. The goal was to draw the pros against the cons, in order to provide you aspirant Forex professionals the bigger picture.
Top 3 Forex career opportunities you should consider
To get a Forex-related position you will need to know and adhere to laws and regulations that control financial accounts and transactions. Furthermore, to be eligible for some jobs you might need to pass exams such as Series 3, Series 7, Series 34 and Series 63.
Other things to consider is that you have to be flexible. You might be required to relocate to an overseas country for the position of your dreams. In this case, speaking several languages would be a big advantage. But let's first explore which Forex-related jobs are currently most sought? In this article, I have listed my research results in the form of the top 3 Forex career opportunities. Alongside, I have weighed the pros and cons of these positions. Note, that different companies might name similar positions in different ways.
1) Account Manager & Professional Trader
Currency mutual funds and hedge funds that deal in Forex trading search for account managers and professional traders to trade currencies or other financial instruments. The same is for large institutional investors such as central banks, multinational corporations, and banks. Apart from trading for institutions, some account managers manage individual accounts of their clients. They execute trades in accordance with client's’ risk tolerance and objectives.
On the positive side, you can earn a significant amount of money. However, the job involves substantial risks because account managers oversee large sums of money. Consequently, their reputation relies on how well they manage those funds. To obtain a job, you need to have experience with a number of trading platforms and a proven record of success rate. Alongside, you will need to possess over a bachelor’s degree in economics, finance or business. Additionally, institutional traders may be required to trade not only Forex but also other financial instruments.
2) Forex Market Analyst & Currency Researcher
Another area that you might consider is becoming a Forex Market Analyst. Also known as a Currency Researcher or Currency Strategist. A Forex market analyst works for a Broker and conducts research and analysis. In this way he provides a daily market commentary about the Forex market. Along with the economic and political issues affecting currencies. Professionals occupying these positions use a wide range of tools to express their views, such as fundamental, technical and quantitative analysis. In return retail traders and institutional traders will be using these analyses. In order to form their trading strategy or make trade decisions.
Additionally, an analyst might participate in educational seminars and webinars to help traders improve their knowledge about the Forex market or trading. They also try to be present in various media sources to add credibility to their names. On the upside, these positions doesn't involve the tremendous risk of losing asset of the fund. However, on the downside you will earn less in comparison to the Professional traders. If you are interested in becoming an analyst, you should hold a bachelor degree. Either in economics or finance, but also work experience of at least one year is usually required.
3) Exchange Operations Associate & Trade Audit Associate
To close the top 3 Forex career opportunities, the third option is to become an Exchange Operations Associate. Also, commonly known as a Trade Audit Associate or Exchange Operations Manager. The position of an exchange operations associate encompasses responsibilities such as processing new customer accounts, checking customers’ identities, processing customers’ withdrawals, and providing customer service. To get to this position, you should hold a bachelor degree in finance, accounting or business. Also you should have a sound comprehension of the financial markets.
A trade audit associate job involves working with customers to resolve trade-related disputes. Therefore, you should have good communicative skills and be able to help clients in a proper manner. An exchange operations manager is responsible for performing, funding, settling and reconciling Forex transactions. Hence, you need to be familiar with forex-related software like Society for Worldwide Interbank Financial Telecommunication (SWIFT) system.
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