Careers in the Foreign Exchange Industry
Graduates with a Bachelor”s degree in economics, mathematics or statistics may want to consider a career in the foreign exchange industry. Though graduates from such disciplines would traditionally have gone in to the banking industry, bankers have had a rough ride since the peak of the economic crisis in 2008 and this option has become less attractive. Instead, many graduates with a financial interest are moving towards the foreign exchange industry, which is currently offering a myriad of opportunities.
Career paths within the foreign exchange industry are varied, and will suit many different aspirations. Opportunities can stretch from positions in retail currency exchange branches, to broker services to the trading floor. All positions come with very competitive salaries and the potential to work overseas – both in Europe and beyond so a keen interest in a foreign economy or group of economies can be a benefit. Knowledge of another language is advantageous however this doesn”t tend to be an industry requirement.
Positions such as foreign exchange consultants in retail money exchange branches comes with a fair amount of customer service responsibility. Graduates who enter the foreign exchange industry in this way will be expected to deal with customers on a daily basis. They will deal with all foreign exchange enquiries and transactions, and so strong mental numeracy skills are a necessity.
For those who aspire to work in the financial services industry rather than the retail industry, a career as a foreign exchange broker is a popular option. Foreign exchange brokers tend to work with both corporate and personal clients to ensure that they get the best possible money exchange rate when transacting or investing abroad. Whether this is enabling a company to pay overseas suppliers as cheaply as possible or assisting expats to buy their dream home in the sun; the work of a foreign exchange broker can be varied and rewarding. In this particular role there tend to be significant career opportunities across the world, with many leading firms having offices in Europe, the Americas and Australasia.
Graduates with a keen interest in foreign financial markets may wish to look into the opportunities afforded by foreign exchange trading. This career path is ideal for those who are confident to act fast on the trading floor in a constantly moving market place. This role involves buying and selling in different markets and currencies. As previously mentioned foreign exchange traders tend to specialise early on in their careers in a certain currency. They”re expected to gain expert knowledge in their chosen economy and must keep abreast of all economic developments and changes.
We have only discussed three different career paths available within the foreign exchange industry but there are many more. All of which offer significant benefits including very competitive salaries, rewarding work, the opportunity to specialise and the potential to work abroad. For graduates considering a career in the financial industry, a career in foreign exchange could be just what they”re looking for.