Foreign Exchange Jobs Education and Training
The right education credentials and experience are key to landing jobs in foreign exchange
Jobs in foreign exchange appeal to many who like the thrill of riding the highs and lows of the market as well as the challenge of working across international lines. Foreign exchange jobs involve overseeing or handling foreign exchange transactions for clients -- which may be institutional investors, banks or even funds. Those who pursue foreign exchange careers often specialize in a particular area -- usually foreign exchange trader jobs or foreign currency analysts jobs.Foreign exchange trading jobs require specialty knowledge of the currencies of groups of individual or geographically-related countries (i.e., currencies of the Pacific Rim). Foreign currency analysts not only trade in foreign exchange markets, they also monitor all currencies and transactions and communicate regularly with foreign traders and banks. Foreign exchange jobs education and training may differ depending on which specialty is pursued and the level of responsibility within this career track. Consider the following to gain the education and training necessary to pursue careers in foreign exchange:
1. Most foreign exchange careers require a four-year undergraduate degree in either Finance or Economics.
2. Many foreign exchange positions require experience that may be obtained via an internship.
3. Specialty-specific education certifications are generally required with foreign exchange employment.
Satisfy a foreign exchange jobs requirement with an undergraduate degree in Finance or Economics
While it is hard to find a university that offers a foreign exchange track, a Finance or Economics degree is generally acceptable and will help you understand foreign exchange market basics.
Try: Business Week's article ranks top U.S. undergraduate business program that offer concentrations in finance and economics. Florida International University is recognized by U.S. News & World Report as having a top international business program.
Gain on-the-job foreign exchange careers experience with an internship
Entry-level positions in the foreign exchange employment arena are hard to come by. Many positions often advertise experience in the financial industry and/or the foreign exchange market as a pre-requisite to hiring. For those seeking foreign currency analyst positions, financial analyst experience is usually preferred. A volunteer internship may help improve your chances of taking advantage of foreign exchange job opportunities that come your way.
Try: UC Davis' blog contains information about paid internships in foreign exchange trading, including qualifying criteria. Trovit's job site provides listings of several UK-based foreign exchange internships.
Earn certifications to pursue specialized jobs in foreign exchange
A completed National Association of Security Dealers (NASD) Series 7 and 63 certification is usually required, although many employers will hire you to work as a foreign exchange trader with the understanding that you will complete this certification within a year. Chartered Financial Analyst certification (CFA) is a common requirement for those who wish to specialize in foreign currency analysis.
Try: The Boston Institute of Finance offers online test preparation for NASD Series 7 and 63 licensure exams. Stalla, a division of Becker Professional Review, offers test preparation materials for the CFA exam.
- While not always required of jobs in foreign exchange, fluency in the foreign language spoken in your area of specialty is a plus. The ability to communicate with clients and financial institutions at the other end of your dealings can only help to ensure transactions get managed smoothly.
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