Like many other stock and trading markets, forex is incredibly sensitive to macroeconomic events and political shifts. As a result, with many countries coming into periods of development – Zimbabwe and its forex shortage being the most notable example – Forex jobs are on the rise. For the economics student, or private investor, forex offers the perfect opportunity to be at the forefront of new markets and technology. With salaries averaging at $99k per year, remuneration isn’t bad either. There are gaps in the market to be exploited and turned into your gains for a career.
Forex jobs are on the rise. For the economics student, or private investor, forex offers the perfect opportunity to be at the forefront of new markets and technology.Tweet This
Working for the brokerages
At the heart of the forex industry is a complex but crucial network of exchanges and brokerages. The importance of a good brokerage cannot be understated; according to industry experts ConnectFX (connectfx.org/forex-brokers-lowest-spread), the benefits of a good quality brokerage can’t be understated, with the right choice likely to boost your profit margins. The competition is fierce, and therefore anyone looking to get into the brokerage business will find an employment market in rude health. Many trades are done automatically through digital means, meaning that many brokers now work in an advisory capacity, including traversing the legacy/cryptocurrency gap that Forbes predict will become ever more relevant.
In the same line as brokerages are the customer service aspect of exchanges. While brokers will make the directed or expert trades demanded by clients, it helps to have a liaison function in any high-performing Forex company. This can put you at the forefront of the industry and is suited to a jack of all trades – someone who knows all about the business but can sweet-talk investors to boot.
Moving into analysis
Away from the fast-paced melee of the brokerage and exchange world is the forex analysis and research sector. Perhaps equally as important in the long term, industry resource Investopedia notes that analysts will be under pressure to provide high quality and clearly well-researched project pieces for the presentation to hedge funds, managers and institutional investors. Strong numerical skills are, of course, a given – any financial job will demand these. However, you also need to have well-developed pattern-spotting and analytical talents in order to spot trends before they become commonly known. Lesser known but just as important, according to Junior-Broker, is the ability to run a tight ship. Having extensive and well-evidenced records will build a portfolio that will serve you well in your career.
The role of technologists
At the forefront of forex and cryptocurrency is technology. Many forex software suites are closely guarded proprietary technology that requires the scientists involved to sign NDAs in support of. Elsewhere, software for the public market is fiercely contested, as Plus 500 have shown with their relentless and innovative marketing campaigns that have seen it balloon to £459.6m in value. Essentially, talented software engineers can make a serious impact in the industry.
” It may sound blindingly obvious, but unless you can demonstrate that your qualifications meet the minimum industry requirements, then you will not be given a chance to prove your unique qualities as a candidate for employment. The basic level of education required for individual jobs varies considerably, so do your research and focus studiously on your chosen niche. For example, if you wish to broker Forex, then it would be prudent to complete a National Association of Securities Dealers Series Test 3. Although no official degree is required for this role, a qualification in business or economics would benefit you greatly.” – Finding a Career in the Financial Market
What does a software developer need to be successful in forex software? The basic skills are key, of course – a computer science degree is preferable, and an awareness of developments in new coding languages that will benefit the industry and likely find inclusion in new software. However, it can also help to have a financial background or at least knowledge of the industry. Creating software and devices that are powerful enough and helpful to traders will be easier if you have intrinsic knowledge of what the industry demands.
The forex industry is huge and has an amazing number of roles for anyone interested in starting up a career. Having financial acumen is a good start for any role, but really, people from a range of backgrounds can succeed. Find your role and get into the market.