Currency Exchange Careers
The act of trading one currency for another is a huge business. The New York Federal Reserve states the $1.21 billion in daily trading volume equals $195 for every person in the world. The market never sleeps, either, because the foreign exchange market is open in some country in the world 24 hours a day, seven days a week. Though most careers are offered by financial firms in the United States, London and Japan, companies all over the world offer jobs in foreign currency trading.
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Financial Advisor
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Financial advisers meet with clients to assess their currency exchange options. For example, a start-up company opening a branch in Japan may want to avoid the risk of currency fluctuations and will work with an adviser to draft a forward exchange contract. This contract locks in a predetermined exchange rate and therefore does not leave the company susceptible to currency appreciation or depreciation. Advisers also instruct investors which currency rates have the best interest rates associated with the exchange. Thus, with the help of an adviser, an investor may open a bank account in Switzerland with a 5 percent interest rate and convert dollars into euros to place in the account.
Financial advisers typically have a degree in finance or economics and work for banks, investment firms or are self-employed. The Bureau of Labor Statistics explains most states require both certification and a license. Other skills necessary include strong communication skills and sales ability. The BLS explains the median salary as of 2008 for a financial adviser is $69,050.
Foreign Exchange Trader
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The Princeton Review states foreign exchange traders live a hectic life exchanging currency on the open market, attempting to seize a profit on any change in valuation of a nation's currency. This job is associated with high risk and, consequently, high reward. Traders must have strong knowledge of international affairs, finance and a willingness to take risks to perform this job well. Though these traders (also known as currency speculators) have regular shifts, they are still expected to put in long hours.
Candidates seeking employment by an investment firm or central bank should have a quantitative degree in math, economics or statistics. The Princeton Review advises candidates to gain international work experience and fluency in another language for the best chance of getting hired. In this field, experience is valued more than education credentials. The salary of a trader depends on the commission earned from high-volume trades, though as of 2010, Payscale.com lists a range between $70,000 and $135,000.
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Transaction Processor
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A transaction processor ensures funds are delivered and received in a timely manner. They log all currency transactions and follow up with clients. A Western Union subsidiary, Custom House, lists other duties of a transaction processor, including responding to customer queries and complaints, monitoring client accounts and processing all payments.
A transaction processor does not require the same extensive credentials as a speculator or analyst: In most cases, the candidate needs strong customer service skills, a Bachelor's degree and, ideally, prior work experience in the financial industry. The Bureau of Labor Statistics lists the salary of a brokerage clerk as of May 2008 at $38,710 (Resource 1).
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