Working as a foreign exchange trader is certainly a career path that many in the latter stages of their secondary education aspire to and while, for some, the dream changes during the course of university, many still opt for a life on the trading floor when they graduate.
Places at the top investment banks are fiercely fought over with only the very best and brightest candidates even getting through to the interview stage let alone being offered a position. It helps if you can obtain any closely related work experience during your academic studies and if this means taking a year out in work then it is potentially worth the extra year before your graduate.
Forex (as it is commonly know) traders work on behalf of both external clients, buying and selling securities to extract maximum value at any given time, and for the investment banks themselves where they are often encouraged to take positions in all varieties of markets.
A trader must be able to read and find value in the moving intraday prices after following world economic and political news to generate potential trading angles. Creativity and fast thinking are vital which is why the big investment banks aren’t only looking for those coming from a mathematical or business background, they are after people who think outside the box and can see things that others are blind to.
Confidence is another attribute that will help you succeed in this field since you will be working in a team on a busy trading floor and you may be required to formulate clear and compelling arguments for a particular investment, especially when you are a more junior part of that team. But that confidence must be well founded as arrogance will get you nowhere if you can’t provide facts and figures to match.
The salaries and bonuses of traders have been talked about a lot in the recent economic troubles and while they have come down considerably, even initial salaries for trainees in the UK are £30,000 or more while with experience, six-figure salaries are easily achievable.
As the economy recovers, expect many city and finance jobs to become available again. In the meantime, getting some work experience will improve your chances considerably.
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