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With estimates from analysts predicting that the forex industry has grown by a significant amount, the forex sector’s future is bound to be very bright. If you are a hedge fund with deep pockets or an unusually skilled currency trader then forex trading can make you rich in 2022 and the coming future. Thus, the future scope and career opportunities of forex trading in 2022 are significantly high.
The significance of the foreign exchange market lies in the fact that while investing in another country a country performs foreign exchange. These transactions have significantly increased the demand for foreign exchange. Subsequently, the forex market is the electronic network of banks, institutions, brokers, and individual traders who mostly trade through brokers or banks.
Thus, forex trading with its immense scope is an ideal field of career for candidates from different backgrounds such as commerce, management, engineering, etc. In this blog, we’ll discuss in detail all about forex trading along with the Future Scope and Career Opportunities of Forex Trading in 2022 to give you an idea of the opportunities available in this sector. So, stick to the blog till the end and gain insights into this field.
Skills Required
In order to become a proficient Forex trading professional, it is advised for you to possess the following abilities and skills-
- Mathematical knowledge
- Analytical skills
- Knowledge of market dynamics
- Record-keeping skills
- Basic knowledge of forex
Learning Outcomes
Learning forex trading helps you in-
- understanding the operation of foreign exchange market.
- understanding the currency valuation principles.
- gaining an understanding on foreign exchange management in the country.
- learning methods that can be used for hedging foreign exchange risk.
Roles and Responsibilities
As a forex trading professional, you’ll have the following duties-
- Overseeing and maintaining the foreign currency market position of an orgnisation.
- Communicating rates to and directing other staff accordingly.
- Advising international clients on foreign markets as well as fluctuations.
- Executing foreign currency transactions for their clients.
- Establishing local exchange rates for retail customers on the basis of market fluctuations.
- Recommending products based on commodity market and international currency.
Career Prospects
People from commerce, management, engineering, backgrounds, with an interest in forex trade can opt for a career in this field filled with plenty of opportunities for talented people. So, let’s look at the future scope and job opportunities in forex trading-
Forex managers
Forex managers are the professionals who forecast the future trends of the global economy from the history and current situation, so as to exploit the opportunities emerging out and help decrease the risks faced by the organization.
Average salary: ₹13,03,624
International marketing consultants
International marketing consultants provide advice and information about international business development as well as marketing. Alongside, they research international business, investment opportunities, business practices, competitors, develop proposals and make recommendations.
Average salary: ₹3,70,000
International trade finance managers
International trade finance managers support business departments by handling the different aspects of banking documentation and procedures mainly application of the letter of credit, collection bills, and import/export L/C, banker’s guarantee, and liaising so as to rectify discrepancies on L/C documents, etc.
Average salary: ₹8,50,000
Market research analysts
Market research analysts are responsible for surveying the preference of customers and statistical data to support customers during their decision-making process about the product designs, promotions, and prices.
Average salary: ₹4,61,755
Forex software developers
Forex software developers are responsible to provide all the updates from the markets and help you schedule your trade. They also guide people through the volatilities of the market and make them a smart trader with specific tools and news designed to facilitate Forex trading.
Average salary: ₹6,00,000
Forex operations managers
the ones who interact with customers and use data analysis techniques so as to study large amounts of information and create plans to meet the requirements of customers.
Average salary: ₹9,00,000
Global trade managers
Global trade managers work to facilitate the flow of information, money, as well as goods in global trade supply chains including buyers, intermediaries, and sellers including customs agencies, freight forwarders, and banks.
Average salary: ₹11,00,000
For candidates who wish to make a rewarding career in International trade and foreign exchange, it is advisable to get certified in the same so as to empower themselves to attest to their foreign exchange knowledge to satisfy their roles and responsibilities as a Forex professional.
Hence, if you are ready to validate your skills and get certified in it then the following tutorial would help you understand everything you need to know about this certification program along with the ideal ways to prepare for it. You can also try out the practice tests in order to test your preparation and analyze your performance.
