The world of foreign exchange trading is fast-paced, exciting and potentially very profitable. Foreign exchange traders make money by correctly anticipating whether how to become a forex broker specific currency will increase or decrease in value. Complete a bachelor’s degree program in finance, economics, statistics, business or international relations.
A broader background including social science and cultural studies is also useful for currency brokers, because many of the factors affecting foreign exchange rates are not amenable to traditional financial analysis. Apply for internships or work-study programs after your junior year. Even if you can’t get an internship working directly in foreign exchange, any kind of financial industry experience will serve you in good stead in your job search. Apply for entry-level financial analyst or research analyst positions at investment banks and major brokerages. Unless you have industry connections or were a 4.
0 student at Harvard or Stanford, you are probably going to have to pay your dues by working as an analyst or related position for a year or two before moving up to trading, never mind currency trading. National Futures Association Dealers Series 3 and Series 34 exams to become a fully licensed foreign exchange broker. These exams cover all aspects of foreign exchange terminology and regulations. Note that in most cases you are actually working under the license of your employer. Some states also have licensing requirements for currency or commodity brokers.
Undertake a comprehensive job search for currency broker positions, beginning with your current employer. Take full advantage of your professional network when looking for a job. Getting a heads up from a colleague or friend about a position just opening up can help you get your foot in the door. Many major brokerages offer trading account simulations and model portfolios, and it is much easier to get a feel for what foreign exchange trading is all about with play money than real money. Consider going back to school to earn an M. FX-related management positions in the future.
About the Author Clayton Browne has been writing professionally since 1994. Winston, Steck-Vaughn and The Psychological Corp. Browne has a Master of Science in linguistic anthropology from the University of Wisconsin-Milwaukee. How to Become a Currency Broker. How to Become a Currency Broker” accessed May 29, 2018. Copy Citation Note: Depending on which text editor you’re pasting into, you might have to add the italics to the site name.