Career Path to become Forex Manager
Role / Profile
Who can become ?
A forex manager is a professional who is responsible for managing foreign exchange services and trading functions to meet the organisational goals. The person also provides services to clients on international business issues by developing forecasts on hedging exposures.
What are the roles of a forex manager?
Apart from the obvious role of handling foreign exchange services, a forex manager is associated with other responsibilities like:
• Managing the trading functions of an organisation or for clients.
• Managing large-scale foreign exchange within a banking environment, which includes transactions and remittances.
• Researching about both foreign and domestic markets to provide appropriate solutions and recommendations.
• Maintaining reconciliation sheets and ensuring that everything is according to the rules and regulations.
• Being up-to-date with the latest financial developments in the economy of domestic and foreign markets.
What are the skills required to become a forex manager?
To have a successful career in forex management, you should have the following skills:
• Good knowledge of the forex market and the interest rates in forex.
• Advanced analytical and problem-solving skills.
• Ability to forecast future trends in the forex market.
• Ability to take calculated risks, while at the same time able to mitigate risks involved.
What are the career outcomes of a forex manager?
With an experience in forex management, you can get the opportunity to work under various other financial profiles like:
• Investment Banking Analyst
• Senior Financial Analyst
• Finance Manager
• AVP/VP – Finance
• Chief Financial Officer
What is the average salary of a forex manager?
The average salary of a forex manager is approximately ₹ 6.5 Lacs per annum. The salary can also vary according to the qualification, organisation and experience. Generally, a professional with a certification in finance or investment banking has a better chance of getting a higher salary than that of a non-certified professional.
What are the career advantages of becoming a forex manager?
As a forex manager, you can have many advantages in terms of gaining skills and career growth. Some of the prominent advantages are:
• You will be able to work with a varied list of clients and get a rich experience from handling different clients.
• As a forex manager, you will be not only associated with forex services but also be involved in analytical decisions. This will help you when you move to a bigger role in the future.
• You can work as an individual forex trader and become independent in terms of earnings.
• Financial Analysts
• Forex Tellers/Clerks
• Finance Executives
Who can become a forex manager?
• Non-experienced professionals – If you do not have sufficient knowledge in the forex industry, you can get the requisite skills with the help of a certification in forex or finance.
• Experienced professionals – Some of the common skills that are expected from an experienced professional are knowledge about forex transactions and market knowledge. Other skills like management and leadership are also beneficial which you can acquire through professional training.
Naukri Learning offers a wide range of professional courses in finance or forex that will help candidates to acquire the right skills to get a job, improve their career or get a better salary.
What is the eligibility criteria for a forex manager?
There is no specific eligibility criteria to become a forex manager, though most professionals are from a finance or business management background. If you are not from such an educational background, you can always go for a certification course in forex or other related areas.
Why are candidates going for a forex manager position?
• Financial Analysts – There is a huge demand for skilled forex professionals as international trading is nowadays a common thing in the era of globalisation. Companies like to pay handsome packages and hence financial analysts find it an easy path for quick career growth.
• Forex Teller/Clerks – Forex tellers and clerks have basic responsibilities and limited area for growth. Thus, these professionals look to go for a professional training course and move to a forex manager position, which will help them to have a better salary and profile.
• Finance Executives/Bankers – Finance executives and bankers can also have a good and better career growth with the knowledge in forex. There is very less competition in this field and hence one can easily move up the professional ladder.
Recruiters usually look for the following profile while hiring a forex manager:
• Prior experience – Any experience while applying for a similar position is usually the norm and recruiters prefer such candidates. However, one can also gain skills and show good confidence along with the desire to learn, to convince the recruiters that he/she is a right candidate for the job.
• Key skills – Forex sales, treasury, audit management, business processes, trend analysis, team management, etc.
Who are the top recruiters that hire forex managers?
Many top organisations want to hire skilled forex managers who will help them to offer excellent forex services. Some of these big names are ING Vyasa Bank,IndusInd, KPMG, PwC, and Axis Bank.