“A RARITY,” is how Mr. Oh Chi-woon, a Corporate Foreign Exchange Dealer for the Citibank describes his profession. Since only 200 of them actually exist in Korea, the job indeed is a “rarity.” Foreign Exchange Dealer is a specific type of financial adviser and trader who works to produce maximum benefit for banks and companies. This career is becoming an incredible necessity to the financial sector of Korea. Let’s find out more about who these dealers are, and how to become one as well.

What they do

   “Foreign Exchange Dealers are people who make profits by buying foreign currency when it is cheap and selling them off when the price is high,” states Mr. Seo Kil-won, a Foreign Exchange Trader for the FX Institute, which is a foreign exchange education and trading institute. To complete such a process, one of the major jobs they do is analyzing and predicting the foreign exchange market, then buying and selling money based on their collected data. Foreign Exchange Dealers are divided into “Inter-bank Dealers” and “Corporate Dealers” depending on the type of dealing they do. “The fundamental aspects of their work are the same, but the former simply deals between banks, while the latter deals for private buyers, which could be themselves, or transnational companies,” states Mr. Oh.

Qualities needed

   To be a successful Foreign Exchange Dealer, Mr. Seo thinks that experience is the most important factor. “The most crucial thing is gaining about two years of experience, and to do that one needs perseverance.” In addition to experience, “Other minor qualities that might be useful would be the ability to act quickly when a problem occurs, along with decent English skills,” points out Mr. Seo. Unlike what many people might think, math skills are not particularly important, since computers do all the calculations. Prospective dealers can also obtain training that teaches them basic theories of economics and the exchange market, so majors are also not that crucial. Nonetheless, according to many experienced dealers, obtaining an MBA will most definitely be useful and needed. Interestingly, both Mr. Seo, and Mr. Oh states, “Coping with stress that comes from a lack of sleep and the worries about losing large sums of money is also very important.”

Ways to become one

   At the moment there are two main ways to become a Foreign Exchange Dealer in Korea. “To become an inter-bank dealer, the most common way is to enter a bank or a financial firm, and apply for a Foreign Exchange Dealer post, which usually belongs to foreign exchange financing departments,” comments Mr. Oh. Currently, there is not an official way to become a private or corporate dealer in Korea. However there are emerging institutes like the FX Institute where one can attain the right training. “The FX Institute offers a course, teaching theory at start, as well as  giving the chance to receive help from more experienced dealers as they practice dealing later,” says Miss Park Meriel, the Education Team Manager for the FX Institute.

The future

   Foreign Exchange Dealers usually obtain jobs at banks and financial institutes, and their average salary is around 50 million to 70 million. However, “Dealers gain most of their income through incentives, where dealers get a percentage of the profit made through trades,” points out Miss Park. After the liberalization of the foreign exchange market in 1997, there have been growing needs for people to deal with foreign currency exchange. Also, more dealers are thought to be needed as Korea attempts to become a top financial power. So, the future looks bright for this particular profession.

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   Currently, there are increasing worries among university students regarding employment. Here is a job that is very new to Korea, and one that is also very promising. If reading this makes you crave for a gamble, then becoming a Foreign Exchange Dealer seems to be the right choice to make. Be bold and take on a new challenge. Success waits only ahead of those who prepare themselves for the future.