Career Definition of a Currency Analyst
Currency analysts spend their careers assessing the strength of different currencies. Their job involves a lot of research and the ability to stay up to date on relevant news and economic information that may impact a currency's value. They investigate relevant issues and analyze the data that they gather. Once they've carefully reviewed the information they reach conclusions about the potential strength or weakness of a currency.
Currency analysts do spend some of their time working with other financial professionals and they also attend meetings. Presenting their conclusions and recommendations is also part of their work. Their conclusions are not limited to whether they think a currency's value will increase or decrease. They can use their analysis to help companies make decisions about where to operate overseas. They can also provide insight into investment opportunities based on their research.
|Educational Requirements||Bachelor's degree|
|Job Skills||Research skills, decision-making skills, analytical skills, communication skills, mathematical skills, attention to detail, compute skills, interpersonal skills|
|Median Salary (2019)*||$85,660 (financial analysts)|
|Job Outlook (2018-2028)*||6% (financial analysts)|
Source: *U.S. Bureau of Labor Statistics
The first requirement to qualify for a career as a currency analyst is to earn a bachelor's degree. Employers look for applicants who have studied economics or other related subjects, including finance or business. Some employers may prefer individuals who have continued their studies and earned a master's degree in a relevant discipline or who have earned industry certifications, such as the Chartered Financial Analyst (CFA) certification.
Currency analysts need to work with a lot of information in order to make effective decisions so they must have strong research skills to ensure all relevant data is considered. They also need to pay attention to details so that all factors are included in their evaluations. Mathematical skills are necessary to perform calculations and currency analysts spend a lot of time working on computers so they must have solid computer skills. Interpersonal skills and communication skills are important because they may work with other analysts at times and may also be required to make presentations based on their research. Ultimately, they use their research to inform their recommendations and in order to do this they must have decision-making skills.
Career Outlook and Salary
Currency analysts can be described as financial analysts who specialize in evaluating currencies. The U.S. Bureau of Labor Statistics (BLS) includes currency analysts with their occupational data for financial analysts. As of 2019, the median annual income that the BLS reported for financial analysts was $85,660. This is considerably higher than the median annual income for all occupations, which was $38,640 in 2019. While the BLS expects that the average rate of job growth for all occupations will be 5% from 2018 to 2028, the job growth the BLS forecasts for financial analysts is 6% during the same time period.
Financial managers, equity strategists, buy side analysts and investment managers are finance professionals who rely on the same skills that currency analysts need and perform some similar tasks. If a career as a currency analyst sounds appealing you may want to use the links provided here to learn about these other comparable career options.