While the uncertainty surrounding Brexit may have had a huge impact on the UK economy, there is a sense that this remains a ‘phoney war’ that will usher in an age of genuine volatility and austerity once Article 50 has finally been triggered. At the heart of this struggle will be the financial services sector in the UK, as London has long-since established itself as the fiscal capital of the EU and the leading target for international investors.
This is particularly concerning for financial students who aspire to build a career within this sector, with many newly-qualified graduates already struggling to make their mark in the labour market. Last year saw a 2.2% drop in the number of 21 to 30 year-old graduates in skilled work, while this could drop further in 2017. Make no mistake; Brexit could worsen this scenario by undermining the creation of jobs within the UK’s normally prosperous financial sector.
Planning Your Own Financial Career as a Student: How Trading Forex Can Help
The overwhelming sense of uncertainty is certainly impacting on students who aspires to build a career in finance and financial services, as some may have been deterred from pursuing these plans in the current climate. The financial services sector in the UK will continue to create opportunities, however, so the key is for aspiring graduates to develop a unique and relevant skill-set that helps them to stand out from the crowd.
This means that now is arguably the ideal time to tailor students to tailor their plan and lay the foundations for a career in financial services. One of the best ways to achieve this is to trade in financial markets such as forex, as this delivers the following benefits to aspiring city graduates: –
Understand the Importance of Currency and its Impact on the Economy
We have highlighted forex trading due to the seminal nature of currency, which is a volatile derivative that is traded in pairs across three, individual sessions. Currency also has a huge impact on the economy as a whole, influencing everything from interest rates and inflation to the cost of importing and exporting goods.
By trading currency, you can therefore understand the derivative in greater detail while determining precisely how daily fluctuations impact on the financial services sector. This provides a practical grounding for your career in finance, particularly in a multi-faceted, international hub such as London.
Follow Economic and Financial Trends on a Daily Basis
One of the key elements of forex trading is its volatile nature, as the close relationship that exists between currency and the economy causes prices to shift on a daily basis. Traders are therefore required to follow live and real-time news trends as they unfold, while also using analytical tools to identify historical cycles and price movements.
By studiously following the economic, financial and historical trends that shape the forex market as a part of your studies, you are developing a habit that will become ingrained in your psyche over time.
This will prove invaluable once you begin to work in the UK’s financial services sector, as you look to utilise a combination of insight and determinism to highlight the most influential economic trends that are likely to unfold in the future.
Develop Your Sense of Determinism and Trade With a Cool Head
We have briefly touched on the importance of determinism, which enables forex traders to operate without emotion while understanding the underlying laws that govern change. This is a model that can be applied to all aspects of financial trading and the financial services sector, and there is no better place to hone this than through the forex market.
If you are going to secure the desired qualifications and work in the financial services sector (particularly in an uncertain, post-Brexit world), it is imperative that you maintain a cool and composed outlook that is orientated by strategy and knowledge rather than emotion.
As forex forces you to negate one of the most volatile financial markets in the world, it provides an ideal opportunity to develop these attributes and equip the next generation of city workers.