Technology has evolved the world into a better place. Careers have also experienced a change in their protocols of working. Technology’s role gets highlighted and vivid when we think about Trade Finance as a career.
Recently, trading has magnified its reach and simplified working, which was not the case before. Though everything seems pretty simple yet, it has challenges to tackle and situations to conquer, making it onerous as a job role.
Trade Finance deals with financing for trade, where importers and exporters are the medium and concerns domestic and international transactions.
Skills required for the career, Trade Finance
1. The participants should understand international trade thoroughly.
2. The candidates need to understand the different challenges or issues occurring between businesses globally, including risks related to currency, economic issues, political risks, and cultural differences.
3. Fluency in foreign languages will add an edge to your Curriculum Vitae because this job requires good communication skills, both verbal and written.
4. Any prior experience of dealing with foreign clients or companies will make you stand out because you would be aware of the working style.
Descriptive Job Role
There are three main categories, wisely catering to the descriptive role of the job as follows:
1. Securing the Trade
It is the first category with the utmost importance. This job role revolves around the clients allowing their products to sell by enabling the export and import of the products to understand and assurance that banks will be acting as guarantors for secure transactions. It is carried out through products like Standby Letters of Credit etc.
The specialist of trade’s role includes selling and negotiating products to clients.
It is not too complex to handle but certainly requires attention because of the high transactional services. If there are too many clients, you will be settler improvising issues between different countries, things and laws getting tough sometimes.
2. Funding Trade
It is the part of a role where the financing for trade comes into the limelight. It is a transactional process where finances and details are discussed at the deal’s commencement.
3. Structured Trade Finance
This part is quite interesting because it deals with more complex transactions. Structured Trade Finance also defines Bespoke Trade Deals, which require complex working and coordination in a teamwork setup. Sometimes, this can call for a structured plan to work by integrating various products to create custom solutions for clients to trade.
Career Paths
Trade Finance is a good option from a career perspective. With tons of growth opportunities to the working hours and salary, everything seems quite impressive. The more expert you are at your job, the more excellent future you will have.
1. Organic Growth
Get more experience, work along the vertical chain, practice with full potential, and you’ll be fetching more clients with an increase in your revenue. Eventually, this will attract huge bonuses and salary increments as an award to your hard work with smartness. You will also begin handling teams and even rise to head positions from regional to global trade.
Organic growth is easy to obtain in Trade Finance if you are equipped with knowledge regarding regulations and products.
2. Moving up the Value Chains
In this, you have the choice of growing segment by segment. You start by handling the SME segment where the revenue and the product working is limited. After you feel you have enough experience, and when you start getting more clients, you can choose to work in large client segments. Always remember, in the banking work structure, it’s believed the more you bring revenue, the high you get paid. Therefore, increase your knowledge, handle clients, and grow with the bringing revenue.
3. Corporate Jobs
Many clients have personal trade teams that help them with imports and exports. If you are too skilled, there are chances of recruitment or an offer letter. You can switch your company if you are looking for a change and a handsome salary. The best part is you are appointed at the position that suits your skillset, which generally isn’t provided otherwise in companies for the excellence you deliver.
4. Opportunities Internationally
The best reason to opt for Trade Finance is, it brings you many opportunities to work overseas. These opportunities will help you grow in your native and foreign countries, providing an edge to your working profile. You will also have a profound knowledge of various trade and regulatory laws of different countries. It will make you highly competent for any head position.
