Position profile: foreign exchange
Rowan Murphy, Senior Corporate Foreign Exchange Dealer, Custom House Global Foreign Exchange
Industry sector: funds management
How did you get to where you are today?
I started working for ANZ in their consumer finance division (credit cards – specifically Chargeback's) while I was still at university studying a Bachelor of Business in Banking and Finance. In consumer finance, I got my first taste for retail finance and couldn’t wait to get out!
Once I had finished my degree I moved internally within ANZ to their leveraged equities division within Insurance and Investment products (specifically margin lending – ML). If I wasn’t working within ANZ, it would have been very hard for me to move into ML as it is a relatively specialised area, but at the time I wanted to move ANZ had a freeze on hiring so they had to take an internal candidate. What also helped with my move is that I used ANZ’s online trading platform and ML product so I had knowledge of the product I was going to be advising on.
Within ML I was taught about several different areas of equities and leveraging and risk, but the best learning I did was finding out that I was a 'people person’ and that managing relationships is where I could really add value. I tried moving internally within ANZ again but ended up hitting a glass wall. I would always seem to get down to the last two candidates and would lose because they had just a little more ‘experience’ than me.
This motivated me to look external to ANZ and I found a position at a company called Custom House Global Foreign Exchange (CH). I had been trying to get into foreign exchange (FX) so I applied and within a month I had my new position. I got the position mainly based around my relationship experience and ability to learn new products quickly.
Within CH I started as a Junior Dealer, but with the growth of my portfolio I was quickly raised to full Dealer once I finished my AFMA accreditation. At the start of this year I was picked to become a Senior Dealer due to my profitability and ability to liaise with all types of people. I work with a team but have an individual portfolio of clients to manage to get my targets.
What does a typical day involve for you?
I mainly do hedging strategies for multinationals. For example, a client buys a product from Europe and they sell it in Australia. This means to stock their suppliers over here, they need to buy a product in Euros but their income is derived in Australian dollars. This means they have a translation risk – the risk that currency will move in an adverse manner.
The client will contact us to negate that risk. We will work out a solution using financial instruments to negate any movements in the currency pairs.
What interpersonal skills are essential in your role?
You need to be a people person; you need to be able to relate to different people with different interests. You need to be able to explain your financial solutions to someone who only wants to know that everything will be covered off.
You will also need to want to know what is going on in the markets world wide, both politically and economically.
What sort of person is good in this role and type of organisation?
Analytical and interpersonal are both important in this job because there are elements of both. You will need to work with others, including within your client portfolio, and you will need to work to your individual targets.
What do you find the most rewarding about your current role?
I like having the ability to run my book the way I see fit, so long as I get the results required. Also getting a quarterly bonus when on target is good.
What do most people find challenging/difficult about a role like this?
If you haven’t got market experience, it is a steep learning curve. You need to be aware of market conditions because every day you are giving personal advice to clients. You need to be able to build a quick rapport with people as you need to have them trust your recommendations.
What were you looking for in an employer when you joined your current company?
I was looking for foreign exchange (FX) exposure.
What types of benefits are essential to attract the best people?
Employers need to look beyond just the pay packet for their employees. Some organisations offer 80 per cent pay for four years, but you get a paid year off for your fifth year. I also think that car parks, gym memberships, company cars and the like are good retention tools.
What other jobs and career paths would you consider in the future?
I have always wondered whether I would like investment banking, also I would like to move back into the main banking stream in either FX/Risk management role or a trading role (less client focus and more trading positions).
How do you keep up to date?
I try to get along to Finsia events, especially the Young Finance Professionals functions. Also I try to read the financial news for at least an hour a day, depending on work loads.
Are you considering any study or professional development in the future?
I would like to start (and finish) an MBA.
Why did you become a member of Finsia?
I initially became a member of the AIBF, which rolled into a membership for Finsia. I became a member when a lecturer at uni encouraged all students to.
What tips for success can you give to aspiring dealers?
Don’t become discouraged at knock-backs. The old adage ‘every rejection is one application closer to success’ is truer than you can believe. Also don’t be afraid to do boring or undesirable jobs because it builds character, drive, and connections.
Eighty per cent of financial jobs aren’t advertised openly, networking is essential to get ahead in this industry – the more people you know, the greater your chance to have a role offered to you.