If one has excellent written and verbal communication skills along with familiarity in foreign trade programmes and regulations, then working as an international trade specialist is a lucrative option, says Professor Amit Goyal
International Trade (IT) is typically an interdisciplinary field of study leading to a variety of potential career for graduate students. The professional with this course is known as an international trade specialist. The profession is a multi-disciplinary field blending regulatory knowledge, processes and soft skills. Professionals usually enjoy working with other cultures and have an assertive nature to get things done.
International trade encompasses a variety of jobs that play an integral role in the import and export of goods and services. This field has immense job opportunities in different industries, from the Government to private the sector, financial organisations to manufacturing companies. Specialists are usually responsible for analysing foreign trade information, evaluating the market and economic factors that may impact trade and participating in developmental programs.
International trade specialists, similar to world economists, work full-time, although irregular hours may be required because of time changes around the globe. They usually work by themselves in an office setting. Depending on the project, some collaboration with other specialists in related fields may be necessary.
The international trade officer studies the development and distribution of a wide array of goods and services for which transactions take place between countries. The person in seeking opportunity in this field will have to spend their bulk of time analysing the impact of globalisation. The job requires analysing the financial market very closely and also has to work with the different tax policies of the countries the organisation is working in.
Ultimately, with the knowledge that the specialist has, he is expected to make presentations, provide interpretations of the data and make recommendations and work efficiently and effectively with the available resources for the growth and profitability of the organisation.
The student needs to gain at least a bachelor’s degree. A bachelor’s degree in a field related to international trade, such as international business, global public policy, political science, international trade, business administration, economics or marketing is added benefit to working as an international trade specialist.
A master’s degree or doctorate may be required for more prominent positions in the field. Employers often desire candidates with extensive training for the in-depth type of research and the analysis they’ll need to do regularly.
As part of the education, the student should focus on a curriculum highlighting advanced mathematics and statistics, as well as general principles of business and finance. You’ll likely want to engage in internships and related entry-level business positions while you prepare for a career as a trade specialist.
Role & Responsibilities
The officer has major responsibilities for coordinating credit and financial activities. The professional has to obtain payments for import/export operations. The employee acts as an advisor on matters of tariffs markets, federal and foreign regulations.
He ensures that paperwork and letters of credit are according to trade laws. The specialist gets the opportunity to work on the variety of field’s concept, practices and procedures giving great professional exposure to them. The officer closely works with managers or the head of a unit/department. He is expected to have a wide degree of creativity and latitude of work.
To pursue a professional career in this field, a student should have some basic skills. A person must have excellent written and verbal communication skills. Some other skills required for an excellent career in this field are like strong problem-solving skills, ability to prioritise and multitasking, organisational skills.
These skills along with the familiarity in the foreign trade programmes and regulations, knowledge of international trade issues and tariff structures, and familiarity with foreign market research and import/export laws are some of the added advantages for the students seeking a career in this field.
Banking and Trading is a highly lucrative field. After completion, of course, the candidate earn around Rs 50,000 per month and after taking the experience in this field the candidate also earn over Rs 8 lakh per annum also the salary level you could earn as an international trade manager can vary, typically depending on professional qualifications and the scope of your job duties.
The writer is Director, TKWs Institute of Banking and Finance, New Delhi