Foreign Exchange Officer

The purpose of this qualification is to prepare a learner to operate as a Foreign Exchange Officer. A Foreign Exchange Officer processes the transfer of all types of foreign transactions in accordance with organisation requirements including domestic and international legislative prescripts. This includes the operation of all foreign products and the arrangement of foreign exchange deals for entities/individual customers. The Foreign Exchange Officer utilises a variety of different payment methods for the transmission of cross-border inward and outward funds. This includes processing and the verification of the accuracy of latest available exchange and interest rates. Foreign Exchange Officers also manage the various departments - dealing with foreign exchange - in financial institutions like banks. Learners who qualify shall be able to demonstrate the following attributes: punctuality, integrity, honesty, discipline, professionalism, interpersonal relations, principled, etc. A qualified learner will be able to: • Process inward and outward transactions. • Perform middle office functions. • Process Foreign Bill for Collection Inward (FBCIs), Foreign Bill for Collection Outward (FBCOs) and guarantees. • Process import and export letters of credit. • Manage the processing of inward and outward transactions. • Manage the middle office. • Manage the processing of FBCIs, FBCOs and guarantees. • Manage the processing of import and export letters of credit.

Foreign exchange (also known as 'forex') is crucial to the South African economy. It facilitates travel to foreign countries, and the export and import of goods and services, within national and international regulatory frameworks. With the globalisation of South African markets there has been a greater demand for Foreign Exchange Officers. Foreign currency exchange is a market of continual upheaval. Individual currencies fluctuate daily according to a variety of local economic and social events. Foreign Exchange Officers manage many processes that constitute the foreign exchange sector. Foreign Exchange Officers sift through data using software suites programmed for financial market analysis which impact on the currencies. The institutions/organisations consulted on this qualification include the South African Reserve Bank (SARB), some foreign banks, the Institute of Bankers (IoB), the major banks in South Africa, and training providers. Typical learners will be matriculants who meet the requirements or those already working in the banking/foreign exchange environments. Qualifying learners will make a positive contribution to the foreign exchange field and manage the provision of high-quality and efficient service to customer/clients. The services rendered will assist them to make well-informed decisions pertaining to foreign exchange. Learners acquiring this qualification will be able to pursue higher qualifications in foreign exchange. The part qualification attached to this qualification will create more employment. This qualification will increase employment within this sector as employers will have access to individuals who are well-trained to deliver a variety of foreign exchange-related services. This in turn will benefit the South African economy. Through the management of products and transactions related to foreign exchange, Foreign Exchange Officers will also promote entrepreneurship, thereby benefitting the people of the country. There are no qualifications on foreign exchange, foreign currency or just currency on the NQF.

Recognition of Prior Learning (RPL): Learners will gain access to the qualification through RPL for Access as provided for in the QCTO RPL Policy. RPL for access is conducted by accredited education institution, skills development provider or workplace accredited to offer that specific qualification/part qualification. Learners who have acquired competencies of the modules of a qualification or part qualification will be credited for modules through CAT. RPL for access to the external integrated summative assessment: Accredited providers and approved workplaces must apply the internal assessment criteria specified in the related curriculum document to establish and confirm prior learning. Accredited providers and workplaces must confirm prior learning by issuing a statement of result. Entry Requirements: The minimum entry requirement for this qualification is: • NQF Level 4 qualification with Mathematics.

• Process inward and outward transactions.
• Perform middle office functions.
• Process FBCIs, FBCOs and guarantees.
• Process import and export letters of credit.
• Manage the processing of inward and outward transactions.
• Manage the middle office.
• Manage the processing of FBCIs, FBCOs and guarantees.
• Manage the processing of import and export letters of credits.