Korea FX Specialist Type II study plan

Map the structure of the Foreign Exchange Transactions Act (외국환거래법) into its chapters: purpose and definitions, designated foreign exchange institutions, foreign exchange transactions by type, reporting and authorization duties, and penalties, then write a one-page outline from memory.

Distinguish the concepts of 자유거래 (free transactions), 신고 (report), and 허가 (authorization), and classify at least 15 transaction examples into the correct category with the governing article noted.

Identify which institutions are designated foreign exchange institutions (외국환은행, 외환전문회사 등) and list what business each may conduct under the Act.

Locate and summarize the reporting obligations that fall on individuals and companies, including threshold amounts and the standard of the delegated Enforcement Decree and regulations.

Trace the end-to-end compliance path for a typical export transaction: contract, payment method, receipt of foreign currency, and any declaration or reporting duty, and note where the trade and foreign exchange rules intersect.

Explain the capital transaction reporting system (자본거래 신고) and distinguish it from current transaction handling, giving three concrete business scenarios for each.

Describe the role of the foreign exchange authorities in monitoring abnormal transactions and list the sanctions and administrative measures available for violations.

Summarize the trade-related statutes that interact with foreign exchange rules (Foreign Trade Act, customs law basics) at the level of how they affect settlement and documentation.

Compare the main international payment methods (advance payment, open account, documentary collection, letter of credit) on risk allocation, cost, and speed, and produce a comparison table.

Sequence the documentary collection process (D/P and D/A) step by step and identify the point at which the exporter loses control of the goods.

Identify the key document sets in trade settlement (commercial invoice, packing list, bill of lading, insurance certificate, certificate of origin) and state what each must contain to be acceptable.

Explain Incoterms risk and cost transfer points for at least four commonly used terms and apply them to a worked shipment example.

Describe the letter of credit lifecycle from issuance to negotiation and identify the documents and deadlines that create discrepancy risk.

Diagnose at least eight common discrepancy types (late shipment, late presentation, inconsistent description, missing clause) and state the correction for each.

Explain the UCP 600 principles of documentary compliance, independence, and strict compliance, and apply them to two short fact patterns.

Outline trade finance products (export bill negotiation, forfeiting, factoring, import usance) and match each to the exporter's or importer's cash-flow need.

Explain spot, forward, and swap quotation conventions, including bid/offer and the meaning of forward points, and compute a forward outright rate from spot and points.

Calculate cross rates from two USD-based quotes and identify triangular arbitrage opportunities in a worked example.

Distinguish nominal, real, and effective exchange rates and explain the main drivers of exchange rate movements (interest differentials, balance of payments, intervention).

Describe the mechanics of forward exchange transactions and foreign currency loans as used by corporates, and state the reporting implications.

Identify the derivative instruments relevant to FX (forwards, futures, options, swaps) and explain payoff structure and use case for each.

Compute and interpret FX exposure measures for a corporate with foreign currency receivables and payables, and propose a hedge ratio with justification.

Explain foreign currency deposit products (ordinary, time, non-resident accounts) and the rules on deposits, withdrawals, and conversion for each account type.

Describe the domestic foreign currency business of banks, including foreign currency lending, guarantees, and the handling of foreign currency cash, and note the key prudential and reporting constraints.

Explain the rules and limits for individuals' foreign currency remittances and receipts, including the documentary requirements for overseas study, medical treatment, and family support.

Distinguish the treatment of resident and non-resident individuals and describe the account and remittance rules that apply to each.

Outline foreign currency exchange services for individuals (cash exchange, traveler's checks, cards) and the reporting thresholds that trigger additional documentation.

Describe how foreign currency deposit accounts for individuals interact with remittance limits and currency conversion rules.

Reconstruct from memory a one-page summary of each domain's core rules and formulas, then check against notes and correct gaps.

Complete two timed full-length practice sets under exam conditions and score each by domain to find the weakest two areas.

Re-study the two weakest domains using targeted drills until the domain score improves on a retest.

Consolidate a personal error log of recurring mistakes and the rule or formula that fixes each.