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Loki said:Not strictly true. One of my best mates has been teaching EFL for bout 15 years with no formal qualifications - in London, Budapest and Madrid now. He's very good at it too (altho it's probably best to get the qualification if you're starting out)
Like your last sentence implies, he can do it partly because he's been teaching for 15 years - there was a lot less competition then. More and more people want to do it now.
It's well worth doing a proper TEFL course because, although you can get a job without one, you won't have as much choice of job, so you'll be more likely to end up working 50 hours a week in a shithole with no social or cultural life, 100 miles from the nearest city. You might get lucky, but you're more likely to get 'lucky' if you take the course.
Experience helps somewhat, and if you're a charismatic, garrulous person who can get students engaged even without them understanding all you're saying, as well having decent knowledge of grammar, then you'll probably be OK without any qualifications. (I was!) Still, you might not be.
A good course should make you a better teacher too, which, apart from being morally right, makes your job a lot more pleasant.