externaljob.ora is for backward compatibility. You don't need it. From 11g onwards you can use scheduler credentials,
dbms_scheduler.create_credential(
credential_name => 'MY_OS_CREDS',
username => 'connor',
password => 'mysecret');
and then for a scheduler program, you nominate the credentials as an attribute
dbms_scheduler.set_attribute('MY_UNIX_PROGRAM', 'credential_name', 'MY_OS_CREDS');