This is a question, and for question word order I usually think it's good to start from a corresponding statement.
A statement would look like this:
Han gör något för närvarande. or Han gör för närvarande något.
The verb is in second place, the V2 rule. The normal word order is as above, to have the subject first. Then you can either have the object or the adverb in third place, both work in this case. This varies with different adverbs. inte, for instance, would need to be right after the verb, before the object. Han läser inte böcker
Anyway, when you turn
Han gör något för närvarande
into a question, you do it by putting
- if there is a question word, it goes first. In this case we have one: vad
- then the verb
The rest of the sentence gets the same order as in the statement.
That's a bad construction in English. First, "does" needs to precede the subject and verb in a question ("What does he do?"). Second, it's rare to use the simple present tense with "currently" and similar adverbs; better to use the present progressive.
Hence, "What is he doing currently?"