Technology is changing everything, and finance is no exception. Disruptive startups are upending traditional financial institutions, and new technologies like blockchain and artificial intelligence are transforming the way we conduct business.
In this rapidly changing landscape, one thing is certain: the future of finance is fintech. Many of today’s most sought-after jobs in finance are in fintech, and the demand for these roles will only grow.
A 2017 report by PwC revealed that 82 percent of traditional financial organizations plan to increase their fintech partnership in the coming years. And 88 percent of traditional finance institutions fear that they’ll lose a part of their business to the fintech industry between 2017 and 2022.
Fintech is not just a buzzword; it’s a major force reshaping the future of finance. So if you’re looking to launch or further your finance career, consider a role in fintech.
What is Fintech?
Fintech is a broad term that describes the intersection of finance and technology. It encompasses everything from mobile payments and investing apps to cryptocurrency and Robo-advisors.
In its simplest form, fintech is about using technology to make financial services more efficient and accessible. From streamlining the process of applying for a loan to developing new ways to invest, fintech companies are rethinking the way we handle our finances.
Yes, fintech has a lot of revenue potential. But it’s also about improving the efficiency of financial institutions and making financial services more accessible to everyone. These companies are often at the forefront of innovation, developing new technologies and applications that can significantly impact the financial industry.
Fintech companies come in all shapes and sizes, from one-person startups to billion-dollar unicorns. And they’re not just limited to the tech world; many traditional financial institutions, like banks and insurance companies, have launched their fintech divisions.
Why are Fintech Careers a Good Choice?
A career in fintech comes with a lot of perks.
For starters, fintech companies are often at the cutting edge of technology. If you’re interested in working with new technologies like artificial intelligence or blockchain, a fintech company is a great place to start.
Fintech companies are also typically high-growth and offer ample opportunities for career advancement. Many fintech startups are well-funded and always looking for talented employees to help them scale.
In addition, fintech companies tend to be more flexible and relaxed than traditional financial institutions. They often have more relaxed dress codes and cultures and are typically more open to remote work arrangements.
Of course, there are some downsides to working in fintech. The industry is notoriously fast-paced and can be quite stressful. And because the industry is still relatively new, there’s a lot of change and uncertainty.
But overall, the advantages of working in fintech outweigh the disadvantages. If you’re looking for a challenging and rewarding career in finance, fintech is an excellent option.
Why are Fintech Careers Growing?
The demand for fintech jobs is growing rapidly, thanks to the continued rise of fintech companies and the increasing adoption of fintech technologies by traditional financial institutions.
A recent report found that global fintech investment reached a record $210.1 billion in 2021, almost double the $124.9 billion invested in 2020. And the number of fintech unicorns (startups with a valuation of over $1 billion) grew from 586 in 2020 to 1,058 in 2021.
This growth is driven by several factors, including the increasing adoption of fintech technologies by traditional financial institutions and the continued expansion of the fintech industry into new markets.
Other factors that contributed to this growth include:
- The COVID-19 pandemic accelerated the adoption of fintech technologies by both consumers and businesses.
- The growing popularity of mobile payments and investing apps.
- The rise of digital currencies like Bitcoin and Ethereum.
- The increasing interest in fintech among young people.
- The rising use of artificial intelligence in financial services
- The growth of the Robo-advisor market
Fintech Career Paths—What Are Your Options?
The great thing about fintech is that there are a lot of different career paths you can take. Whether you’re interested in working in technology, marketing, sales, or product management, there’s a place for you in the fintech industry.
Here are some of the most popular fintech career paths:
#1. Fintech App Developer
If you’re interested in working in technology, a career as a fintech app developer might be a good fit for you. Fintech app developers create mobile applications for financial services companies.
To become a fintech app developer, you’ll need to have experience in coding and mobile app development. You should also be familiar with the financial industry and understand the unique challenges that come with developing fintech applications.
When applying for jobs, be sure to highlight your experience in coding and mobile app development, as well as any relevant financial industry experience you may have.
Relevant experiences and qualifications that can give you a leg up on the competition include:
- Experience with artificial intelligence or machine learning
- Experience with blockchain technology
- Experience with payments or banking systems
- Experience with financial data
- Expert knowledge of cybersecurity
- An understanding of the ins and outs of programming language
- Graphic web design skills
- A degree in computer science, engineering, or a related field
According to Payscale, the average salary for a fintech app developer is $76,100 per year.
#2. Fintech Data Analyst
As a fintech data analyst, you’ll be responsible for analyzing data to help fintech companies make better decisions about their products, services, and strategies.
While the job title “data analyst” might not sound very exciting, it’s a critical role in the fintech industry. Fintech data analysts play a crucial role in helping fintech companies understand their customers and make data-driven decisions.
A fintech data analyst should have strong analytical skills and be able to understand and interpret data. They should also be familiar with the financial industry and understand the unique challenges that come with working in fintech.
The career path of a fintech data analyst usually starts with a bachelor’s degree in data science, computer science, mathematics, or a related field. From there, you can either start working as a data analyst or continue your education with a master’s degree or Ph.D.
Employers will also value relevant work experience, so be sure to highlight any internships or jobs you’ve had in the past that are related to data analysis.
Some of the skills and qualities that will help you succeed as a fintech data analyst include:
- Analytical skills
- Interpretation skills
- Familiarity with statistical software
- Familiarity with the financial industry
- The ability to work with large data sets
- The ability to use data visualization tools
- Strong mathematical skills
- The ability to communicate complex information in a clear and concise way
Glassdoor reports that the average salary for a data analyst is $82,000 per year.
#3. Quantitative Analyst
A quantitative analyst is a financial analyst who uses mathematical and statistical methods to analyze data. Quantitative analysts are often involved in the development of trading algorithms and investment strategies. They may also be involved in the pricing of financial instruments and the management of risk.
Every financial institution needs quantitative analysts to help them make decisions about where to invest its money. So, if you’re good with numbers and have an interest in the financial markets, a career as a quantitative analyst might be the perfect fit for you.
Among other things, quantitative analysts are responsible for:
- Developing investment strategies
- Creating models to predict market behavior
- Analyzing data to find trends
- Optimizing trading algorithms
- Pricing financial instruments
- Developing trading algorithms
- Managing risk
With a bachelor’s degree in mathematics, economics, finance, or a related field, you can start your career as a quantitative analyst. However, employer preferences vary, and some employers may prefer candidates with a master’s degree or Ph.D. in mathematics, economics, finance, or a related field.
Top skills for quantitative analysts include:
- Analytical skills
- Programming skills
- Familiarity with statistical software
- Familiarity with the financial industry
- Solid understanding of mathematics
- The ability to communicate complex information in a clear and concise way
- The ability to work with large data sets
- Ability to think critically
- Problem-solving skills
The average salary for a quantitative analyst is $173,000 per year, according to Glassdoor.
#4. NFT Consultant
An NFT consultant is a specialist who helps businesses launch and operate non-fungible token (NFT) platforms. NFTs are digital assets that are stored on a blockchain and can represent anything from artwork to in-game items.
As an NFT consultant, you will help businesses identify the best use case for NFTs and advise them on how to launch and operate their NFT platform. You will also be responsible for developing marketing strategies to promote the NFT platform and help businesses acquire customers.
While there are no specific educational requirements for becoming an NFT consultant, most consultants have a background in marketing, business, or technology. Additionally, you need to have a solid understanding of blockchain technology and the NFT space.
To succeed as an NFT consultant, you need to have:
- A background in marketing, business, or technology
- A solid understanding of blockchain technology and the NFT space
- Excellent communication and presentation skills
- The ability to think strategically
- The ability to work independently
Other valuable skills include:
- Project management skills
- The ability to think outside the box
- Familiarity with smart contracts
- The ability to code
There is no standard salary for NFT consultants. Consultants are typically paid hourly or on a project basis. Rates vary depending on the consultant’s experience, skills, and the scope of the project.
#5. Blockchain Developer
Imagine being able to create the next Bitcoin or Ethereum. That’s what a blockchain developer does.
A blockchain developer is responsible for developing and maintaining decentralized applications (DApps) on a blockchain platform. DApps are software applications that run on a decentralized peer-to-peer network.
Blockchain developers need to have a solid understanding of blockchain technology and how to code in Solidity, the programming language for Ethereum. Developers must also be familiar with web development frameworks such as React and Node.js.
To succeed as a blockchain developer, you need to have:
- A solid understanding of blockchain technology
- Familiarity with web development frameworks
- An in-depth understanding of at least one high-level programming language
- An excellent understanding of cryptography
- Knowledge of smart contracts
The average annual salary for a blockchain developer in the United States is $110,000.
Best Places to Find Fintech Jobs
Are you interested in finding a job in fintech? Here are some of the best places to look:
Fintech startups:
Startups are the driving force behind many innovations in the fintech space. If you’re looking for a job that will allow you to work on cutting-edge technologies, a fintech startup is a great place to start your search.
Fintech accelerators and incubators:
These programs provide funding and mentorship to early-stage fintech startups. Many of these programs also offer internships or fellowships, which can be a great way to get your foot in the door of the fintech industry. Blockchain, Envestnet, and Founders Factory are popular examples of fintech accelerators.
Job boards:
Many job boards, such as Indeed and Glassdoor, have sections dedicated to fintech jobs. You can also find job postings on the websites of major fintech companies, such as Robinhood and Coinbase.
Fintech conferences:
Attending fintech conferences is a great way to meet people in the industry and learn about new job opportunities. Some popular fintech conferences include Money20/20, Finovate, and Consensus 2020.
Newsletters:
Several newsletters, such as Fintech Futures and Fintech Today, that curate the latest fintech news and job postings.
Outlook: What’s the Future of Fintech?
As the world becomes increasingly digitized, the demand for fintech solutions is only going to grow.
A 2022 report predicts that the global fintech market will be worth $332.5 billion by 2028, up from $210.1 billion in 2021. This projected growth represents a compound annual growth rate (CAGR) of 19.8 percent during the forecast period (2022 – 2028).
In 2021, North America held the largest share of the fintech market, followed by Europe and Asia-Pacific. However, the Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period.
With the demand for fintech solutions on the rise, there will be plenty of opportunities for talented professionals to enter the industry and build successful careers.
So, if you’re looking to pursue a career in fintech, now is the time to get started.