How to Get Into Fintech
Looking for a sector with plenty of opportunities in these uncertain times?
Fintech, short for Financial Technology, could be the answer.
Chances are you’ve heard of banks such as Monzo are Revolut.
Well, we’re here to expand your horizons and open your eyes to the scope of the sector while telling you how to get into it.
In a Nutshell
In 2018, the global financial tech market was worth $127.66 billion. And some predict annual growth rates of 25% until 2022.
Entry level positions in fintech start at roughly $32,000 per annum. More experienced workers can earn up to $117,000 annually.
Top Hard Skill
Blockchain and AI
Top Soft Skill
Problem-solving
Roles in Fintech
We’ve broken down some common job roles that exist within the realm of fintech.
Blockchain Developer
This is probably the most in demand job role in the industry. Upwork, a freelance talent market, reported in 2018 that blockchain rose to one of the most in-demand skills with a year on year increase of over 35,000%.
A blockchain developer is in charge of developing and optimizing blockchain protocols, crafting the framework of blockchain systems, developing smart contracts and web apps using blockchain technology.
Does this job sound like it could be for you? If so, you might want to learn about the following areas:
Hyperledger Fabric – a type of blockchain framework that uses modularity and scalability to support changing business rules.
Ripple – a payment protocol for disputed payments.
Solidity – a program that uses the Ethereum network to develop smart contracts.
App Developer/Software Engineer
This is another area of fintech that has been growing year on year. There’s now more demand for mobile payment solutions and personal finance innovations.
The job itself involves creating, testing and programming for computers, mobile phones and tablets.
Financial Analyst
This job role primarily involves managing budgets against incoming forecasts.
If numbers are your thing, this role is for you.
Typical responsibilities of a financial analyst include: writing financial reports, producing forecasts of incoming revenue and running business studies.
Product Manager
Product managers are regularly needed in fintech companies to oversee their products.
Typically they are involved in the end to end lifeline of a product. That is, everything from the design aspect to its development.
Learn Agile and Scrum. While the specific skill requirements can vary depending on the company, this is a good place to start.
How to Get into the Sector
Fintech investor Ivan Gowan offered some advice at a recent Start Me Up Career Kickstarter event:
‘The key thing is acquiring skills that are important in the market.
‘Once you know these, you can work on them and provide value to the company that you are working for.’
‘Knowing which skills are needed and matching these to the skills you already have will help you to decide which roles to apply for,’ he explained.
Fintech is an industry that is continuously developing.
It is important to keep up to date with what is going on. You can do this using whatever medium suits you best, but the Financial Times, blogs and podcasts can be a helpful source.
The Future of Fintech
London and New York and Singapore remain global hubs.
Expect contned interest in decentralized finance and the continued rise of challenger banks such as Monzo and Revolut that have proven to be popular against the big banks.
Expect more tools to cover everything from budgeting to investing, and more.
Fintech is more than banking. Elements of finance and technology are now used in every sector.
Recruitment and Salaries
Listed below are some popular roles and corresponding salaries (per annum) within the fintech industry. The full list can be found here.
Developer – $69,000
Java Developer – $85,000
Senior Developer – $79,000
Software Engineer – $72,000
DevOps Developer – $85,000
Check out these fintech recruitment agencies below to see current opportunities:
Gowan’s General Top Tips for Careers In General
He is of the belief that a lot of things come down to being ‘in the right place at the right time’. Keeping an eye on potential opportunities is a must.
And finally, when you land any role you must work hard and put in the hours. ‘Hard work gets noticed’ he says.
When talking to a startup, don’t be afraid to ask companies how much runway they have. Runway refers to how long the company can keep going for. It’s usually measured in months and is dependent on how much money is invested in the company.
The World’s top five fintechs:
Ant Financial
Qudian
SoFi
Avant
Klarna
Jargon Buster
Fintech is a sector with its own language.
While it can appear complicated at first, we promise you it’s not. Before delving into the industry, it might be useful to ‘crack the code’ that surrounds it.
Check out the jargon buster below to get your head around some of industry’s most popular concepts and phrases.
Challenger banks
These are small, recently created retail banks. They rival the larger, longer established banks. They do this by using technology to specialise in areas underserved by the larger banks.
Cryptocurrency
Is a form of digital currency. It relies on cryptography (the art of writing and solving codes) to validate and secure transactions. Some of most popular cryptocurrencies include bitcoin and Ether.
Blockchain
Also known as Distributor Ledger Technology (DLT). It is the software that underpins bitcoin. It is a shared record of information that is updated and maintained by a network of computers instead of a central authority.
P2P Lending
Stands for peer to peer lending. Borrowers can directly secure loans from their peers through websites and avoid the banks.
Venture Capital
Is a type of financing that investors provide to startups that are believed to have long-term growth potential.
Smart Contracts
This is software that runs on blockchain technology. This software automatically enforces a terms of agreement known as a ‘smart bond’.
About the Author
Rebecca Emery
Content Writer @ Start Me Up.