This guide to Fintech jobs looks at the top highly paid jobs in Fintech. In conclusion, you will have all the information necessary to start a career in the Fintech sector and discover Fintech jobs salary expectations.
There are more career opportunities in Fintech jobs than ever, including Fintech remote jobs. Tech investment in the Fintech sector is expanding as venture capitalists recognise the potential for rapid and long-term growth. According to Statista, almost 68% of bank executives think Fintech will impact mobile payments and wallets worldwide. In addition, 38% of U.S personal loans were via Fintech companies.
Fintech start-ups are exploding onto the market. In 2020, over 8,500 Fintech companies launched in the Americas, over 7,000 in Europe, and more than 4,500 in Asia (Source: Statista).
PR Newswire reports that in 2018, the worldwide Fintech sector was worth $127.66 billion. The market is growing at a rate of 24.8% CAGR and expected to reach over $309 billion in 2022.
Fintech has become a global disruptive force in the mainstream finance and banking industry. Consumers are discovering better options for lending, borrowing, and investing. China leads the way for Fintech adoption, but the U.S is gradually catching up.
Innovative blockchain technology has vast scope for impacting how consumers approach financial decisions. As blockchain solutions evolve, Fintech will become more mainstream and accepted by the hesitant public. Already the exciting career opportunities in Fintech are unparalleled. If you’re working in the traditional financial industry, it’s a short step to transferring your skills into the Fintech space.
What is Fintech?
Fintech is an abbreviation for financial technology. It’s a term used to describe digital technology (such as algorithms, software, and apps) that disrupts, streamlines, augments, and digitises traditional financial services. For instance, consider the enormous impact of cloud computing on multiple industries worldwide.
Whatever exists in traditional finance, Fintech platforms aim to improve. That could be contactless payments, transferring money, paying bills, e-commerce, depositing cheques, accounting, lending or borrowing etc. For example, peer-to-peer lending is becoming an accepted form of Fintech, with significantly higher interest rates for the lender than traditional lending solutions.
What is Fintech Banking?
Individuals use Fintech for multiple bank services, including smartphone payments for purchases. Banks use Fintech for underwriting loans, consumer-facing solutions, and back-end processes like monitoring users’ account activity.
Starting a Fintech Career
Most Fintech jobs pay a high salary, depending on your skill level and experience. It’s a fast-moving industry with many applicants for advertised Fintech jobs. Even if you have mainstream banking skills, upgrading your capabilities and qualifications for specific Fintech job requirements will reap the rewards. In addition, it’s best to present your resume as a specialist rather than an academic generalist.
Top 7 Fintech Jobs
#1 Data Scientist
The demand for data scientists is growing, and there is a shortage of skilled candidates in data science and analysis. Every day, there are trillions of transactions online on global finance platforms. Subsequently, data must be analysed and translated into information to understand consumer behaviour and develop growth strategies.
A data scientist is a specialist job, and with a lack of skilled candidates, Fintech companies offer highly attractive packages for the right person. There is often an opportunity for contract or employment. You may start as a contractor with a Fintech company and receive a job offer if you do a great job.
Career Prospects: Excellent potential to advance or transfer your skills to other industries. You could easily find yourself in high demand and head-hunted by other companies.
Data Scientist salary: The median salary in the UK is £45,000, but senior data scientists can earn more than £100,000 annually.
#2 Cyber Security Specialist
Cybersecurity is one of the most feared threats to organisations, and it’s increasing. In Web3 alone, up to July 2022, cybercriminals have stolen over $2 billion of digital assets. For instance, Axie Infinity lost $625 million in March 2022, when cyber attackers gained control of four of the nine cryptographic keys that secured a cross-chain, Ronan. In September, investigators recovered $30 million, but Axie users fled in thousands after losing trust in its security measures.
The demand for cybersecurity experts is phenomenal. Ian, a highly skilled cybersecurity specialist contractor, worked for a governmental Fintech. After receiving an exceptional offer, Ian left for more money and a more exciting project.
Every week, Ian has at least three other companies approach him with a contract, offering ludicrously high daily rates to try and get him to work for them. In addition, all the companies will allow Ian to dictate his working terms.
Career prospects: Unlimited opportunities in this field of expertise. If cybersecurity interests you, consider the 6-day certificated CISSP training, which is online or residential.
Cybersecurity specialist salary: The median salary is around £50,000 in the UK. However, you can earn significantly more, and salaries of £100k are not unusual. As a contractor, Ian receives £700+ a day.
#3 Artificial Intelligence & Machine Learning
We cannot escape that AI technology is a driving force for many organisations today. Rule-based algorithms drive the AI we are familiar with but have limited use-case. The future AI incorporates machine learning, which means that AI adapts and learns to identify patterns and create rules for itself, in much the same way we do as humans. The science fiction films of yesteryear are becoming scarily accurate.
Career prospects: Candidates with relevant skills are in high demand as global organisations embrace machine learning technology. It is possible to gain an MSc in Artificial Intelligence, with some universities offering an entirely online one-year fast-track degree.
AI & Machine learning specialist salary: Most companies pay a minimum salary of £45,000, but with seniority, you can anticipate a salary of around £100,000 or more.
#4 Blockchain and Cryptocurrency Careers
Many publicly listed companies are adopting decentralised blockchain technology, and the demand for skilled candidates has never been higher. From entry-level cryptocurrency jobs to highly paid blockchain developers, engineers, architects and project managers, there is something for everyone, even if you have limited experience in this field.
Venture capitalists are supporting many blockchain-based projects as the technology of the future. From gaming platforms to peer-to-peer lending, we cannot ignore the career opportunities sprouting from the increasing demand.
Career prospects: Excellent. You can start from the ground up by learning about blockchain technology. Decide what career path to take and undertake training to acquire the skills.
Blockchain career salaries: Entry-level cryptocurrency jobs start from £25,000, but highly qualified blockchain experts like architects and project managers can earn more than £180,000 a year.
#5 App Developer
Think about all the apps you have on your mobile phone and all the available Android and iOS apps. Every year, global users download more than 200 billion mobile apps. It’s a vast industry with high demands for skilled app developers. Organisations are investing hundreds of billions of dollars to develop apps for entertainment, shopping, banking and more. Fintech companies want to create leading-edge applications that dominate the market, capturing vast audiences of users to grow their business.
Career prospects: Excellent opportunities for app developers as the demand exceeds supply. The more skilled you are, the higher salary you can command. There are many app development courses online. Some are specific to Android or iOS, but it is better if you can develop apps for both.
App Developer Salary: Young graduates may start at £20,000, but salaries for senior app developers are £70,000+ in the UK.
#6 Crowdfunding Specialist
Many Fintech companies hire crowdfunding specialists to create campaigns and crowdfunding platforms. It’s a job requiring more soft skills than techy hard skills. You’ll be an excellent communicator (verbal and written), capable of conducting in-depth research and identifying a target audience for the crowdfunding campaign. Experience in digital marketing and launching social media campaigns is a typical prerequisite.
You will be capable of communicating and collaborating with other key project members, such as project managers and the marketing department. In addition, you’ll be comfortable talking to the organisation’s stakeholders and potential crowdfunding donors.
Career prospects: The more skilled you are at achieving great results, the more opportunities are available. There are a few crowdfunding courses available online.
Crowdfunding specialist salary: The median salary is around £40,000, but top earners can request an income of £100k or more.
#7 Fintech Leader or Consultant
One of the highest paying jobs in Fintech is in leadership or consultancy. These are senior roles at the Director level or equivalent. Your job is to help an organisation to grow mainstream adoption or implement strategies and products. As a leader, you will likely be responsible for a project team, such as programmers, developers, designers, etc.
If you work as a Fintech consultant, you may be hired as an experienced advisor for short-term guidance or as an ongoing team member. Every company has different requirements. The primary factor is that you understand the Fintech model and have sufficient experience to significantly impact the success of implementing a project.
Career prospects: The best Fintech leaders and consultants are in high demand. Some may choose to work in contract roles, and others accept a long-term position in the company.
Fintech leader or consultant salaries: Senior Fintech advisors can expect salaries higher than £250k a year. Experienced contractors with verifiable results can demand fees of over £500k a year.
Career Paths for Fintech Jobs
There are multiple career opportunities in Fintech. Traditional banks are not complacent about the emergence of Fintech. Indeed, many are investing billions into developing and acquiring new innovative Fintech solutions.
Many Big Tech companies are adopting Fintech. Think top-tier companies like Facebook, Amazon, Microsoft, Google, and Apple. You could find yourself working for one of these tech giants with the right career choices.
On the other end of the scale, you could apply to work with a start-up Fintech company. Depending on the organisation and whether they have successful investment backing, you might start at the lower end of salary scales. However, it’s not unheard of to ask for a percentage of profits based on your contributions to the project’s success. Fintech start-up jobs are very much in demand.
Bear in mind that start-ups seek candidates with the highest level of skills so you can hit the ground running. If you have entrepreneurial tendencies, that too can help your application.
Top 3 Tips for Finding Jobs in Fintech
- Create a social media presence: For instance, GitHub is a popular platform for developers where many Fintech people hang out. Build connections in the space with peers and thought leaders
- Research companies: if you’re considering applying for Fintech jobs, learn as much as possible about an organisation. What are their vision statement and core values? The more you know about a company, the better. Firstly, you find out if it’s the right workplace culture for you and secondly, it gives you a head start during interviews as you can easily discuss aspects of the company with confidence
- Create a plan for job hunting: For every Fintech job advertised, you could compete with hundreds of applicants. Is success a numbers game? Yes and no. Sometimes you get lucky, but you’ll do better if you plan. Only apply for Fintech jobs you want and are qualified to do. Tailor your resume for every application, adding keywords mentioned in the job specification. Doing so helps avoid your application slipping through Applicant Tracking Software that typically searches resumes for relevant keywords
Conclusion: Fintech Jobs 2022: A Lucrative Career in Financial Technology
Anyone who understands the financial industry believes that Fintech is here to stay. It’s empowering consumers and changing the way that companies do business. After many years of feeling we have little control of our money in traditional banking institutions, Fintech opens a new world of financial opportunities to consumers.
What direction Fintech takes next is anyone’s guess. Could one of the Big Tech giants create a serious challenge to traditional banking? Imagine the bank of Amazon!
Ultimately, it could be a race between our banking institutions trying to claw back control and a Fintech company swooping in and taking customers away by the millions with tempting offers. Moreover, of the thousands of Fintech start-ups popping up on the horizon, any one of them could become the next big thing in Fintech.
As AI and machine learning develop, the world of finance could become revolutionised in ways we cannot yet imagine. Many traditional banking processes are not automated, but it could only be a matter of time before AI and machine learning change that situation.
As well as the top 7 Fintech jobs featured, there are many other positions to consider for a career, such as Product or Financial Manager, Risk and Compliance Expert, Business, Financial or Quantitative Analyst. Fintech is one of the most exciting sectors to consider if you are passionate about financial technology and happy to acquire the necessary skills.
Finally, if you are looking for jobs in Fintech, contact the CB Recruitment team to discuss your options.
“Hands down the best recruiter I’ve ever had. Daniel genuinely wants you to succeed as a professional and goes the extra mile to help you find your dream role. Can’t recommend enough.”
Web3 and Blockchain Engineering Lead. Master of Solidity and dApp development
Is Fintech jobs a good career option?
If you are interested in finance and technology and have the relevant skills, a career in Fintech is rewarding and lucrative. It’s a growing market unlikely to slow down as more Big Tech companies bring Fintech solutions to their users. In addition, Fintech has a broad range of career trajectories as you gain qualifications and experience in the sector. There are also many remote Fintech jobs appearing on the market.
What are the best jobs in Fintech?
That depends on your skills and aptitude, but cybersecurity is probably one of the highest in-demand jobs right now. The general assumption that Web3 is safer than Web2 is incorrect because most Web3 applications are built on centralised Web2 technology. Subsequently, security gaps remain, and Fintech companies will pay a premium for cybersecurity specialists.