How Tech Workers Can Land a Fintech Job

Despite mass layoffs affecting large late-stage tech and fintech companies, there is an opportunity for those laid off to join the fintech workforce.

Tech companies in the US have laid off 131,000 workers in mass layoffs this year, according to Crunchbase. But doom and gloom aside, fintech companies are still hiring. The challenge is the misunderstanding that getting a job in fintech requires skills from the wider technology field.

While that is true in some cases, the fintech industry is very different from big tech. First, fintech companies have a startup culture, so hiring managers look for people with more interpersonal skills than traditional tech companies.

“Hiring managers are always looking for people who have rigidity and the ability to pivot easily in a fluid environment,” Katie Hamm, senior recruiting manager at HighNote, told me in an interview about how her fintech company actively hires. “No two days are the same in a fintech company, and showing your willingness to roll up your sleeves goes a long way.”

Workers from large tech companies may need to adapt their thinking to this new environment while remaining open to new fintech sectors.

Who is hiring

The fintech industry boomed during the early days of the pandemic, raising record funding fueled by low interest rates and consumer appetite for digital financial services.

Today, fintech companies are maturing and streamlining faster than planned, and downsizing is a quick way to do that. Nevertheless, the opportunity for candidates is fruitful. For example, ZipRecruiter found that 79% of laid-off tech workers discovered a new job within three months.

Companies are hiring talent in both consumer and business-to-business fintech. To be sure, I checked the industry via Twitter by asking who hires. Companies such as Alloy, Fintech Sandbox, Seismic and Zeta, among many others, shared that they are actively recruiting. For more, here’s a job board filled with fintech companies hiring.

Mindset Gap

While presenting technical skills has historically been an easy way to get into fintech, the current environment has increased the need for interpersonal skills, such as a growth mindset, strong communication, reliability, effective teamwork and active listening. However, 75% of employers need help finding talent with these skills, according to a 2022 study by workforce solutions company ManpowerMAN Group.

“People continue to cling to the outdated mindset of thinking that only those with a technical background can work in fintech,” Nikita Gupta, co-founder of Careerflow, told me. “In reality, many fintech companies are hiring across different roles.”

While you don’t need to be a coder or engineer to work in fintech, those with a non-technical background must remain open to working with financial data and datasets. If they do, their chances of getting a job increase, according to Gupta.

For example, if you are applying for a job in human resources but have yet to gain experience with data analytics tools, the employer may be more inclined to hire you if you can demonstrate effective communication, empathy and openness.

These interpersonal skills can often be more beneficial when it comes to finding a job in fintech, as they are harder to acquire or teach, according to Nadia Edwards-Dashti, founder of Harrington Starr Group.

“These skills traditionally attributed to women are now 80% more likely to be in the top five skills for the roles that the fintech industry is looking for,” she told me in an interview. “Fintech is attractive because your technical skills are applicable, but your voices will be heard.”

Checkout Web3

Demand for blockchain skills is up more than 500%, a DevSkiller report found, as companies in the Web3 space present open opportunities to job candidates. In addition, resources such as Base58 and Women in Blockchain have made it easier for candidates to meet future employers.

However, the decline of leaders in the crypto sector, such as FTX and Sam-Bankman Fried, could mean that job candidates need education about the future of Web3, according to Lauren Combs, a recruiter for Web3 development platform Alchemy.

“We do a lot of educating and trying to let people who have previous experiences with GoogleGOOG or other big tech know that Web3 is different,” Combs said. Alchemy is looking to hire 100 people across sales, marketing and accounting this year, she said.

Combs emphasizes that a candidate must show they can hit the ground running. That means researching the company, understanding what it stands for and being passionate about the mission. This is important for any job, but even more so for those emerging in the Web3 space.

Advice for job seekers

Networking remains a critical piece of advice for standing out from the competition. Leveraging your personal connections and alumni network is the most important way to make an impact.

“Unfortunately, skills misalignment and a lack of awareness still exist in the industry, and these issues can often lead to unfair dismissal,” Sonya Barlow, founder of the Like Minded Females network, told me in an interview.

Fintech job seekers should seek out networking support such as the Like Minded Females network, a place for women to bridge the skills gap through mentorship and masterclasses.

When a job seeker finds a fintech company they want to apply to, the best chance of success is to apply directly to that company via their website. Before anything else, it is important that you do not copy and paste your CV when applying for jobs. You need to customize applications.

“Most companies have slowed down their hiring, so they’re becoming more selective with each new hire,” Highnote’s Hamm said in an interview. “If you are actively on the job market, I strongly recommend demonstrating what you can bring to a team or company in terms of your differentiated experience, skills or perspective.”

Ultimately, fintech companies are a startup culture and require a personal approach to presenting yourself. It is therefore crucial to show an understanding of the company’s history and passion for improving the financial industry for everyone.

This will show that the candidate has a fintech mentality and is willing to take on new challenges, learn new skills and seek new opportunities for growth and development in a rapidly changing industry.

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