Fintech startups are shaking up the banking sector and challenging the dominance of traditional financial services. A large part of the American population already uses fintech. Once you consider their advantages over traditional banking channels – speed, efficiency and accessibility – it’s easy to say that their growth will continue.
The rise of this new sector offers opportunities. If you’re a tech-savvy banker or a finance-savvy techie looking to get in on the action, here are some of the most promising career paths you can explore.
1. Blockchain developer
Fintech companies are good at adapting new technologies to improve their services. They did so with mobile internet and digital communications to facilitate international payments, money transfers and mobile banking. Now they have their eyes on blockchain to create the next step in their development.
As a result, blockchain is one of the most in-demand and lucrative jobs in fintech, with an average annual salary of $101,661, according to Glassdoor. Your role as a fintech blockchain programmer may include building apps with blockchain technology, developing smart contracts, and creating and maintaining decentralized digital databases.
To do any of these, you need to be well versed in programming languages, especially C++, Java, Solidity, Ripple and Hyperledger Fabric.
2. Data scientist
One secret behind the rapid growth of fintech startups is their ability to continuously improve through feedback and usage data. For this, they need data scientists, professionals who are able to sift through large amounts of data to find actionable insights.
You can start a career in computer science without a degree. However, you must be a skilled statistician, well versed in query languages, NoSQL databases, data visualization tools and data science toolkits. It’s a high-paying job, and according to Payscale, data scientists earn an average annual salary of $97,665.
3. Product manager
Like any other sector, fintech companies need project managers to coordinate their projects from design to reaching the end consumer. Fintech project managers clarify client expectations, define project scope, develop plans and timelines, and manage material and human resources to achieve company goals.
According to Payscale, the average project manager earns around $89,938 per year. To get the job, you need a bachelor’s or master’s degree in either product management or a related field such as business management. You also need technical knowledge of finance and financial technology, great attention to detail and promotional and organizational skills.
4. Quantitative analyst
Quantitative analysts, or quants as they are often called, use mathematical and statistical methods to solve financial and risk management problems. Fintech hires them to help manage risk, identify potential investment opportunities and make sound financial decisions. Payscale reports that quantitative analysts earn an average annual salary of $86,023.
Quantitative analysts require a lot of technical knowledge, so we recommend that you obtain at least a bachelor’s degree in statistics or another related field. You must also be proficient in machine learning, artificial intelligence (AI), deep learning R, Python, Weka, NumPy and other data analysis and programming tools.
5. Cyber Security Analyst
A single security breach can destroy a fintech startup. Accordingly, they invest heavily in cyber security analysts to protect their computer networks and systems. These cyber security analysts are responsible for guarding computer networks and systems and sniffing out weaknesses in the company’s defenses.
The demand for cyber security experts in fintech is very high and is expected to grow further. Payscale estimates that cybersecurity analysts earn an average of $77,276 per year. Some, even more, depending on where they work.
To secure a job as a cybersecurity analyst, you typically need a bachelor’s degree in computer and information technology or related fields such as engineering or mathematics. You can also give yourself a leg up by earning cybersecurity certifications and learning technical skills like digital communications, incident investigation, and risk management.
6. App developer
These days, performing a financial transaction is as easy as a few taps on your smartphone. Fintech app developers make it possible. They are responsible for creating safe and secure mobile banking applications and utilizing the latest technology to develop creative solutions to consumer demands.
Payscale estimates that app developers earn an average annual salary of $72,510. This number is expected to increase as smartphone penetration and demand for mobile banking also increases.
To become a good full-stack app developer, you need technical skills like Python, Java, C++, C#, JavaScript, machine learning, deep learning and AI. You also need soft skills such as communication, teamwork, critical thinking and analysis.
7. Financial/Business Analyst
Financial analysts guide fintechs on how to use money to earn more. They examine financial statements to extract insights about performance drivers, study business trends and use the knowledge they gain to make sound financial decisions. They also create models, analyze variance and prepare reports for senior management.
Of all the jobs on this list, this one requires the strongest financial background. You need an undergraduate or graduate degree in accounting or finance, good math skills, a detail-oriented mind and determination. Fortunately, it pays well, as Payscale estimates that financial analysts earn an annual salary of $63,316.
8. Compliance expert
Since finance is such a sensitive topic, the government lays down several regulations to regulate financial business. Compliance experts help fintech companies stay within the limits set by the law and ensure they are not at risk of legal action. They carry out audits, monitor the regulatory climate and propose changes where the business does not meet the standard.
According to Payscale, compliance specialists earn an annual salary of $60,086. Most have at least a bachelor’s degree in accounting, business or finance, but what’s important is a solid understanding of the regulatory guidelines that govern the finance field. They also need integrity, leadership, creativity and problem-solving skills.
Get started with a Fintech career
There has never been a better time than now to build a career in fintech. The sector is maturing after seeing significant growth, and the future is bright. One particularly lucrative area of fintech you can explore is blockchain. Set yourself up for success in the fintech sector by learning what it is and how it works.
