The 8 Best Careers in Fintech
Fintech startups are shaking up the banking sector and challenging the dominance of traditional financial services. A large chunk of the American population already uses fintech. Once you consider their benefits over traditional banking channels—speed, efficiency, and accessibility—it’s a no-brainer to infer that their growth will continue.
The rise of this new sector spells out opportunity. If you are 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 adept at adapting new technologies to better their services. They did it with mobile internet and digital communications to facilitate international payments, money transfers, and mobile banking. Now, they have their eyes set on blockchain to create the next stage of their evolution.
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’ll need to be well-versed in programming languages, especially C++, Java, Solidity, Ripple, and Hyperledger Fabric.
2. Data Scientist
One secret behind the speedy growth of fintech startups is their ability to improve through feedback and usage data continuously. For this, they need data scientists, professionals capable of sifting through large volumes of data to unearth actionable insights.
You can start a career in data science without a degree. Still, you’ll need to be a skilled statistician, well-versed in query languages, NoSQL databases, data visualization tools, and data science toolkits. It is a high-income 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 until they reach the final consumer. Fintech project managers clarify client expectations, define project scopes, develop plans and timelines, and manage material and human resources to achieve company goals.
According to Payscale, the average project manager earns about $89,938 per annum. To get the job, you’ll need a Bachelor’s or Master’s degree in either product management or a related field like business management. You also need technical knowledge of finance and finance technology, great attention to detail, and promotional and organizational skills.
4. Quantitative Analyst
Quantitative analysts, or quants as they are fondly called, use mathematical and statistical methods to solve financial and risk management problems. Fintech hire them to help manage risks, 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 lots of technical knowledge, so we advise that you earn at least a bachelor’s degree in statistics or another related field. You’ll also need to be proficient in machine learning, artificial intelligence (AI), deep learning R, Python, Weka, NumPy, and other data analysis and programming tools.
5. Cybersecurity Analyst
A single security breach could devastate a fintech startup. Consequently, they invest heavily in cybersecurity analysts to protect their computer networks and systems. These cybersecurity analysts are responsible for guarding computer networks and systems and sniffing out weaknesses in company defenses.
The demand for cybersecurity professionals 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’ll typically need a bachelor’s degree in computer and information technology or related fields like engineering or mathematics. You can also give yourself a leg up by earning cybersecurity certifications and learning technical skills such as digital communication, incident investigation, and risk management.
6. App Developer
These days, executing a financial transaction is as simple as a few touches on your smartphone. Fintech app developers make that possible. They are responsible for creating safe and secure applications for mobile banking and exploiting the latest technology to develop creative solutions to consumer demands.
Payscale estimates that app developers earn an average annual salary of $72,510. That figure is expected to increase as smartphone penetration and demand for mobile banking services rise as well.
7. Financial / Business Analyst
Financial analysts guide fintechs on how to spend money to earn more. They examine financial statements to extract insights about the performance drivers, study business trends, and use the knowledge they glean to make sound financial decisions. They also create models, analyze variance, and prepare reports for top-level management.
Out of all the jobs on this list, this one requires the strongest finance background. You’ll need an undergraduate or graduate degree in accounting or finance, great mathematical skills, a detail-oriented mind, and decisiveness. 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 govern financial activities. Compliance experts help fintech companies stay within the boundaries set by law and ensure they are not at risk of legal action. They conduct audits, monitor the regulatory climate, and suggest changes where company operations are not up to standard.
According to Payscale, compliance specialists earn an annual salary of $60,086. Most hold at least a bachelor’s degree in accounting, business, or finance, but what’s important is a solid understanding of the regulatory guidelines governing the finance space. They also need integrity, leadership, creativity, and problem-solving skills.
Get Started With a Fintech Career
There’s never been a better time than now to build a career in fintech. The sector is maturing after seeing considerable growth, and its 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.