FinTech stands for Financial Technology. It is an industry that applies innovative technical advantages to the financial sphere. It has been steadily growing in the last few years and shows no signs of slowing down.
If you wonder about the prospects a career in this field offers, this article will cover all of that in detail.
State of FinTech Industry
In the digital age, consumers prefer fast and easy access to all services, finances included. There is a rise in the number of mobile apps and solutions for budgeting, paying for products, or transferring money. The boost of technology that allows that has been the biggest disruption of such conservative industries as banking and finance so far.
FinTech has a multitude of forms and tools that people encounter on a daily basis, from AI-based chatbots to automatic investment banking algorithms. For instance, as a student, one might use several paying apps or solutions to purchase products or services online safely.
A good example is academic writing help. A lot of students choose to pay for papers on WritePaper.com as it gives those excellent results and free time. It is a professional academic service that helps writing, proofreading, and editing any type of college paper in no time. So when a person struggles with some kind of assignment, they can get expert help.
This is a sure way to make one’s college life easier, and FinTech with online-based payment systems also comes in handy.
This industry includes such solutions as:
- AI and Machine Learning algorithms that analyze finances;
- Algorithmic trading systems;
- Blockchain for the cyber security of accounts;
- Open banking (tracking your budget with apps to transfer money to someone via smartphone);
- Online-only organizations, like banks or loan givers;
- InsurTech software.
It is safe to say that this sphere is only going to grow in the future as it provides flexibility, security, and more freedom to people. It also offers amazing job opportunities to students and recent graduates with skills in STEM and finances.
The Most Promising Careers
There are several positions to consider for STEM graduates in FinTech. Here are collected the most exciting offers for today.
A lot of people think that Blockchain is useful only for cryptocurrencies, but it is not the case. The technology itself is already applied in many different fields. And there is a huge demand for talent skilled in it.
According to TechCrunch, the ratio in the modern job market is 10 positions for 1 specialist. It means a great choice, job security, and a decent salary.
It is a great career for ambitious students that are interested in working with hyperledger fabric, ripple, and solidity. Developers create and maintain frameworks for financial organizations and work on paid protocol systems and exchanges.
The number of cyber threats and attacks is also growing daily. They are dangerous for users and all types of companies. And when it comes to financial services, the safety of personal and corporate data is a huge concern.
FinTech businesses deal with a huge amount of sensitive information; that’s why they need the most advanced measures and skilled cybersecurity analysts and engineers. The main objective is the prevention of incidents and fast response in case it occurs.
Analysts help to create a secure protection environment and prevent threats.
Another promising opportunity is working on mobile and web applications. There is an overall high demand for such experts, and FinTech is no exception to that. Programming applications that allow easy financial operations of all sorts are useful for banks, startups, and IT companies.
One will need to know such technologies as:
If you have a unique idea for an app, it is also a good time to start a business or establish a startup.
Financial or Business Analyst
Any algorithm needs to learn from someone. So if a company builds an automotive investment algorithm, for example, they need human experts to study the data and “teach” the AI how to work with it correctly.
Financial analysts work with information to highlight trends and forecast wise investment decisions. Business analysts are occupied with business strategies, models, and workflows to make sure they are highly efficient.
Any solution or company dealing with money needs to be compliant with local and international regulations. Compliance experts make sure that everything a business offers for end customers is going according to the word of law.
Finance is one of the most heavily-regulated sectors of the economy for obvious reasons. That’s why it is such a responsible position.
Every year people generate more data than the previous one. It comes from subscriptions, payments, bookings, and online purchases. And all of this information is extremely valuable for businesses.
There is an incredible demand for people skills to work with data. Scientists gather and analyze information to forecast trends and suggest further actions. They also present their findings in a more digestible way.
Algorithmic Trading Expert
Algorithmic trading and HFTs are on the rise as well. Computers process a tremendous number of transactions in seconds. Even a fraction of the second counts when it comes to trading and investment. As the faster you can get a result, the quicker you can act on it.
Algorithms that manage those transactions need to be optimized constantly. Here is where programmers come in.
This is a rather advanced position for those who have experience in the field. But it is worth working for. Product managers develop products and introduce innovation. In addition, they are in charge of drafting, designing, and road mapping the development process.
They ensure the usage of the latest technology and design the stack of features for a new solution, whether it is an app or algorithm. They are also responsible for the deployment, delivery, and maintenance of the solution.
It is a great career for those who love Mathematics and Computing. Such specialists work with technologies designed to evaluate security and trade risks for huge corporations or investment organizations.
There is a necessity to develop a new way of processing Big Data in this regard. So the job market needs skilled professionals that can work on automating such processes. According to the Wall Street Journal, quantitative analysts can count on salaries in the range of $500,000 per year, which is very impressive.
AI and Machine Learning Engineers
Artificial Intelligence is an innovative technology that is applied in many fields. From chatbots on the bank website to robotic financial advisers, it is useful everywhere.
No wonder specialists with knowledge in AI and Machine learning are in high demand today. They develop and design modern tools for FinTech.
FinTech is in need of skilled professionals for almost any position. So the career prospects for graduates with such a degree and skills are outstanding. There are no signs of the industry slowing down. And there are lots of opportunities to apply one’s knowledge.
A career in technology and finances offers excellent salary rates, high job security, and wide opportunities for professional development. So if you are considering entering FinTech after college, it is a valid choice, to say the least.