A guide to fintech careers in 2022

A guide to fintech careers in 2022

What is fintech?

Financial technology, also known as fintech is a term that describes the technology used to support traditional financial methods. Whilst the term gained popularity in the 21st century, the idea itself has been around since the 19th century.

In 1866 the first transatlantic link was laid which provided the basic infrastructure for financial globalisation. Later in 1918, the USA launched Fedwire which processed the first electronic fund transfer system. Then in 1950 credit cards were introduced which was seen as ground-breaking in its time period.

Between 1967 and 2008, huge developments in technology helped bring about the first ATM, BACS and SWIFT payments, mobile phones, online banking, and of course the internet. In 2008 there was a global financial crisis which in turn led to a revolution within the fintech industry.

Is fintech a good industry to get into?

As of 2022 the fintech industry is worth over £149 billion and is predicted to reach over £177 billion in 2024. A lot of fintech developments are coming from start-up companies, which focus on developing innovative products and B2B payment solutions to help solve consumer problems.

There are now over 26,000 fintech start-ups worldwide which has increased drastically from 2019 when there were only 12,000.

As fintech leads the way in banking transformation it offers a range of jobs for IT and tech professionals, from UX designers to Data Engineers. Over the past year, there has been a 62% increase in the demand for jobs around fintech and this will only continue to grow with the development.

Different types of fintech

As mentioned previously fintech stands for financial technology, so this term refers to any digital device or software that delivers a financial service. This includes the following:

  • Digital Banks
  • Cryptocurrencies
  • Mobile payments
  • Insurance
  • Personal finance
  • Consumer banking
  • Stock trading apps

What qualifications do you need for fintech?

If you are looking to get into fintech, there are now a number of courses and even degrees that can help you acquire the skills needed for the job. In 2017 Oxford University announced that their business school would be offering a fintech short course, and since then fintech courses and modules are fast becoming essential among many leading universities.

Because these courses are fairly new, hiring managers will also look for people who have degrees in similar fields. This includes Finance, Computer Science, Business, or Business Administration. More importantly, hiring managers will look to see if you have the skills needed for the role. These skills could be transferable from an existing job, otherwise, you can also learn more technical skills from online courses.

What skills do you need for Intech?

Technical skills for fintech:

  • Blockchain
  • Data visualisation and analysis
  • Artificial intelligence
  • Machine learning
  • Programming skills
  • Cybersecurity
  • Mathematics and statistics

Soft skills for fintech:

  • Communication skills
  • Critical thinking skills
  • Flexibility
  • Business acumen

Careers in fintech

  • Data Engineer
  • Data Analyst
  • Business Analyst
  • UX Designer
  • Software Developer
  • Software Engineer
  • DevOps Engineer
  • Quality Assurance Tester
  • Product Manager
  • Cyber Security Specialist

How much does a job in fintech pay?

  • The average entry-level fintech salary is £42,500
  • The average entry-level fintech salary is £69,000
  • The average entry-level fintech salary is £110,000

Is fintech a good career?

As mentioned previously, fintech is a growing industry and there are many benefits to consider if you want to get into it, including:

  • Job security: With the industry increasing and more companies hiring, if you keep up with the skills demand in fintech, you will never be short of a job opportunity.
  • Career growth: Fintech offers professional growth as it is a developing industry there are many skills to learn, and companies are offering in-house training to help you thrive.
  • Diverse job opportunities: Because the industry is growing and developing, companies are creating new roles to keep up with innovation.
  • High salary: Because some of the roles within fintech are highly skilled, employers offer competitive salaries to attract the best talent.

If you are passionate about continuous growth and development within a fast past industry, then the fintech sector is the one for you.

View our latest FinTech job opportunities from top employers