Financial Technology (Fintech) is an evolving industry. It integrates innovations in Artificial Intelligence, Big Data, and Blockchains with personal and commercial financial services. Once an exclusive forte of financial institutions, fintech is now in use by a range of organizations. The EY FinTech Adoption report 2019 stated that the world’s fintech adoption rate increased to 64% in 2019, compared to just 33% in 2017. Here is a list of the top jobs in fintech.
Blockchain technology is becoming increasingly relevant in supply chains, property records, healthcare, and elsewhere. Blockchains can be used to develop payment platforms for cross-border transactions where users send money online for a variety of reasons.
Blockchain Developers are a category of software developers that possess several relevant skills. These include proficiency with blockchain protocols along with various programming languages such as C, Python, and Java. According to the job search site Hired the demand for Blockchain Developers is estimated to grow by 9% this year. Blockchain Council is one of the top employers of these developers. Blockchain Developers take home an average salary of $136,000 per year.
Fintech firms employ Quantitative Analysis to collate and interpret large volumes of data. This is done using financial models. Quantitative Analysts must be skilled in applied statistics and data science.
They must be able to code in programming languages like Python and Hive. According to Payscale, a company that publishes salary estimates for jobs, entry-level Quantitative Analysts are likely to earn around $84,097 per year. Some of the best known recruiters in this field are GQR Global Markets, Averity, and FusionFind.
This job profile is responsible for preparing and aggregating reports such as companies’ financial documents, budgets, and forecasts of financial position. Financial analysts must have bachelor’s degrees in Finance. The US Bureau of Labor Statistics (BLS) predicts that the field will grow by 6% on average for the next eight years.
Financial Analysts are hired by all manner of firms, including the world’s best known brands such as Apple, The US SEC, Goldman Sachs, and others. Employers such as Leshinsky Finance offer up to $200,000 per year in salaries to qualified and experienced analysts.
Many budding start-ups, especially in fintech, depend on high speed connectivity and wireless networks. They can be vulnerable to cyber crimes, such as identity theft. Cybersecurity professionals find a niche where business and connectivity coincide.
Entry-level Cybersecurity Analysts find it useful to have a relevant bachelor’s degree. They must also have competencies in risk analysis, compliance, encryption, and security operations management. A CISSP (professional certification in information systems security) improves the likelihood of getting a job, as well as the prospects of better compensation.
Average salaries with certification average $112,535 per year, compared to $72,102 without CISSP. Employers such as Selby Jennings Information, Forrest Staffing Solutions, and Phoenix 2.0 have hired for such jobs at $140,000 per annum and higher.
A Compliance Specialist is someone who ensures that their employer complies with the established standards and regulations. The job profile is responsible for ensuring that business documentation is complete and comprehensive. In the context of fintech companies compliance experts usually enter with a Master’s level qualification in Finance, along with a certification in Regulatory Compliance.
Entry level Compliance Specialists earn an average salary of $47,073. Experienced professionals (5 years or more) can make $65,934. Top firms that hire for these jobs include JP Morgan and Chase and Bank of America Corp.
96% of all fintech consumers use apps for payments and transfers. 86% use it for insurance. Companies hire App Developers to build new apps as well as to add new functions/services to existing apps. According to BLS the job outlook for App Development grew by 21% in the past year. This was driven by the rising demand for mobile and computer apps.