5 Reasons to Study Fintech Management - Ulster Online (2024)

Despite over a decade of exponential growth, the Fintech revolution is only just beginning. The global Fintech industry is worth around £150 billion and climbing, a figure that has doubled since 2017. Today, developments in Fintech continue to shake up traditional models, revolutionising and speeding up processes across industries and consumer markets.

As the scope of financial technology grows, so too does employer demand for skilled professionals with sound knowledge of the Fintech industry. With an understanding of how to drive Fintech innovation, you’ll open yourself up to a wealth of Fintech career opportunities. There has never been a better time to upskill and become a Fintech professional.

Ulster University Business School’sMSc in FinTech Management is designed to help meet this industry demand and equip Fintech professionals with the latest management skills needed to shape the future of an emerging sector.

According to aDeloittereport, the number of FinTech venture companies in the UK has risen threefold between 2013 (1,080) and 2020 (3,485) and continues to see expansion. In Northern Ireland alone, the FinTech industry contributes £392 million to the economy with the potential to generate ‘thousands more jobs and over £25 million in Foreign Direct Investment over the next three years’ (Finextra).

Owing to its ongoing evolution and lucrative nature, the sector provides both a challenging and exciting opportunity for professionals willing to take the leap into unknown territory.

Perhaps the biggest challenge the sector currently faces is the lack of experienced managers with financial and technical understanding. The UK Treasury-commissionedKalifa Review, an independent report on the UK Fintech market published in 2021, highlights this demand:

“Fintech not only requires technology and data specialists but, in order to support successful and sustainable growth, scaling Fintechs are also looking for experienced managers and financial services specific knowledge”.

According to the report, 43% of job adverts from UK Fintech scaleups looked for proficiency in data, 44% prioritised technology skills and 35% focused on business acumen. The report suggested higher education institutes should be doing more to equip students with these skills and future-proof their careers.

Ulster University’sMasters in FinTech Management is designed to do exactly that, providing solid foundations for skills in data analytics, financial technology and business, setting graduates up for progression in a transforming industry.

There’s no limit to the job opportunities for recent Fintech graduates, particularly those demonstrating business skills alongside their financial and technical expertise.

Work in Fintech spans traditional financial organisations as well as digital-first start-ups, sometimes known as ‘Fintechs’. Fintech graduates may also go on to work for big tech firms, launch their own businesses or switch industries by leveraging their in-demand skill sets.

Some of the top careers in Fintech include:

• Data scientist/statistician
• Quantitative analyst
• Blockchain developer
• Cybersecurity specialist
• Risk and compliance officer
• App developer
• Machine learning engineer/analyst
• AI developer

Specialised candidates, such as those with experience in machine learning or AI development, will be valued across a wide range of roles.

Skilled managers with expertise in Fintech will inevitably have a choice of the most lucrative positions, such as those for leaders, strategists and consultants. The highest paying roles are usually found at director, vice president or equivalent level.

Disrupting an established sector is never easy, but someone’s got to do it. Those that have the courage to overhaul the traditional processes of their sector will reap the rewards, whereas those financial organisations that fail to adopt Fintech will fall behind.

For example, it’s clear that traditional banks are struggling to keep up with their digital competitors when it comes to customer satisfaction. The 100% online UK bank Monzo won the title of ‘Best British Bank’ in the British Bank Awards 2022, defeating more established banks such as Barclays, Halifax and Nationwide.

Despite being in competition, digital providers and banks often work in partnership to diversify their services and increase profits. To illustrate this, a 2019 PwC report showed that 48% of financial services organisations have incorporated Fintech into their strategic operating model, while 37% have utilised emerging technologies in their products and services.

With this percentage set to increase, having experienced Fintech managers to implement future goals is more essential than ever.