Careers in Fintech: Your 2023 Guide | Ulster (2024)

Fintech is a worldwide growth sector attracting ever-increasing amounts of funding each year. In 2021, the world saw a record year for Fintech investment, an amount exceeding £85 billion, which marked a 182% increase from the previous year. The UK Fintech sector alone reached £9.6 billion in investment, a 217% increase on 2020.

The adoption of technology and AI-driven approaches in the financial sector has never been more of a priority.

With all this development investment, careers in Fintech, now more than ever, are providing lucrative opportunities for finance, tech and business experts.

Whether you’re already a skilled Fintech professional or pivoting into Fintech, below we outline the latest opportunities in the sector, salaries for the best financial technology jobs and how to upskill into specialist areas.

The fledgling nature of the sector and the acceleration of new technologies mean that new and exciting Fintech careers are emerging daily to reflect market needs.

As well as a healthy salary, there are several other benefits of working in Fintech, including:

• Job security
• Fast career development
• Creative potential
• Start-up culture
• Team-oriented work
• High profits
• High job security
• Transferrable skills development (e.g. complex problem-solving and adaptability)

Careers in Fintech have the potential to be satisfying and lifelong, with paths to success opening continuously.

Wondering if you are suited to a career in Fintech? Ask yourself the following:

• Are you interested in bridging the gap between finance and technology?
• Do you have a lifelong learning attitude?
• Do you have innovative ideas about innovating existing products and services?
• Do you like the idea ofhelping shape a rapidly developing industry?
• Would you like a career that spans multi-disciplinary skills in finance, tech, legal, marketing and business?

If you answered yes to most of these questions, a career in Fintech could be perfect for you.

Getting high-paying financial technology jobs depends on your skill level and ability to showcase yourself to employers, unlike traditional banking which tends to focus on academic performance.

As a Fintech professional, you’ll be involved in technical yet creative endeavours, with an emphasis on continuous learning. As you develop in your career, you’ll acquire a diverse skill set, helping to drive innovation in the sector and wider society.

As Fintech develops, the sector will have increasingly tangible benefits in the lives of consumers, as seen in recent innovations such as digital payments, budgeting apps for financial planning, and easier access to digital loans and investments.

According to data published by UK Talent in 2022, the average starting salary for Fintech jobs stands at approximately £45,000, leaping to over £60,000 per year for confirmed Fintech professionals and £80,000 per year for the most experienced workers.

According to data collected by Indeed, the average base salary for data analysts in the UK is £33,700. For a business development manager, the base average is £38,000 and for a developer, it stands at £44,600.

Specialists earn the best pay, such as cyber security specialists who earn an average base salary is £53,400.

As a skilled Fintech professional, you could opt to work for a traditional financial organisation such as an established bank (think Lloyds or Barclays). Alternatively, you could compete with the established banking sector by working for a digital bank.

Beyond banking, Fintech careers are available at big tech firms or digital start-ups (sometimes referred to as ‘Fintechs’), as well as in emerging sectors such as blockchain and cyber security. It should be noted that Fintech firms are exclusively focused on tech for financial products and services, whereas big tech firms provide these products and services as a small add-on to their main services.

Some of the top Fintech career paths include:

• Data specialist
• Quantitative analyst
• Blockchain developer
• Cyber security specialist
• Risk and compliance expert
• App developer
• Machine learning engineer/analyst
• AI developer

Skilled managers with expertise in Fintech, such as leaders, strategists and consultants will benefit from a choice of the most lucrative positions. Roles such as director, vice president or equivalent are likely to receive the highest salaries.

With a postgraduate degree in Fintech and some work experience, management positions will also be achievable.

The following Fintech careers (outlined by Finextra) have high potential for future growth and are well suited for graduates of FinTech Management:

Compliance officer – As regulation for Fintech tightens and becomes more complex, the need for risk and compliance experts – covering financial law, best practices and data security – is more significant than ever.

Fintech product manager –A key position in establishing and implementing product roadmaps in collaboration with tech teams to meet customer needs and agreed timelines. Learn moreon the PwC website.

Fintech consultant –A Fintech consultant (agency or freelance) helps deliver cost-effective technology solutions to diverse businesses.

Centre of Excellence manager/director –This senior logistics role helps coordinate internal and external stakeholders, in partnership with Fintechs, to roll out innovative market solutions

Though it can be helpful to look at specific job roles, looking at specialist areas can help us gain a better understanding of the possible focus areas for Fintech experts. Explore our blog on Fintech specialisms to discover emerging areas.

Data science and analysis

Gathering and analysing data has become a commercial necessity in the modern age. Within Fintech, data analysis tends to focus on online transaction data – payments, transfers, trades, purchases and beyond – to pull meaningful discoveries on consumer activity.

Machine learning and AI

Within this Fintech specialism, you’ll be working with algorithms and rule-based systems to create something akin to artificial intelligence. The potential (and risk) of these algorithms is near endless, as we step closer to creating machines that can think like humans. Data analytics is closely connected to this area.

Wealth management and financial advisory

Traditional wealth management and financial advisory services continue to create investment strategies for clients, but the addition of advanced technologies streamlines the entire process.

By implementing data analytics and 24/7 account access, ‘WealthTech’ provides straightforward wealth management for consumers and lucrative careers for professional advisors.

Governance, risk and compliance

‘RegTech’ – the application of technology in Fintech regulation – is a specialist area aiming to simplify the process of compliance through the implementation of advanced tech tools.

Cyber security

Tackling the huge threat of cybercrime is no mean feat for modern businesses and is imperative to protect valuable data streams and maintain reputation. Cyber security is a high-growth area, serving to limit the chances of a data breach and find solutions for businesses.

Blockchain and cryptocurrency

The talking point of the financial world, blockchain is a core technology revolutionising how data and transactional information is stored, including for crypto transactions. The technology is destined to become widespread, applied for things such as payment, record and contract management.

Algorithmic trading (a.k.a high-frequency trading)

Algorithms that can process millions of transactions every second have taken over the trade floor and are now the future of finance. While computers take the bulk of the work, specialist traders with programming skills are needed to shape, manage and optimise these automated platforms. Data analytics is closely connected to this area.

App development

With more time being spent online, app development is big business for established organisations and new start-ups alike, modernising shopping, banking, entertainment and a vast range of other services. Within Fintech, a strong app can help to attract and retain customers but requires skilled app developers to become a reality.

Money transfers

Integral to the financial system, payment processing is a low-risk career choice. Fintech currently competes with credit cards by offering one-click payments and instant payment processing. Big companies are best placed for careers in this area.

Peer-to-peer lending

P2P lending is a potential disruptor for traditional banking, making it easier for consumers to borrow from their peers rather than resort to bank loans. Risk management and returns incentives are two big challenges for this niche field.

Crowdfunding

Similar to P2P lending, crowdfunding allows for the democratisation of investment funding but with added risk for consumers/investors.

If you’re interested in studying these Fintech specialisms, you can consider joining the FinTech Management MSc which covers highly relevant learnings within the majority of the areas listed above, including data analytics, AI-driven financial services, payment exchanges, peer-to-peer lending, blockchain-based projects and personal finance management.

If you’re just launching your Fintech career, you will need to demonstrate expertise in both the financial world and tech. Getting experience in both can be challenging and a simpler route would be to gain a qualification in Fintech specifically.

Through postgraduate study or a training course, you’ll learn how the industry works and how to apply yourself within it. An added qualification will show potential employers you are interested in the field and possess the required skills to succeed.

After completing your studies, you’ll still need to find attractive openings. There are a whole host of specialist job sites advertising financial technology jobs in the UK and beyond, such asOttaandOakstone, jobs boards on specialist sites such asWIBF(Women in Banking and Finance) or careers pages on established bank websites.

Fintech careers can also be found on general job sites such asLinkedIn,TotalJobsandIndeed.

Boost your Fintech career with further study

Consider the part-time, online MSc in FinTech Management taught by internationally renowned finance academics from Ulster University Business School. The Fintech Masters programme is unique in combining Fintech with leadership and business strategy, producing highly employable graduates with a sound business outlook on a technical field.

Professor Daniel Broby, Course Director of the online MSc FinTech Management, serves as the Business School’s Chair of Financial Technology, leading development and research to support the thriving Fintech ecosystem in Northern Ireland.

Why study at Ulster?

Ulster University is ranked 20th in the Accounting & Finance 2022 Guardian league table, one of the highest rankings among UK universities that offer Fintech programmes.

Based in Northern Ireland, Ulster University is a central institution benefitting from the region’s position as a global Fintech hub. The Fintech industry in Northern Ireland 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). Ulster University programmes attract leading employers such as FinTrU, Danske Bank and AllState.