Thinking of a New Career in Fintech?
I work in Fintech.
That’s how I introduce myself when I get asked the common question of what I do for a living. But most people, especially those who aren’t familiar with the startup scene, don’t actually know what Fintech is. So to help people better understand this new career field, I’ve gathered a short introductory guide.
Fintech is a relatively new industry, which means there are a lot of opportunities available. It has developed rapidly since the subprime mortgage and global financial crisis of 2007 and 2008. The emergence of Fintech was mainly due to customers’ loss of trust in the existing financial institutions.
So What Exactly Is Fintech?
As you can see, Fintech is a contraction of “finance” and “technology”. It is the use of technology in the financial services industry. Through simplification, transparency, analytics, and efficiency, the fintech revolution has enabled consumers to use convenient, and personalized financial services at the tip of their fingertips.
You might ask, “How does Fintech affect my life?” Fintech has been affecting our lives even without noticing! For example, many people use a mobile wallet to pay for coffee or tea, and people repay their friends for lunch using Venmo, including checking your bank balance on your phone.
Job Opportunities?
There are roughly eight key segments in Fintech; Credit, Savings, Investment, Financial Planning, Digital Payments, Blockchain & Virtual Currency, and Data and Technology Ecosystem. If you are interested in a career in fintech, some of the positions that are available are Financial and Strategy Analyst, Product Manager, and Data Analysts/Scientists. Others that are popular and high in demand are software developers, app developers, and marketers as well as research analysts.
How Do I Prepare?
To prepare yourself for a career in the Fintech industry, studying economics, computer science or mathematics are all safe choices. Among these fields, economics stands out since you can build numerical and critical thinking skills. Computer science is another good choice since Fintech revolves around software. Courses in Data Analytics help you see substantial datasets and learn to analyze them to better understand consumers. Marketing courses will equip you with the skills needed for creating innovative ways to promote the company services and products, especially through digital marketing.
Another avenue to take is to study law at the graduate level. You might wonder how law connects to fintech, but the emergence of fintech is actually creating new opportunities for corporate lawyers. Since Fintech firms do not know exactly which law, ruling or regulation would require their compliance, those firms are looking for legal minds to assist them. If your plan is to be a lawyer, it’s great to consider fintech as your specialization.
But with all these academic studies, how can you truly differentiate yourself from other candidates?
First of all, technological proficiency is important. Programming languages such as Python, C++, and Java are in high demand across various fintech products. Another important thing to have is strong analytical skills, and specifically, business/finance analysis. Once the demand for Fintech goes up, several firms will look for people who can strategically think about implementing new IT projects. Soft skills like communication, problem-solving ability, and being able to collaborate are also important because you will often work in teams.
Conclusion
Well, there you have it. A short and quick introduction about Fintech and how you can prepare yourself to build a career in this industry. Hope this helps you become somewhat better equipped the next time you meet someone who works in Fintech!
If you have interest in working for a Fintech firm, come join our team at QARA! Check our available positions here.
About Us
QARA offers asset management services through the AI deep learning technology. Through the combination of both modern AI tech and research, our services include customized investment analysis and weekly/monthly market forecasts.
Our app KOSHO is a financial forecasting & analytics application that helps individual investors make smarter decisions. Using the latest CNN & RNN deep learning algorithm, KOSHO analyzes over 30 years of market history and utilizes nearly 400 million data.
KOSHO is available to download for free in the Google Play Store and the App Store. Check it out here!
