Fintech is an exciting, wide-open field, in which excellent entrepreneurs and employees are able to blaze new trails.
A hybrid phrase encompassing finance and technology, the
rise of smart tech and increasing online engagement meant a market opened up
for exciting new types of financial services. New-age banks, crowdfunding
programs, peer-to-peer lending services, money management tools; Fintech
introduced all these and more, making them much more usable and
accessible to both professionals and the masses than ever before.
Unsurprisingly, with these new innovations on the financial
scene came a great deal of interest — and money. The Fintech industry exploded.
In 2011, less than $3 billion in funding was being provided to Fintech
startups. In 2016, that number was over $100 billion, placing the market value of the entire industry at near $900 billion.
With so much money in the industry, finding out how to get a
job in Fintech has become a goal for many. If you are reading this, it is
likely a goal for you as well. But how can you get a piece of the action?
Understand the Industry
Established after the financial slump in 2007/2008, as the
age of smart tech dawned, Fintech combines two established and complex worlds
into a sometimes perplexing amalgamation of imagination and innovation, and
rules and regulations.
It is important, then, to understand the industry you are
getting into before applying for roles. Interviewers will want to see some
knowledge and depth to your application. Having to constantly explain the ins
and outs of different aspects of Fintech is going to be tedious and
time-wasting for startups, so this isn’t the kind of employee they’ll be
interested in hiring.
Telling you to do your research beforehand is obvious, but
we don’t just mean into the company for which you are applying. We’re talking
about the industry as a whole. Chat to people who work in Fintech already,
watch videos and read articles about current events shaping Fintech. Find out
not just what Fintech is, but how it works and why it works.
You won’t be expected to know everything, but be sure you
know more than: “it’s, like, banking apps on your phone”.
Demonstrate Your Ability to Work in Fintech
So, you want to work in Fintech, but like many other jobs,
you face a paradox.
In order to get a job in the industry, businesses want to
see experience. They want to know you are a safer bet than your competition.
Fintech is a technically advanced form of finance; you need to know not only
about money and the financial world, but also about tech. What this means is that, to
succeed, you need to demonstrate that you can actually work within this
constantly changing environment.
To get experience, you need experience. In an industry so
young as Fintech, where most companies only have a small roster of employees,
this is tough. But it isn’t impossible.
If you can’t get work experience, a qualification in Fintech
can help you acquire the knowledge you need. Just like other forms of
education, a qualification in Fintech will help you learn
how the industry works and how to work within it. Completing a Fintech training
course allows you to demonstrate to potential employers that you are serious
about your interest in the industry and that you have the skills required to do
the job.
Evaluate the Opportunities
The word Fintech implies that to get involved in the
industry, you must be an expert in either finance or technology, but that’s not
the case.
If you are wondering about how to get a job in Fintech, it’s
important to evaluate exactly what roles are available that fit your skill-set
and ambitions. Of course, to successfully work within Fintech, you must have
some basic knowledge of tech and finance in order to not feel totally out of
your depth — and come off poorly in interviews and networking events — but you
don’t have to be incredibly adept at coding to join the ranks of Fintech
startups.
The Fintech industry is in need of many different types of
workers, including sales persons, marketers, project managers, HR reps, data
management experts and more. Like many other industries, including the more
broad and separate versions of finance and tech, a strong Fintech startup is a
well-oiled machine consisting of many different members with unique and valuable
skills that contribute to the company as a whole.
The bottom line is: if you are attracted to Fintech — by the lucrative nature of the industry, the innovations involved, or just the chance to do something new — there are plenty of avenues of work to explore. Don’t be discouraged by a lack of technical skills or financial knowledge; there is a place for everyone in Fintech.