CAREER IN FINTECH
Now, more than ever, business leaders must concentrate on the experience of the consumer. Today, companies are searching for better ways of using technology to enhance their goods, services, and processes. Corporations can fulfill customer and company needs for convenience and personalization through innovation.
What exactly is FinTech?
FinTech is a short form of Financial Technology, which is now used to identify companies
that provide financial services through software and digital technology. Some FinTech innovations have enhanced traditional services, such as mobile banking apps, while others have revolutionized services, such as pay-per-mile auto insurance, or some created new products, such as Bitcoin.
Is FinTech a new industry?
FinTech is not a new industry; it has simply developed at a rapid pace. Whether it was
the advent of credit cards in the 1950s or ATMs, electronic trading floors, personal
finance applications, and high-frequency trading in the decades that followed,
technology has always been a part of the financial world to some extent. Due to the major influence of AI, machine learning, and programming in FinTech, and the exponentially rapid development in the field, FinTech is considered one of the most
promising new-age industries.
So how do I start a career in FinTech?
Trying to make a proper academic path that leads you to a good professional career in this field could be tricky since there are no dedicated FinTech undergraduate programs, so we have taken the liberty of outlining a basic career map for you. Let’s start at the very beginning.
- Complete your high school education with any stream.
- Obtain a Bachelor’s degree in one of these recommended fields Mathematics, Economics, Computer Science, Artificial Intelligence, Finance, Accounting, or Business.
- Complete a certification course that prepares you for specializing in FinTech. Some
recommended courses are:
● Certificate in Finance and Technology (CFT)
● FinTech Professional Certificate Course
● The FinTech Foundation Program
● Oxford FinTech Program
● FinTech Law and Policy
● FinTech and the Transformation in Financial Services
● FinTech: Finance Industry Transformation and Regulation Specialization
- You could also pursue a master’s degree to increase your employability in this field.
Some recommended degrees and colleges are:
● MSc in Financial Technology (University of Surrey)
● MSc in Computer Science – Financial Technology (Eötvös Loránd University)
● Master of Finance in Financial Technology (Harbour Space University)
● CFTE (FinTech Foundation Course)
● FinTech Pro degree (Martius Learning)
● MBA FinTech (IILM University)
● Advanced Programme in FinTech and Financial Blockchain (IIMC)
● Masters in FinTech (BSE Institute Limited)
● Decoding FinTech (SP Jain Institute of Management & Research)
According to The Economic Times, careers associated with the FinTech sector are in great demand and demand often exceeds the current, available qualified applicants. Here are some of the most in-demand and highest salary having jobs that the field of FinTech has to offer:
● Business Development Associate: Rs.2.63L – Rs.10L/annum
● Chief Risk Officer: Rs.2.09L – Rs.40L/annum
● Customer Success Manager: Rs.2.59L – Rs.9.9L/annum
● Java Developer: Rs.3.23L – Rs.10L/annum
● Key Account Manager: Rs.1.53L – Rs.6.47L/annum
● Operations Team leader: Rs.1.5L – Rs.5.89L/annum
● Senior Engineering Manager: Rs.20L – Rs.80L/annum
To help you better understand what the current space of FinTech looks like, here are some of the best FinTech companies and start-ups you should keep an eye on Razor Pay, Zero, Adyen, Braintree, Morningstar, Acorns, Gravity Payments, Brex, Varo Money, Blend, True Accord.
Facts and Figures
You must be aware of the scope of any field you are seriously considering
becoming a part of and when we talk about scope, numbers get the message across a lot better than words. So let’s look at some hard facts and figures of the FinTech Industry in India and abroad to help you better understand the field you might become a part of:
- According to the MEDICI India FinTech Report, 2020 edition, FinTech investments
touched $1.47 billion between January and June of 2020, a 60% increase over the corresponding period in 2019.
- According to a June 2016 report by KPMG and software industry lobby body NASSCOM(National Association of Software and Services Companies), the Indian FinTech software market is forecasted to touch $2.4 billion by 2020 from the current $1.2 billion.
- As of March 2020, India and China accounted for the highest FinTech adoption rate of 87% in a recent study by Research and Markets. India’s FinTech market was estimated at Rs 1,920.16 billion in 2019 and is forecast to cross Rs 6,207.41 billion by 2025, increasing during the 2020-2025 period at a compound annual growth rate (CAGR) of approximately 22.7 percent.
With the professions in this industry being lucrative and supply and demand still in favor of the eligible candidate, it is well worth pursuing a career in financial technology.
Thank you for reading!
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