Can You Make Good Money in FinTech?

Can You Make Good Money in FinTech?

Around the world, technology-related financial services have experienced phenomenal growth in the past decade. Financial technology investments have steadily risen since 2016.

Many experts believe FinTech companies democratize finance, make it more accessible and reduce the amount of guesswork involved in making financial decisions for both individuals and businesses thanks to their disruptive innovations. FinTech firms blur the lines between technology and finance by redefining financial services, redefining the economic landscape, and even erasing traditional finance models. Among these companies are robo-advisors and asset managers, mobile payment providers, online banks and lenders, peer-to-peer lending platforms, and companies that provide online remittances.

Every year, FinTech continues to grow, creating an ever-increasing need for specialists with specific fintech skills. In most cases, there is an insufficient supply of skilled professionals.

Can You Make Good Money in FinTech?

According to estimates, the average fintech salary is $120,735 per year or $61.92 per hour in the USA. Starting salaries for entry-level jobs are $85,000, while experienced workers can earn up to $186,968.

As the FinTech industry grows exponentially, the industry will quickly acquire FinTech professionals with specialized skills and capabilities. The FinTech market will also continue to be a candidate’s market. This means candidates will need to be acquainted with the following occupations:

  • Compliance Experts – Up to USD 55K per year
  • Financial Analysts – Up to USD 68K per year
  • Product Managers – Up to USD 75K per year 
  • Risk Control Managers – Up to USD 87K per year
  • Cybersecurity – Up to USD 100K per year
  • Blockchain – Up to USD 120K per year
  • Software and mobile app development – Up to USD 135K per year
  • Data Science – Up to USD 155K per year

A candidate with knowledge of the above will not only be highly employable, but they will also be able to choose from a larger pool of jobs and employers. In some FinTech jobs, including managerial and executive roles, soft skills may be required, in addition to technical skills, such as leadership, problem-solving skills, and critical thinking.

While risk management and compliance are interconnected, both fields are separate in FinTech, and experts in both areas are highly sought after. Regulations and rules have hit traditional financial services as well as FinTech. This has increased the compliance burden on firms, which has, in turn, boosted the attractiveness of compliance specialists to potential employers.

Innovation is critical to financial technology; imaginative and creative individuals can help drive creative ideas and solutions. Choosing flexible and resilient candidates will ensure that Fintech companies can continue operating even in uncertain times.

Contact Black Pen Recruitment for more information about the most in-demand skills in the FinTech industry, or to get assistance with Fintech recruitment for your African business. Our company specializes in recruiting candidates for permanent, interim, and contract positions in the FinTech sector.