The concept of ‘’FinTech’’ can be unnerving for many – much like the idea of Big Data when it was first introduced, with many being unsure of the intricacies of it. However, even though the idea of FinTech can be ambiguous for many, almost every financial organisation out there is keen to get to grips with it, fearing they may be ‘’left behind’’. Global financial organisations such as Bank of America Merrill Lynch and Bank of New York Mellon in particular, have been leading the way as they incorporate FinTech into their overall operations strategy.
As recruiters who specialise in Financial Technology recruitment, we have seen first-hand a significant increase in the number of FinTech jobs in recent months and this upward increase is continuing. Developers with specialised skills in the likes of Scala, Python and Big Data are in ever increasing demand. There is, however, a skills gap in the FinTech market and as it is often the case that the volume of home grown talent does not meet the capacity of professionals needed in this space. The catch 22 situation is that while there is an evident skills gap, it can be difficult to acquire experience in FinTech without having any prior background in it.
So how to overcome this?
More and more companies are now offering workshops and internships to entry level graduates and young professionals who are curious about this progressing industry. If you are offered one – take it! Don’t be afraid of these entry level positions. FinTech is quite different to the traditional finance streams.
Be flexible: This can often compensate for a lack of experience. Financial Technology often requires professionals who are flexible in their day to day working schedule while also favouring individuals who are innovative and pioneering in their approach.
Build Your Network: It may seem trivial but start off small by asking friends and family and even posting on relevant social media platforms to get initial feedback and leads at a small effort. There are also tons of organisations and bodies out there that hold FinTech related events regularly (Tech Ireland and Upstarter for example) – The great news is that unless it’s a major conference, then the majority of the time, these events are a small fee or better, they’re free! Do your research carefully though and try to see what kind of delegates are attending. Event organisers can often provide you with a list of companies who are speaking or exhibiting at these events.
Combine analytics with passion. Many employers will seek out those who have an analytical mind. You will more than likely be dealing with a large amount of data whether that may be analysing a system or generally understanding the logic behind a system. Analytics will naturally be a prerequisite but combine this with passion! This may give you an edge that lands you the job. There is probably not a FinTech organisation out there that hasn’t been founded without a smart business leader with a passion for technology. If you can demonstrate this too, an employer will appreciate this and know you will be a dedicated employee.
Have your pitch ready – So what is your next step once have built your network and you are ready to show off your skills and ability? It is likely that not much will happen unless you are prepared to promote yourself as someone who is worth employing and will make the company a return on investment. Keep an up to date CV with your experience and skills to date and try to get some references /testimonials from previous employers – even if it was just work experience or voluntary work. Perhaps you also undertook some projects in your undergrad?
Above all, have patience! – Fintech can take time to really get a handle on and there is no step by step route you can take to get your foot-in-the-door. As David Rutter, Founder and CEO of R3 CEV said “I don’t believe there’s only one right approach. Successful Fintech firms require experts on both the financial and technology sides, and I would counsel anyone considering a career in the area to play to your strengths and to find where you’re the happiest. Each day I come into work and am challenged by people of diverse backgrounds, and because they push me so hard, R3 benefits as a whole.”
In the meantime, do try to take the above points into consideration when job hunting in the FinTech space. It can be frustrating initially but it will pay off when you manage to land yourself a great role in a FinTech company or financial institution.
by Quest Recruitment
‘’Voted Best in Practice Accountancy & Finance for the years 2017, 2015, 2013 & 2012 Quest Recruitment is a team of experienced and professional Financial Recruiters solely dedicated to recruiting for Financial Technology and Financial Services Professionals’’
