In almost every corner of the world, the past decade has witnessed extraordinary growth in technology-related financial services. In fact, investments in FinTech – an umbrella term that encompasses all firms that provide that employ newly developed digital and online technologies in the banking and financial services industries – has been steadily increasing, with the industry receiving USD 17.4 billion in investment in 2016 and a whopping USD 31 billion in the following year.

Primarily comprising start-up firms, the FinTech industry specialises in disruptive innovation that many experts believe democratises finance, makes it more accessible and takes a lot of the guesswork out of financial decision-making for both personal and commercial users. By blurring the lines between technology and finance, FinTech players such as robo-advisory and asset management firms, online lenders, online banks, peer-to-peer lending platforms, mobile payment firms and online remittance firms like InstaReM are redefining financial services, reconstituting the financial landscape and possibly even pushing traditional financial models towards obsolescence.

As FinTech gains momentum year-on-year, there is a huge demand for professionals with specific FinTech skills. For the most part, however, the demand for skilled professionals far outstrips supply; with one LinkedIn report predicting that the global skills gap for candidates with relevant experience and expertise (i.e. those who are likely to achieve success in FinTech) will hit a massive 1.5 million by 2020.

So, what are some of the most in-demand and highest-paying jobs in the FinTech industry? Read on to find out!

With the industry projected to grow exponentially in the coming years, talented FinTech professionals will be quickly snapped up for their unique skills and capabilities. Furthermore, FinTech is likely to remain a candidate’s market and demand for knowledge of the following is likely to increase:

• Blockchain
• Software and mobile application development
• Data Science
• Machine Learning, Artificial Intelligence (AI) and Deep Learning
• Cybersecurity

Candidates with knowledge of the above are not only highly employable; but also have a wider range of jobs and firms to pick from. Of course, some FinTech jobs – especially at senior and managerial levels – may require candidates to have a combination of several technical competencies along with soft skills such as leadership, problem-solving, critical thinking and relationship management.

For more information about the most in-demand skills in the FinTech industry, see our article here.

Now, what are some of the highest-paying jobs in the FinTech industry? The next section covers this information, and much more.

1. Blockchain Experts & Developers

Skills/experience required include:

• Programming languages: C, C++, Java
• Other Programming skills: Hyperledger Fabric, Ripple, Solidity (Ethereum)

Average remuneration: Up to USD 130K per year

In a 2017 special report (Global FinTech Report 2017), PwC predicted that “77% of financial institutions expect to adopt blockchain as part of an in-production system or process by 2020”. With an average of 14 job offerings available to one blockchain developer, this is one of the most in-demand and high-paying jobs in the FinTech industry.

According to the freelancer marketplace Upwork, blockchain is one of the fastest-growing FinTech skills, showing a consistent year-on-year increase of over 35,000%! The need for blockchain experts who can work on smart contract development and blockchain engineering projects or provide blockchain consultancy services will only increase in the next few years.

2. App Developers

Skills/experience required include:

• Knowledge of Machine Learning, Artificial Intelligence (AI) and Deep Learning
• Programming languages: C#, C++, Java, Python
• JavaScript
• Analytical skills
• Understanding of databases, especially distributed databases, Master/Slaves and fault-tolerance

Average remuneration: Up to USD 131K per year

With more and more mobile phones and smart devices being used to manage personal finance, make payments and send and receive money, the demand for mobile apps and solutions, along with those who can create them, is absolutely booming.

In late 2017, Visa surveyed thousands of mobile users in Europe and found that more than a third of respondents in the UK used a mobile device to make a peer-to-peer digital payment. In addition, at least three-fifths of millennials (i.e. 18-34-year-olds) who responded to the survey said that they sent money to family and friends using services like InstaReM from a mobile device. These figures may vary in other parts of the world, but the bottom line remains the same almost everywhere: mobile-based finance is here to stay! This translates to a huge demand for mobile app developers, especially Android engineers.

3. Quantitative Analysts & Data Scientists

Skills/experience required may include:

• Knowledge of Machine Learning, Artificial Intelligence (AI) and Deep Learning
• Data science toolkits: R, Python, Weka, NumPy, MatLab
• Data visualisation tools: D3.js, ggplot
• Proficiency in using query languages: SQL, Hive, Pig
• NoSQL databases: MongoDB, Cassandra, HBase

• Applied statistics skills: Distributions, statistical testing, regression analysis

Average remuneration:

• Data Scientists: Up to USD 168K per year
• Quantitative Analysts: Up to USD 126K per year

With the rise of Big Data, Machine Learning and Deep Learning, the demand for quantitative analysts and data scientists is also on the rise, not only at FinTech start-ups, but also at large investment banks and hedge funds. These professionals write and execute complex financial models that can sift through and make sense of vast amounts of digital information. They may also design data-driven trading programmes, develop innovative algorithms using quantum computing and automate financial processes to minimise human inputs.

4. Financial Analysts

Skills/experience generally required:

• A Bachelor’s degree in Finance/Mathematics/Statistics/Economics/Accounting is usually the basic requirement
• Desirable: Certified Financial Analyst (CFA) certification

Average remuneration: Up to USD 67K per year

As FinTech start-ups continue to grow, so will the demand for financial analysts who can manage and create budgets, assemble financial reports, run business studies, conduct analyses and make forecasts about future revenues and market trends. For some firms, they may also provide advisory inputs on areas such as stock splits and bond issues.

5. Product Owners/Managers

Skills/experience required:

• A degree in product management or business – Bachelor’s degree is usually the basic requirement but a Master’s is desirable
• Marketing, organisational and promotional skills
• Specific technical skills

Average remuneration:

• US: Up to USD 80K per year (can go up to 133K for product managers in Silicon Valley)
• UK: Up to GBP 64K per year

FinTech product management and/or ownership can involve a fairly diverse set of roles and responsibilities and offers a number of career paths. A FinTech product manager’s primary responsibility is to manage the product development lifecycle: from its early stages to when it finally reaches consumers. A product owner is responsible for identifying, developing and selling potential new FinTech products and for maintaining products to ensure consistent quality.

In the US, product management professionals can hold one of several positions, such as:

• Product Manager/Associate Product Manager/Senior Product Manager
• Director of Product Management
• VP/SVP of Product Management

For FinTech product owners in the UK, leading one or more digital projects can open up new career paths, such as:

• Project manager
• Project lead
• Lead developer

6. Cybersecurity Analysts/Experts

Skills/experience required may include some or all of the below:

• Incident investigation and response-ability
• Governance, risk management, and compliance (GRC)
• Digital communication technologies
• Encryption methods
• Analytical skills
• Other desirable skills: Security operations management, virtualisation, data administration and management, communication skills, platform/technology-specific skills

Average remuneration:

• Security Analysts in the US (private sector): Up to USD 81K per year
• Security Analysts in the US (private sector) with CISSP (Certified Information Systems Security Professional) certification: Up to USD 100K per year
• Security Analysts in the UK: Up to GBP 61K per year

FinTech start-ups, wholly dependent on the Internet and cellular networks for their operations and revenue, are extremely vulnerable to malicious threats from cybercriminals. With the increase in the average number of security breaches worldwide, FinTech firms are incurring ever-higher costs for cybersecurity and crime prevention. This means that the requirement for specialist cybersecurity professionals is very high and expected to grow even further in the future. As with other FinTech careers, the demand/supply gap for Cybersecurity analysts is also very wide, with some estimates suggesting that there may be a shortage of 1.5 million information-and cyber-security professionals by 2020. Therefore, anyone with specific skills in this area is likely to be in very high demand.

7. Risk Control Managers

Skills/experience required may include some or all of the below:

• Qualitative and Quantitative Economic Analysis
• Stress Testing
• Portfolio Management
• Capital Management
• Risk Culture, Risk Appetite, Risk Data
• Data centres (NoSQL, Big Data), Cloud, Open Source
• Political acumen: Sustainability, Transparency
• Portfolio Management, Risk-Adjusted Pricing
• Business Model Analysis
• Other skills: Standards and benchmarks, employee incentives, new product risks, client relationship management, financial analysis

Average remuneration:

• UK: Up to GBP 62K per year
• US: Up to USD 89K per year

By merging two volatile domains – finance and technology – the FinTech industry is vulnerable to risks regarding financial exposure, investments and legal compliance. As the risk burden grows within FinTech, the demand for risk control managers also increases. The primary responsibility of these specialists is to analyse the risks to the business, mitigate their effects and prevent them in the future in order to strategically support the firm in achieving its overall business objectives.

In FinTech, a risk control manager may start his/her career as a risk analyst and move on to an even more responsible position such as director or vice-president of Risk.

8. Compliance Experts

Skills/experience required may include:

• Bachelor’s degree in Finance/Economics/Accounting may be a minimum requirement for most FinTech firms
• Desirable: Master’s degree in Compliance Management or Regulatory Compliance
• Some US firms may ask for additional certifications such as Certified Compliance & Ethics Professional, Certified Risk and Compliance Management Professional or Certified Regulatory Compliance Manager
• Knowledge of Anti-money Laundering (AML) and  Know Your Customer (KYC) may be required

Average remuneration:

• At least USD 60K per year

Within FinTech, risk management and compliance are inter-related but separate fields and professionals in both areas are in great demand. A wave of new rules and regulations in both traditional financial services and FinTech has increased the compliance burden on firms, which has made compliance specialists more employable and highly sought-after. In the US in particular, the need to understand the dangers of terror financing and money laundering is increasing. Therefore, compliance professionals with backgrounds in AML (anti-money laundering), KYC (know your customer) and financial crime are especially needed.

Job titles in this area range from Compliance Manager and Compliance Analyst to AML Compliance Officer and KYC Officer.

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