Fintech is a very promising field, and if you have a genuine interest in it, as well as the skills needed, and the right credentials, the sky’s the limit. The sector needs experts who can build solutions, help manage them, and market Fintech products as well. And, since Fintech solutions are still not that well known by the public, there will be a major need for people who can simplify these products and serve them to the public. If this is a field that interests you, below we look at what you’ll need to do if you want to start a career in Fintech.
Study the Sector
The very first thing you have to do is learn as much as you can about the sector on your own before you get started. Start looking at basic principles like distributed ledger technology, the blockchain, and the top cryptocurrencies. Learn about the different types of cryptocurrencies out there and smart contracts. Then you can start looking at concepts like decentralised finance, mining approaches and technologies, different types of tokens and their application, and blockchain security.
Once you’re done with the core fintech concepts, you might also want to learn about things like data mining, artificial intelligence, and machine learning as they all play an important role in fintech.
Fintech is not for everyone, and it demands a very specific type of mind and skillset to succeed. First of all, you have to be above average in mathematics and have an extremely good understanding of algebra and algorithms. You also need to be a great problem solver if you want to succeed in this field.
There’s a strong chance that you’ll be dealing with application development and the deployment of various solutions. Solving issues with a fintech application or accounts takes a lot of work and effort and you might be spending hours with professionals from different disciplines to solve issues. So, you will not only need to be a good problem solver but also be patient and a good team worker. Having great communication skills will be important too.
Another skill that is beneficial for anyone wanting to enter fintech is curiosity. Curious people are always aware of the most recent developments in the field and can use their findings to benefit the companies they work with. Or they can create their own solutions to meet new demands.
You’ll need to have a very technical mind to succeed in fintech too and be a great multi-tasker. You also need to be adaptable as things can evolve really fast when you’re working for a fintech start-up.
If you’re going in green, you will have to start with a bachelor’s in a finance or technology-related field. Data analysis, finance, and business administration are all great places to start. Accounting is another great option.
If you’re going to go for a business or finance major, try to pick one with a technical component. Then you could move into a master’s degree in data analysis, software development, finance, or business administration.
If you’re already in business, finance, software development, or data analytics, then you can fast-track your way to a fintech career by upping your credentials. If you have something like an MBA, for instance, or a master’s in accounting and finance, then you could consider going for a DBA.
Going for a DBA at this point in your career might seem intimidating, but there are plenty of ways that you could get your DBA without it affecting your professional career too much. One of these options is to get your DBA online. You could get your Doctor of Business Administration from an institution like Aston University. Programmes like these will give you the skills needed to work in fintech and will also make you a much more well-rounded executive.
You will then need to start looking at the available positions and roles that you could fill, and which ones would be the most fitting for your aptitudes and credentials. One of the most common positions you’ll find in fintech is product manager. The product manager has to make sure that the development of a product goes according to plan and that it’s delivered properly to customers. They have to manage large teams and solve issues during the development process.
Data specialist is another common position you’ll find in fintech. The field is dominated by data and anyone who has an understanding of how to mine, manage, and interpret data should have no trouble finding work in that field.
You could also work in an innovative role if you have a creative and holistic mind. The industry is looking for people who can develop new solutions, but also people who can find ways to integrate fintech solutions into legacy systems to streamline processes.
You could also start as an entrepreneur. If you have a good combination of managerial and technical skills, then nothing is stopping you from releasing your own product. it could be a stand-alone product, a service, or a SaaS application.
Whatever you do, you need to constantly learn about new solutions and developments in the field. You should also try to find ways to add feathers to your cap through complementary courses. If you are mainly an administrator, then getting into an advanced coding course could be a great option. And, if you’re mainly technical, getting a basic business formation could be a great idea.
This is all you need to know if you want to start a career in the fintech field. It is one of the most vibrant and fast-growing industries on the planet right now and will provide tons of opportunities for those with the right skill set, so look into it more in detail if you think you have what it takes to succeed.