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Over the last few decades, technology has infiltrated – and in many cases transformed – every major sector in the UK. The financial world is no exception, as FinTech (or financial technology) has disrupted almost every aspect of the industry - revolutionising financial services, and challenging traditional banks.
Despite rising concerns surrounding Brexit and fears that investment will decline, the FinTech industry has continued to show signs of growth year-on-year. In fact, the software platform Beauhurst reported that 2017 was a record-breaking year, with £1.3 billion worth of investment poured into the industry (more than 3 times the amount raised in 2016).
A standout success story comes in the form of the banking startup Revolut, who were crowned as the UK’s first digital bank unicorn, after securing $250 million from recent rounds of funding – pushing their valuation to an astonishing $1.7 billion.
Globally, the FinTech market is set to be worth well over $200 billion by 2021.
With this rate of growth, it’s no surprise that FinTech has fast become one of the most attractive industries for graduates to work in. Whether you’re just about to graduate or are considering a career change, here are just a few of the benefits of pursuing a career in FinTech.
The rapid and unwavering growth of the FinTech industry means that there are a huge number of graduate jobs in FinTech available – and contrary to popular belief, you don’t have to be extremely techie or knowledgeable about financial markets to make your mark.
Here at Give A Grad A Go, after Marketing, PR & Communications and IT & Tech, FinTech is the next most popular industry we work in – we’ve now launched 200+ graduate careers in FinTech since 2015. Due to the diversity and rapid growth of FinTech businesses (particularly startups) these have ranged from heavy tech-focused roles to a whole host of other graduate jobs - in operations, sales, marketing and many more.
Because there are such a huge variety of graduate jobs on offer, FinTech companies will be on the lookout for candidates with many different degree backgrounds and skill sets. Take, for example, Client Services graduate jobs - the most common role we work on within the FinTech sector. The candidates we’ve placed in Client Services graduate jobs studied a huge range of subjects - including Law, Psychology, English, and foreign languages. Whatever degree type you studied, it’s likely that one of the many graduate jobs in FinTech will perfectly suit your qualifications, experience and skillset.
Companies of all shapes and sizes within the FinTech space share the same vision - they are all hungry to challenge the status quo and disrupt the traditional finance industry. It was reported in a 2017 survey conducted by KPMG that 57% of global financial institutions identified FinTech as the top source of disruption to their business.
This innovative spirit, deeply entrenched in the industry, has made FinTech an engaging and exciting environment for graduates to work in. It’s likely that working in a FinTech company, you will find yourself surrounded by a network of hardworking and likeminded individuals who truly believe in the business’ product or service.
Even better, pioneering FinTech companies all over the world are using some of the world’s most cutting-edge technologies in existence – and as a graduate, you’ll have the invaluable opportunity to work closely with these technologies early on in your career.
It’s no exaggeration to say that FinTech is transforming every aspect of traditional finance – and this means that there is also a huge range of types of businesses – ranging from digital banking apps like Monzo, Revolut and Starling Bank, to foreign currency exchange platforms such as TransferWise, crowd-funding platforms like Seedrs, and accounting software such as Receipt Bank.
The listed companies represent only the tip of the iceberg when it comes to FinTech’s creations – so if being part of an industry that is truly revolutionary appeals to you, a graduate job in FinTech could be a great match for your career expectations.
With FinTech operating at the forefront of innovation, companies need to be both flexible and adaptable in order to succeed in an ever-changing and dynamic environment. For graduates, FinTech can offer a hugely rewarding and unique atmosphere – ideal for those who thrive in a varied and high energy setting.
Equally, because of how quickly the industry is growing, FinTech jobs can offer graduates a chance to take on lots of responsibility early on in their career. Rapidly expanding startups are always on the lookout for ambitious graduates who can contribute to their high growth strategies through not only providing direct results, but also by bringing their own ideas to the table. Working in FinTech is the ideal career choice for graduates aren’t afraid of being thrown in at the deep end and love the idea of making a tangible impact on the growth of a company.
FinTech businesses tend to operate with a flat organisational structure – meaning that there is generally less bureaucracy and red tape in comparison to traditional finance companies. FinTech startups are more readily able to reward high performers with promotions and rapid career progression – something that we have seen with many of the candidates we have placed in FinTech jobs. One graduate we placed was promoted to the Country Manager of one FinTech company’s Australian offices after working as an Account Manager for 4 years!
London is often considered to be the FinTech hub, meaning that it is an exciting place for graduates to kick-start their career in the industry. It’s also been developing worldwide, though, with FinTech companies growing rapidly in the US and China, as well as developing markets in Canada, Brazil and Israel.
If travelling and working abroad is something that interests you, pursuing a career in FinTech is definitely a good choice. If you have another language under your belt, your skills will be very much in demand - multi-lingual graduates can put their language skills to use as UK-based FinTech companies branch out into international markets.
The London FinTech scene is widely regarded as one of the biggest in the world – and the rapid growth of the industry is showing no signs of slowing. As FinTech continues to revolutionise traditional financial services, it’s become clear that FinTech jobs can offer a whole host of amazing benefits for graaduates.
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