FinTech is not just a fancy new buzzword that bankers use—this burgeoning industry is exploding with innovative ideas, groundbreaking technology, and a hugely promising future. Since the 2008 financial crash that saw millions of citizens around the world lose their trust in traditional banks, tech companies have been working tirelessly to build a better financial system.
The result of these efforts is financial technology, “FinTech,” an industry driven by some of the brightest minds in economics, business, and IT. Disruptive FinTech developments like blockchain and cryptocurrencies now threaten the status quo, prompting governments and financial institutions around the world to sit up and take notice.
As the FinTech market grows at an exponential rate, we are seeing an increasing demand for professionals with the right skills to support the industry. Below, we’ll explore five FinTech jobs that MBA and MSBA graduates would be well suited to step into.
Financial analysis is a critical function required by companies in almost any industry, so roles are typically easy to find and well paid. According to the U.S. Bureau of Labor Statistics, the 2019 median pay for a financial analyst was $81,590 per year, with a projected growth of 5% over the next decade.1
Financial analysts typically manage budgets, track finances, and forecast spending for companies in any type of industry, although there is currently a particularly high demand amongst FinTech startups. Daily tasks usually consist of carrying out financial and business research, conducting data analysis, and filing reports.2
Courses like Corporate Financial Management or Analytics for Financial Decisions and Market Insights can help you develop tools for financial decisions and valuation in the presence of uncertainty, imperfect information, and conflicting incentives among stakeholders. Once you gain the skills to work in a financial analysis role, you can work as the sole analyst for a small firm or in a supervisory position overseeing a team of junior analysts.
Business Development Manager
Business Development managers are tasked with growing the business by generating income, discovering new markets, and forming partnerships. It's a fast-paced industry that requires ambitious and competitive people with a strong dedication to their job.
Typical daily tasks include generating new leads, promoting products to existing clients, and creating new business opportunities through targeted marketing. Additionally, managers are focused on the continuous development of existing business relationships and onboarding of new clients is a long-term goal.3
MBA graduates with a focus on business development will find a wealth of jobs available to them in the rapidly expanding FinTech industry. While FinTech startups are largely founded by tech-minded individuals, few have strong business skills. This makes business development the perfect profession for those wanting to get involved with an up-and-coming new FinTech company.
Data science involves a combination of sectors and technologies, bringing together Big Data, search engine optimization, digital advertising, product promotion, and artificial intelligence (AI). Recent research found that in 2020 the demand for data scientist professionals increased by an average of 50% across a range of industries, including telecommunications, banking, financial services, and healthcare.4
The analysis of Big Data plays a significant role in the data science industry, with the majority of work focused on inference: deriving accurate conclusions from all available data. Recent advances in machine learning technology have come as a result of data science and AI being used in combination to create autonomous, self-evolving ‘digital minds’ that continuously improve their output and results.
Big Data has now become a key tool used in the FinTech industry for a range of analytical processes such as identity verification, compliance procedures, fraud prevention, and completing daily operations. With an MBA you'll find a whole host of jobs in the FinTech industry open up to you.5 Alternatively, if you’d like to truly hone in on data analytics, you could earn an Online MSBA, at Seattle U which is designed to prepare you for the realities of messy data set and to help you develop your methodological approach to data, as a data translator.
Cryptocurrencies like Bitcoin and Ethereum have helped catapult blockchain technology into the spotlight over the past decade. As the software upon which cryptocurrencies are built, their meteoric rise in value has caught the attention of finance and technology experts alike. Open-source blockchain projects like Hyperledger Fabric have found support from tech giants like IBM and Intel, helping to further legitimize the technology for enterprise-grade deployments.6
Research from December 2020 found that 77% of financial services firms intended to adopt blockchain as part of their production systems and processes by year-end. It's now one of the fastest-growing sectors in the world, with an expected compound annual growth rate (CAGR) of 67.3% over the next five years. With the skills learned in an MBA or MSBA, you'll have no trouble forging a lucrative career in this promising new industry.7
Effective product management has become a critical concern amongst emerging FinTech startups, with a new wave of confusing financial and technological products that require a fresh and innovative approach. Blockchain-based financial products like digital currencies don't operate in the same way as traditional products, so a highly talented product manager with a keen sense of new concepts and modern technology can really shine in this sector.
With the skills and knowledge attained through an MBA, you'll have a comprehensive understanding of the financial terms and products used by FinTech companies. New regulations surrounding FinTech are being developed daily, so you'll need to keep a close eye on the legal landscape and navigate a broad spectrum of economic and technological challenges. With a strong grasp of legal and compliance procedures, an open-minded approach to finance, and an enthusiasm for new technology, you'll excel in this role.8
Get Involved in FinTech Today!
If you're looking to progress your career and are interested in the exciting world of FinTech, consider an Online MBA or Online MSBA program from Seattle University. These convenient courses can be completed from the safety of your own home and needn't interrupt any existing work or family commitments.
Get a foot in the FinTech door today and begin building yourself a profitable future in this rapidly expanding new industry!
- Retrieved on April 3, 2021, from https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm
- Retrieved on April 3, 2021, from parkerlynch.com/job-seekers/job-descriptions/financial-analyst/
- Retrieved on April 3, 2021, from linkedin.com/pulse/why-choose-career-business-development-jody-osman
- Retrieved on April 3, 2021, from techhub.dice.com/Dice-Q2-Tech-Job-Report.html
- Retrieved on April 3, 2021, from simplilearn.com/data-science-vs-big-data-vs-data-analytics-article
- Retrieved on April 3, 2021, from investopedia.com/terms/h/hyperledger.asp
- Retrieved on April 3, 2021, from marketsandmarkets.com/Market-Reports/blockchain-technology-market-90100890.html
- Retrieved on April 3, 2021, from mindtheproduct.com/unpacking-fintech-product-management-user-mindsets-and-regulatory-requirements/