The number of job vacancies for the IT professionals are increasing in the Fintech sector. The Fintech sector is also paying higher average salaries as compared to the IT sector. With the increasing number of vacancies, professionals are opting for jobs in the Fintech sector.
If you look at the number of jobs in the banking sector in United Kingdom, in the last one year, there have been around 1 lakh vacancies. Similarly, when you’re looking at the job vacancies in the Fintech sector, while they may be just around 39,000 and the average salaries are on the higher side. This statement has been confirmed by Joblift site.
When you look at the growth of job vacancies in the Fintech sector, it increased by 9% in the last one year. Similarly, when you look at the increase in job vacancies in the banking sector, the growth was less than 3%. In comparison to that, when you look at the overall growth in the job market in United Kingdom, it was around 3%.
When you look at the total number of job vacancies in the Fintech sector, you will realize that at least 25% of those were for IT professionals. On the other hand, when you look at the banking sector, only 4.7% of the jobs were available for the IT professionals. As a result, the growth in the Fintech sector is much faster as compared to the banking sector.
Also, when you look at the salary difference of professionals in the Fintech sector and the banking sector, you will realize that employs in the Fintech sector earn € 10,000 more annually as compared to the banking sector. This is a huge difference when taken on an annual basis.
The reason for this is that in most of the cases, the back end of the banks require significant amount of professionals. As a result, the average pay is on the lower side. Also, there is difference in the minimum qualification which is required by the Fintech sector as well as the traditional banking sector. In many of the cases, the Fintech sector requires the candidates to have at least a university degree in their respective fields. At least 30% of the jobs report them to have university degrees. Similarly, in the traditional banking sector only 17% of the jobs require them to have the university degrees.
With the increasing growth of the Fintech sector, the opportunity is a bridge for the IT professionals in the Fintech sector.