The FinTech space has continued to exhibit impressive growth. Alongside this, demand for skilled professionals in various disciplines has also grown— leading to increases in salaries across the US. Such changes are explicit in this year’s salary survey.
Increased demand in the market
.The industry has witnessed significant market opportunities as consumers and businesses increasingly adopt digital finance solutions. The pandemic further accelerated the adoption of online banking, mobile payment platforms, and other services. As the market expands, FinTech firms are having to attract top talent by offering competitive, attractive packages, resulting in rising salaries.
Talent Demand and Shortage
.Although this growth has slowed down recently, it continues to create a surge in demand for skilled professionals across multiple disciplines. Specifically, software engineering, product management, data analytics, cybersecurity, compliance and sales. To meet this demand, FinTech firms are competing for talent with traditional finance institutions and technology giants, thereby driving up salaries.
Specialized Skill Sets
The marketplace is demanding individuals with a unique blend of technological proficiency and skills. Those that possess a deep understanding of financial systems, regulations, and trends, paired with advanced technical skills, are in high demand. Given the lack of individuals with this specialized skill set, salaries for these roles have seen a noticeable increase as firms continue to try to attract and retain top talent.
It sure is competitive out there! Multiple established players and start-ups are fighting for market share and investor attention. To gain a competitive edge, companies must attract skilled professionals who can develop innovative products and services, enhance security measures, and deliver exceptional user experiences. Higher salaries serve as a powerful incentive to attract these individuals, allowing companies to strengthen their market position.
FinTech companies often rely on funding from venture capital firms– which has also slowed in recent months. Investors have high expectations— so expect to attract highly skilled talent to match this.
Cost of Living
The cost of living in major US hubs— such as San Francisco, New York City, Boston and the newly popular Austin— tends to be higher than the national average. To ensure a competitive compensation package that meets the demands of people residing in these areas, firms are having to increase salaries more than usual. Companies are now opting to target candidates from other states and increasing both their hybrid and remote working opportunities.
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