If you want to move into fintech from another career, you may be concerned that it is too late to transition. Many of these firms recruit straight out of college. If you don’t land a job at that point, you may believe your entry to the industry is closed.
Making the Switch
You can become employed in the industry after years in the workforce. While the entry-level positions do tend to cater to younger employees, you can often find a way to leverage your current position into a job in fintech. The key is to recognize your skills and strengths, and how they align with the needs of the company. The advantage you have over recent graduates is a track record that shows what you are capable of. Making the transition into the fintech field can be a lucrative choice. It is a decision you should only make if you are genuinely interested in the marriage of technology and finance because the demands of the field will quickly lead to burnout if this is not something you find interesting.
Before making the jump to another career, it pays to make sure your finances are in order. The fintech field is well-compensated, but depending on your current salary, you may still take a step back when you transition. Also, you may find you need to cut back your hours to devote time to your job search. Finally, your job offer may include a credit check. This is often a standard part of applying for a job, particularly in finance. Having your financial house in order puts you in the best position to land the job you are looking for.
Refinancing your student loans with a private lender will allow you to consolidate all of your loans into one monthly payment. Changing the terms of your loan, such as lowering your interest rate or extending the payment period, will lower your monthly payments. This can be helpful during the transition period. Have an emergency fund in place. While you hope that the new job is everything you hoped for, it never hurts to have a safety net in place. Having enough money in a high-yield savings account to cover six months of your living expenses will allow you time to settle into your new job without having the pressure of day to day life weighing on you.
Sharpen Your Soft Skills
Don’t let the tech part of fintech fool you into thinking you can land one of these jobs with strong programming skills. Soft skills matter. Coming from another industry, you may have a step up on new college graduates because you have undoubtedly spent years honing these skills. Communication is key when you are working in fintech. You need to be able to express yourself clearly as well as be a strong, empathetic listener. The ability to understand and be understood is vital to working in the field. Your coworkers will likely be a mix of analysts, traders, brokers, and other tech workers. You need to speak in a way they can all understand.