The US financial services industry has fully embraced the shift to the cloud, driving demand for technical skills such as AWS and automation, as well as Python for data analysis, Java for developing user-facing applications, and SQL for working with databases.
The push is part of an industry-wide trend to make banking more accessible by giving customers better access to savings accounts, investments and loans through digital services, according to careers website Dice.com. New technologies such as cryptocurrency and digital banking have the potential to overcome this opportunity gaps in financial services which have been around for decades. But financial services companies need skilled IT professionals to help manage the integration of new and emerging technologies while modernizing legacy financial technologies.
As the demand for technical skills increases in the financial industry, some IT jobs are becoming more in demand than others. If you’re an IT professional looking to break into the finance industry, or a finance IT leader who wants to know where hiring will be most competitive, here are the 10 most in-demand technology jobs in finance. according to data from Dice.
Software engineers are one of the most in-demand positions in the US financial industry, with Dice citing a 28% increase in job postings from January to May. The most sought-after skills include DevOps, Java, Python, SQL, NoSQL, React, Google Cloud, Microsoft Azure, and AWS tools, among others. In the financial industry, software engineers are often tasked with supporting technical front-end strategy, writing code, contributing to open source projects, and helping the company deliver customer-facing services. Software engineers are at the forefront of digital transformation in the financial services industry, helping companies automate processes, launch scalable applications, and keep up with emerging technology trends.
The median salary for a financial software engineer is $116,670 per year, with a reported salary range of $85,000 to $177,000 per year, according to data from Glassdoor.
Complete software engineer
Full-stack software engineers are essentially high-level software engineers who are focused on designing, testing, and deploying software applications. Job duties include assisting in planning software projects, designing software system architecture, and designing and implementing web services, applications, and APIs. You will be required to write code, troubleshoot systems, fix bugs and help develop microservices. Skills sought for the role include programming languages such as Scala, Python, open source RDBMS, NoSQL, as well as skills including machine learning, data engineering, distributed microservices and full-stack systems.
The median salary for a full-stack software engineer is $115,818 per year, with a reported salary range of $85,000 to $171,000 per year, according to data from Glassdoor.
Back-end software engineer
Back-end software engineers are responsible for maintaining the server-side information structure by optimizing servers, implementing security measures, and developing data storage solutions. You will also be responsible for writing server scripts and APIs to be used by frontend engineers and UX designers, inspect server codes, configure frontend applications, maintain stable servers and maintain a backup library. Commonly sought after skills for back-end software engineers in the financial industry include Java, Python, SQL, Node, Go, Scala, open source RDBMS, NoSQL databases, and AWS tools and services, among others. You will also be expected to keep up with the latest technology trends, work closely with product managers and help build cloud solutions for financial clients.
The median salary for a back-end software engineer is $126,755 per year, with a reported salary range of $89,000 to $205,000 per year, according to data from Glassdoor.
Director of Software Engineering
The Director of Software Engineering is responsible for maintaining the day-to-day operations of the Software Engineering business unit and manages the division’s business roadmap and strategy. You will be responsible for managing teams of software engineers, overseeing the development of customer-facing and internal business applications, and maintaining an eye on new or emerging technologies that may impact the business. This is a high-level role that requires more leadership and communication skills than hard skills, but depending on the size of the company, you may need to code occasionally and work on technical projects.
The average salary for a director of software engineering is $233,321 per year, with a reported salary range of $160,000 to $397,000 per year, according to data from Glassdoor.
DevOps is the intersection of operations and IT development, a practice designed to facilitate faster time-to-market and better collaboration between teams involved in the development lifecycle. Operations maintains a stronger focus on stability and reliability, while development teams are more invested in innovation, change and moving forward. DevOps helps to bring the two ideologies together to find a balance between the two goals. In the financial industry, DevOps engineers are focused on bringing together new emerging technologies and legacy systems that have been around for decades. With the rise of emerging technologies such as cryptocurrency and automated trading, DevOps engineers help manage the transition while finding the best way to implement new technology without disrupting the flow of current systems and services.
The average salary for a DevOps engineer is $121,173 per year, with a reported salary range of $91,000 to $169,000 per year, according to data from Glassdoor.
As more financial companies embrace the cloud, there is a growing demand for data engineers to help manage AWS and Azure services within the organization. Financial companies collect vast amounts of data and data engineers are vital to ensuring that data is maintained and that there is a high level of quality, efficiency and reliability around data collection. Skills for financial data engineers include coding skills, data analysis, data visualization, data optimization, data integration, data modeling, cloud computing services, knowledge of relational and non-relational database systems, and the ability to work with large volumes of structured and unstructured data.
The median salary for a data engineer is $118,915 per year, with a reported salary range of $87,000 to $177,000 per year, according to data from Glassdoor.
In the financial industry, business analysts are responsible for using data to support business decisions and to translate business needs into functional requirements. You will need to have a good understanding of how the business works, with an emphasis on technology and how it can help support the business through transformation. Business Analysts will be expected to build relationships with financial business stakeholders to better understand their technology needs and business processes. Part of the role also involves continuously improving the organization’s technology stack while maintaining a priority on business continuity and risk management.
The median salary for a financial business analyst is $98,852 per year, with a reported salary range of $73,000 to $154,000 per year, according to data from Glassdoor.
Business Systems Analyst
Business systems analysts are responsible for overseeing internal systems, implementing new technologies that will help drive and sustain business needs, and applying analytical data to support the planning, design, and implementation of new technologies. There is a strong focus on optimizing organizational processes, maintaining enterprise applications, keeping technology within budget and identifying key areas for improvement. In the financial industry, business systems analysts are typically tasked with applying these skills to the financial technologies used in business. You may be expected to work with product managers, software development and IT teams to participate in all phases of the financial services development lifecycle.
The average salary for a business systems analyst is $103,869 per year, with a reported salary range of $76,000 to $156,000 per year, according to data from Glassdoor.
The average salary for a financial data scientist is $114,979 per year, with a reported salary range of $85,000 to $168,000 per year, according to data from Glassdoor.
Lead Software Engineer
The average salary for a lead software engineer is $150,430 per year, with a reported salary range of $116,000 to $202,000 per year, according to data from Glassdoor.