The UK Fintech scene isn't just booming, it's doing loop-de-loops with salaries soaring like a rocket on Red Bull. Not only is it a global innovation hub, but it's also become a talent magnet. But before you dust off your fintech resume, let’s dive into the data and salary insights that have shaped the compensation landscape and what can we expect going forward?
Explosive Growth and Stellar Salaries:
Salaries are climbing faster than ever, with experienced players reaching six figures and even fresh graduates starting strong.
A whopping 8.33% year-on-year salary increase – significantly outpacing the national average.
Experienced fintech professionals are commanding salaries of up to £82,500, with the average hovering around £62,500. This is almost 20% higher than the national average for tech professionals.
Even fresh-faced grads are entering the scene with respectable starting salaries of around £45,000.
Skills in Demand and Rewards to Match:
The rapidly evolving nature of fintech has led to an increased demand for specific skills. Professionals possessing expertise in blockchain, artificial intelligence, and cybersecurity, for example, command a premium in the job market.
The pandemic's cybersecurity concerns have sent information security salaries soaring by 62.8%. Cloud skills are also hot property, with a 40.3% increase in salary for cloud computing professionals.
Software engineers, data scientists, and AI specialists are leading the charge, with salaries that can comfortably reach into the six figures.
While tech dominates, roles in sales, marketing, and product management are also seeing healthy salary increases, reflecting the need for well-rounded teams.
Bright but bumpy future:
Yes, the breakneck pace of salary hikes might dip a little, but the future remains bright, albeit with a few potholes on the road. Get ready to explore the uncharted territories of blockchain, decentralized finance, and the rise of the financial cyborg too.
While the fintech boom shows no signs of stopping, pace of salary hikes might moderate in the coming year.
Companies will be looking for candidates who can demonstrate the impact they can make, putting a premium on experience and proven skills.
The pandemic-driven shift towards remote work is likely permanent, making location less of a salary factor and opening up the talent pool even further.
UK Fintech's salary explosion isn't over, but it's evolving. Be prepared for a slightly slower ascent, where value and experience take centre stage over pure growth. Hone your skills, embrace remote work, and showcase your impact - with the right tools, you can still navigate the ever-changing landscape and land on that financial peak.
ECA International – UK Salary Trends 2023/2024
IT Jobs Watch - Fintech Jobs, Co-occurring Skills & Salary Benchmarking
Talent.com - Fintech average salary in United Kingdom, 2024