From Data Analysts to Cybersecurity Experts: 5 Key Roles in Financial IT

Key Takeaways

• IT employees in the finance sector are in high demand due to a history of shortages and misconceptions of the work itself.
• An IT career in the finance sector can provide opportunities for growth that don’t always exist in other industries. 
• IT finance jobs offer competitive salaries and important, challenging work.

An August 2024 study by DesignRush found that FinTech jobs grew by more than 12% compared to only 1% in other industries and sectors during the three-month period studied. Financial institutions need talented IT professionals to fill crucial, well-paid roles. BFSI careers offer significant growth opportunities and competitive compensation.

Below are key IT roles in the financial industry and the skills needed to excel in them, along with the average salary for each role. 

Role 1: Data Analysts

Data analysts play a vital role in financial institutions by helping them make data-driven decisions and optimize operations. They do this by compiling reports that contain relevant insights for forward-looking insights based on financial trends.

The key skills needed for data analyst positions include the following:

• Knowledge of data analytics and the ability to navigate and use data effectively
• Proficiency in tools like SQL, Python and R
• Knowledge and understanding of financial data

Career opportunities in financial data analytics include positions in risk management, fraud detection, and personalized financial services, among others.

The average salary for financial data analysis positions is $61,314 with a low of $38,000 and a high of $82,000, according to Payscale.com.

Role 2: Cybersecurity Experts

Cybersecurity experts are critical to financial institutions because cybercriminals constantly attempt to access unauthorized funds. Not only do financial institutions need to ensure that their money stays secure, but they also need to protect their customers’ and clients’ personal information. 

The key skills needed for financial cybersecurity positions include the following:

• Building and securing firewalls
• Encryption of data
• Network security
• An understanding of financial regulatory requirements

Career opportunities for cybersecurity experts exist in most areas of the financial services sector due to long-time shortages in this area. Advancement opportunities are also frequently available.

According to ZipRecruiter, the average salary for a cybersecurity expert in the U.S. is $122,890. 

Role 3: Software Developers

Software developers create and maintain custom software solutions that set financial institutions apart from their competitors. Sometimes software developers need to troubleshoot existing systems and make them run more efficiently, while other times, they need to create proprietary systems for customers and others to navigate services. 

The key skills needed for financial software developer roles include the following:

• Proficiency in various programming languages such as Java, C++, and Python, among others that may be specifically needed for particular projects
• Experience with financial software platforms
• Knowledge of the software development lifecycle (SDLC)

Career opportunities for financial software development may be similar to other industries at the entry level, but the opportunity to contribute to innovative financial applications and platforms can offer advancement opportunities not available in other positions.

The average salary for a financial software developer is $111,845, according to ZipRecruiter.

Role 4: IT Project Managers

IT project managers in financial services have the task of overseeing and executing critical financial IT projects. They often coordinate releases and roll-outs of new systems and programs as well as distributing tasks to other team members and working with other teams and leaders to communicate progress and results.

The key skills needed for IT project managers include the following:

• Project management methodologies like Agile and Scrum
• Leadership skills and strategies
• Strong communication skills
• Financial industry knowledge

Projects in the IT financial sector can be complex. Those who successfully manage these projects can grow their careers and progress to larger and even more complex projects that align with business goals. 

The average annual salary for IT project managers is $192,985, according to GlassDoor.

Role 5: Network Engineers

Network engineers are needed to ensure the reliability and security of a financial institution’s IT infrastructure. They ensure that devices can communicate with each other and exchange data, and often networks need to be customized to the unique needs of an institution and its customers.  

The key skills needed for network engineers include the following:

• Knowledge of network protocols that govern how different devices communicate
• Knowledge of hardware and its workings
• Cloud services skills
• Cybersecurity know-how

There are many positions for network engineers in different other industries, but the demand for network engineers in finance is particularly high. Building a career in financial network engineering will involve growth in managing secure and scalable networks.

The average annual salary for network engineers in the finance sector is $109,040, according to ZipRecruiter.

Conclusion

BFSI has many IT roles that it needs to fill in order to provide banking and other financial services to its many customers. With the right skills and qualifications, you can pursue roles like the ones described here to build your career in FinTech.

Need a Partner on Your Career Path? GDH can help you connect with top financial institutions and advance your career in IT.