April 23, 2024

Investments & Exits

Comparing Tech Salaries – Fintech vs Traditional Finance

The financial technology industry has recently experienced some rough times. Many businesses have to tighten their belts and launch layoffs as a result of a lack of venture capital, the collapse of the cryptocurrency market, and concerns about a possible economic downturn. However, crowdsourced information is gathered from levels.fyi demonstrates that fintech’s propensity to pay out high remuneration has not been dampened by uncertain times, even for junior software engineers. Let us analyze the salaries of fintech vs traditional finance.

Huge assets and rigorous regulations do not assure stability, as evidenced by the recent bank crises and other problems facing traditional finance organizations. Many IT professionals are interested in creating services and software for large financial institutions. There is a sizable wage discrepancy between the entry-level software engineer salaries offered by fintech companies and those offered by more traditional financial services providers.

 

Crowdsourcing may only sometimes be the most reliable source when it comes to salary information because factors like sample size and location can significantly alter the results. Glassdoor’s estimates of the total salary for software engineers working in traditional finance provided some more comparison points.

Fintech companies have to compete for talent not only with the traditional finance sector but also with tech giants like Google and Microsoft, who have deep pockets and are willing to pay whatever is necessary to secure the talent they need. Even after accounting for the Glassdoor statistics, fintech pays slightly more than conventional financial organizations. This is especially true when considering that software engineers’ salaries at fintech firms tend to rise steadily over time if the company survives.

Visit World Fintech News for the latest information and analysis on the financial sector and the fintech industry.

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