The Financial Sector Needs Candidates from the Tech Industry

Coming from the tech world, the financial sector might not seem as attractive an option as bean-bag hang-out zones, free lunch and flexi-time, but the financial sector is not to be overlooked. Hedge funds in particular are making a real effort to attract candidates from the tech industry.

According to “Organizations are paying a little bit more as they want to retain the talent; the pool of available candidates is less.” In Oct 2016, Goldman executives outlined an increase in technology headhunt of 8% between the years 2012 and 2015, acknowledging the growing demand for tech personnel in the financial sector.

Recruiters at Excellence have noticed that the FinTech sector is more bonus-incentivized than the tech sphere, which is salary-based. This is a major pull for candidates who prefer to have their high-caliber projects rewarded financially, meaning a potentially higher personal gain than in the technology sector. With hedge-funds focused on increasing profit, it follows suit that a developer within the financial sphere should concentrate on increasing their own net profit by developing innovative technology, in line with the fund’s own growth.

One drawback for those making the transition from the tech to the FinTech world is the reality that the user experience is not as large, meaning a few dozen people may work with the system created, rather than the millions currently logged on and using Facebook.Rather than viewing this as a limit to their creative capacity, many developers see this as an opportunity for more independent working, and the ability to employ imaginative thinking in working to maximize the user experience.

While the demand for candidates transitioning from the tech sector is great, certain skillsets are in particular demand. Hedge Funds are seeking those with data entry experience, game developers with an understanding of simplifying the user experience, and those who have worked at large multi-national conglomerates.

In an effort to compete with Silicon Valley-like benefits, many hedge funds have started to become more flexible in their approach to hiring. Excellence notes that more and more hedge funds are starting to offer extra vacation days to appeal to those with families. While this is yet to become the norm in the Financial Sector, there has been an acknowledgement that getting the best developer means a movement away from the traditional nine-to-five, corporate clothed template that has dominated the financial industry and the world of hedge funds is beginning to turn heads among developers.