Top 10 Jobs + Tips to Break Into the Fintech Industry From Humana’s Mike McCoy
If you’re interested in breaking into the financial technology (fintech) industry, now is the time to get started! Here’s why: a 2020 report from Research and Markets found that the global fintech market is expected to grow at a compound annual growth rate (CAGR) of around 20 percent between 2020 to 2025, reaching a staggering $305 billion in value by the end of that period. Moreover, a Global Fintech Report by PwC found that up to 80 percent of telecommunications and financial services companies are creating jobs relating to fintech; however, many are struggling to secure the innovative fintech talent needed.
Did you know that completing a fintech boot camp can prepare you for a variety of roles in this rapidly growing field? Whether you have experience in finance or are just getting started in the field, a boot camp is a great way to accelerate your learning and gain in-demand technical skills. That said, entering a new field or advancing your current position can be challenging.
To offer an inside look into the world of fintech, Trilogy Education Services, a 2U Inc. brand, recently hosted a Tech Talk titled “Breaking Into the Fintech Industry.” During the discussion, Alison Abbington sat down with Mike McCoy, Associate Director of Emerging Technology at Humana. During his time at Humana, McCoy has developed new software, hardware and technical systems, while scaling emerging technologies like fintech in order to enhance lives and improve business operations.
Below are some key takeaways from the event, including tips for getting started in the field, fintech jobs to watch in 2021 and free fintech-related resources recommended by McCoy.
Fintech jobs to watch in 2021
If you are considering a career in financial technology and looking to find out where your professional journey might take you, here are ten opportunities to look out for. Job responsibilities, prospects and opportunities for future growth have been carefully considered when identifying each role.
Six tips for launching your fintech career
The path to landing a highly desired fintech role can be challenging, but here are six tips that can help you position yourself for success in the field.
1. Start networking immediately: Start growing your professional network as early as possible, says McCoy. At the start of his career, he would attend networking opportunities and industry events up to four times a week. He would also take notes from each event, and later spend time researching in order to expand on his knowledge in areas he was unfamiliar with.
2. Showcase your demonstrable skills: According to McCoy, demonstrable skills are critical for fintech talent. He recommends providing examples of how you have solved a real-world issue and what the impact was. A portfolio is great, but demonstrating that you can use the latest financial technologies in collaborative scenarios can really set you apart.
3. Create a digital presence: Take advantage of professional social networks like LinkedIn to build your digital presence. This is a great way to connect with fintech thought leaders, while finding people who work in the area so you can join in on conversations. McCoy also highlights the importance of a GitHub presence, revealing that employers are now recruiting through the code hosting platform.
4. Create a job search plan: Applying to jobs should be a balance between quantity and quality. Applying for fintech roles involves somewhat of a numbers game, says McCoy. He recommends applying for at least ten roles each day when you are just starting out in the industry. This strategy can improve your understanding on how companies are looking to recruit, their tech stack and how recruiting across industries works.
5. Do your research: To help you better understand a company’s goals, values and culture, McCoy recommends that you research each and every company that you apply for. Try to uncover the problems that they are facing, and demonstrate how you can solve them. Getting a grasp on each organization’s values is also crucial, along with being able to highlight the ways in which your values align.
6. Volunteer your time: McCoy also stressed the importance of volunteering, adding that it can pay off considerably for fintech job seekers. Consider volunteering your time for a virtual tech conference, or perhaps even a local nonprofit. As a result, you’ll advance your skills and build and maintain relationships, all while helping you feel good about your contributions.
Free fintech-related resources: Top picks from Mike McCoy
McCoy also provided some resources that you may find useful if you’re interested in learning about the field of financial technology:
1. Marginal Revolution: This blog features economic thought leaders Tyler Cowen and Alex Tabarrok, both of whom teach at George Mason University. Frequent topics include fintech, blockchain, cryptocurrency and more.
2. Exponential View: This weekly newsletter by Azeem Azhar provides a thoughtful perspective on how society and political economy will change under the force of rapidly accelerating technologies like fintech.
3. a16z Podcast: This podcast engages in thoughtful discussions about technology, innovation and change as it impacts lives, covering everything from tech trends and culture to company building for organizations of all sizes.
4. The Tim Ferriss Show: This podcast covers a wide range of topics including bitcoin and ethereum, crypto oracles and more. It is also the first business/interview podcast to pass 100,000,000 downloads, and has been selected as “Best of” by Apple Podcasts.
5. Radical Markets: Authored by Glen Weyl, an economist at Microsoft, and Eric Posner, a law professor at the University of Chicago, this book reveals bold new ways to organize markets for the good of everyone.
6. TowardsDataScience: This Medium publication provides a platform for thousands of people to exchange ideas and expand their understanding of data science and other areas like fintech.
Fintech innovation has not only empowered consumers but also expanded the career landscape by opening up new possibilities. With financial technology playing a larger role in how companies conduct business, fintech professionals have become incredibly valuable across a variety of industries.
Just as financial institutions continue to adapt to a technologically driven economy, professionals need to acquire the tech skills needed to thrive in the same fast-moving digital market.
If you’re currently enrolled in a fintech boot camp, or you’ve completed one in the past, the great news is that you already have skills applicable to the fintech field. If you’re new to our boot camps, discover how Berkeley FinTech Boot Camp can help you gain the fundamentals to work in this growing, in-demand field.
About Mike McCoy
As the Associate Director of Emerging Technology at Humana, McCoy builds new software, hardware and technical systems on the cutting edge to enhance health care, life science, and public sector use cases across the company. Previously at Accenture and ConsenSys, he worked in technical strategy, product development, integration and growth to use and scale emerging technologies to industry standards.
McCoy is also an Adjunct Professor at Thomas Jefferson University’s Institute of Emerging Health Professions as a lecturer and course developer for their graduate certificate programs. Additionally, he serves as Chair for The Linux Foundation, Hyperledger Healthcare Special Interest Group and an active member to IEEE, HIMSS, Frontiers, Blockchain in Healthcare Today, Blockchain for Social Impact and other technical and social working groups.
Outside of his professional career, McCoy is very passionate about sports, world traveling, athletics competitions, sociotechnical philosophy, economics and experimental culinary worlds.