Investment banks might need to invest in IT, but this doesn’t mean technologists are bullet proof. IT jobs are proliferating but banks are still considering outsourcing and offshoring arrangements to cut costs.
One of the best ways to position yourself is to ensure you have the skills that recruiters are actually looking for now. We’ve pulled out the most popular technology skills searched for by recruiters on the eFinancialCareers CV database over the past six months. [efc_twitter text="These are the fintech skills to have right now."].
Java is omnipresent in job descriptions for developers in investment banking. It’s still the programming language that causes most headaches for recruiters – yes, there are plenty of candidates, but there are also so many jobs that talent becomes difficult to find.
Banks want Java developers to work on everything from low latency trading programmes and order management systems across a diverse range of asset classes from flow products to equity derivatives. Java – and J2EE – are by far the most searched for tech skills. JPMorgan, Goldman Sachs, Nomura and UBS are all hiring. If you want a job in banking technology, learn Java.
2. Business analysts
Increased demand for business analysts suggests that banks are thinking strategically about implementing new IT projects. At the moment banks are hiring process change specialists with an understanding of how to overhaul back office products as well as compliance reporting functions. However, the bigger pay packets – think £100k+ - are available for BAs with an understanding of futures and options across multiple asset classes for new derivatives tech projects.
The buzzword (or phrase) for developers with C# skills is 'building risk weighted asset tools’. Sitting within the risk and analytics team – and often partnering with developers in offshore locations – technologists who can use C# to help banks develop tools to calculate RWAs in capital hungry business areas are currently in demand.
A surprise entrant to the list, perhaps, most of the jobs requiring knowledge of Murex are less about being a specialist application support professional and more focused on including it within a broader list of skill-sets. Consultancies, for instance, are requesting Murex as a nice-to-have, rather than essential skill, as part of their strategy teams. Quants are also being asked for knowledge of the software so that they can integrate their analytics with Murex. However, there are still plenty of roles within specialist tech consultancies for Murex experts.
Python has moved from being a relative backwater in investment banking tech to being the ‘red hot’ skill for developers within the financial sector. Banks like J.P. Morgan and Bank of America Merrill Lynch already employ thousands of developers churning out millions of lines of Python code, but it’s fast becoming mainstream for a broad range of projects. The burgeoning trend now is to recruit Python developers for interest rate derivatives platforms, with both banks and hedge funds on this bandwagon.