The Financial Services Tech Job Report

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The Financial Services Tech Job Report

The Competition for Tech Talent in the US, UK & Singapore

How are tech job postings trending in the financial services industry? We just launched The Financial Services Tech Job Report - analyzing job posting data to provide a fuller picture of how employers are navigating the current landscape.

The report analyzes technology job postings from financial services organizations across the first seven months of 2020 and includes the fastest-growing locations, employers, occupations and skills for three of the primary global financial markets: United States, United Kingdom and Singapore.

Download the complete report today for detailed analysis on the top tech locations, occupations, employers and skills in financial services today:
Download the US version
Download the UK version
Download the Singapore version

Overview

Financial services’ tech hiring began the year positively with job postings all higher in January and February of 2020 compared to 2019 for all three markets. As organizations rapidly began closing their Singapore-based offices in February and their U.K.- and U.S.-based offices in March, job postings began to decline due to uncertainty caused by the pandemic.

However, as a whole, the data thus far into the year indicates that job postings have only slightly declined. While the U.S.’s tech job posting volume within the financial services industry was relatively flat year-over-year (-5%), the country also managed to gradually close the gap between monthly job posting levels in 2020 and 2019. Singapore, which was down 11% year-over-year, shows volatility in its monthly job postings as the city-state grapples with reopening and closing. That said, overall volumes between June and July have shown growth. The U.K.’s job postings were down 12% year-over-year, though job posting volumes have gradually increased from April to July, which is consistent with the U.K.’s approach to reopening.

Below is a summary of the fastest-growing financial services technology skills of 2020.

United States

The COVID-19 pandemic impacted businesses at varying levels in 2020: while some tech-oriented organizations were already equipped to have their workforces work entirely remote, the majority of financial institutions were forced to develop new strategies to support their teams, which historically have had less experience working and collaborating outside of the office.

When it comes to skills, it’s clear that financial institutions are looking for technologists who are adept at wrangling massive amounts of data (hence the presence of SQL as a top skill), as well as coding in ubiquitous languages such as Python and Java. Overall, skills related to systems and infrastructure development are on the rise, as firms figure out how to better collect and analyze data and build next-generation applications. The need to build applications quickly is so intense, in fact, that job posting demand for Spring Boot, which allows developers to very quickly spin up applications built via the Spring framework, jumped considerably (93%) year-over-year.

Apache Kafka (43%), MongoDB (33%) and other data-related tools have similarly seen a year-over-year rise. When recruiting and hiring technologists, financial institutions seem as focused as ever on those who can build out the all-important data structures necessary for analysis. And as more of these companies look to the cloud for everything from storage to computing muscle, technologists with cloud skills will only become more important (indeed, cloud computing is up 32% year-over-year).

The Financial Services Job Report
Download the complete report today for detailed analysis on the top tech locations, occupations, employers and skills in financial services today
Download the US
version
Download the UK version
Download the Singapore version

United Kingdom

While the beginning of 2020 had financial services organisations working out how to cope with the European withdrawal, their focus quickly pivoted to determining the best strategies to maintain business initiatives throughout an even more rapidly changing environment as a result of COVID-19.

Among financial institutions in the U.K., some of the fastest-growing skills and programming languages are centered on development, including C++ (85%), TypeScript (83%), and Python (45%), as well as software architecture (37%) and application support (34%).

Financial institutions don’t appear to be in a defensive mode; they’re actively courting technologists with the right development skills to build out the right apps and services before their competitors.

Skills related to systems and DevOps also enjoyed significant year-over-year growth. As with the U.S., it’s clear that financial institutions in the U.K. are thinking beyond the immediacy of the pandemic, and are focusing on developing and building out their systems for the next generation of services and applications. Perhaps that’s one reason why Microsoft Azure is another fast-growing skill (71%); more financial institutions are looking to the cloud as a host for storage and services.

The Financial Services Job Report
Download the complete report today for detailed analysis on the top tech locations, occupations, employers and skills in financial services today
Download the US
version
Download the UK version
Download the Singapore version

Singapore

Overall, the Singapore job market has shown small declines due to the coronavirus pandemic, but financial institutions are still moving forward and continuing to hire tech talent.

In Singapore, finance-related data skills are very much on the rise, with data transformation leaping an astounding 136% year-over-year. As the name implies, data transformation focuses on converting data into structures optimized for a business’s needs. Its rise signals that financial institutions are more interested than ever in wrangling and analyzing various kinds of data for whatever advantage they can find.

Associated data tools such as Scala (77%) and Tableau (64%) also saw a year-over-year uplift, along with databases such as NoSQL (44%). It’s clear that financial organizations are interested in boosting their data warehousing, data integration, and data analysis as fast as possible in order to compete globally. Employers including DBS Bank and Standard Chartered are among the top employers looking for technologists that are skilled in Scala, while the top employers for Tableau include previously mentioned employers as well as JPMorgan and UOB.

The Financial Services Job Report
Download the complete report today for detailed analysis on the top tech locations, occupations, employers and skills in financial services today
Download the US
version
Download the UK version
Download the Singapore version

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