You Will Earn the Most in These Two Financial Technology Sectors, Survey Finds

Thursday, 13/06/2024 | 13:09 GMT by Damian Chmiel
  • The fintech industry has seen significant changes in hiring and salaries, according to Harrington Starr.
  • Cyber security and IT are two places that attract the most people due to their high earnings.
Fintech salaries

The financial technology sector has experienced significant shifts in hiring and compensation over the past 18 months. While demand for top talent remains high, the economic landscape and aftermath of widespread layoffs in 2023 have impacted salary trends on both sides of the Atlantic.

In its latest edition of the "Financial Technology Salary Survey," Harrington Starr examines how salaries have changed across various branches of the fintech sector at different employment levels, comparing trend shifts in both the UK and the USA.

UK Fintech Salaries: Stability Despite Challenges

Fintech salaries have remained relatively stable in the UK from 2023 to mid-2024. However, the job market has become more competitive due to an influx of available candidates.

Nadia Edwards-Dashti
Nadia Edwards-Dashti, Chief Customer Officer, Harrington Starr, Source: LinkedIn

“Money is super important and should be fair. When looking at this it is important to remember culture, environment, progression, working styles and whether you are seen and heard in your organisation,” commented Nadia Edwards-Dashti, Chief Customer Officer, Harrington Starr.

Data and Analytics experienced candidate-short market which has kept compensation steady. Data scientists and engineers at the senior level can expect salaries of £70k-£125k, while lead data scientists often command £90k-£125k.

The highest earnings were reported in the Cyber Security and IT sector. The top salaries were for the position of Chief Information Security Officer, ranging from £120K to £300K. This sector also saw the largest increase in employment over the past 12 months, with a growth rate exceeding 30%. The main employment hubs are London and Bristol, and the industry remains predominantly male, with men comprising 75% of the workforce.

Toby Babb
Toby Babb, CEO and Co-Founder of Harrington Starr

“Despite a fairly challenging economic landscape, the cyber market has remained competitive as there is an ever-need for firms to protect themselves from increasingly sophisticated cyberattacks and to ensure they meet certain regulatory requirements,” commented Andrew Nitek, the Associate Vice President of Information Security at Harrington Starr.

The UK has seen an overall uptick in hiring activity in 2024, with firms focusing on securing candidates with strong technical skills and domain expertise. However, companies are sticking more closely to budget constraints, leaving less room for negotiation.

“Hiring levels are up at an 18-month high in financial technology and there remains strong competition for the best talent in the market,” commented Toby Babb, the CEO and Co-Founder of Harrington Starr. “A strong candidate in most tech disciplines can expect two to three offers competing for them, which is once again leading to the bidding wars and counter offers that were so commonplace in 2022.”

KPMG's report from February also highlights the challenges faced by the fintech industry in 2023. It reveals that funding for fintech projects totaled $113.7 billion, down from $196.3 billion the previous year. The number of deals was the lowest since 2017.

Comparing the UK and USA

resilience, with base pay remaining stable compared to previous years. Like the UK, the US job market has become more competitive post-layoffs. However, the US also experienced difficulties in fintech funding in 2023. According to Tracxn, funding dropped by 36% to $18.2 billion, reaching its lowest levels since before the pandemic.

“The last twelve to eighteen months have been challenging! Big technology layoffs were rife in 2023, there was a cost-of-living crisis, the world seemed to lurch from one catastrophe to the next and there was a pervasive and palpable sense of volatility and uncertainty in the air,” stated Rob Grant, the Chief Operating Officer at Harrington Starr.

US fintech salaries are generally higher across most roles, even accounting for currency conversions. For example, a mid-level software engineer in the USA earns around $120k-$150k, while the same role in the UK pays £70k-£120k.

The gender pay gap remains a challenge in both markets, but the disparity seems more pronounced in the UK. In 2023, the UK's gender pay gap in financial services reached its highest level since 2018. Demand for specialized skills, such as machine learning, AI, and cybersecurity , commands higher salaries in both countries.

In April, Finance Magnates examined salaries in the FX industry in Cyprus. The study showed a decrease in average pay for Executive Directors from a range of €100-150K in 2023 to €60-140K in the first months of 2024. However, Heads of Compliance saw an increase in maximum salaries, reaching up to €90 thousand this year, compared to €75K previously.

As we move further into 2024 and beyond, it's clear that the fintech job market will continue to evolve. Companies will need to balance attracting top talent with managing budgets effectively. Candidates, in turn, must showcase their unique value proposition and remain open to new opportunities.

Despite the challenges, the outlook for fintech salaries remains optimistic.

The financial technology sector has experienced significant shifts in hiring and compensation over the past 18 months. While demand for top talent remains high, the economic landscape and aftermath of widespread layoffs in 2023 have impacted salary trends on both sides of the Atlantic.

In its latest edition of the "Financial Technology Salary Survey," Harrington Starr examines how salaries have changed across various branches of the fintech sector at different employment levels, comparing trend shifts in both the UK and the USA.

UK Fintech Salaries: Stability Despite Challenges

Fintech salaries have remained relatively stable in the UK from 2023 to mid-2024. However, the job market has become more competitive due to an influx of available candidates.

Nadia Edwards-Dashti
Nadia Edwards-Dashti, Chief Customer Officer, Harrington Starr, Source: LinkedIn

“Money is super important and should be fair. When looking at this it is important to remember culture, environment, progression, working styles and whether you are seen and heard in your organisation,” commented Nadia Edwards-Dashti, Chief Customer Officer, Harrington Starr.

Data and Analytics experienced candidate-short market which has kept compensation steady. Data scientists and engineers at the senior level can expect salaries of £70k-£125k, while lead data scientists often command £90k-£125k.

The highest earnings were reported in the Cyber Security and IT sector. The top salaries were for the position of Chief Information Security Officer, ranging from £120K to £300K. This sector also saw the largest increase in employment over the past 12 months, with a growth rate exceeding 30%. The main employment hubs are London and Bristol, and the industry remains predominantly male, with men comprising 75% of the workforce.

Toby Babb
Toby Babb, CEO and Co-Founder of Harrington Starr

“Despite a fairly challenging economic landscape, the cyber market has remained competitive as there is an ever-need for firms to protect themselves from increasingly sophisticated cyberattacks and to ensure they meet certain regulatory requirements,” commented Andrew Nitek, the Associate Vice President of Information Security at Harrington Starr.

The UK has seen an overall uptick in hiring activity in 2024, with firms focusing on securing candidates with strong technical skills and domain expertise. However, companies are sticking more closely to budget constraints, leaving less room for negotiation.

“Hiring levels are up at an 18-month high in financial technology and there remains strong competition for the best talent in the market,” commented Toby Babb, the CEO and Co-Founder of Harrington Starr. “A strong candidate in most tech disciplines can expect two to three offers competing for them, which is once again leading to the bidding wars and counter offers that were so commonplace in 2022.”

KPMG's report from February also highlights the challenges faced by the fintech industry in 2023. It reveals that funding for fintech projects totaled $113.7 billion, down from $196.3 billion the previous year. The number of deals was the lowest since 2017.

Comparing the UK and USA

resilience, with base pay remaining stable compared to previous years. Like the UK, the US job market has become more competitive post-layoffs. However, the US also experienced difficulties in fintech funding in 2023. According to Tracxn, funding dropped by 36% to $18.2 billion, reaching its lowest levels since before the pandemic.

“The last twelve to eighteen months have been challenging! Big technology layoffs were rife in 2023, there was a cost-of-living crisis, the world seemed to lurch from one catastrophe to the next and there was a pervasive and palpable sense of volatility and uncertainty in the air,” stated Rob Grant, the Chief Operating Officer at Harrington Starr.

US fintech salaries are generally higher across most roles, even accounting for currency conversions. For example, a mid-level software engineer in the USA earns around $120k-$150k, while the same role in the UK pays £70k-£120k.

The gender pay gap remains a challenge in both markets, but the disparity seems more pronounced in the UK. In 2023, the UK's gender pay gap in financial services reached its highest level since 2018. Demand for specialized skills, such as machine learning, AI, and cybersecurity , commands higher salaries in both countries.

In April, Finance Magnates examined salaries in the FX industry in Cyprus. The study showed a decrease in average pay for Executive Directors from a range of €100-150K in 2023 to €60-140K in the first months of 2024. However, Heads of Compliance saw an increase in maximum salaries, reaching up to €90 thousand this year, compared to €75K previously.

As we move further into 2024 and beyond, it's clear that the fintech job market will continue to evolve. Companies will need to balance attracting top talent with managing budgets effectively. Candidates, in turn, must showcase their unique value proposition and remain open to new opportunities.

Despite the challenges, the outlook for fintech salaries remains optimistic.

About the Author: Damian Chmiel
Damian Chmiel
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About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
  • 2076 Articles
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