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A recent report by Morgan McKinley, in collaboration with Vacancysoft, reveals a significant increase in job vacancies in the UK fintech sector.
The report shows a 44% rise in fintech job openings in 2024, reaching 12,519 vacancies, up from 8,672 in 2023.
The surge in fintech vacancies is attributed to:
- Venture capital investment: Increased funding has enabled fintech companies to expand their operations and hire more talent.
- Adoption of AI and automation: The widespread adoption of artificial intelligence and automation has created new job opportunities in the sector.
- Sector fragmentation: The emergence of new companies has led to a more diverse and dynamic fintech landscape.
Fintech has become a magnet for talent, particularly in commercial roles.
Companies like Wise and Ebury Partners have reportedly seen significant increases in vacancies, with 225% and 148% rises, respectively. However, job seekers and qualified professionals should always be prepared and always expect major layoffs at any given time. Although layoffs can impact any industry, high-growth sectors like Fintech may not provide a high level of job security / certainty due to abrupt changes in the business environment – including insufficient funding and resources to maintain operations.
Despite these challenges, Fintech is expected to create numerous roles in the foreseeable future. And the rise of AI should help with expanding the ecosystem, but may also eliminate the need for many traditional roles.
The research report highlights the following job market trends:
- Business development and sales roles: These roles dominated the fintech job market, accounting for 1,277 vacancies, a 54% year-on-year rise.
- Banking vacancies: In contrast, banking vacancies declined by 11% in 2024, reflecting ongoing restructuring and regulatory challenges.
- Accountancy sector: The accountancy sector saw a strong rebound, with a 29% rise in vacancies, reaching its highest demand in five years.
The report notes that major players like NatWest and Barclays posted significant declines in job openings, with reductions of 51% and 45%, respectively.
Lloyds Banking Group reported a smaller decline of 19%.