43% of all student loans are classed as ‘in distress’. This is where students pay too little or default, causing their loan balance to increase. However, for students looking to pay off their debts as quickly as possible, forging a new career in the fintech industry is a wise move. In the first half of the year, the sector raised an impressive $41.7bn. Furthermore, there are ample opportunities in the technology industry which can’t be found anywhere else.
Replacing traditional roles
Statista reports that as of August 2018, there were 5,686 fintech startups in America. This number is continuing to grow, unlike many traditional businesses who have seen their numbers dwindle in recent years. Between June 2016 and June 2017, more than 1,700 physical bank branches closed throughout the U.S. This is because 45% of individuals currently use mobile banking. However, by 2022, it’s predicted that 88% of all banking transactions will be mobile. Therefore, as a student, you should get into the fintech industry and brush up your skills now.
Boosting employment figures
94% of the jobs created between 2005 and 2015 were temporary, contract or on-call jobs, according to The Washington Post. These jobs are far from ideal for students who need to rely on a solid income in order to pay off their student loan debt. Additionally, budgeting your cash is an essential task when you’re in the red. Thankfully, as fintech is a growing market, you’ll find that vacancies in this area are more likely to be permanent and plentiful. For example, Fintech startup Paygevity has recently announced plans to hire a further 50 employees at their new site.
A smart career move
Salaries in the fintech industry range from $32,777 to $169,189 per annum. So, there is plenty of scope to progress into new roles as well as a higher pay band as you build your knowledge and confidence. And, you don’t even have to have studied finance or technology to get into the industry. Fintech businesses need smart, well-educated individuals who come from a range of backgrounds, including marketing, customer relations, sales, and admin.
The fintech industry is a diverse and thriving one which is the perfect sector for students from all walks of life to get into. And by doing so, they’ll benefit from a secure job role and a prosperous future.
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