Demand for both contracting and permanent professionals is rising steeply in the UK’s FinTech (financial technology) sector, according to a new study by recruitment finance provider Sonovate.
There was a quarter-on-quarter (QoQ) surge of 64 per cent in advertised jobs for contracting roles in Q1 2016, with individual roles being sought-after especially strongly. The average daily rate at which these roles are being advertised now stands at £430 a day.
Umbrella Company Employees contracting as IT professionals have done well in the FinTech sector: contract IT positions soared by 35 per cent QoQ. However, postings for consultancy positions went stratospheric, rocketing by a stunning 525 per cent QoQ and commanding an average daily rate of £475.
Permanent roles in the sector have also exploded, growing by 57 percent QoQ and by a staggering 732 per cent year-on-year, with IT and consultancy occupying the top two positions at 61 per cent and 157 per cent growth respectively. The average annual salary for permanent professionals in FinTech now stands at £58,000.
In ascending order, the highest-paid contract IT jobs in UK FinTech companies are as follows (figures refer to average daily rates):
Project Management: £425
System Administration: £450
Software Engineer: £464
Database Administration: £491
Database Developer: £495
Programme Management: £503
Unix Administration: £544
Technical Architect: £625
IT Security: £700
Sonovate describes the FinTech industry as “arguably the hottest market to emerge in the last decade,” accounting for more than 200 companies in the UK. Between them, these companies contribute over £20 billion to the British economy.
Because their success has, from the outset, been driven by continuously evolving cutting-edge technology, they have a powerful need to hire a range of IT specialists. As the figures above indicate, they are willing to pay handsomely for contracting IT professionals to come on board.
Commenting on the research findings, Sonovate’s co-CEO, Richard Prime, said: “2015 was a crucial year for UK FinTech: while it’s been a cornerstone of our financial and technology markets for a while, we’ve seen clear increases in the industry’s overall investment, growth, and economic contribution.”
He added: “These increases have translated to a surge in advertisements for contract roles. The market for this kind of interim, project-based work is in rude health, and the prospects of those seeking more long-term employment have also improved.
“More jobs, more money, and more growth. The FinTech employment market is experiencing a global boom at the moment – and the UK is at the forefront.”