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Information Technology In Finance

by Josh Biggs in Finance on 21st May 2019

Information technology, or IT, is a rapidly growing business in today’s modern technological world. But IT jobs are not just for the technology business, technology is becoming more and more integrated into other businesses and finance is no exception. Banks, fund managers, brokers, and insurance firms all spend billions on technology and employ thousands of information technology staff. There are many options for a career in finance IT with a good salary opportunity and you do not need a computer science degree for all of them, making these careers a viable option for many people.


IT Finance Careers

Information technology careers in finance range from technical support to project management, to business analysis and development. With an IT career you can go into many fields in finance, most notably investment banking.

At the center of the investment banking IT career is development. Whether in house or third party, banks often need technology that is tailored to their specific needs. Parts of the development team will act as a link between other departments and make sure that the bank has the exact technology that they need. This department also helps with electronic trade which is becoming more and more common. IT development teams make sure these trades go through fast and reliable.

Business analysts work with the tech department on behalf of the banks. Although not directly working in Information Technology, this department works alongside the IT professionals as well as project management. These teams act as liaison with third party vendors and give the go ahead to project management. Product management can then turn to the business analysts if plans go off track.

Technical support teams help with all kinds of technology on the business floor. Computer glitches or crashes, problems with applications, and general tech interruptions can cause the bank millions if not fixed immediately so tech support is needed at all times. Although this job is one of the most important for bank IT, it can also be stressful as you will need to solve problems at the drop of a hat and be prepared for things to go wrong.


Skills and Qualifications

While a computer science degree helps for many information technology jobs, it is often not needed. Degrees in math, science, or engineering are excellent candidates for these kinds of careers, and other degrees can find jobs in the less technical roles working alongside IT.

Information technology jobs look for logical, technologically skilled individuals who can learn quickly and adapt to multiple scenarios. These candidates also should have enough knowledge of IT to be able to explain things to the bank and other departments easily. As technology is constantly changing and evolving, professionals in IT need to thrive on change and adaptation.

As a career in finance IT, you should not only know the ins and outs of technology, but be understanding of finance as well. Knowing how a bank operates and flows will give you an upper hand from the computer based technology students and land you that dream job that combines both finance and technology.

Categories: Finance