IT AND TECHNOLOGY | AREAS OF WORK
FINANCIAL SOFTWARE DEVELOPMENT Software developers are crucial to the development of IT infrastructure in the finance industry.
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hile not wholly dependent on them, financial organisations rely heavily on their IT systems as well as a variety of software to provide their customers with smooth and efficient service. From data analysis to planning investments and trading activities, analysts, asset managers and traders trust in either customised or off-the-rack software to help them make informed decisions. Having recognised the importance of financial software development in order to stay ahead of other industry players, most financial institutions have invested in in-house software development teams to both maintain and develop the software needed. However, as the needs of financial organisations continue to grow and become more sophisticated, outsourcing software development tasks to specialised companies has become more common as well.
upgrading existing systems to make them more efficient and user-friendly instead. Depending on the complexity and scale of client requests, projects may take a few days, or even years, to complete – and may even affect other aspects of the working environment, such as the size of an assigned team. In terms of career progression, graduates can take advantage of the many opportunities available and opt to either develop themselves in a technical role, or aim for a managerial position.
Career overview
Best of both worlds
Specialist software companies and major financial institutions are the ones who usually bring in graduates looking to enter this industry, and start them off with a training period – whether in the form of a structured graduate programme with rotations, or training with mentorship – that generally lasts between three to six months. Developers tend to be involved in several projects at the same time, so if work on large back-end systems or new software may not be in the cards, time would be spent on simpler projects like
Many financial software developers enjoy the fact that they, in effect, straddle two worlds: the IT and finance industries. Working in this field not only gives developers the chance to work with the latest technological developments as well as understand the latest financial market trends, but also see how both can impact each other.
STEM Career Guide 2021
Trends and developments As this sector is an intersection of sorts between IT and finance, projects usually comprise of perplexing mathematical models, large data sets, distributed and high speed systems, as well as information security measures.
Pros and cons
A challenging career Demanding clients are regular fixtures in this area, and work may be complicated by the constant development of technology. But if a challenge is craved, then this field will bring much joy. Skills required in financial software development
• Flexibility (as regulations and client requirements may change) • Problem-solving skills • Strong interpersonal skills • Updated knowledge on fintech
