Financial Services Market Sees a Growing Need for Tech Talent
eFinancialCareers has released The Financial Services Tech Job Report to reveal data from technology job postings at financial services organizations across the first seven months of 2020. The full report includes the fastest growing locations, employers, occupations and skills in the US.
"US financial institutions have had to prioritize positions they considered most vital to their organization amidst the uncertainty of 2020, especially to support teams that historically have less experience working remotely. Since employees are now settled into remote work or planning a return to office, the range of positions in demand has expanded, speaking to the innovation and competition taking place in the financial sector as the demand for technologists continues to increase," said Art Zeile, CEO of DHI Group, parent company of eFinancialCareers.
Highlights from the report:
Job postings for .NET developer rose 49% year-over-year and application support engineer climbed 37%. Cybersecurity consultant rose 28%, consistent with the need for financial organizations to stay ahead of hackers who are looking to take advantage of dispersed teams and networks.
The Dallas-Ft. Worth metroplex hosts three of the top 10 fastest growing US cities in terms of tech job growth: Irving (+58% YoY), Roanoke (51%) and Dallas (30%). Dallas’ top hiring companies include Goldman Sachs and Santander, while Roanoke’s includes Charles Schwab and Fidelity, and Irving’s is led by Citi and Wells Fargo.
New York, NY leads the US in tech jobs posted by financial institutions through the end of July although job postings are down due to COVID-19 and subsequent lockdowns. Ranking second to New York is Charlotte, NC, due to a combination of financial institution headquarters in the city and a high volume of tech talent. San Francisco, CA is third, leveraging the vast network of Silicon Valley technologists and Wells Fargo headquartering in the city. Fourth is Chicago, which has utilized its network of commodities trading. Fifth is Minneapolis, MN, with top finance companies Wells Fargo and U.S. Bancorp as Minneapolis' top employers.
In addition to Raleigh, NC increasingly positioning itself as a tech hub, the city is also becoming a tech center for financial institutions. With 53% year-over-year growth, Raleigh's top hiring companies include Wells Fargo, BB&T, Cohen Financial and Charles Schwab.
Demand for Apache Kafka grew 43% YoY and MongoDB grew 33%, showing a focus on professionals who can build out the data structures necessary for analysis. As more companies look to the cloud for everything from storage to computing muscle, technologists with system engineering (+62%), systems analysis (+39%) and cloud computing (+32%) skills will only become more in-demand.