Graduates are missing out on higher starting salaries in fintech roles because they feel they don’t have enough knowledge of the sector.
A new survey by Quotezone.co.uk found that over three-quarters of students haven’t considered a career in fintech despite the fact that the average fintech salary is 57% higher than the average UK salary – highlighting the need to change perceptions and give students valuable knowledge and experience of this lucrative sector.
The poll of UK students found the biggest factor stopping graduates from pursuing a career in fintech was a lack of knowledge about the sector, 36%.
The survey suggested that other factors holding students back from embarking on a lucrative career in fintech are pressure to pursue a more traditional career path, 26%, and a lack of experience, 9%.
Only around a quarter of students surveyed had a job lined up at the time of graduation while a quarter admitted to not even being sure what career they wanted to go into.
Quotezone.co.uk are trying to address this lack of knowledge of the fintech sector amongst UK graduates by encouraging students to explore what fintech could potentially offer them.
The Quotezone fintech scholarship aims to help increase awareness about the sector in the UK by asking students to consider what they see as the future of the fintech industry.
By offering work experience opportunities in the industry, the fintech business hopes to encourage more students to consider a career in the sector.
A spokesperson for Quotezone.co.uk warned that the UK could risk losing its status as a global fintech hub if it does not address the challenges around its talent shortage.
Considering over 50% of students in higher education are citing finances as their biggest pressure, the salary potential within the fintech sector should be an attractive proposition.
Greg Wilson, Founder and CEO of Quotezone.co.uk, said: “The UK is a global leader in fintech which contributes billions to our economy and has the potential to create thousands more jobs in the coming years.
“Despite this, there is a large talent shortage and a lack of awareness around the sector, as reflected in our survey results.
“The fintech sector in the UK offers great prospects for graduates from all industry backgrounds, with attractive starting salaries and strong long-term career prospects.
“Not only do we want to demonstrate the potential of a career in fintech, but we also want to provide the winning student with real, hands-on career experience to help discover what it would be like to work in such a flourishing sector.
“We need bright young talent from across the curriculum in England, Scotland and Wales to fill these roles and create teams with diverse skill sets – creating pivotal change and driving innovation within the sector.
“I would strongly encourage students from right across Great Britain to explore fintech and apply for this opportunity.”
The Quotezone fintech scholarship aims to help increase awareness about the sector in the UK by asking students to explore what fintech could potentially offer them as a career and enter a short blog or vlog post on what the next generation sees as the future of the industry.
The successful candidate will receive a £1,000 bursary which can be used to cover part of the cost of their studies, course materials or any other living expenses as well as the option to take part in industry-related work experience at Quotezone.co.uk.
Last year’s winners were Kelsey Hunt, a second-year student at St Andrew’s University, who wrote – FinTech and Small Business: a Dynamic Duo – highlighting the important role of fintech in the small business sector and Ella Henry, an MPhil student studying Biological Sciences at the University of Cambridge, who wrote a piece entitled – Fintech in a finite world: The price of protecting our planet focusing on climate change and the role fintech can play in helping create a sustainable future.
The deadline to enter the Quotezone.co.uk Fintech Scholarship is 30th March 2023, full details of how to apply are available here.
