What To Expect Working As A Software Developer In The Financial Sector

working as a software developer finance

There are great opportunities for software developers in the financial sector as well as in the tech industry. 

As finance companies move towards new-edge technologies there is a greater need for developers to build more advanced applications and software and help manage larger business ecosystems. 

Many finance companies are not equipped with staff who are trained in software development which calls for the need to hire an expert. Here are some of things you can expect working as a software developer in the financial sector, some of things you can look forward to and the potential downsides. 

What To Expect As A Software Developer In Finance

1. It Is A High-Pressure Job 

Although it is not a finance job, software engineers may be deeply involved in the company’s financial data and with this comes great responsibility. A company may stand to lose millions if a software developer makes even one small mistake. There may also be strict work deadlines and high standards that must be met. Software developers and engineers must be able to handle high-pressure situations and perform well under various conditions. 

2. There Is A Need For High Performing, Scalable And Responsive Systems 

Financial institutions need to be able to rely on their various software systems and be assured that they are operating well. It will be the responsibility of the software developer to ensure the company system is not only functioning well, but it is also responsive and reliable under a heavy load of data or information. It may be the system itself which the company depends on to create new financial opportunities or maintain a competitive lead. Therefore it is incredibly important that the developer is able to create a high performing, scalable and responsive system. 

software developer finance industry career

8% of respondents taking the survey above were found to be working in the “financial technology or services” sector 

3. Information And Data Security Is Paramount 

Software developers working in the financial sector should expect to create airtight information storage and security programs. For example, banks will expect developers to build systems in order to prevent system breaches and credit card theft. The system designed by software developers must be secure and capable of combating various security threats. 

4. Expect To Be Introduced To A Broad Range Of Technologies 

Software developers working in finance may have to work with all kinds of different technologies. It is important developers familiarize themselves with how these technologies function and learn how they can integrate them into their work. Large financial businesses may even directly instruct developers to use their technologies when they are designing and developing their software solutions. What there is to look forward too There are many positive aspects of the job for software developers working in the financial sector to look forward to. 

1. High Salary 

Depending on the company, software engineers may be given the choice to work in the front office or in the back. Front office tasks may include coding trading strategies, and this generally comes with a large salary. It is known that some financial institutions pay software developers even higher salaries than banks! 

It is however important to note that salary will tend to be based on the developer’s background and experience level. A finance company should realize that a simple programming or code error could cause a company to collapse. There is too much riding on the job of a software developer and most companies are only looking for the best of the best and rightly so. 

2. Favorable Work Culture 

The work culture at a financial company tends to be incredibly favorable to software engineers. Many companies will have amply resources and systems to help make work for the developer as seamless as possible. Many developers working in the industry also enjoy frequent salary bonuses, promotion opportunities and routine appraisals. 

What The Potential Downsides Could Be 

While working in the financial sector may look promising, there are some downsides. The job may be challenging, the pressure to perform fast may become high and there may be non negotiable deadlines. 

1. Software Developers Need To Handle Pressure Well 

Many top financial companies face a lot of day-to-day pressure. A software developer in the industry must be able to keep up and work well under that pressure. Developers may be expected to come up with viable solutions in small timeframes or create completely bug-free programs. 

2. The Expectation Is High 

Senior management may place high expectations on the company’s software developer. Some of these expectations may even be unrealistic. Software developers tend to be routine in their tasks and accustomed to doing things a certain way. Working for someone who does things a bit differently may require the developer to adjust the way they work in line with the company’s expectations. 

3. Little Job Security 

Financial companies are notorious for firing software developers before people working in other departments. The reason for this may be that a developer’s job is in most cases disposable and there are many other people out there who could do the same job. Some software developers may therefore feel that they don’t have great job security. A way to get around this as a software developer is to show the company that you are indispensable by performing well, showing initiative and building reliable software. Another strategy is to come to a contractual agreement with the company to ensure job longevity. 

worldwide bank priorities

Worldwide banks' priorities according to EY research 

Final thoughts There are many great opportunities for software developers who wish to work in the financial industry. However, just like any job, working in the finance sector comes with its own set of unique challenges and opportunities. Most finance companies are looking for someone who can help them generate more income, maintain an edge over their competitors and develop top notch software solutions. As long as a software developer can address all the company concerns and work with them to grow the business then the job can definitely be a long-term and rewarding one.

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