Financial software developers work with a variety of businesses and government-related organizations to write or modify software programs that are used in the financial industry. Employers include large mortgage organizations like FannieMae, banks and savings & loans, credit unions, and credit payment gateways and processors. Online financial portals also employ financial software developers. Entry level financial software developers usually work as part of a team that develops, modifies, or updates software. Senior level software developers in the financial environment will lead development teams and implement creative solutions to business needs throughout the software development lifecycle. The developers need to understand end to end software development, testing, analytics, and coding. They usually need a bachelor’s degree, and salaries are usually commensurate with education and experience.
Salary
The average software developer salary is $81,860 a year, according to PayScale.com. The financial industry often uses programs based in C programming language. Salaries for C++ programmers average $81,748, PayScale.com reported.
Beginning Salary
Entry-level financial software developers start at $49,000 a year, PayScale.com surveys showed. Hourly starting rates range from $14.00 to $25.33 for all types of software developers, according to PayScale.
Key Responsibilities
Financial software developers design, develop, test, modify and improve software that is used in the financial industry. They may work for lending organizations, banks, credit processing companies, and many other financial industry organizations. They need to be able to create design requirements for projects, review coding and test, lead or participate on development teams, and understand the needs of non-technical financial staff to deliver the software products that are needed. With financial industry professionals using mobile devices at an increasing rate, software developers in the financial industry need to be familiar with mobile apps and cloud-based app interfaces. A financial software developer must be comfortable with working in the development process at all stages and many different types of systems, languages, and data.
Necessary Skills
Software developers in the financial sector must have strong computing, engineering, and math skills. They need to understand testing and development best practices, and are also required to have experience and training in object-oriented computer languages. Java skills are a plus, but many financial sector businesses also use C++ and C# languages. Relational database systems knowledge and web technologies (Javascript, Ajax, ASP.NET) are often required. Other basic skills include a strong ability to work as part of teams that include technical and non-technical employees. Time management skills are a plus, as well as basic planning and problem-solving abilities. Data sets in the financial industry are typically very large and software development in the sector requires experience and ability in mathematical modeling and distributed systems architecture.
Degree and Education Requirements
Most financial software development jobs require applicants to possess a bachelor’s degree in computer science, software development, statistics, math, or a closely related area. Specific certifications for software development and testing may also be required. Software developers with higher levels of education are qualified for higher-level positions and greater levels of responsibility, such as software development manager, team leader, Vice President or Chief Technical Officer. Specialties within the field may also require additional education and certifications, including working for investment banks, on stock or futures trading exchanges, mortgage lenders, and credit card processing portals. Additional education and training in coding and software architecture, as well as certifications in security and systems design, can lead to additional career opportunities.
Pros and Cons
Financial software developers report that their jobs can be fast-paced, but satisfying. Most developers are satisfied with their salaries, and they also appreciate that their career is in a high-demand field. They are easily able to move to obtain a higher salary or better benefits. Projects can be extremely complex and involve large data sets, and developers who enjoy problem-solving and stretching their abilities are very satisfied with their work opportunities and duties. Some developers report working for financial industry organizations with non-technical managers who do not understand software and who don’t value the work contributed by the software professionals on their team. Experienced financial industry developers advise new employees to pay attention to how they are treated during the interview and onboarding process. One developer discussed how he was excited to have a job working on the trading floor of a stock exchange, only to realize he had no privacy and the noise level made his job nearly impossible.
Getting Started
Being able to use programming languages like C# and C++ prepares you to work as a financial industry software developer. You may be able to gain experience working as an intern or part-time, hourly development engineer while you are in school. Another way to get started in the industry is to attend software and industry conferences that focus on the technical side of the financial sector. Big data and business intelligence conferences can provide a chance to meet human resources professionals and department heads with the ability to make hiring decisions.
Future Outlook
The Bureau of Labor Statistics (BLS) projects that software developer jobs are expected to grow by 17 percent between now and 2014. Over 1 million people currently work as software developers in the United States. Over 186,600 new jobs will be added by 2024, the BLS says. Many financial sector software jobs use specific types of computer languages such as C# and C++ and the specialization is anticipated to offer ongoing opportunities for developers with expertise in those languages. Within different areas of expertise, the BLS projects that developers that are comfortable working with mobile apps and desktop integrations will see a 19 percent growth rate between now and 2024. Systems software developers are anticipated to grow at a slower rate of 12 percent, but this rate is faster than the overall occupational growth rate of 7 percent over the next decade.
New technologies like cryptocurrency and blockchain accounting may disrupt the financial industry and software programming, but these technologies are programming-intensive and are expected to deliver additional opportunities. The job outlook for computer software developers for banks, financial services companies, lending institutions and credit processing companies is excellent. Over the next ten years, financial software developers can look forward to challenging, rewarding and stable careers.
Related Resources:
