5 Fake Facts About Studying FinTech
What are your initial thoughts when you hear about studying programming for financial technology? Do you find it confusing? Do you think you need to have a deep understanding of finance? Are you wondering about job prospects? If so, read on because these questions often arise due to a lack of reliable and clear information. So, what are the misconceptions surrounding FinTech studies?
- FinTech Studies – It’s the First Time I’ve Heard of It, and I Don’t Understand
If you’re hearing about the study program called “Programming for Financial Technology” (or FinTech) for the first time, don’t worry – it’s not unusual. This profession didn’t even exist 20 years ago. What is it all about? In simple terms, a FinTech specialist is a programmer who understands how the financial market works and creates products that many people use. This makes financial services, from savings and investments to cryptocurrency and blockchain, more accessible to a wider audience. Essentially, it’s programming in a specific field, combining programming and financial technology knowledge.
By the way, in Lithuania, FinTech studies are still rare, and Vilnius Business College is possibly the only place where you can study programming for financial technology.
- Do I Need to Be Proficient in Finance to Study?
A FinTech specialist is not a finance expert or economist. You don’t need specific knowledge in these fields. When studying programming for financial technology, you will learn HOW the financial market operates and what financial institutions require. This general information helps you create interesting, sought-after, innovative solutions and products.
During your studies, the main focus is on programming, various programming languages, and modern disciplines like cloud computing, cybersecurity, artificial intelligence, and more. So, whether you have some knowledge of the financial market or none at all, you can confidently study in this program.
- Studying Programming for Financial Technology
Is Very Difficult If programming is a hobby that you dive into, losing track of time, this study program is no more challenging than any other program at Vilnius Business College, such as Programming and Internet Technologies. The difference lies in the content. The programming for financial technology study program prepares specialists for the specific and niche field of the financial market. Dr. Violeta Jadzgevičienė, Head of the IT Department at Vilnius Business College, explains more about it.
4. Will I Find a Job After Graduation?
The FinTech sector is one of the fastest-growing industries worldwide, as more operations and services are conducted in the digital space. Here are some noteworthy facts:
- Lithuania ranks among the top 10 most attractive countries for the FinTech market globally (Global FinTech Index, 2021).
- Lithuania is a European hub with 263 licensed and unlicensed institutions (EUCLID register, European Banking Authority, 2022).
- In 2022, the number of FinTech specialists in Lithuania increased by 18.6% (The FinTech Landscape in Lithuania review by the Bank of Lithuania).
- In 2022, FinTech companies in Lithuania attracted €67.9 million in investments, accounting for 13% of all investments in Lithuanian companies (The FinTech Landscape in Lithuania review by the Bank of Lithuania).
Due to Lithuania’s strong position in the global FinTech market and high demand for employees, FinTech specialists can easily find jobs worldwide. Ričardas Jaščemskis, a member of the Board of the Lithuanian Game Developers Association, also emphasizes the significant demand for these specialists.
- A FinTech Specialist’s Work Is Monotonous and Uncreative
The FinTech sector is incredibly dynamic and ever-changing, providing new challenges and encouraging continuous learning and skill adaptation. Due to the constant and rapid market development, FinTech specialists become innovators, actively involved in creating new technologies and solutions. They need to search for various solutions, analyze data, improve user experiences, create business models, and more. Therefore, creativity expressed through programming is a daily companion.
The FinTech industry operates globally, allowing communication with teams from different countries and cultures, providing an interesting and unique experience. Working in such teams allows you to explore various roles, from a programmer to a project manager.
So, if you have a passion for programming and enjoy losing track of time while coding, FinTech studies might be just the right path for you. Don’t let misconceptions hold you back from exploring this exciting field!
