An Undergrad’s Guide to Fintech

Finance and Technology are two of the largest, most popular, and most lucrative fields available to undergraduates, and we work with many students who want to go into one or the other. As technology integrates with more and more aspects of modern life, however, it is unsurprising that there are an increasing number of technologies devoted specifically to finance. 

These are very popular with undergraduates, as they combine two already incredibly popular options. Of course, not all high school students know what exactly to study to get into the world of Fintech. In this article, we’ll give you the full picture; what your options are, how best you can study them, and the career options once you have. Let’s get started!

What is Fintech Anyway?

Fintech is the term for technologies related to finance, both in terms of delivering financial systems to consumers and used by corporations themselves. This is understandably a broad field, covering everything from online banking and smartphone payments to automated trading algorithms to blockchain technology and cryptocurrencies. 

This broadness makes saying things definitively about the field as a whole difficult, because what may be true for one sector may not be for another. That said, this is a rapidly growing field generally, as new technologies give significant new options for both reaching consumers and managing financial resources. 

Fintech is one of the fields of finance most open to growth and disruption, but also one with much uncertainty because of that. Technology often outpaces regulation by several years, but this can mean serious instability in certain market sectors. 

We will speak about the field generally for the rest of this article, with notes as to whether or not certain advice applies either broadly or narrowly. 

What Should You Major in to Pursue Fintech?

There are a number of colleges with dedicated Fintech majors, minors, and other programs, but these are by far a minority. Further, very few of these are offered by highly ranked schools, and most instead are offered by state or local colleges.

Just because there isn’t a major in a field doesn’t mean you can’t study it; after all, there’s no pre-med major at any Ivy League school, but they send hundreds of graduates on to medical schools each year. In the same way, you don’t need a Fintech major in order to enter this field. Here’s what you do need:

Computer Science 

Technology is the second part of the term Fintech, but is the more important one by far. It’s easier to teach someone who already understands coding and higher level math about finance than the reverse. The most important thing for any career in Fintech then is a solid grounding in computer science principles. 

A general CS degree is of use here, or you may specialize if there is a specific subfield you already know you are interested in. At minimum, we recommend minoring in computer science; else you will not have the skills you need for this field. 

The top five CS programs for students interested in Fintech are:

1. MIT. They are well known for the strength of their CS program, and allow all students to take a selection of economics courses as well as business ones.
2. Stanford. Stanford’s program is not only excellent, but highly flexible, allowing you to specialize wherever you need to grasp emerging technologies.
3. Carnegie Mellon University. As CMU requires all CS majors to minor in another subject, this gives you an excellent opportunity to explore other fields which will be beneficial to a career in Fintech.
4. Caltech: Generally regarded as one of the best schools for engineering and technology generally, the preparation you get at Caltech will set you up for any role focused on computers or programming.
5. Harvard. On top of a very strong CS program, Harvard has significant alumni connections to many firms using and exploring Fintech, opening up significant opportunities for networking for current students.

Finance

This is secondary; it is entirely possible to get a job in Fintech with only a CS degree, never having taken a business or economics course. That said, having some knowledge of the field is helpful, especially given how important networking is in business generally. 

We recommend taking several courses in economics or business, so that you understand the fundamentals of the field. A minor can also be useful. Further, involvement with business related extracurriculars is incredibly important, as this is a major component of networking for jobs in finance. 

You can of course double major in Computer Science and either business or economics, but this depends on the university you are attending. Double majoring is a good way to get an in-depth understanding of both fields, but the popularity of both can make doing this difficult logistically.

Here are the top five programs to study economics or business in, if your goal is a job in Fintech. Note that we recommend combining these with a CS minor at least:

1. University of Pennsylvania. Penn’s Wharton school tops the lists of best business programs for a reason. It gives you everything you need for a successful career on Wall Street or elsewhere. 
2. Harvard. It’s not just the great education you get at Harvard; their alumni network and connections are some of the best in the world for students interested in careers in finance. 
3. Columbia. Located in the heart of New York, transitioning from Columbia to Wall Street isn’t even much of a commute. 
4. University of Chicago. Not only is their program quite good, they have a strong focus on the math and data underlying the study of economics, which is useful for anyone looking to specialize in the data heavy field of Fintech.
5. Cornell. Cornell has a top performing business program, and while located on the other end of New York, still sends many students on to careers on Wall Street.

Combined Degree Programs

There are a number of degree programs which allow you to simultaneously study both technology and business. Many of these are designed with a focus on developing new technologies and the entrepreneurship skills needed to launch a successful startup, but the skills they impart are equally useful for students interested in Fintech. 

While these programs are excellent, they also tend to be incredibly competitive for admissions. This makes sense; both computer science and business are among the most popular majors available, and any major which combines them is going to be even more so. While you can also simply double major, these combined degree programs are a step above this, and are definitely worth looking into.

Here are our top five combined degree programs in business and economics:

1. Penn’s Jerome Fisher Program. Students double major in Wharton and the College of Engineering, and learn the tools of both in combination. 
2. Berkeley MET. The Management, Entrepreneurship, and Technology program is meant to equip students with the skills they need to be the next Silicon Valley startup, but it translates equally well to Fintech careers.
3. Brown CS-Economics. Brown technically doesn’t have majors, but this program allows students to combine their studies of these two fields, preparing them to apply the skills of one to succeed in the other.
4. UT Austin CSB. UT Austin offers the honors Computer Science and Business program, where students enroll in two separate honors programs, taking courses in each. 
5. MIT Interdisciplinary Program. This major combines Economics, CS, and Data Science, and allows you to dive deep in each. Combined with MIT’s strong alumni network, students with this major have no trouble finding positions in Fintech.

How to Find a Job in Fintech as an Undergrad

Finding a job in Fintech is similar to finding any other job in finance. Note that this is different from finding jobs in tech; while this discipline sits at the intersection of these two fields, the companies which overwhelmingly work in Fintech are based in business and finance adopting new technologies, rather than originating from tech companies. 

Thus finding a job relies not just on what you do in the classroom, but what you do outside of it. All of the following are key to finding a job in Fintech: 

• Pursue finance related extracurriculars. Your resume will be important for finding jobs, and involvement in business organizations will help. Business honors societies can also help a lot here, as alumni from these organizations tend to love helping each other out. 
• Look for internships. Landing an internship with a company often leads to a job offer in the future. Even if it doesn’t, the experience and connections you make will help you secure further opportunities. 
• Work on networking. We have a longer explanation of how and when to do this in our general guide to careers in business, and the same information applies here. 

Employers are going to be looking specifically for your technical ability here; while knowledge of finance and business is incredibly helpful in navigating the industry, it is your technical skills which will land you a position. Most major financial firms are moving into Fintech; with the way the industry is going, they have no way of avoiding doing so. 

How to Explore Fintech in High School

As with many fields of study, you don’t need to wait until you enter college to begin exploring Fintech. While the options for exploring this specific intersection are going to be limited in high school, there are still ways you can learn relevant skills or concepts, or gain practical experience. 

The first, and simplest way is by gaining experience with coding and computer science generally. There are many ways to do this, through academic coursework, extracurriculars, and summer programs. While this may not be directly related to the field of Fintech, experience with programming generally will help you build the skills you will need to succeed in the field, and help you when you apply to study technology in college. 

If you are more ambitious, you can look for internships and opportunities which specifically combine business and technology, or make your own. Helping a small nonprofit by coding an app that tracks their purchases or manages donations is a great introduction to how technology can impact the field of business, and make things easier for people to conduct their business.

Final Thoughts

It is unsurprising to find an intersection between business and technology, and the careers in this niche are increasingly popular and prevalent. While majors to study this field specifically are rare, special programs and a growing interest means there are plenty of ways for students to get involved with Fintech in undergrad, or even earlier. 

We hope this article has provided a solid introduction to the field, and what you need to know to pursue both your studies and a job in it. As with many other careers in business, the college you attend has a significant impact on your chances of landing a job with a top firm. If you are looking for advice on applying to one of these top colleges, or want to know which specific major will do the best job of positioning you for a job in Fintech, schedule a free consultation with us today. We have a long experience working with students, and are always happy to hear from you.