OVERVIEW
What Is a Financial Software Engineer?
A financial software engineer is someone who develops, modifies, and updates software programs for the finance and banking industry. They work with a variety of different businesses to develop anything from financial education software to debit/credit card software.
In this role it will be helpful if you have some knowledge of the financial industry as a whole. Plus, most software engineer jobs will require extensive knowledge of at least one modern coding language (i.e., Javascript, Swift, or Scala.)
RESPONSIBILITIES
What Does a Financial Software Engineer Do?
The responsibilities of a financial software engineer will vary from job to job but, in general, you can expect to be responsible for some of the following tasks:
- Identify requirements for financial software. You’ll work with management and other departments to identify end-user specifications and requirements for financial software programs.
- Design algorithms to create new financial software programs. You’ll be working directly on the algorithms that will dictate how the programs and applications function.
- Test new programs and applications. You'll thoroughly test financial software programs once they've been developed to identify and troubleshoot bugs.
- Troubleshoot and maintain existing financial software. It will be up to you to troubleshoot any issues, make improvements, and provide support to end-users.
- Assess user feedback. You’ll assess feedback from end-users to make changes and improvements to your financial software programs.
EDUCATION & BEST DEGREES
What Education Does a Financial Software Engineer Need?
A bachelor’s degree is typically needed to attain a job as a financial software engineer. A bachelor’s degree in software engineering, specifically would be ideal in this field. In a software engineering degree program, you will learn crucial programming languages such as Java and C++. You will learn about scripting, data management, user experience design, and more. All of these skills are critical to your success in software engineering.
You will also need some experience or understanding of finances and financial software in order to be qualified for this role. This can come from internship or entry-level job experience where you are able to work closely with financial software in a business setting.
Where Do Financial Software Engineers Work?
The different industries and employers that financial software engineers can work with may surprise you. It's not only banks and credit unions, but any type of company that works with financial systems, programs, and/or software.
- Banks and Credit Unions. While there may not be a distinct need for software engineers at smaller banks and credit unions, the need for development and support at large financial institutions certainly exists.
- Credit Card Companies. Credit card companies are always working to create new software to stay competitive within the industry. There are different levels to software engineer jobs at a credit card company—everything from entry-level to senior management.
- Investment Firms. Other types of financial service companies, like wealth management and investment firms, will hire engineers to create software and tools that will help with investment efficiency and accuracy.
- SaaS Companies. There are plenty of SaaS companies that create software programs specifically for the banking and financial industry. This is a good opportunity to get hands-on experience at every point in the software engineering process.
Software engineers are hired by a wide range of companies because of their capacity to create useful, secure platforms that immediately satisfy customer needs. These employers can include financial institutions, schools and universities, government businesses, and entertainment firms.
Best Degrees for Financial Software Engineers
Technology
Software Engineering – B.S.
You're a creative and tech genius who wants the bigger opportunities....
You're a creative and tech genius who wants the bigger opportunities.
- Time: 60% of graduates finish similar programs within 35 months.
- Tuition: $3,985 per 6-month term.
- Courses: 36 or 38 total courses in this program depending on your track.
Certifications included in this program at no additional cost are:
- CompTIA Project +
- AWS Certified Cloud Practitioner
- ITIL®1 Foundation Certification
Skills for your résumé that you will learn in this program:
- Scripting and programming
- Web development
- Mobile application development
- User experience design
- Software quality assurance
Technology
Computer Science – B.S.
Problem solvers and math lovers needed! Your task:...
Problem solvers and math lovers needed! Your task:
Lay the groundwork for the computing breakthroughs that will enable tomorrow's technologies. Utilize your previous college courses or IT experience to help you complete your degree faster.
- Time: 60% of graduates in similar programs finish within 25 months.
- Tuition: $3,985 per 6-month term.
- Courses: 38 total courses in this program.
You'll have the opportunity to earn these certifications:
- Linux Essentials
- Axelos ITIL Foundation
Skills for your résumé that you will learn in this program:
- Architecture and systems
- Data structures
- AI
- Computer theory
- Version Control
- Linux
Technology
Web Application Deployment and Support Certificate – School of Technology
Enhance your résumé and take a step in your educational journey with the...
Enhance your résumé and take a step in your educational journey with the help of the Web Application Deployment and Support Certificate from the School of Technology.
- Time: 5 months from start to finish.
- Cost: $2,950 for the certificate.
- Courses: 4 courses total in this program.
This certificate also offers two industry certifications, Linux Essentials and AWS Cloud, which will add extra power to your portfolio of experience. You are also guaranteed admission into a WGU School of Technology degree program. This certificate will prepare you for the next step in your career.
This program is ideal for individuals who have 3-5 years of IT experience and a basic understanding of scripting languages and SQL. Prerequisites include: Experience with either Python or Java or another high-order OO (object-oriented) programming language along with Git, experience with HTML, CSS, and JavaScript, and experience with a major DBMS (database management system) - MySQL (preferred), SQL Server, Oracle, MariaDB, etc.
Technology
Back End Web Development Certificate – School of Technology
The Back End Web Development Certificate helps students gain a critical...
The Back End Web Development Certificate helps students gain a critical foundation in databases, Java, SQL, and other areas that are crucial for success in the field.
- Time: 6 months from start to finish.
- Cost: $3,950 for the certificate.
- Courses: 5 courses total in this program.
This certificate is designed to help individuals who want to pursue web development gain important skills and experience, boosting their résumé right away. In this program you will take courses that move directly into a School of Technology bachelor's degree at WGU, where you are guaranteed admission after completing your certificate. This program is an important step for your career.
Build your foundational skills in back end web development with a focus on SQL queries, user interface, database management, Java fundamentals and frameworks, and more.
How Much Does a Financial Software Engineer Make?
$101,000
Financial software engineers make about $103,000 per year on average in the United States. The median pay for financial software engineers currently is $101,000. Entry-level positions may be slightly lower (most start around $60-$80k).
Most financial software engineer jobs are listed as “commensurate with experience,” which means they will look at your education and work history to determine your salary. If you have a master’s degree, you may be able to start in a higher-level position where you would make more money than in an entry-level position.
What Is the Projected Job Growth?
22%
The job outlook for financial software engineers is great. The software engineering industry is expected to grow by 22% over the next decade, which is considered “much faster” compared to other industries.
Companies today are becoming increasingly creative with software engineering, and the financial industry is full of opportunities in this field.
SKILLS
What Skills Does a Financial Software Engineer Need?
There are certain skills that every financial software engineer needs to have to get a position within the industry:
- Computer skills - both basic and advanced
- Programming languages - you must be well-versed in at least one programming language
- Self-development skills - to keep up-to-date with fast-changing trends
- Mathematically inclined - knowing basic and advanced mathematical equations is helpful
- Acute attention to detail - it’s easy to overlook elements in software engineering
- Coding experience: -some experience in coding will be necessary
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