The Reinstatement of FinTech at the Top

Written by: Evie Courtier
Published on: 17 Nov 2022

Money

It’s common knowledge that those working in FinTech receive a generous pay packet at the end of each month. This year our Audience Insight Survey detailing the responses of 1,400 finance and accountancy professionals, revealed that FinTech regained its top position as the highest-paid sector of 2022; recovering from its drop to 13th place in 2021 with a 24% drop in average FinTech salaries.  

With those working in FinTech reporting a 52% pay rise in the past 12 months, its established itself as a top sector across the board for Finance professionals.  

The FinTech Recruitment Landscape:  

This year has brought us the tightest labour market we have seen in years; following increased inflation, mass layoffs and staff winnowing, alongside the current state of volatility within the economy. FinTech companies are focusing their hiring quotas on securing the best new talent, segmenting the payroll between new hires and retaining current talent. With new hires within their right to demand a salary increase of 10-20% to achieve better earning potential, companies are investing in the expertise of their current staff base. 

Industry Incomes:  

Post-pandemic recovery certainly disrupted the league table for average pay. FinTech restored its top spot with an average salary of £91,500, with Consumer Products/ FMCG coming in a close second with a salary of £91,463. Those working in Accountancy Practice sit at the bottom of the salary chart, despite their award of a 32% higher average salary, taking the average up to £49,505.  

Across 21 sectors surveyed, all bar the Retail and Pharmaceutical industries, due to changes in working structures and other post-pandemic struggles, received a boost in average pay in 2022. 

Earnings Across the Sectors:  

Having bounced back in 2022, the FinTech Industry has demonstrated to be a lucrative profession for new starters and those adhering to a longer tenure. When comparing Job Title’s across the sectors, it’s apparent that FinTech retains its profitable position in the top echelons of pay. FP&A Manager roles for example, now offer an average salary of £85,515 (up 16% from 2021), compared to FinTech FP&A roles offering up to £99,000 per annum.  

Almost double the number of GAAPWeb salary survey respondents received a salary increase this year. Both junior and senior positions boasted an increase in pay, with Finance Director roles seeing a reinstatement of six figure salaries, following a 10% average salary increase. Salaries also rose across the majority of the UK and overseas, with London retaining the top spot for Finance professionals across the globe.  


 

Discover our range of FinTech jobs, amongst other career opportunities on GAAPWeb; a leading UK site for Finance and Accountancy professionals.