Fintech (FT) is one of the industries that has grown the most in recent years, and this trend is expected to continue for a long time.
This hasn't gone unnoticed by a growing number of professionals, many of whom are rushing to try to get a good job in this sector since technology-related industries usually pay excellent salaries.
This is true not only for programmers and developers but also for sales professionals, who are also part of the backbone of any industry.
Are you a finance or business professional looking for that dream job? This could be in a highly-paid position as a fintech sales professional. Here's what you need to know.
What Are Fintech Sales Reps?
The fintech sales advisor is a professional who focuses on steadily increasing sales of technological financial products offered by fintech companies and startups.
This professional has the necessary training to develop an effective sales strategy to drive the growth of an already established Fintech company. Or to penetrate new market segments of a company that is just starting out in the sector.
These sales representatives focus on generating demand by attracting new prospects while coordinating the entire sales process and trying to close as many sales as possible. They can also perform various roles within the company related to the sales department, depending on their skills and experience. Some of the most common roles for this professional are:
1. Business Development
The professional in this area must find and develop new business opportunities, as well as generate new sales and have the goal of exceeding the company's monthly volumes.
2. Sales Engineer
Sales engineers typically work in customer-facing technical or commercial environments, although they may also work in other areas, such as product development and business operations.
3. Partner Sales
This sales professional works in B2B environments and financial markets in the services area.
4. Enterprise Sales
In this position, the professional must focus on business software that meets the specific needs of (big) customers.
How Much Does Fintech Sales Pay?
The technology industry normally offers the highest salaries and is constantly looking for new specialists, both for established roles and for new roles created for specific needs.
You should remember that Fintech is a growing industry and as new financial technology products emerge, new business and professional opportunities also appear.
Right now, salaries in the Fintech industry are between $80,000 and $190,000 a year for roles in technical areas, and between $100,000 and $300,000 a year for roles in non-technical areas such as sales.
However, since Fintech sales roles normally involve commissions, you can easily imagine that the base salary plus commissions can end in an even higher monthly salary.
Right now, salaries in the Fintech industry are quite high. But the base salary will depend on the role you have as a sales professional.
How Do You Start a Fintech Sales Career?
There is an increasing number of business graduates interested in the Fintech industry, not only in technology development but also in sales positions.
On the other hand, there is also a growing number of professionals with up to 20 years of experience who are looking for new things and also want to enter the Fintech industry. Therefore the competition is increasing.
And it is not only about entering the exciting and dynamic environment of start-ups, but the salaries are extremely attractive, especially for recent graduates.
For this reason, a large number of candidates prefer to find jobs in companies that specialize in very specific niches, as this offers some competitive salary advantages, especially for the most novice. This is very attractive in the sales area since it allows for much higher commission margins.
1. Fintech Sales Skills
There are also a series of skills and knowledge that, if possessed, can make things much easier when looking for a job in Fintech sales.
Attending a job interview well-prepared with a number of hard skills (such as sales and marketing) is key. But you should also remember that soft skills are becoming more important and in demand in a growing number of industries.
An ideal Fintech sales candidate should have the following skills.
- Hard skills - CRM, sales, marketing.
- Soft skills - Written and verbal communication.
- Mindset - Entrepreneurial mindset, proactive, dynamic.
- Industry Knowledge - How Fintech industry, B2B, and B2C sales work.
2. Fintech Sales Experience
Although having experience in areas such as sales and business development is quite convenient, it is not always a must-have requirement.
Remember that many of the best salespeople have been trained from scratch as they learn and gain experience in their respective fields, and many managers are aware of this. However, a bachelor's degree is necessary in most cases.
You should also take into account that companies often hire sales consultants with experience in products similar to theirs so that these professionals can better focus on the same target customer.
5 Tips To Become The Perfect Fintech Sales Candidate
- During the interview, show that you know the company and can jump into the specifics to help the company grow.
- Try to be unique and have your own approach to the sales process.
- Always show a proactive aptitude and passion for your work.
- Show that you know your product/service.
- If you're a newbie, try to develop and keep the motivation to learn the ins and outs of the Fintech industry.
There are many opportunities to find a job from entry-level to senior positions with Fintech start-ups. So if you already have some experience in a similar field, you have an advantage.
However, don't worry too much about that. Just try to develop the necessary skills as much as you can, and focus on understanding and satisfying your target company's specific needs. In this way, you will have a leg up on your competitors.
FAQ About Fintech Sales
What Does a Fintech Company Do?
Financial technology companies develop software, mobile apps, and other technologies to improve and automate traditional finance for different types of businesses and consumers. This includes simple payment apps, but also complex networks to manage big volumes of transactions.
Does Fintech Sales Pay Well?
Being part of the technology industry, Fintech sales professionals' salaries are often among the highest of all sales professionals, ranging from $80,000 to $300,000 per year.
Want To Start Working in Fintech Sales?
Are you excited about a career in Fintech Sales?