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Master students to undertake Financial Services projects

University of Strathclyde students on the MScs Actuarial Sciences and Quantitative Finance undertake a summer project as part of their MSc. Some projects are co-supervised by industry partners and are based on their business interests.

We are currently seeking ideas from industry for projects taking place in summer 2020.

Companies participating in the scheme in previous years benefited not only from the direct project outputs but also from accessing talented students. This can be a route to recruitment and developing a closer relationship with the university. 

The Students benefit from the exposure to business. They see the problems that industry are interested in and get experience working with business. This improves their employability upon completing their MSc. 

Project subject matter is flexible. It needs to be quantitative in nature and relevant to the financial sector. Projects last 12 weeks from late May to late August and the actual work can take place at the company or at the University, or a mixture of both. Industry supervision can be light touch or more intense, to suit the project and supervisor; it can also be at a distance using phone and internet communication if, for example, the industry supervisor is based overseas. No fees to students or to the University are involved.

Companies submit project ideas to the University and students select and apply for them. Industry Supervisors interview students and select the best match. Students are also assigned an academic supervisor. The student’s project plan, final report and oral presentation are judged by both the academic and industrial supervisors.

For summer 2020 projects, ideas from industry are invited by 14 February 2020 using a short pro-forma.

For further information, or if you have any questions, please contact Ian Dwyer by email at ian.dwyer@strath.ac.uk

CodeClan opens Data Analysis course in Glasgow

Earlier this year, CodeClan, Scotland’s national digital skills academy, introduced a new Data Analysis course, modelled upon their multiple award-winning Professional Software Development programme. The organisation has so far produced over 700 graduates through this course, many of whom are working within Fintech Scotland members, from the startup sector, through to the country’s largest financial institutions.

Developed with expert partners, including the Data Lab and Effini, the new course aims to do for data what CodeClan has already done for programming, by creating a new talent and training pipeline, to produce high quality, qualified data analysts with existing work experience and soft skills.

While the Data Analysis course was developed to support every industry sector, interest from Scotland’s fintech sector has been particularly high. So high in fact that the academy is bringing the programme to it’s city-centre Glasgow campus far earlier than planned.

A launch event is taking place at CodeClan Glasgow on August 22nd. The event is aimed at professionals already working with data, businesses which want to retrain existing staff, employers looking for new staff with valuable data skills and career changers who want to future proof their career with a valuable new set of skills.

Using the powerful R programming language, the course brings together the three key areas of data science:

  • technical skills & coding
  • business knowledge
  • maths & statistics


Students learn the entire data analysis process from capturing requirements and asking the appropriate questions for the business, through to communicating results clearly and effectively to stakeholders. In addition the course incorporates elements of cyber security, ethics, privacy, User Experience (UX) design, visualisation and story-telling.

Hosted by CEO, Melinda Matthews, the event will introduce CodeClan, explain its teaching methods, introduce the instructor team and partner programme, with a particular focus on Glasgow’s Fintech sector. Due to high demand CodeClan suggests that early booking is recommended. 

Melinda Matthews-Clarkson, the CEO of CodeClan, said: “Since we first announced the Data Analysis course, enquiries from students and demand from industry partners in Glasgow, especially those within the financial services, has been growing.

“Now our first Edinburgh cohort is underway, we’re delighted to be able to bring the course to Glasgow and we look forward to introducing businesses, employers and students to CodeClan’s unique approach to teaching data analysis.”

The Data Analysis launch takes place on 22nd August (18:00-19:30) at Clockwise, 77 Renfrew St, Glasgow. Tickets are available here: https://www.eventbrite.co.uk/e/glasgow-launch-data-analysis-course-tickets-65808810925

5 tips for transitioning from the finance sector to FinTech

Looking to move into the Fintech sector but not sure how relevant your background in finance is? Put simply, it is. Here, Chris Stappard, the Managing Director at Edward Reed Recruitmentshares his top tips for transitioning into this new industry. 

FinTech is redefining the landscape, giving us all new innovative ways of managing our money. But, it’s not just the customers of these companies that are benefitting, but also the job market. While traditional financial institutions are automating their processes and using artificial intelligence to become more efficient, the FinTech sector is thriving and creating more job opportunities.

For many people, this means that they’re unsure of their future within traditional finance companies and instead are considering making the switch to FinTech. But, with this sector focussing on technology, how do you know if you’re a suitable candidate for roles in FinTech? Here, I will be sharing some of my top tips to help you seamlessly transition between finance and FinTech. 

Identify your transferable skills

Though it may seem like new technology is changing the way we approach finance, don’t let this put you off from applying for FinTech jobs. There are plenty of useful skills you’ll already have picked up from your current job that will be key for success in this new field. For example, being able to efficiently crunch numbers and get your head around complex data to make a business decision is particularly valuable in FinTech. 

Similarly, being equipped with regulatory knowledge about the financial industry, and more importantly what GDPR is and why it’s important, will also be expected by any FinTech company you apply to. Not only does this ensure you’re protecting their customer base, but also the company’s reputation. 

Decide which roles are most suitable for you

While you’ll already have taken the time to note down your transferable skills, you’ll also need to think about your strengths and weaknesses. This can include looking at your hard skills, like language, numeracy and your ability to communicate, which are key to any job, as well as more finance-based skills. FinTech roles are very varied and can specialise in anything from financial analysis to accounting and risk management, so knowing which sub-sector your skillset corresponds with best will be crucial. 

You’ll also need to think about where you should apply. The speed at which the sector is expanding means that there are plenty of companies you could get involved with, however, be aware that not all of them are likely to last. A start-up FinTech firm can present plenty of opportunities for you but are more likely to fail than established companies.

If you’re looking for more job security, it’s worth knowing that plenty of traditional financial institutions are also looking to remain competitive by improving their FinTech focus. Just remember that there is never guaranteed success, even for the biggest of financial firms. 

Go the extra mile with technology training

While some skills from a financial background will be enough to help you get your foot in the door, it’s always worth knowing as much as you can about the sector you’re moving into. You don’t necessarily need expert-level knowledge, but, having a simple understanding of core aspects will pay off.

There are plenty of training providers that offer courses in data and business analytics, so, if you’ve identified these as your weaker points, you can work on them. Not only will it impress future employers in interviews, but it’ll also show your willingness to learn about the industry and make it easier to adapt to any new role. 

Network with like-minded people

Networking is one of the most powerful tools for boosting your career, so it’ll pay to look up interesting FinTech-related events that you can attend. At these, you can make inroads with new connections, who may be able to help you now or in the future. You might even be able to use these events to find somebody to mentor you through the job search and application process. If you get too carried away chatting to get essential contact details, don’t be afraid to reach out through LinkedIn. 

It’ll also be worth reaching out to old finance friends and colleagues to catch up with where they’re at. Who knows, maybe they’ll own their own FinTech start-up now or know a company with a vacancy that sounds perfect for you!

Perfect your personal sales pitch

It’s not always a given that the person interviewing you for your potential FinTech role will have as much experience or knowledge as you do about finance. And, while it’s a must to be able to talk about these things with confidence, interviewers will also be looking for someone who has shown initiative and enthusiasm about joining the business. 

Taking a look at the job description and thinking of an example for each of the necessary skills can ensure you tick all of the boxes in the interview. Plus, suggesting any ideas you think they could incorporate into their business model or services could make you stand out ”” just don’t give away all of your great ideas at once!

Your background in finance can put you in good stead for a career in FinTech. Follow my top five tips to set yourself apart from other candidates and use your existing skills to impress the interviewer for future roles.

The apprentice route to start in fintech

Origo apprentice Jack Scott recently became a permanent employee of the company. Rob Kingsbury talked to him about his decision to go the apprenticeship route and his experience of working at the Fintech 

Jack Scott left school knowing he didn’t want to go to university and saw the apprenticeship scheme from QA, one of several open to young people in Scotland, as a route into a career in IT.

“I had studied social subjects and computer/IT subjects at school and I thought the latter best suited an apprenticeship and it was something I was really interested in,” Jack explains. “Also, as an apprentice you study on the job and you get paid for your time.”

The interview with QA was an initial chat, a technical test, followed by a more in-depth interview. Having been accepted on to the course his CV was passed to companies with openings for apprentices. Jack was looking for an apprenticeship as an infrastructure analyst. It wasn’t a shoe-in; Origo was the fourth company who interviewed him.

Apprenticeships are primarily work based (around 80% of the working week) giving apprentices practical experience as well as completing set modules and attending workshops and courses to build knowledge that is essential in the working environment.  

Jack started his apprenticeship in November 2017. Origo had been interviewing for just one apprentice but two candidates stood out for them and they made the decision to offer both a place. 

“On my first day, if I’m honest, I was bricking it,” Jack admits. “Tyler (the other apprentice) and me were given the task of building a computer, setting it up and installing all the software it needed. I’d never done anything like it, while Tyler was so much more technical than me, he was just getting on with it. I had to say, look I’m struggling here, can you help me understand what we’re doing?’ It was the start of an effective team. 

Since then setting up computers to Origo specifications has become a regular part of their role. “Recently, everyone in the company got a new PC and we were tasked with building the computers, installing the software, setting up the security and doing the handover to the user, making sure they were comfortable with the new machine and how it worked.”

Now the two of them play to their individual strengths, Jack explains.

“Tyler is technical and I’m more of a people person, so he does most of the technical build and I take responsibility for the handover.”

It’s a team approach endorsed by the company.

“Origo is a really good company to work for. They are good at getting the best from people. There’s a job to be done but they look to what you are good at and really encourage you to develop.”

The apprenticeship Jack followed is a two-year programme including modules such as health and safety, customer service and technical fault diagnosis. An assessor came into the office on a monthly basis and there were set courses in both years ”“ a couple of two-week-long courses in year one and four courses lasting a week each in year two.   

If there is one challenge he has had in the two years, Jack says, it is having confidence in his own abilities.

“I’m quite a confident person but being given work that was new to me but I could see someone else doing, like on my first day, that was hard. But it’s about knowing you can ask questions and getting your head down and getting on with it. Then, when you can do it, you love it.”

The most enjoyable part of his experience to date, he says, has been the people side of the job.

“It’s why I like the computer deployment side of the job now because I get to talk to new people.”  

On 1 July Jack and Tyler became full-time Trainee Infrastructure Analysts with Origo. “I like the fact that we’ve gone from being apprentices to trainees. I think it’s the right title because I’m very aware that there’s a lot I still don’t know and there’s a learning process to go through.

“I’ve learned so much in the past two years. As well as doing things I’d never seen in my life before, I’ve improved my time management and I’ve become used to working in an office. I almost don’t recognise myself from where I was nearly two years ago. It’s been a fantastic experience.”

Jack says he’d recommend an apprenticeship in Fintech or technology in general.

“If you’re debating whether to go to University or getting a job, I’d recommend an apprenticeship. It’s the best of both worlds. You’ll have the study skills you’d get from University, as well as the practical skills from doing the job, and you get paid instead of building up student debt.“And there are so many apprenticeships in Scotland. It’s a really good opportunity.”  

The University of Edinburgh launches a fintech doctoral programme

The University of Edinburgh is launching a new initiative to help companies access talent and develop innovative products and services, a Fintech Doctoral Programme delivered is partnership with companies.

It combines a PhD training structure with a specific focus on topics at the intersection of finance/economics and informatics/technology with a company research project. Each student works on a project commissioned by their sponsoring company partner. Projects need to be of commercial interest to the sponsor and aim to ultimately drive development of new digital solutions and products.

Business partners will set the projects’ topics and will be involved in the candidates’ selection process. Sponsoring companies provide a company supervisor for the project and remain closely involved to ensure delivery of commercially-relevant outcomes. The PhD student is also supervised by 2 academic experts from the University of Edinburgh.

During the first year of the programme the students are based mostly in Edinburgh as they will be undergoing a comprehensive training programme. During the years 2-4 of the programme their time will be divided between the partner company and the University. The exact arrangements would be decided with the company for each project to suit their project requirements. After completion of the programme which lasts 4 years,  graduates typically enter employment with their company sponsor. Programme provides a high-quality talent candidates who help their host company deliver new innovative products and services.

The University of Edinburgh is also partnering with the EIT Digital (European Technology Institute) which provides co-funding for the Fintech Doctoral Programme for their member companies. EIT Digital also provides access to innovation funding for companies for commercialisation of fintech products and services which could also be of interest to many companies.

We are currently recruiting projects for the first intake of students. If you are interested in finding out more, please contact ksenia.siedlecka@ei.ed.ac.uk More information: https://www.business-school.ed.ac.uk/collaborate/access-research-expertise/fintech-doctoral-programme

Calling all ambitious women in tech! Apply for Special Edition today

Applications are now open for TRC’s Special Edition: a life-changing’ professional development programme for women in Scotland’s digital and tech sector looking to progress their careers in the industry.

At TRC we believe that gender equality in the boardroom is paramount to the wider diversity of Scotland’s digital sector, which is why we created Special Edition to empower women to achieve their full potential and claim their place in the boardroom.

What to expect?

Special Edition is a six-month training programme delivered by TRC: a Glasgow-based training body for the broadcast and digital industries.

Monthly training sessions will help boost your confidence, improve your entrepreneurial skills, expand professional networks and progress your career in digital. The initiative includes formal workshops delivered by leading industry trainers PLUS an international field trip to meet with inspiring people making moves in the digital world.

The programme has supported 42 women in Scotland’s digital sector since its launch in 2013, many of whom have gone on to secure significant job promotions and board appointments since completing the programme.

Delegates of last year’s programme said:

“My Special Edition experience has been absolutely life-changing. I was promoted to a new and exciting role as a result of an opportunity I seized thanks only to confidence gained during the course. I have a whole new mindset and perspective that has changed how I think, how I feel about myself and what I have to offer the world. That’s the greatest outcome, and more than I ever expected.” Serina MacDonald, Head of Activation, Associate Director at Amplifi – part of the Dentsu Aegis Network

“Special Edition is a sisterhood and the most valuable network I’ll ever have in my career.” 
Alanna Innes, Product Owner at xDesign

“To anyone thinking about applying for the course, don’t even think about it. Just do it. I pondered for a while before applying as I doubted that I would be good enough to be selected. You are good enough! Given everything I have learned, the confidence gained and my improved mindset, it scares me to think what I would have missed out on had I not clicked that button!”
Serina MacDonald, Head of Activation, Associate Director at Amplifi

Applications are now open via the TRC websiteand will close on 1stAugust 2019.

£8,000 Scholarship for Postgraduate Fintech Student

Are you looking to join an exciting and dynamic industry? Fintech could be for you!

Scotland’s financial technology sector is booming, with the number of businesses growing threefold over the last year. There are now around 90 fintech-focused enterprises based in Scotland and there are no signs of the boom slowing down.

The good news is that these businesses are constantly on the look-out for new talent. Several Scottish universities, including the University of Strathclyde, the University of Stirling and Edinburgh University are already offering postgraduate fintech degree to satisfy growing demand.

£8,000 scholarship

In order to support students in that sector, Spotcap, a fintech lender, has launched the Fintech Fellowship programme. Now in its third year, the Fellowship offers an £8,000 award to one postgraduate student studying a fintech related course at a UK university. Applications open today and close on August 15, 2019.

Eligibility

To qualify for the Fintech Fellowship, applicants must cover the following criteria:

  • Have an offer of admission to a master’s or MBA programme at an accredited British university
  • Be a British citizen or resident
  • Study a fintech-related subject, with the intention to work in fintech upon graduation

Required Documents

Applicants can upload their CV and cover letter via the Fintech Fellowship website. Their cover letter should include the following points:

  • Brief description of their background and achievements
  • What sparked their interest in fintech
  • How their studies would support a career in fintech

So, what’s it like working for a Fintech company?

A job in Fintech is an opportunity to work in an evolving industry ”“ one that is driving the digital shift of both the economy and our society. It attracts passionate people who are keen to pursue opportunities and overcome challenges, making it a dynamic and fast-paced working environment. But fintech doesn’t only attract talent with an interest in technology and IT ”“ because of its innovative nature, it is increasingly becoming a sector of choice for marketers, sales and business operations professionals.

Are you starting your postgraduate studies this autumn? Are you keen to pursue a career in fintech? Check out the Fintech Fellowship website and apply for the £8,000 award.

https://www.spotcap.co.uk/fintech-fellowship/

Digital Technology Employer Survey

Photo by Branko Stancevic on Unsplash

Skills Development Scotland and partners are conducting an employer skills survey which will help shape the correct future skills provision for digital tech jobs in a number of sectors. If you manage a digital technology business/a business which has need of employees with digital skills, complete the survey; and share your skills issues and recruitment needs and challenges.

The Digital Technologies sector is important to Scotland as it plays an underpinning role in driving the competitiveness of Scotland’s other growth sectors as well as being a significant employer in its own right.

As part of this an employer skills survey is being conducted which will assess the current and likely future skills needs and issues in the digital technologies workforce.  Ultimately, the research will deliver a strong and robust evidence base with which to inform skills investment planning for the digital technology sector and other sectors with a growing need for digital skills.

 

The objectives of the study are as follows:

  • Detail the size and scale of the sector, and its economic importance to Scotland
    • Detail the size and scale of the sector in Glasgow and Edinburgh
    • Detail the size and scale of the Fintech sector
  • Present the current composition and forecast changes in the sector’s business base
  • Establish the current and likely future skills needs of employers
  • Map the education supply pipeline for the sector

Tech nothing for granted – How a new kind of scholarship creates an opportunity for industries to deliver on diversity

by Kathryn Pierce – Founder, Somewhere EDI CIC

 

Within the UK, Scotland is uniquely placed in terms of diversity, as it is a world leader in LGBT+ rights. It is the only country in the world to have LGBTI-inclusive education embedded in the curriculum, and second only to Malta in terms of the legal rights and freedoms afforded to its LGBT+ communities. As a relative newcomer to Scotland – moving from England in 2017 – I believe this celebration of difference is something that Scotland should be very proud of, and while there is still plenty of work to be done for specific marginalised communities such as my own, the momentum of Scotland’s progressive reputation stands it is good stead for future investment and growth.

 

However, reading about the top 23 LGBTQ+ people in tech last month, and feeling even more inspired by the work of these US LGBT tech groups, I wondered how long it would be until LGBT+ tech becomes more visible in Scotland. Creating LGBT+ visibility in such industries, who struggle with poor gender balance, can be a real uphill battle, and we know that active diversity initiatives are vital for disrupting established norms which either discourage more diverse communities from entering the industry, and/or influence unconscious biases which also serve to keep true diversity out.

 

So if existing organisations are struggling to deliver on diversity, what does that mean for the minority entrepreneurs? The thinkers, the innovators, the LGBT+ tech and fintech people who want to set up on their own, or who have an idea that needs supporting through partnership, sponsorship or collaboration, through connective organisations like Fintech Scotland? It’s known that only 1% of all enterprise investment goes to women-led enterprises, so how do LGBT+ people fare? And what about intersectional communities, such as lesbian, trans and/or bisexual women in fintech? The continuing global success of Lesbians Who Tech shows there is indeed an overlooked community.

 

Given how little academic research has been carried out in the UK into LGBT+ entrepreneurship, as part of my recent Master of Enterprise (MEnt) postgraduate degree, I decided to focus on the experiences ofa diverse group of LGBT+ entrepreneurs to understand their challenges and motivations.My research study (which forms the basis for a new book to be published by Emerald), revealed first-hand the tensions and difficulties in reconciling a mainstream business world with an authentic LGBT+ identity. It also revealed a lack of LGBT+ entrepreneurial role models, a lack of community-specific enterprise support for LGBT+ people wanting to start their own businesses, and a stark difference in the career-based experiences for entrepreneurs with career histories in the public sector (positive) versus the private sector (negative).

 

My findings, while small-scale, were enough to create a case for approaching a project partner to design and deliver a new way of disrupting the inherent homophobia in business and enterprise.Through Louise Arnold at Interface, through my social enterprise, Somewhere EDI Community Interest Company, was introduced to the University of Edinburgh Business School MBA team, and together we devised a way to both support minority entrepreneurship as a viable career choice, but also, and crucially, to acknowledge the barriers LGBT+ business people face every day and to actively disrupt those, especially given 62% of graduates go back into the closet when they leave university and start work.

 

The result is a first for Scotland, the new ‘Somewhere EDI’ MBA LGBT+ Scholarship, launched by The Princess Royal in February, as part of the University of Edinburgh Business School centenary celebrations and to mark 50 years since the founding of the global LGBT+ rights movement. This flagship programme is a game changer, given that a fifth of all MBA students choose to embark on venture creation. The scholarship is named after my social enterprise in recognition of my research, but also because we are working in partnership with the University, providing recruitment and promotion assistance, and most importantly, mentorship of the chosen candidate. This type of project is the first home-grown initiative of its kind, supporting all UK, EU and international students identifying as lesbian, gay, bisexual, transgender, queer and intersex (LGBT+) or as LGBT+ community allies.

 

The Somewhere EDI MBA LGBT+ Scholarshippublicly acknowledges the value of collaborating with authentic community organisations, and in facing the reality of ongoing discrimination against LGBT+ people, bold and innovative projects like this mean that little by little, LGBT+ people can begin to bring their whole selves to work, living and working authentically, enjoying the freedom to be themselves and, especially in the case of entrepreneurs, to be the agents of their own destiny.

 

I sincerely hope that by stepping into a new collaborative space between university, community organisation, business and entrepreneur, that we can open up many new industries to visible inclusion of minority people, who value their difference and understand it as an opportunity, rather than an add-on.

 

Applications for the scholarships are now open, and candidates have until 10th May to apply.For the Somewhere EDI MBA LGBT+ Scholarship application details, visit the University of Edinburgh Business School.

—

Extra notes:

Kathryn Pierce is Founder of Somewhere EDI,a new LGBT+ culture and enterprise hub created in Scotland in 2018, after a successful “Somewhere MCR” Manchester prototype as part of her MEnt degree.

Kathryn also works in higher education in Learning Support, and over seven years has supported nearly 100 students one-to-one across a wide range of academic disciplines, in seven different UK universities, including the Open University. She also volunteers as an Enterprise E-Mentor for The Prince’s Trust.

Social media: @SomewhereEDI, #SomewhereMBA

Actuaries, are you prepared for the future?

Photo by rawpixel.com from Pexels

Barry Shannon, Senior Risk Manager at Standard Life and member of the Scottish Board of the IFoA, asks whether the profession is prepared for the financial future.

The role of an actuary has often been described as “to make financial sense of the future”. As individuals, we might tend to focus on the “financial sense” aspect of our role.  But how prepared are we for the future?  The rapidly evolving fields of Data Science, Artificial Intelligence and Financial Technology (FinTech) are expanding technological boundaries at a fast pace and offer exciting opportunities for the profession.

Whether we like it or not, we ”“ and anyone with a smartphone ”“ are all part of the recent boom in data gathering that will form the building blocks of future developments.  To take full advantage of the future we should be prepared to embrace these emerging fields.

 

Preparing the profession for the future

The IFoA has been encouraging members to engage with the future through a number of working parties and initiatives, like the Risk Management in a Digital World working party.  This working party was established to form views and recommendations to assist actuarial practitioners in risk management considerations relating to operating in a digital world and has delivered initial findings at IFoA conferences throughout 2018.

The IFoA has also been addressing the emergent field of Data Science, with the 2017 Autumn Lecture exploring Data Science and its potential for Actuaries.  The IFoA will host its first ever virtual conference exploring Data Science: Opportunities for Actuaries in Spring 2019.

 

Focus on FinTech

FinTech is an emerging industry that uses new technology to enhance activities in finance and aims to compete with traditional financial methods in the delivery of financial services in the future.  The FinTech sector is growing fast and there are now more than 80 FinTech focused small and medium-sized enterprises (SMEs) based in Scotland alone, according to FinTech Scotland (a joint initiative by a number of financial services firms, the University of Edinburgh and the Scottish Government).