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Finance Careers Utilizing Big Data

Computerized stock trading has been around since the 1970s. Banks have used AI to interpret big data since 1987, when Security Pacific National Bank started using it for fraud prevention. Using algorithms to interpret large data sets more accurately than a human eye ever could, the finance industry has rapidly changed into a tech-based industry. If you are considering any sort of career in the finance field, you will more than likely be directly or indirectly involved with Big Data at some point in your career.

Can you tough it out without being a data scientist?

Yes.

Here’s how:

Do You Backstroke or Float in the Data Lakes?

Deciding how you will want to interact with information when considering your future interactions with big data will help you decide what type of career to follow, especially when diving into the new possibilities of the finance field. Are you someone who wants to take the time to get to know the information intimately, care for it and nurture it — or are you the sort of person who wants a summary and to take action?

Finance degrees will often correlate with careers that require you to take those huge data sets and use them to make decisions with your team. This type of choice would be perfect for someone who wants to use big data but doesn’t necessarily want to dive into it on a daily basis. Conversely, something like accounting will allow you to take time with that information. According to Ohio Master’s in Accountancy, “They do the day-to-day work of recording, organizing, synthesizing, and analyzing business figures for future use.” Choosing a career that allows you to interact with information on a level that makes you happy is vital to your long-term success. This means taking an account of your relationship with Big data is will be vital in any finance career decision.

Do you want to dive into the data lakes or are you looking to use that information in decision-making?

Taking a Dive Without Going Back to University?

Taking a dive into big data while already in the finance field will definitely advance your career. You may have to go back to school or take supplemental classes to grow your ability to interpret data, but it will expand the number of options available to you in the financial field. One surprising option might be financial planning, which is growing at a rate of 27 percent in the next 10 years and requires a baseline understanding of big data in order to be competitive.

Taking part in the financial field, you already have the ability to interpret data, so taking that to the big time and making a choice to positively impact your career by reading, hiring a team of researchers, or just learning to partition things in a way that makes sense will make you a more competitive candidate. Even self-led exercises like reading scientific reports or brushing up on your Excel skills will help you organize information in usable ways that can be practically applied to big data. It can be small changes; it can be big changes. But the financial field is becoming big data’s home base. So you will have to embrace change.

Big data is the future of finance. If you are looking at finance, consider your relationship with its partner-in-crime, big data. If you are already in finance, advance with the industry moving around you.

About the Author

Avery Phillips is a freelance human based out of the beautiful Treasure Valley. She loves all things in nature, especially humans. Leave a comment down below or tweet her @a_taylorian with any questions or comments.

 

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