The financial industry is fast becoming automated as technology continues to revolutionize how businesses conduct their operations. Whether you work in the banking industry or risk management, learning a programming skill will soon become necessary for you to stay relevant in your field. Without the right information, it may be difficult deciding what programming skills to train on especially if you have no background in tech. To help you make an informed decision and add value to your career, here are coding skills you need to learn as a financial professional.
JAVA remains one of the most important programming languages especially in banks even as new technologies emerge. It is a general-purpose programming language applicable in a variety of ways ranging from mobile, desktop, and web applications to games and database connections. JAVA is especially popular with banking institutions as it offers security and portability. This makes it easy to use on a myriad of operating systems.
Banks usually use JAVA in e-trading platforms, banking portals, and even front-end applications. Other than security and portability, JAVA offers stability which is crucial in financial applications. If you are interested in creating front-end applications for financial institutions, you should consider learning JAVA.
Although SQL (Structured Queried Language) is not necessarily a programming language, it is highly valuable when working with databases and numbers. You can integrate it with other tools and programming languages like python and JAVA to facilitate direct communication and sharing of data.
Given that the financial field involves a lot of calculations and figures, being conversant with SQL makes it easy to store as well as retrieve useful data from databases. You can also develop financial models that help show patterns and relationships between data such as the fall of stock prices and their causes.
Some of the benefits of SQL is that you can view data without necessarily storing it, and also manage data without writing a consequential code. Data monitoring and adjustment becomes much easier when using SQL. For business and financial analysts, SQL is an asset that will help you perform exceptionally well in your field.
Python is a high-level language used in a variety of applications such as machine learning, data science, and web development. As such, it is an integral part of financial technology in banking institutions, insurance firms, industries dealing with data analysis, and even cryptocurrency.
Despite being a leading programming tool in Fintech, there are few professionals with exceptional python programming skills. With this in mind, financial professionals with python skills can easily get employment.
Python is popular in the financial industry due to its consistency and simplicity which makes it highly scalable. It also has a powerful framework known as Django which enhances functionality compared to other frameworks. With an accessible syntax and a library that favors mathematical and statistical languages, python is ideal for financial professionals with a background in math and economics.
MATLAB, also known as matrix laboratory, is one of the most in-demand programming languages as far as financial technology is concerned. As a finance professional, MATLAB can help you plot data functions, execute financial algorithms, and also manipulate matrices. Since MATLAB is a statistical language, you should combine it with a programming language like python.
Proficiency in MATLAB allows you to manage portfolios, trade complex securities much faster, and determine interest rates. You can also use MATLAB to import both historical and real time market data from a variety of sources. Being a statistical programming language, MATLAB comes in handy in financial risk management. The fact that it takes less time to code makes it even more attractive to professionals and traders in a fast-moving market.
Ruby may not be as popular as JAVA and python but it is worth considering as one of your financial technologies. Not only is it sophisticated it also allows for quick app development. In finance, you can use ruby when developing systems for digital payment, asset management, financial and analytical dashboards as well as e-wallets.
It is especially good for startups as it saves time with its existing plugins and libraries. This way, you don’t have to write codes when creating projects. It also has a strong framework that allows for secure coding and the creation of apps. Since it comes with a lot of free tools and high development speeds, it makes coding a cost-effective process.
Fortunately, learning how to code doesn’t have to be complicated as there are numerous resources to help you gain the necessary skills. What’s more, programs like G.I Bill benefits are there to help you go through a coding boot camp and improve your chances of employment after graduation. With the above coding skills, you boost your odds of gaining employment and scaling the career ladder in the field of finance.