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Fintech FAQs

Last updated on 27 August 2020

FinTech FAQs - For Students and Learners

What is FinTech?

“FinTech” means Financial Technology, a mix of two industries that once unified, it focuses on the application of digital technologies to the provision of financial services.

How is FinTech changing our everyday life?

From Retail Banking, Online Payment & Transfer, Loaning & Financing, Wealth Management, to Insurance, these are the six major areas in the FinTech industrial layout, which connects with all financial activities we are involved in, as citizens. To understand better, let’s look at the examples of using AliPay and ApplePay where tapping phones could quickly fix the cash-forgetting embarrassment, or borrowing money from the lending platforms that evaluate their customers’ credit online. Or consulting an Artificial Intelligence advisor which assists in making a more “rational” choice when the user is considering to invest. These actions would be predominately less effective without the backup of certain financial technologies. Therefore, reducing the complexity and the cost of the financial activity for all parties is the obvious advantage that FinTech has been bringing us, and thanks to that, our lives are becoming much easier.

What’s the advantage of studying at IMC?

The IMC FinTech course is led by Dr Nahid Rahman, PhD (University of Chicago Booth School of Business), whose supervisor was Nobel Prize winner Professor Richard Thaler, known as the ‘Father of Behavioural Finance’. Dr Rahman has experience working overseas for the World Bank and has more than 15 years teaching and research experience in Australian universities.

IMC’s courses provide not only fundamental knowledge in Finance like Finance Theory and Policy´╝îCorporate Finance, but they also introduce to the students the application of Big Data, Cloud Computing, Artificial Intelligence and Blockchain. Our full unit Micro-Credential course offers a well-structured curriculum of FinTech, too. What’s more, these courses provide our students with the opportunity to hear from the speakers from a range of professional organisations in the industry. We’re also in collaboration with FinTech Australia and Alibaba Cloud, which has created us more advantage in terms of assuring the quality of our course content. Besides, theories are of significant importance, but in IMC, the student will learn much more than just theories. The courses are filled with practical cases and applications.

If you want to think about it and make a decision later, you can register interest here or if you want to secure your spot, click here and don’t miss out!

When will the Micro Credential courses start?

Coming soon, in T1, 2021.

Who is the course for?

The FinTech course pathway is designed for those who want to develop their skills in business decision-making, data analysis, financial management, and leadership to contextualise better, interpret and participate in the transformed financial services industry. It is suitable for potential students, learners with interest in FinTech, entrepreneurs, new employees in FinTech startup firms, financial staff in banks, credit unions, insurance companies, investment dealers needing technical update and practitioners who have the intention of entering the industry. IMC’s courses will benefit anyone within the financial innovations space, particularly those wanting to adopt creative methods and strategic approaches within the FinTech industry.

What are the most popular FinTech occupations?

FinTech talents have a more extensive range of career opportunities in banking and financial organisations, government departments, enterprises and other related financial and FinTech fields. Within these areas, new positions like Application Specialist, Data Analyst and Compliance and Risk management are all gaining a significant amount of popularity.

For more examples, you can read our latest blog here.

Is there any booklet?

Yes! You can download the booklet and get more information here.

How many different modules are there and which ones are they? Am I able to select the ones I would like to take, or is it compulsory to partake in all modules?

We have four different Micro Credentials (with or without assessments) on offer:

FinTech and Blockchain Basics (3 weeks)

FinTech and Big Data (3 weeks)

FinTech Technologies (3 weeks)

FinTech, Security and Regulation (2 weeks)

You have the freedom to choose whichever course you’d like to partake – either one or all in any order.

And are there any textbooks required?

No textbooks are required here – however, there will be some recommended online readings/ materials listed for the Micro Credentials.

Is there any prerequisite to enrol in this program?

There are no prerequisites to enrol for Micro Credentials.

I understand the total duration would be 11 weeks. However, what is the full fee?

You have the option to choose Micro Credentials with or without Assessment, and the price will differ accordingly ($280 AUD without Assessment and $400 AUD with Assessment).

Is there any government subsidy for local students?

We do not have Government Subsidy for Micro Credentials. However, if you’ve registered your interest here, we will be sending updates and latest deals/ discount codes from time to time. It’ll be a great opportunity for you to take advantage!

Will finishing the course help me get a nomination for a skilled migrant?

No, however, on 4th November 2019, MP Hon David Coleman announced the GIT (Global Talent Independent Program) program to which this intends to attract skilled migrants to future-focused fields that will help Australia promote innovation and excellence.

The target sectors are:

AgTech

Space and Advanced Manufacturing

FinTech

Energy and Mining Technology

MedTech

Cyber Security

Quantum Information, Advanced Digital Data Science and ICT

Therefore, the demand of Australians towards FinTech talents has been rising.

Do professional bodies accredit our FinTech courses?

Related industries highly recommend our FinTech courses. Externally, IMC is a member of AACSB, The Association to Advance Collegiate Schools of Business, the world’s largest business education alliance, connecting educators, learners, and business to create the next generation of great leaders.

When will I be able to make the payment and save my spot?

You just need to click here. Just a reminder that spots are limited!

Will I receive a Certificate of Completion?

Most definitely! Either you do the Micro Credentials with or without Assessment, you will receive a Certificate of Completion.

FinTech FAQs - For Agents

What is FinTech?

The definition of FinTech varies, as all related institutes or enterprises have their approach to the understanding of FinTech. From our perspective, FinTech describes the newly emerging technologies that aim at improving and automating the delivery and the use of traditional financial services.

How is FinTech changing our everyday life?

From Retail Banking, Online Payment & Transfer, Loaning & Financing, Wealth Management, to Insurance, these are the six major areas in the FinTech industrial layout, which connects with all financial activities we are involved in, as citizens. To understand better, let’s look at the examples of using Ali Pay and Apple Pay where tapping phones could quickly fix the cash-forgetting embarrassment, or borrowing money from the lending platforms that evaluate their customers’ credit online. Or, even consulting an Artificial Intelligence advisor which assists in making a more “rational” choice when the user is considering to invest. These actions would be predominantly less effective without the backup of certain financial technologies. Therefore, reducing the complexity and the cost of the financial activity for all parties is the obvious advantage that FinTech has been bringing us, and thanks to that, our lives are becoming easier.

What are the prospects for FinTech?

One thing we have to acknowledge before we get into the future development of FinTech is, as financial technologies emerge unceasingly, traditional financial industries are witnessing a dramatic change, the old-fashioned business skills are no longer satisfying enough to meet the new needs of the market. International financial centres are transforming, adapting themselves using the FinTech approaches, and of course, recruiting more and more FinTech related talents around the globe. In the meantime, there are many cases where local governments are supporting and encouraging the development of FinTech.

How do we step into the FinTech industry?

Based on new technologies like Big Data, Cloud Computing, Artificial Intelligence, Blockchain and so on, FinTech improves and develops financial services. It is common for people to think that Finance + Technology = FinTech, however, to meet the standards of employers, the formula ought to be changed into Finance + technologies > FinTech. That means other than learning those concepts separately, you should pay more attention to their integration in application. Among IMC’s FinTech degrees, Master of Applied Financial Technology and Block and Master of Business Administration (FinTech Management) would perfectly meet the requirements, because these two degrees offer a systematic analysis of theoretical and applied knowledge of contemporary FinTech and its related technologies.

When will the IMC’s Micro credential Courses start?

Coming soon, in T1, 2021.

Is there any prerequisite to enrol in this program?

There are no prerequisites to enrol for Micro Credentials.

Is there any textbook required?

No textbooks are required here – however, there will be some recommended online readings/ materials listed for the Micro Credentials.

Is there any government subsidy for local students?

We do not have Government Subsidy for Micro Credentials. However, in case a student registers an interest here, we will be sending updates and latest deals/ discount codes from time to time. It’ll be an excellent opportunity for them to take advantage!

What is IMC’s advantage?

The IMC FinTech course is led by Dr Nahid Rahman, PhD (University of Chicago Booth School of Business), whose supervisor was Nobel Prize winner Professor Richard Thaler, known as the ‘Father of Behavioural Finance’. Dr Rahman has experience working overseas for the World Bank and has more than 15 years teaching and research experience in Australian universities.

Our courses provide not only fundamental knowledge in Finance like Finance Theory and PolicyCorporate Finance, but they also introduce to the students the application of Big Data, Cloud Computing, Artificial Intelligence, Blockchain. The curriculum starts with Introduction to Financial Technologies, Fundamentals of Blockchain, to Blockchain in Financial Services Case Study in Blockchain Application. In such a way, we start from the basics, and gradually bring up the challenging part. Besides, theories are of significant importance, but in IMC, the student will learn much more than just theories. The courses are filled with practical cases and applications.

Other than the full degrees, we introduce to you our Micro-Credential Courses, which within 15 days, guide you to explore the massive amount of essential FinTech knowledge. This set of courses is designed not just for students, but also for the white-collar Finance practitioners. They are structured as the following:

FinTech and Blockchain Basics FinTech and Big Data FinTech Technologies FinTech, Security and Regulation
The FinTech Landscape
FinTech Business Models
Cryptography and Blockchain
Cryptocurrencies and Smart Contracts
Big Data
Data Analytics
Machine Learning
Artificial Intelligence and Finance
New Sources of Finance(P2P, Crowdfunding)
Cybersecurity
Privacy and Data
Regulatory Environment for FinTechs
Suitable for entry-level starters The technologies and applications of the FinTech revolution FinTech Ecosystem

What’s more, our Micro-Credentials courses offer our students the opportunity to hear from the speakers from a range of professional organisations in the industry. We’re also in collaboration with FinTech Australia and Alibaba Cloud, which has created us more advantage in terms of assuring the quality of our course content.

Now, what else about us that made us better? Among the few universities that have the resources to set up a whole curriculum of FinTech, IMC offers degrees that are more affordable quality-oriented. Plus, compared with the Group of Eight, our smart campus can stand out because of its unique design, build-in technologies and student-focused campus services.

As an IMC student, there is the opportunity of career improvement readiness skills by participating in our CareerFit program, which is designed to prepare IMC graduates for practical working scenarios. In this program, there are also internship opportunities available for students who seek the experience of working in a world-class enterprise. According to our student survey, those who participated in CareerFit, 92.4% found a career with satisfaction within three months after their graduation. Apart from these, our qualification and capacity are tested by TEQSA, who has granted us SAA (Self-Accrediting Authority), and China Ministry of Education Foreign Supervision Information Network, who acknowledged IMC as qualified.

Is FinTech related to CFA (Chartered Financial Analyst)?

In 2019, CFA Institute decided to add FinTech related content based on the original test. This is a shred of strong evidence suggesting that significance of FinTech, as a widely ranged subject, has been recognised by CFA, and put in practice in their tests by inserting related content into LEVEL 1 and LEVEL 2 tests. Traditional financial skills need to be renewed, to satisfy the new market, and students with a more comprehensive skill set of both Finance and relevant technologies will most likely, win a better chance. Therefore, IMC’s FinTech courses will help boost student’s success in either the CFA qualification test or a career in the FinTech market.

What are the most popular FinTech occupations?

Global demands for high-quality talents are continually increasing, especially in the areas of FinTech and Blockchain. FinTech talents have a more extensive range of career opportunities in banking and financial organisations, government departments, enterprises and other related financial and FinTech fields. Within these areas, new positions like Application Specialist, Data Analyst and Compliance and Risk Management are all gaining a significant amount of popularity.

For more examples, you can read our latest blog here.

What is the salary level in the FinTech industry? *

In general, the salary of FinTech related jobs ranges from an entry level position of $50K up to $300K for C-Suite Level, with a median of $100K salary based on years of industry experience*. Most of the FinTech companies are startups growing rapidly, recruiting senior financial workers or potential employees with a solid FinTech education background.

Jobs in Sydney (AUD) Average Salary Range*
Investment Analyst $54K to $108K
Finance Manager $58K to $126K
Technical Consultant $49K to $95K
Chief Financial Officer $56K to $202K
Jobs in Shanghai (RMB) Average Salary Range**
Data Analyst

300k to 700k

Business Analyst 300k to 650k
Data Center Manager 400k to 550k
Investment Manager 500k to 900k
Jobs in Singapore (SGD) Average Salary Range^
User Experience Analyst $72K - $120K
Financial Product Researcher $70K - $96K 
Compliance Associate Start-Up FinTech $80k - $90k

*Source: 2019 TSL Community in the News

**Source: 2020 Salary Explorer

^Source: 2020 Money Smart SG 

Disclaimer: While we make every effort to ensure that we accurately represent all figures and potential income, it should be noted that the salary figures are estimates of what we think you can possibly earn. There is no guarantee that you will make these levels of income and you accept the risk that the salary differs for each individual.

What is Blockchain?

Not everyone is familiar with the term Blockchain, yet this concept has already been applied to many aspects of our lives. Mobile Payments, Insurance, Product Authentication, Food Security, Medical and Public Health Management, Financial Fraud and Bitcoin, all these are examples where Blockchain is deeply rooted in our daily life. However, a few words might not be able to explain this emerging technology fully.

"Blockchain technology is a way for all parties in a system to work together through Cryptography to record and maintain a reliable data log in a multi-party environment without mutual trust."

The characteristics:

1. Decentralisation. Agencies no longer exist. Instead, all procedures are processed by programs. (In a decentralised network, users are in connection with each other directly, without the participant from third-party agencies. That means all transactions between users are unobstructed like handing over cash from one to another).

2. Safety. Safety is mostly illustrated in the process of distributions, which means even if one of the redistribution points is damaged or attacked, the network continues to run in safety.

3. The most essential part: Distrust.

If you are still confused after reading these clarifications, which is perfectly normal, IMC’s Blockchain units would make everything, including the application of Blockchain clear. TBIT620 Fundamentals of Blockchain (involving online payments, using Blockchain to validate transactions, etc.), TBIT623 Blockchain in financial service (e.g. using Blockchain technology in the insurance industry to reduce and resist risks), TBIT624 Case Study in Blockchain Application (e.g. using Blockchain applications to create common financial transactions as projects). As mentioned, Blockchain has been flourishing in every walk of life, and with its growth, domestic and international capital market and employment market are taking the advantage. Isn’t this a good opportunity to learn about it and help change the way we live?

Will finishing the course help the student to get a nomination of skilled migrant?

No, however on 4th November 2019, MP Hon David Coleman announced the GIT (Global Talent Independent Program) program which intends to attract skilled migrants to future-focused fields that will help Australia promote innovation and excellence.

The target sectors are:

AgTech

Space and Advanced Manufacturing

FinTech

Energy and Mining Technology

Cyber Security

Quantum Information, Advanced Digital, Data Science and ICT

Therefore, the demand of Australians towards FinTech talents has been rising.

Do professional bodies accredit our FinTech courses?

Related industries highly recommend our FinTech courses. Externally, IMC is a member of AACSB, The Association to Advance Collegiate Schools of Business, the world’s largest business education alliance, connecting educators, learners, and business to create the next generation of great leaders.

Will the student receive a Certificate of Completion?

Yes! Either the student doing the Micro Credentials with or without Assessment, he/she will receive a Certificate of Completion.

 

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