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Building a successful career in any field can be challenging, but the rapid growth and constant innovation within FinTech can make it seem particularly daunting.
There’s no shortage of advice for those looking to break into the industry, but not all of it is helpful. Misconceptions and “career myths” abound, often leading aspiring professionals down the wrong path.
In a recent episode of Behind the Growth, I had the pleasure of interviewing Suhanniyah Carpenter, Sr. Director of Consumer Banking at Royal Bank of Canada, to celebrate her extensive journey and gain her valuable insights on navigating this complex landscape. As a seasoned leader in consumer banking with extensive experience in both technology and finance, Suhanniyah offers a wealth of knowledge on overcoming challenges, embracing innovation, and achieving lasting success in fintech.
In this article, I draw from our conversation to debunk three common myths that often hold aspiring fintech professionals back. These learnings will challenge several common assumptions and help you gain a clearer understanding of what it truly takes to thrive in this dynamic field.
Myth #1: Maternity Leave Will Derail Your Career Progression
One of the most persistent myths, particularly for women in tech, is the belief that taking maternity leave will inevitably set back their careers. In a field like fintech, where innovation is constant, many fear that stepping away, even temporarily, will make them irrelevant or hinder their advancement opportunities.
Suhanniyah directly addressed this concern during our conversation, challenging the assumption that maternity leave equals career stagnation. She shared, “Here’s myth buster number one. A lot of women come to me and say, ‘If I’m at the early stages of my career, is this really the right time to step back and start a family and go on maternity leave? Is this going to hinder my career progression?’ Just speaking from my own experience, it did not– Right?”
Suhanniyah’s experience provides a powerful counter-example to this pervasive myth as she received a job offer while on maternity leave. However, she also emphasized the importance of maintaining a professional presence during this time. “As long as you keep your network intact, as long as you keep your LinkedIn profile intact, and you really focus on what you bring in your career is kind of visible to folks, that’s what really matters.”
By sharing her personal experience and offering practical advice, Suhanniyah encourages women in fintech to confidently navigate the transition into parenthood without sacrificing their career ambitions.
Myth #2: Career Progression Requires Constant Job-Hopping
Another common misconception in fintech is the idea that climbing the career ladder requires constant job-hopping. Many believe that switching companies every few years is the only way to gain new experiences, increase their salary, and advance to higher positions.
Suhanniyah challenges this assumption, demonstrating that you can grow internally within your organization. Her journey at RBC demonstrates the power of leveraging internal networks, building strong relationships with managers, and proactively expressing career goals.
She says, “I think that’s something that is important to stress– If you’re passionate and you’d like to explore new opportunities, have that really good conversation with your manager to say, ‘I’d like to explore something different. I’d like to help in this space…’ Using your network and your manager as that partner in your career progression really helps open doors that you didn’t even know were available.”
Her advice highlights the importance of viewing managers as partners in career development, openly discussing aspirations, and seeking their support in exploring new opportunities within the company. By fostering these relationships and actively pursuing growth, she shows that it’s possible to achieve significant career advancement without the constant need to switch employers.
Myth #3: Remote Work Limits Career Advancement Potential
The rise of remote work has brought about new anxieties, particularly the concern that working outside a traditional office setting can limit career growth. Some worry that being physically distanced from their colleagues and managers will lead to fewer opportunities, less visibility, and ultimately, a slower career trajectory.
However, Suhanniyah’s experience challenges this notion. She revealed that a significant portion of her career progression at RBC actually happened while working remotely. She stated, “I’ve been with RBC for four years and I’ve had four different roles since I joined in 2020, and most of the changes in career progression happened when I was fully remote.”
Her experience transitioning to a new role at RBC at the onset of the pandemic, coupled with her subsequent career progression within the company while working remotely, clearly demonstrates that physical presence isn’t a prerequisite for advancement.
Instead, she emphasizes the importance of being proactive, engaged, and communicative, regardless of location. By focusing on delivering results, building strong relationships, and seeking out new challenges, remote workers can still demonstrate their value and unlock opportunities for growth.
Three Strategies for Career Progression in Fintech
Throughout our conversation, Suhanniyah emphasized several key factors that have contributed to her success and that she believes are essential for anyone looking to build a thriving career in fintech.
First and foremost, she highlights the power of meaningful connections. “A lot of my career progression was really about meaningful connections,” she shared. “Having people that whether they’re within your immediate team or you’ve worked with them in the past — those connections are going to be able to carve out roles, pathways into career opportunities that you haven’t even been exposed to.” Building a strong network of mentors, colleagues, and industry contacts can open doors to new possibilities and provide invaluable guidance along the way.
In addition to networking, Suhanniyah stresses the importance of focusing on skills and knowledge, particularly by “grounding yourself in the technology” and “what you bring to the table.” In a field like fintech, continuous learning is crucial. Professionals need to stay updated on the latest technologies, trends, and best practices to remain relevant and competitive.
Finally, Suhanniyah underscores the importance of resilience, advocating for a “focus on the task at hand” even when faced with bias or challenges. This resilience, coupled with a commitment to continuous learning, helps professionals adapt to the changing demands of the fintech industry.
Takeaway
A successful fintech career is built on a foundation of meaningful connections, continuous learning, and unwavering resilience. By embracing these principles, aspiring professionals can navigate challenges, unlock new opportunities, and chart a course toward a fulfilling and impactful career in this dynamic industry.
If you found these insights valuable, be sure to tune into the full episode of Behind the Growth for a conversation you won’t want to miss! Suhanniyah shares even more wisdom and practical advice for those looking to thrive in the world of fintech.
Link to podcast
Career Growth and Innovation in Fintech
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