As fintech firms rise in CT, UConn to launch master’s program to meet demand

“There’s a lot of demand in the Hartford and Stamford areas for students who come out ready to take on these jobs in fintech — not just in the financial industry, but also using fintech skills in lots of other applications,” said David Souder, interim director of UConn’s Stamford campus and a professor in the School of Business’ management department. “Local employers want to add UConn talent, particularly in areas that involve applying digital technologies in business settings.”

The fintech program is scheduled to begin next spring at UConn’s Hartford campus, followed by a start in the fall of 2022 at the Stamford campus. In addition, UConn plans to launch a fully online version of the program as early as 2023.

In Hartford, the fintech program is expected to have about 20 students in its inaugural class and see its enrollment increase to about 160 by the spring of 2024, according to UConn officials. In Stamford, the university expects to have 35 in the first class and grow enrollment to about 100 by the spring of 2024.

“We’re really excited about what we’re doing in the specialized master’s space at UConn — this will be our fifth (specialized) program in the School of Business,” said Meghan Hanrahan, executive director of specialized master’s programs in the School of Business. “Our portfolio is growing. We’re doing work in accounting, human resource management, financial risk, business analytics and, now, fintech.”

UConn officials anticipate drawing students from a wide age range, including recent graduates and experienced professionals. Professional experience is not required to be admitted to the program, which will take an average of about two years to complete, UConn officials said.

“You’ll have seasoned professionals in the classroom intersecting with young, green talent,” Hanrahan said.

Among other new initiatives at the School of Business, an online MBA program launched this fall.

In the current semester, about 2,800 undergraduate students and approximately 1,700 graduate students are enrolled in the business school.

“The MBA is not going away. The skills that MBA students bring to bear are relevant and will continue to be relevant,” said John Wilson, the academic director of the fintech program. “What we’re trying to do is appeal to a new generation of students and employees who are fascinated by technology, fascinated by digital transformation and want to bring those skills to bear in the new global economy.”

Fintech on rise in Connecticut

The School of Business is preparing to launch the program as fintech firms’ presence continues to expand in Connecticut.

In September, iCapital Network opened offices at 2 Greenwich Plaza in downtown Greenwich. Company officials anticipate that the number of Greenwich-based employees could rise to approximately 300 during the next two years.

“We opened an iCapital office in Greenwich earlier this year because, among other reasons, Greenwich presents an opportunity to attract skilled and experienced employees, with the education and expertise that will help us deliver industry-leading technology to our clients,” iCapital said in a statement provided to Hearst Connecticut Media. “The area is quickly becoming a hotbed of technology development for Wall Street. Without a doubt, we’ll be looking at candidates from local universities such as UConn. It’s only going to accelerate the recruiting process and strengthen the industry if more graduates are entering the workforce having studied fintech.”

Six miles east, 2200 Atlantic St., in the South End of Stamford, houses the new headquarters of Tomo Networks, a real estate-focused fintech company that started last year. In June, Tomo announced plans to hire up to 100 local employees by the end of this year.

“Mature companies are fully familiar with us,” Wilson said. “But we do think these startups and midstage companies and ‘disruptors’ are also going to be very appealing to our student body.”

In 2019, the largest fintech firm headquartered in Connecticut, Synchrony, opened a digital technology center at UConn’s Stamford campus.

“As a company headquartered in Stamford, having the ability to connect and recruit top talent — students and alumni — from Connecticut-based universities like UConn is critical,” said Dan Murphy, senior vice president of digital engineering at Synchrony, the No. 187 firm on this year’s Fortune 500 list. “Synchrony continues to innovate on our recruiting practices to tap into diverse pipelines both locally and nationwide. We have a stake in the future of these students in an effort to grow the next generation of leaders in Connecticut.”