CAREERS IN FINANCIAL SERVICES - University of Toronto
Transcript Of CAREERS IN FINANCIAL SERVICES - University of Toronto
UTM Career Centre
CAREERS IN
FINANCIAL SERVICES
Every effort has been made to ensure the accuracy of the information provided in this report. However, job requirements, duties, and compensation change over time and vary between different industries and organizations. In addition, there are many different career paths one can explore in Financial Services. While this report is a good starting point and provides general information of the Financial Services sector, further research may be needed to obtain more detailed information.
The report was completed in July 2016.
Careers In Financial Services
TABLE OF CONTENTS
UTM Career Centre
INDUSTRY OVERVIEW
INTRODUCTION ..................................................................................................................................................... 5 SECTORS OF THE FINANCIAL SERVICES INDUSTRY .................................................................................................. 5 LABOUR MARKET INFORMATION .......................................................................................................................... 6
CANADA............................................................................................................................................................... 6 ONTARIO.............................................................................................................................................................. 7 TORONTO REGION (GTA) .......................................................................................................................................... 8 EDUCATION ........................................................................................................................................................... 9 COMMON DESIGNATIONS AND CERTIFICATIONS................................................................................................. 11 CERTIFIED FINANCIAL PLANNER (CFP) .................................................................................................................. 11 CHARTERED FINANCIAL ANALYST (CFA) ................................................................................................................ 12 CHARTERED FINANCIAL CONSULTANT (CFC/CHFC) ................................................................................................. 12 CERTIFIED FUND SPECIALIST (CFS) ....................................................................................................................... 12 CHARTERED INVESTMENT COUNSELOR (CIC) ......................................................................................................... 13 CERTIFICATIONS OFFERED AT UNIVERSITY OF TORONTO ......................................................................................... 13 IN-DEMAND SOFT SKILLS IN THE INDUSTRY ......................................................................................................... 14 COMPENSATION .................................................................................................................................................. 16
BANKING
GENERAL INFORMATION / AT A GLANCE ............................................................................................................. 18 COMMERCIAL AND RETAIL BANKING.......................................................................................................................... 19 INVESTMENT BANKING .......................................................................................................................................... 20
LABOUR MARKET INFORMATION ........................................................................................................................ 21 EMPLOYMENT PROSPECTS ...................................................................................................................................... 22
COMMON OCCUPATIONS .................................................................................................................................... 23 FINANCIAL ANALYST .............................................................................................................................................. 24 BRANCH MANAGER ............................................................................................................................................... 24 CUSTOMER SERVICE REPRESENTATIVE ........................................................................................................................ 24
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CREDIT ANALYST................................................................................................................................................... 25 LOAN OFFICER ..................................................................................................................................................... 25 MORTGAGE BANKER.............................................................................................................................................. 25 FINANCIAL PROGRAMMER ...................................................................................................................................... 25 TRSUT OFFICER .................................................................................................................................................... 26 INVESTMENT BANKER ............................................................................................................................................ 26 COMMERCIAL/RETAIL BANKER................................................................................................................................. 26 SALES AND TRADING ............................................................................................................................................. 26 OTHER ............................................................................................................................................................... 26
COMPENSATION .................................................................................................................................................. 26
POTENTIAL EMPLOYERS....................................................................................................................................... 26
SAMPLE JOB POSTINGS ........................................................................................................................................ 27
INVESTMENT ADVISOR ........................................................................................................................................... 27 RETAIL BANKER .................................................................................................................................................... 29
INTERVIEWS WITH PROFESSIONALS..................................................................................................................... 31
INVESTMENT BANKER ............................................................................................................................................ 31 LOAN OFFICER ..................................................................................................................................................... 32
INSURANCE
GENERAL INFORMATION / AT A GLANCE ............................................................................................................. 37
LABOUR MARKET INFORMATION ........................................................................................................................ 38
EMPLOYMENT PROSPECTS ...................................................................................................................................... 39
COMMON OCCUPATIONS .................................................................................................................................... 40
ACTUARY............................................................................................................................................................ 42 BROKER ............................................................................................................................................................. 43 UNDERWRITER..................................................................................................................................................... 42 CLAIMS ADJUSTER................................................................................................................................................. 43
COMPENSATION .................................................................................................................................................. 41
POTENTIAL EMPLOYERS....................................................................................................................................... 41
SAMPLE JOB POSTINGS ........................................................................................................................................ 42
ACTUARIAL MANAGER ........................................................................................................................................... 42 INSURANCE UNDERWRITER ..................................................................................................................................... 43
INTERVIEWS WITH PROFESSIONALS..................................................................................................................... 45
ACTUARY............................................................................................................................................................ 45 CLAIMS ADJUSTER................................................................................................................................................. 47
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ASSET & INVESTMENT MANAGEMENT
GENERAL INFORMATION / AT A GLANCE ............................................................................................................. 50
FINANCIAL PLANNING ............................................................................................................................................ 51 MORTGAGE......................................................................................................................................................... 52 MUTUAL AND HEDGE FUNDS ................................................................................................................................... 53
LABOUR MARKET INFORMATION ........................................................................................................................ 54
EMPLOYMENT PROSPECTS ...................................................................................................................................... 54
COMMON OCCUPATIONS .................................................................................................................................... 55
FINANCIAL PLANNER.............................................................................................................................................. 56 MORTGAGE BROKER.............................................................................................................................................. 56 PORTFOLIO MANAGER ........................................................................................................................................... 56 FINANCIAL ANALYST .............................................................................................................................................. 56 LOAN MODIFICATION SPECIALIST .............................................................................................................................. 57
COMPENSATION .................................................................................................................................................. 56
POTENTIAL EMPLOYERS....................................................................................................................................... 57
SAMPLE JOB POSTINGS ........................................................................................................................................ 57
FINANCIAL ANALYST .............................................................................................................................................. 57 ASSISTANT PORTFOLIO MANAGER............................................................................................................................. 59
INTERVIEWS WITH PROFESSIONALS..................................................................................................................... 61
MORTGAGE BROKER.............................................................................................................................................. 61 PERSONAL FINANCIAL PLANNER ............................................................................................................................... 63
FINANCE FUNCTIONS IN AN ORGANIZATION
GENERAL INFORMATION / AT A GLANCE ............................................................................................................. 68
FINANCIAL MANAGER.......................................................................................................................................... 69
LABOUR MARKET INFORMATION – FINANCIAL MANAGERS ................................................................................ 70
EMPLOYMENT PROSPECTS ...................................................................................................................................... 71
COMMON OCCUPATIONS .................................................................................................................................... 71
FINANCE OFFICER ................................................................................................................................................. 74 FINANCIAL CONTROLLER......................................................................................................................................... 74 CREDIT MANAGER................................................................................................................................................. 74 CASH MANAGER................................................................................................................................................... 74 RISK AND INSURANCE MANAGER .............................................................................................................................. 74 CINANCIAL ANALYST.............................................................................................................................................. 74
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COMPENSATION .................................................................................................................................................. 73 POTENTIAL EMPLOYERS....................................................................................................................................... 73 SAMPLE JOB POSTINGS ........................................................................................................................................ 74
FINANCIAL MANAGER ............................................................................................................................................ 74 RISK MANAGER .................................................................................................................................................... 76 INTERVIEWS WITH PROFESSIONALS.................................................................................................................... 78 FINANCIAL MANAGER ............................................................................................................................................ 78 FINANCIAL ANALYST - UTM GRADUATE ...................................................................................................................... 79
INDUSTRY-SPECIFIC WEB RESOURCES
CAREER DIRECTORIES........................................................................................................................................... 82 PROFESSIONAL ASSOCIATIONS ............................................................................................................................ 83 LABOUR MARKET INFORMATION ........................................................................................................................ 84
HOW THE CAREER CENTRE CAN HELP
RESOURCES FOR STUDENTS AND RECENT GRADS ................................................................................................ 85 ONLINE RESOURCES............................................................................................................................................... 85 PRINT RESOURCES................................................................................................................................................. 86 IN-PERSON CAREER EXPLORATION RESOURCES............................................................................................................. 86 EVENTS AND WORKSHOPS ...................................................................................................................................... 87 APPOINTMENTS ................................................................................................................................................... 88
GET STARTED
START PREPARING FOR A CAREER IN FINANCIAL SERVICES .................................................................................. 89
SOURCES
SOURCES USED IN THIS REPORT........................................................................................................................... 90
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Careers In Financial Services
INDUSTRY OVERVIEW
UTM Career Centre
INTRODUCTION
The financial services are a leading, diverse and dynamic industry with many career options for
those looking to start a fulfilling journey. This industry is critically important to the economy of
Toronto. A Conference Board of Canada study, commissioned by the Toronto Financial Services
Alliance (TFSA), suggests that the financial
sector directly contributes to about 1 in
every 13 jobs in Toronto region. In addition, the financial services industry
Did you know?
indirectly supports activities in a variety of other sectors. As of March 2016, Toronto has emerged as the fifth largest financial centre in North America (following the
Toronto is the 5th largest financial centre in North America and ranks in Top 10 in the world.
clear leader New York, Washington DC,
San Francisco, and Boston) and has
remained the largest centre in Canada, according to the Global Financial Centres Index. Toronto
also ranks as a Top 10 global financial centre according to TFSA. Whatever one’s interests may
be, a career in financial services provides opportunities to grow, learn, and succeed.
SECTORS OF THE FINANCIAL SERVICES INDUSTRY
This report will look at the various careers available in financial services, the duties involved, the skills and training required, and employment outlook among others. The career fields to be explored in more detail will be organized into the following sectors:
▪ Banking (Commercial, Retail, Investment) ▪ Insurance
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▪ Asset & Investment Management (Financial Planning, Mortgage, Mutual Funds, Hedge Funds)
The report will also discuss the role of finance in organizations.
In addition to the major fields covered in this report, finance graduates may also pursue careers in Real Estate (such as real estate appraisal, mortgage banking, property management, brokerage and leasing, and more) and Financial Accounting (such as staff accounting, audit management, tax management, and more).
LABOUR MARKET INFORMATION
CANADA
According to the Labour Market Bulletin published in March 2016, employment across Canada
in all work fields grew by 10,500 in the first quarter of 2016. The national unemployment rate is
currently 7.1% (Statistics Canada Labour Force Survey, April 2016), which is 2.1% higher than
United States’ rate (Bureau of Labor Statistics,
April 2016). Luckily for those who want to work in
Did you know?
financial services, the unemployment rate in the sector as a whole is low. For example, analyses of
The financial services industry experiences low
key labor market indicators conducted by the Canadian Occupational Projection System (COPS) predict that job openings and job seekers are
unemployment rate.
expected to be at relatively similar levels between
2015 and 2024. 20,300 new job seekers will be
available to fill 20,700 new job openings in the
Banking, Credit, and Other Investment Managers group (NOC 0122).
Financial services play a vital role in Canada’s economy. The sector directly contributed to 4.4% of Canadian employment in 2014 at 780,000 jobs and close to 7% of Canadian GDP, according to the Conference Board of Canada’s 2015 Report Card on Canada and Toronto’s Financial Services Sector. In addition, the financial services sector has significantly contributed to
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Canada’s growth. For example, sector employment has risen by 15.4% over the past decade. Only a few sectors have experienced stronger growth – oil and gas, mining, health care, and professional services.
Furthermore, the country’s financial services development ranks 6th in the world, following Hong Kong, United States, United Kingdom, Singapore, and Australia. This statistic is based on the 2012 Financial Development Report developed by the World Economic Forum, which measures the factors enabling the development of financial systems among different economies.
Did you know?
Industry employment is largely concentrated in Ontario, at 49.6%.
According to Statistics Canada’s latest labour market information, more than 1,120,200 people were employed in Canada’s finance, insurance, real estate, and leasing industries in April 2016 (Labour Force Survey (CANISM Table 282-0088)), or 6.2% of all industries. Overall, employment is largely concentrated in Ontario (49.6%), Quebec (19.0%), and British Columbia (11.5%).
ONTARIO
According to Statistics Canada’s latest labour market information, more than 556,000 people are employed in Ontario’s finance, insurance, real estate, and leasing industries in the 1st quarter of 2016 (Labour Force Survey (CANISM Table 282-0088)), with nearly one-half employed in the banking services. As a whole, institutions are looking for professionals at all levels, including the entry level.
The Ontario Labour Market Bulletin for March 2016 claims that employment in all industries grew consistently for the past year. Employment increased by 86,700 between the 1st quarters of 2015 and 2016. Also, over 36,000 positions were filled in the first quarter of 2016, making it the largest quarterly increase in Ontario for the past 3 years.
Statistics Canada’s Labour Force Survey (CANISM Table 282-0088) states that total employment in all industries for the 1st quarter of 2016 was close to 7 million. This value has increased by 1.3% from the 1st quarter in 2015. In comparison, the total employment in finance, insurance, real estate, and leasing for the 1st quarter of 2016 was 553,400 – a 5% increase from the previous year, which is higher than the provincial average.
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TORONTO REGION (GTA)
Toronto is Canada’s largest and most dominant financial hub. According to the Conference Board of Canada’s 2015 Report Card on Canada and Toronto’s Financial Services Sector, financial services represented 8.1% of Toronto region’s total employment, a 1% increase since 2004. The region employs 347,000 people in finance, insurance, real estate, and leasing industries in the 1st quarter of 2016 (Labour Force Survey (CANISM Table 282-0088)), which represents 62% of Ontario's and 31% of Canada’s sector employment, according to city of Toronto’s official website. Over 90% of these people worked in banking, insurance, and securities.
Currently, the GTA accounts for the highest concentration of financial services employment in
Canada - one-third of Canada’s financial services professionals work in this region. Toronto’s
share of the financial sector’s employment in Canada increased from 28.2% in 2004 to 32.3% 10
years later. As a percentage of the total
workforce, Toronto employs a higher
proportion of people in the financial sector than New York or London, according to the
Did you know?
Conference Board of Canada’s 2013 Report
Card on Canada and Toronto’s Financial
Toronto is headquarters to all
Services Sector.
domestic banks.
TFSA claims that the number of people working in Toronto’s financial services has grown at higher rates than in other financial centres – Toronto’s employment has risen by 34% since 2002, while New York City and Chicago have experienced decreases of 6.6% and 10.3% respectfully.
The 2014 PwC Cities of Opportunities Study places Toronto in the 4th place as a city with global economic influence. Here are some additional facts about Toronto’s financial services industry:
▪ Toronto ranks the 5th largest North American financial centre and the largest centre in Canada, according to the Global Financial Centres Index.
▪ The city is headquarters to all domestic banks and the majority of foreign banks/subsidiaries’ branches in Canada.
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CAREERS IN
FINANCIAL SERVICES
Every effort has been made to ensure the accuracy of the information provided in this report. However, job requirements, duties, and compensation change over time and vary between different industries and organizations. In addition, there are many different career paths one can explore in Financial Services. While this report is a good starting point and provides general information of the Financial Services sector, further research may be needed to obtain more detailed information.
The report was completed in July 2016.
Careers In Financial Services
TABLE OF CONTENTS
UTM Career Centre
INDUSTRY OVERVIEW
INTRODUCTION ..................................................................................................................................................... 5 SECTORS OF THE FINANCIAL SERVICES INDUSTRY .................................................................................................. 5 LABOUR MARKET INFORMATION .......................................................................................................................... 6
CANADA............................................................................................................................................................... 6 ONTARIO.............................................................................................................................................................. 7 TORONTO REGION (GTA) .......................................................................................................................................... 8 EDUCATION ........................................................................................................................................................... 9 COMMON DESIGNATIONS AND CERTIFICATIONS................................................................................................. 11 CERTIFIED FINANCIAL PLANNER (CFP) .................................................................................................................. 11 CHARTERED FINANCIAL ANALYST (CFA) ................................................................................................................ 12 CHARTERED FINANCIAL CONSULTANT (CFC/CHFC) ................................................................................................. 12 CERTIFIED FUND SPECIALIST (CFS) ....................................................................................................................... 12 CHARTERED INVESTMENT COUNSELOR (CIC) ......................................................................................................... 13 CERTIFICATIONS OFFERED AT UNIVERSITY OF TORONTO ......................................................................................... 13 IN-DEMAND SOFT SKILLS IN THE INDUSTRY ......................................................................................................... 14 COMPENSATION .................................................................................................................................................. 16
BANKING
GENERAL INFORMATION / AT A GLANCE ............................................................................................................. 18 COMMERCIAL AND RETAIL BANKING.......................................................................................................................... 19 INVESTMENT BANKING .......................................................................................................................................... 20
LABOUR MARKET INFORMATION ........................................................................................................................ 21 EMPLOYMENT PROSPECTS ...................................................................................................................................... 22
COMMON OCCUPATIONS .................................................................................................................................... 23 FINANCIAL ANALYST .............................................................................................................................................. 24 BRANCH MANAGER ............................................................................................................................................... 24 CUSTOMER SERVICE REPRESENTATIVE ........................................................................................................................ 24
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CREDIT ANALYST................................................................................................................................................... 25 LOAN OFFICER ..................................................................................................................................................... 25 MORTGAGE BANKER.............................................................................................................................................. 25 FINANCIAL PROGRAMMER ...................................................................................................................................... 25 TRSUT OFFICER .................................................................................................................................................... 26 INVESTMENT BANKER ............................................................................................................................................ 26 COMMERCIAL/RETAIL BANKER................................................................................................................................. 26 SALES AND TRADING ............................................................................................................................................. 26 OTHER ............................................................................................................................................................... 26
COMPENSATION .................................................................................................................................................. 26
POTENTIAL EMPLOYERS....................................................................................................................................... 26
SAMPLE JOB POSTINGS ........................................................................................................................................ 27
INVESTMENT ADVISOR ........................................................................................................................................... 27 RETAIL BANKER .................................................................................................................................................... 29
INTERVIEWS WITH PROFESSIONALS..................................................................................................................... 31
INVESTMENT BANKER ............................................................................................................................................ 31 LOAN OFFICER ..................................................................................................................................................... 32
INSURANCE
GENERAL INFORMATION / AT A GLANCE ............................................................................................................. 37
LABOUR MARKET INFORMATION ........................................................................................................................ 38
EMPLOYMENT PROSPECTS ...................................................................................................................................... 39
COMMON OCCUPATIONS .................................................................................................................................... 40
ACTUARY............................................................................................................................................................ 42 BROKER ............................................................................................................................................................. 43 UNDERWRITER..................................................................................................................................................... 42 CLAIMS ADJUSTER................................................................................................................................................. 43
COMPENSATION .................................................................................................................................................. 41
POTENTIAL EMPLOYERS....................................................................................................................................... 41
SAMPLE JOB POSTINGS ........................................................................................................................................ 42
ACTUARIAL MANAGER ........................................................................................................................................... 42 INSURANCE UNDERWRITER ..................................................................................................................................... 43
INTERVIEWS WITH PROFESSIONALS..................................................................................................................... 45
ACTUARY............................................................................................................................................................ 45 CLAIMS ADJUSTER................................................................................................................................................. 47
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ASSET & INVESTMENT MANAGEMENT
GENERAL INFORMATION / AT A GLANCE ............................................................................................................. 50
FINANCIAL PLANNING ............................................................................................................................................ 51 MORTGAGE......................................................................................................................................................... 52 MUTUAL AND HEDGE FUNDS ................................................................................................................................... 53
LABOUR MARKET INFORMATION ........................................................................................................................ 54
EMPLOYMENT PROSPECTS ...................................................................................................................................... 54
COMMON OCCUPATIONS .................................................................................................................................... 55
FINANCIAL PLANNER.............................................................................................................................................. 56 MORTGAGE BROKER.............................................................................................................................................. 56 PORTFOLIO MANAGER ........................................................................................................................................... 56 FINANCIAL ANALYST .............................................................................................................................................. 56 LOAN MODIFICATION SPECIALIST .............................................................................................................................. 57
COMPENSATION .................................................................................................................................................. 56
POTENTIAL EMPLOYERS....................................................................................................................................... 57
SAMPLE JOB POSTINGS ........................................................................................................................................ 57
FINANCIAL ANALYST .............................................................................................................................................. 57 ASSISTANT PORTFOLIO MANAGER............................................................................................................................. 59
INTERVIEWS WITH PROFESSIONALS..................................................................................................................... 61
MORTGAGE BROKER.............................................................................................................................................. 61 PERSONAL FINANCIAL PLANNER ............................................................................................................................... 63
FINANCE FUNCTIONS IN AN ORGANIZATION
GENERAL INFORMATION / AT A GLANCE ............................................................................................................. 68
FINANCIAL MANAGER.......................................................................................................................................... 69
LABOUR MARKET INFORMATION – FINANCIAL MANAGERS ................................................................................ 70
EMPLOYMENT PROSPECTS ...................................................................................................................................... 71
COMMON OCCUPATIONS .................................................................................................................................... 71
FINANCE OFFICER ................................................................................................................................................. 74 FINANCIAL CONTROLLER......................................................................................................................................... 74 CREDIT MANAGER................................................................................................................................................. 74 CASH MANAGER................................................................................................................................................... 74 RISK AND INSURANCE MANAGER .............................................................................................................................. 74 CINANCIAL ANALYST.............................................................................................................................................. 74
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COMPENSATION .................................................................................................................................................. 73 POTENTIAL EMPLOYERS....................................................................................................................................... 73 SAMPLE JOB POSTINGS ........................................................................................................................................ 74
FINANCIAL MANAGER ............................................................................................................................................ 74 RISK MANAGER .................................................................................................................................................... 76 INTERVIEWS WITH PROFESSIONALS.................................................................................................................... 78 FINANCIAL MANAGER ............................................................................................................................................ 78 FINANCIAL ANALYST - UTM GRADUATE ...................................................................................................................... 79
INDUSTRY-SPECIFIC WEB RESOURCES
CAREER DIRECTORIES........................................................................................................................................... 82 PROFESSIONAL ASSOCIATIONS ............................................................................................................................ 83 LABOUR MARKET INFORMATION ........................................................................................................................ 84
HOW THE CAREER CENTRE CAN HELP
RESOURCES FOR STUDENTS AND RECENT GRADS ................................................................................................ 85 ONLINE RESOURCES............................................................................................................................................... 85 PRINT RESOURCES................................................................................................................................................. 86 IN-PERSON CAREER EXPLORATION RESOURCES............................................................................................................. 86 EVENTS AND WORKSHOPS ...................................................................................................................................... 87 APPOINTMENTS ................................................................................................................................................... 88
GET STARTED
START PREPARING FOR A CAREER IN FINANCIAL SERVICES .................................................................................. 89
SOURCES
SOURCES USED IN THIS REPORT........................................................................................................................... 90
4
Careers In Financial Services
INDUSTRY OVERVIEW
UTM Career Centre
INTRODUCTION
The financial services are a leading, diverse and dynamic industry with many career options for
those looking to start a fulfilling journey. This industry is critically important to the economy of
Toronto. A Conference Board of Canada study, commissioned by the Toronto Financial Services
Alliance (TFSA), suggests that the financial
sector directly contributes to about 1 in
every 13 jobs in Toronto region. In addition, the financial services industry
Did you know?
indirectly supports activities in a variety of other sectors. As of March 2016, Toronto has emerged as the fifth largest financial centre in North America (following the
Toronto is the 5th largest financial centre in North America and ranks in Top 10 in the world.
clear leader New York, Washington DC,
San Francisco, and Boston) and has
remained the largest centre in Canada, according to the Global Financial Centres Index. Toronto
also ranks as a Top 10 global financial centre according to TFSA. Whatever one’s interests may
be, a career in financial services provides opportunities to grow, learn, and succeed.
SECTORS OF THE FINANCIAL SERVICES INDUSTRY
This report will look at the various careers available in financial services, the duties involved, the skills and training required, and employment outlook among others. The career fields to be explored in more detail will be organized into the following sectors:
▪ Banking (Commercial, Retail, Investment) ▪ Insurance
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▪ Asset & Investment Management (Financial Planning, Mortgage, Mutual Funds, Hedge Funds)
The report will also discuss the role of finance in organizations.
In addition to the major fields covered in this report, finance graduates may also pursue careers in Real Estate (such as real estate appraisal, mortgage banking, property management, brokerage and leasing, and more) and Financial Accounting (such as staff accounting, audit management, tax management, and more).
LABOUR MARKET INFORMATION
CANADA
According to the Labour Market Bulletin published in March 2016, employment across Canada
in all work fields grew by 10,500 in the first quarter of 2016. The national unemployment rate is
currently 7.1% (Statistics Canada Labour Force Survey, April 2016), which is 2.1% higher than
United States’ rate (Bureau of Labor Statistics,
April 2016). Luckily for those who want to work in
Did you know?
financial services, the unemployment rate in the sector as a whole is low. For example, analyses of
The financial services industry experiences low
key labor market indicators conducted by the Canadian Occupational Projection System (COPS) predict that job openings and job seekers are
unemployment rate.
expected to be at relatively similar levels between
2015 and 2024. 20,300 new job seekers will be
available to fill 20,700 new job openings in the
Banking, Credit, and Other Investment Managers group (NOC 0122).
Financial services play a vital role in Canada’s economy. The sector directly contributed to 4.4% of Canadian employment in 2014 at 780,000 jobs and close to 7% of Canadian GDP, according to the Conference Board of Canada’s 2015 Report Card on Canada and Toronto’s Financial Services Sector. In addition, the financial services sector has significantly contributed to
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UTM Career Centre
Canada’s growth. For example, sector employment has risen by 15.4% over the past decade. Only a few sectors have experienced stronger growth – oil and gas, mining, health care, and professional services.
Furthermore, the country’s financial services development ranks 6th in the world, following Hong Kong, United States, United Kingdom, Singapore, and Australia. This statistic is based on the 2012 Financial Development Report developed by the World Economic Forum, which measures the factors enabling the development of financial systems among different economies.
Did you know?
Industry employment is largely concentrated in Ontario, at 49.6%.
According to Statistics Canada’s latest labour market information, more than 1,120,200 people were employed in Canada’s finance, insurance, real estate, and leasing industries in April 2016 (Labour Force Survey (CANISM Table 282-0088)), or 6.2% of all industries. Overall, employment is largely concentrated in Ontario (49.6%), Quebec (19.0%), and British Columbia (11.5%).
ONTARIO
According to Statistics Canada’s latest labour market information, more than 556,000 people are employed in Ontario’s finance, insurance, real estate, and leasing industries in the 1st quarter of 2016 (Labour Force Survey (CANISM Table 282-0088)), with nearly one-half employed in the banking services. As a whole, institutions are looking for professionals at all levels, including the entry level.
The Ontario Labour Market Bulletin for March 2016 claims that employment in all industries grew consistently for the past year. Employment increased by 86,700 between the 1st quarters of 2015 and 2016. Also, over 36,000 positions were filled in the first quarter of 2016, making it the largest quarterly increase in Ontario for the past 3 years.
Statistics Canada’s Labour Force Survey (CANISM Table 282-0088) states that total employment in all industries for the 1st quarter of 2016 was close to 7 million. This value has increased by 1.3% from the 1st quarter in 2015. In comparison, the total employment in finance, insurance, real estate, and leasing for the 1st quarter of 2016 was 553,400 – a 5% increase from the previous year, which is higher than the provincial average.
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UTM Career Centre
TORONTO REGION (GTA)
Toronto is Canada’s largest and most dominant financial hub. According to the Conference Board of Canada’s 2015 Report Card on Canada and Toronto’s Financial Services Sector, financial services represented 8.1% of Toronto region’s total employment, a 1% increase since 2004. The region employs 347,000 people in finance, insurance, real estate, and leasing industries in the 1st quarter of 2016 (Labour Force Survey (CANISM Table 282-0088)), which represents 62% of Ontario's and 31% of Canada’s sector employment, according to city of Toronto’s official website. Over 90% of these people worked in banking, insurance, and securities.
Currently, the GTA accounts for the highest concentration of financial services employment in
Canada - one-third of Canada’s financial services professionals work in this region. Toronto’s
share of the financial sector’s employment in Canada increased from 28.2% in 2004 to 32.3% 10
years later. As a percentage of the total
workforce, Toronto employs a higher
proportion of people in the financial sector than New York or London, according to the
Did you know?
Conference Board of Canada’s 2013 Report
Card on Canada and Toronto’s Financial
Toronto is headquarters to all
Services Sector.
domestic banks.
TFSA claims that the number of people working in Toronto’s financial services has grown at higher rates than in other financial centres – Toronto’s employment has risen by 34% since 2002, while New York City and Chicago have experienced decreases of 6.6% and 10.3% respectfully.
The 2014 PwC Cities of Opportunities Study places Toronto in the 4th place as a city with global economic influence. Here are some additional facts about Toronto’s financial services industry:
▪ Toronto ranks the 5th largest North American financial centre and the largest centre in Canada, according to the Global Financial Centres Index.
▪ The city is headquarters to all domestic banks and the majority of foreign banks/subsidiaries’ branches in Canada.
8