This information will hopefully start readers down a path to success in our country’s fastest-growing sector of employment.
In Part Three, career skills and the appropriate education and licensing requirements are presented in a somewhat chronological order, complemented by career planning advice. Finally, Part Four identifies some useful print and online resources where readers can find additional resources and support for their job search.
Following this in Part Two is a “who’s who” of the Canadian banking and finance industry, where national and regional banks, investment dealers, and investment management companies are listed to give the job seeker a clearer sense of the employer destinations available.
In Part One, we address the business context, taking a close look at the competitive business environment and the guidelines and regulatory structure within the industry that are necessary for maintaining the sector’s well-respected position. The format of the Canadian financial system is also discussed within the framework of an ETFGOV (Environment, Technology/Finance, Finance, Goals of Finance, Outside World, and Values) analysis.
Exploring the myriad professional opportunities in the banking and finance industry in Canada today can seem as complex as the industry itself. This review aims to help job seekers, professionals, and students alike to locate primary information that can inform their career decisions and also save time by directing them toward relevant websites and organizations that can be of assistance.
Chart your course to success: Banking and Finance careers in Canada by Jennifer Sutton & Maria Lironi.
Overview of Banking and Finance Careers in Canada
Career paths in banking and finance are diverse and include both front office and back office roles. Front office roles include commodity brokers, stockbrokers, and investment bankers. In addition to demonstrated financial acumen and up-to-date knowledge of new and emerging markets, successful people in these business development jobs need to be good at relationship management and have excellent communication skills. Many of these roles require employees to spend long periods of time in meeting rooms, whether for briefings with their superiors or updating clients on the latest market news. It’s these daily interactions that good front office people relish – many of them seeing this as one of the key benefits of their job.
The banking and finance sector is a key pillar of the Canadian economy; according to the Canadian Bankers Association, its 80-plus banks employ nearly 280,000 people, pay $8 billion in taxes, and hold over $15 trillion in assets. In 2015, jobs in banking and finance represented about 5 percent of all jobs in Canada. However, a survey of over 600 business leaders conducted in April of 2016 found that 60 percent of respondents are not confident about the state of the finance jobs market in Canada, with respondents citing a variety of different challenges, from regulatory issues to technological disruption. The results reflect ongoing market turmoil and changing job prospects.
Banking and finance is a dynamic industry – tight regulation and tumultuous markets can change how business is done overnight. It’s also essential to the smooth functioning of a capitalist society, making it a career path with a lot of growth potential. This resource provides an overview of banking and finance careers in Canada. If you’re considering a career in this field, you should also check out the other resources in our series, as well as TalentEgg’s Finance Career Guide, Banking Career Guide, and Risk Management Career Guide.
Key Skills and Qualifications for Success
Ability to work on a team: Accounting and finance is not an independent career and rely on numerous teams of varied professionals.
Ethical Judgment and Effective Decision Making: Accountants will often find themselves needing to develop solutions to intricate problems while taking into consideration a number of factors. To be a trustworthy banking professional, you need to exhibit a strong code of ethics and protect the confidentiality of your customers.
Communication Skills: Employers value the capacity to convey information to others within a business using numerous methods. If you are able to effectively communicate, it holds immense value in terms of building relationships and trust in your client.
Employers in the following fields of work have identified these as “essential qualifications” found in top candidates: banking, financial investment, financial advisors, accountants, and professional auditors. If you are unable to demonstrate these essential qualifications, you may face challenges in obtaining or maintaining a job in your career. Moosavi and Boyd argue that the following competencies are a condition for selection in the professional accounting field.
Dreaming of a career in Canadian banking and finance? In this guide, we dissect the key skills and qualifications needed for success, according to Canadian employers. Hard skills and technical skills are fundamental to any job, but other competences—termed “essential skills”—by the Government of Canada hold equally significant value to employers. These skills are vital for every occupation and are used every day.
Job Roles and Responsibilities in the Industry
Level 4, or senior, responsibilities could include: – Leading branch staff (including managers, supervisors, personal bankers, and teller services workers) – Providing and promoting continuous, ongoing training of sales skills to staff – Managing expenditures and revenue to meet budgeted targets – Recognizing underserviced markets and seeking new business opportunities to address them. In addition, experience and training in handling and managing complex credit, investment, and financial issues come with more senior positions. Later in their careers, employees in these positions will be called upon to advise other staff and to help resolve issues when they arise.
Entry-level responsibilities could include: – Opening accounts for customers – Providing product and service information to meet customer needs – Processing customer transactions – Identifying and reporting sales leads and referring customers to customer service representatives for sales of deposit and lending products and services
To provide some typical duties at each career level, Canadian Banking and Finance Skills Organisation has examined a few positions within the industry.
Typical banking and finance duties at each level of expertise
The Canadian banking sector offers a wide variety of career paths for professionals who are willing to start at entry-level positions and work their way to higher options, Youtsey says. The amount of customer contact that is required for a position is key and can be a good start for anyone interested in banking, he adds. Entry-level positions include account managers or personal or financial advisers who are responsible for the sales of deposit and lending products. Youtsey identifies specialized roles in the Canadian banking industry like wealth manager, financial planner, and small/mid-market business banker, who typically serve business owners and deliver their personal and business banking needs.
Typical banking and finance roles
Career Development and Advancement Opportunities
As is the case with most job families, there are accompanying apprenticeable and non-apprenticeable occupations. It is through training and experience that the necessary skills are acquired to become recognized as highly skilled and knowledgeable professionals of the banking and loans and financial audit and accounting industries. Although training is specific to occupation and industry and could range from account reconciliation or verification to examining and verifying financial statements or working conditions in the case of an account audit, some transferable skills and knowledge are apparent. Look for project or file management, teamwork, communication, an understanding of accounting policy and procedures, a strong disposition to problem solving, and active learning on the job. The potential for education and career development depend on one’s interest and abilities and require a serious commitment to professional training and evaluation processes. Moreover, individuals pursuing formal professional qualifications will be required to write the Certified General Accountants National Professional Qualification Programme (NQPP) Professional Examinations. The conference provides a link from the Certified General Accountants of Ontario (CGA Ontario) to further register for and gain immediate access to the CGA NQPP – CMA Executive Exemption Process. This process determines whether Chartered Accountants are granted exemption up to the CMA Final Strategic Leadership Development and Option Course. Also, becoming a CGA professional gives you another option to boost your studies and progress to your career opportunities of choice. If you are working in the field of academia, then you may explore this opportunity in some advanced studies and give you the academic edge you need to pursue your career of choice.
Progressing in your banking and finance career in Canada provides practical information and direction regarding career development and apprenticeship. The two job families of interest are: (1) banking and loans, and (2) financial auditors and accountants. There are many different accounting and loans occupations, each with its progression pathways and professional development and training opportunities. Look to the National Occupational Classification of Canada for more information.
