October 10th, 2023 at 05:47 am

Canadian Job Market Analysis of the Finance Service Sector

The data provided by Statistics Canada allows for a Canadian job market analysis of the Finance Service Sector.

In Canada, there are various employment available in the accounting, insurance, and investment sectors of the financial services industry. According to a study issued in March 2022 by The Conference Board of Canada, Toronto is the second-largest financial center in North America. In terms of employment, it is ranked ninth in the world.

Many immigrants to Canada have a background in finance and intend to work in that field after they arrive. However, because so many occupations in finance are regulated, it can be difficult for novices to get work. We’ll discuss how to assess the market potential for financial employment in Canada and successfully enter the labor force there in this blog.

Understanding the expanding need for job openings in the finance, investment, insurance, and accounting sectors in Canada.

If you want to get a feel of the big picture, Statistics Canada (StatCan) is a good place to start. They publish monthly and annual employment trends for a variety of industries. This is an excellent location to begin learning about job trends in the finance, accounting, insurance, and investing areas. Furthermore, any rise or growth is encouraging.

Statistics Canada categorizes monthly and annual employment trends by industry. According to the North American Industry Classification System (NAICS), the bulk of financial and insurance roles fall under code 52, “Finance and Insurance,” although others, such as accounting, tax preparation, and bookkeeping, are under code 54, “Professional, Scientific, and Technical Services.”

Statistics Canada’s statistics can be filtered by province. This is a handy tool for determining which provinces need your skills the most. As a result, you may overestimate your prospects of obtaining employment in that industry.

Current trends in the Canadian labor market

To have a better understanding of overall job market trends, visit the following two websites:

• Monthly reports from Statistics Canada can be found by searching for “Labor Force Survey.” Attempt to locate the necessary webpage by running a comprehensive Google search with the terms “Labor Force Survey + latest month and year.” Look at the reports from August and September 2022 for ideas. Remember that these are general patterns, not ones exclusive to the accounting or banking businesses. The notable NAICS categories for that month, on the other hand, will have their own subsections.
• Examine the job market in different provinces for Finance, Accounting, Insurance, and Investment by reading a detailed report from Canada’s Job Bank. When you arrive at the website, choose a province and then scroll down to the sectoral profiles. To discover more about the industry, select Professional, Technical, and Scientific Services or Finance and Insurance.

Where are these talents in demand for insurance, finance, investment, and accounting careers in Canada?

Once you’ve decided on the province where you want to work, you may begin looking at individual cities that may offer additional opportunities to find a job in your desired role. This information can be found on the website of Canada’s Job Bank.

When you choose a province on the Prospects page, a more thorough analysis by region will emerge. For example, on the same website, you can look for opportunities as an accountant in Ontario.

After narrowing your search, return to the main Occupation Trends page and input your NOC, region, or city for a more detailed study.

Credentials or licenses required for employment in finance, investing, insurance, and accounting

Because many of these occupations are regulated in Canada, you may need to obtain a certification and/or a license to work in finance, accounting, taxation, insurance, and investment.

Using the previously mentioned accountant as an example:

• On the same page of the Job Bank website, there is a list of skills and qualifications (such as licenses and certifications) needed to work in the profession.
• To begin practicing as a Chartered Professional Accountant in Ontario, one must be certified by the Ontario Institute of Chartered Professional Accountants.
• Public accountants are not obliged to have the CPA certification. You may, however, seek certification from the Public Accountants Council for the Province of Ontario instead. As a result, it may improve your job prospects.

In addition to the certificates required to work as an accountant in Toronto, the following are usually required:

• A university degree;
• Completion of a professional training program approved by a provincial institute of chartered accountants (in this example, CPA Ontario); and
• Two years or thirty months of hands-on experience and membership in a regional Institute of Chartered Accountants. In this situation, CPA Ontario, after completing the Uniform Evaluation (UFE).

What about the wage expectations in these industries?

Establishing pay expectations is another critical area of importance for immigrants. Salary research can be conducted on a variety of websites, including Job Bank, Glassdoor, and studies issued by hiring companies like Hays and Randstad. Your pay will vary greatly depending on your work experience and the city in which you live.

To get an accurate picture of your wage expectations, you can filter your occupation by experience level, area, and city in any of these sources. Comparing data from multiple sources is a useful way to get an accurate estimate.

Canadian job market analysis: how can you get a job in the banking sector?

1. Digital and traditional methods

In addition to Canada’s Job Bank website and other online job search portals such as LinkedIn Jobs, Indeed, Monster, Workopolis, CareerBuilder, SimplyHired, and others, you can register for business conferences and with specialized employment or recruiting firms that can help market your professional profile to potential employers. On services like Eventbrite, you may find industry events in your city or neighborhood.

2. Networking

Networking is vital for finding work in Canada. LinkedIn is a great place to start building your network.

3. Obtain the required certificates

Depending on your job, a certification (as indicated above) may be required before you may work in your sector. Getting a certification in Canada will improve your work prospects and strengthen your resume. See our page on how to relocate to Canada as an accountant for more information.

4. Create a strong resume

Your CV is the most important tool in your search for the ideal job. Maintain an updated CV that is prepared in accordance with Canadian standards. You must also tailor your CV to each position, adding key terms from the job description.

What about the investment, finance, insurance, and accounting recruitment processes?

For roles in finance, the hiring process usually consists of many rounds:

• Screening: This is usually a phone interview where the interviewer goes over the basics, such as position expectations, remuneration, and experience.
• Expertise testing: If the interviewer thinks you’re a good fit for the job, you’ll go through two or three more rounds of interviews. These will be the main areas of discussion, as well as your domain competence and cultural fit. These rounds could include one or more tests.
• Final round: The recruiting manager or recruiter will make you a verbal offer. Following the phone contact, the offer letter is usually sent through email.

Conclusion

According to a government report, “the nation has a potent globally viable financial sector that has evolved to be stable, sturdy, and well-respected.” The financial sector provides services and helps to drive economic growth and employment creation. The business offers newcomers numerous opportunities to enhance their careers and learn critical skills.

The diligent research you do before moving will result in a smoother transition for you and your family to Canada. This will allow you to identify relevant job opportunities that are best appropriate for your personal scenario.

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