The Canadian job market analysis of the Finance service sector is possible through the data provided by Statistics Canada.
There are several positions in the accounting, insurance, and investing sectors of the financial services industry in Canada. The research published in March 2020 by The Conference Board of Canada claims that Toronto is the second-largest financial center in North America. It ranks seventh internationally in terms of employment.
Many immigrants to Canada have a background in finance and plan to stay employed in that industry after settling here. But because so many jobs in the finance industry are regulated, it can be difficult for newcomers to get work. In this blog, we’ll explain how to assess the market potential for financial jobs in Canada and successfully enter the labor force there.
Canadian job market analysis – understanding the rising demand for job positions in the finance, investment, insurance, and accounts sector
Statistics Canada (StatCan) is a helpful resource if you want to gain a sense of the larger picture. For a variety of industries, they report monthly and annual employment trends. This is a fantastic place to start to learn about the job trends for those in the financial, accounting, insurance, and investment fields. Furthermore, any growth or increase is encouraging.
Statistics Canada groups its monthly and yearly employment trends data by industries. The majority of financial and insurance roles go under code 52, “Finance and Insurance,” according to the North American Industry Classification System (NAICS), but some, such as accounting, tax preparation, and bookkeeping, fall under code 54, “Professional, Scientific, and Technical Services.”
You may filter the data provided by Statistics Canada by province. This is a useful tool to determine which provinces demand your talents most. As a result, you might estimate your chances of landing a job in that industry.
Canadian job market analysis of the current trends
You can check out the following two websites to have a better knowledge of the general job market trends:
- You may find monthly reports from Statistics Canada by searching for “Labor Force Survey.” Try to find the relevant webpage by conducting a broad Google search using the keywords “Labor Force Survey + latest month and year.” For inspiration, look at the reports from August 2022 and September 2022. Keep in mind that these are general trends and not ones unique to the accounting or banking industries. However, the noteworthy NAICS categories for that month will have their own subsections.
- Examine the job market for Finance, Accounting, Insurance, and Investment in different provinces by reading a thorough report from Canada’s Job Bank. After arriving at the website, select a province, then scroll down to the sectoral profiles. Choose Professional, Technical, and Scientific Services or Finance and Insurance to learn more about the industry.
The process of finding insurance, finance, investment, and accountant roles in Canada – where are these skills in demand?
The next step is to start looking at individual cities that might provide more prospects to obtain a job in your desired role once you have chosen the province where you would like to work. The website for Canada’s Job Bank is a great source for this.
A more detailed breakdown per region will appear when you select a particular province on the Prospects page. For instance, on the same website, you can browse the chances for an accountant in Ontario.
After selecting a smaller area, you can return to the main Occupation Trends page and enter your NOC, region, or city for a more in-depth analysis.
Credentials or license requirements in the finance, investment, insurance, and accountant roles
You may need to earn a certification and/or a license to operate in the fields of finance, accounting, taxation, insurance, and investment because many of these positions are regulated vocations in Canada.
Taking the above-mentioned accountant as an example:
- A list of abilities and prerequisites (such as licenses and certifications) to be qualified to work in the profession is on the same page of the Job Bank website.
- To begin practice as a Chartered Professional Accountant in Ontario, one must hold certification from the Chartered Professional Accountants of Ontario.
- The CPA certification is not required for public accountants. However, you have the choice to pursue accreditation from the Public Accountants Council for the Province of Ontario instead. As a result, it might enhance your work opportunities.
In addition to the certificates needed to operate as an accountant in Toronto, the following is typically necessary:
- A university degree;
- The conclusion of a professional training program that has been approved by a provincial institute of chartered accountants (in this case, CPA Ontario); and
- Either two years or 30 months of hands-on experience and membership in a regional Institute of Chartered Accountants. In this case, CPA Ontario, upon the successful passing of the Uniform Evaluation (UFE).
What about the salary expectations in these sectors?
For newcomers, establishing wage expectations is still another crucial area of relevance. Salary research can be done on a variety of websites, including the Job Bank website, Glassdoor, and studies released by staffing agencies like Hays and Randstad. Your compensation will vary substantially depending on your work experience and the city in which you reside.
You can filter your occupation by experience level, region, and city in any of these sources to get an accurate idea of income expectations. To acquire a precise estimate, comparing data from many sources is a good idea.
Canadian job market analysis – which ways can fetch you a job related to the finance sector?
1. Digital and offline techniques
You are able to register for business conferences and with specialized employment or recruiting firms who can help market your professional profile to potential employers in addition to Canada’s Job Bank website and other online job search portals like LinkedIn Jobs, Indeed, Monster, Workopolis, CareerBuilder, SimplyHired, etc. You may find industry events in your city or neighborhood on websites like Eventbrite.
2. Networking
To find a job in Canada, networking is essential. You can start building your network by using LinkedIn.
3. Earn the necessary certificates
A certification (as described above) can be necessary for you to be permitted to pursue work in your field, depending on your function. Obtaining a certification in Canada will help your job prospects and bolster your resume. For further details, see our post on how to relocate to Canada as an accountant.
4. Create a powerful resume
Your CV is the most crucial resource in your search for the ideal position. Make sure your CV is always current and formatted according to Canadian standards. Additionally, you must modify your resume for each position, including pertinent terms from the job description.
What about the recruitment process for investment, finance, insurance, and accounting?
There are often several rounds within the hiring process for positions linked to finance:
Screening: This is typically a telephone interview where the interviewer will go over the fundamentals, including role expectations, pay, and experience.
Expertise testing: If the interviewer decides you are a good fit for the position, there will be two or three additional rounds of interviews. These will comprise the major discussion topics and will be your domain expertise and cultural fit. One or more tests could be part of these rounds.
Final round: You will receive a verbal offer from the recruiting manager or recruiter. Following the call, the offer letter is typically sent through email.
Conclusion
According to a report issued by the Canadian government, “the nation has a potent globally viable financial sector that has evolved to be stable, sturdy, and well-respected.” The financial sector offers services and contributes to economic growth and job creation. The industry provides beginners with several opportunities to advance their careers and pick up crucial skills.
A more effortless adjustment for you and your family to Canada will result from the careful study you conduct before moving. This will enable you to find relevant work options that are most appropriate to your specific situation.
