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1 Business, finance and administration occupations > Other Financial Officers (NOC 1114)

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Other Financial Officers (NOC 1114)


Description

This unit group includes professional occupations in finance not elsewhere classified such as financial planners, financial examiners and inspectors, financial investigators, underwriters, mortgage brokers and trust officers. They are employed by banks, trust companies, investment firms, governments or they may be self-employed. Most of the information in this profile pertains to financial planners.

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Example Titles

  • credit unions examiner
  • estate and trust administrator
  • financial investigator
  • financial planner
  • inspector, financial institutions
  • mortgage broker
  • trust officer
  • underwriter

      >> View all titles

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Classified Elsewhere

  • Economic development officers (in 4163 Business Development Officers and Marketing Researchers and Consultants)
  • Economists (in 4162 Economists and Economic Policy Researchers and Analysts)
  • Financial and Investment Analysts (1112)
  • Securities Agents, Investment Dealers and Brokers (1113)

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Duties

The following is a summary of main duties for some occupations in this unit group:

  • Financial planners develop personal financial plans for clients covering cash management, finances, insurance coverage, investments, retirement and estate planning, taxes and legal matters; analyze clients' financial records, set goals and develop a financial strategy; advise clients on implementing the financial plan to help them achieve their goals; may also arrange for the sale of financial products and investments depending on the licence held, and monitor the portfolio to ensure its quality and profitability; and help to expand business and attract new clients.
  • Financial examiners and inspectors review and examine banks, trust companies, credit unions, caisses populaires, credit companies, real estate companies, insurance companies, pension funds, securities brokers and other financial services and institutions to ensure compliance with governing legislation and regulations.
  • Financial investigators investigate possible unethical conduct or breeches of securities or commodity futures laws by persons or companies that trade in securities and commodity futures or that provide related financial services.
  • Underwriters underwrite new issues of stocks and bonds, negotiate with corporations and governments to determine the type and terms of new securities issued and prepare offering prospectus.
  • Trust officers administer estate, personal, charitable, corporate and other types of trusts, direct trust account investments, receive and record investment income and disburse trust funds.
  • Mortgage brokers meet with clients to obtain information about income, liabilities and assets, and type, price and condition of property to be mortgaged, negotiate mortgage loans with lenders or lending institutions on behalf of clients.

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Skills

Individuals in financial planning and trust management occupations should have the following skills and abilities:

  • an interest in helping other people increase their wealth,
  • an interest in business affairs and financial markets,
  • the ability to get along well with people,
  • integrity and honesty,
  • strong organizational skills,
  • excellent numerical and analytical skills and ability to make objective decisions,
  • computer skills for use of packaged financial planning software,
  • the ability to understand complicated financial and legal documents such as tax regulations, wills, pension plans, life insurance,
  • high ethical standards and respect for client confidentiality,
  • good communications skills: listening, verbal and writing,
  • computer skills,
  • an ability to balance a client's interests with a range of financial services that may be offered by sale by an employer,
  • the ability to sell financial services to clients,
  • an interest in remaining current in the field through continuous learning.
  • Underwriters and investigative officers need strong math skills, ability to ask probing questions, negotiation skills and tact.

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Employment Requirements

  • Occupations in this group usually require a university bachelor's degree or college diploma in business administration, commerce, economics or a related field.
  • Personal Financial Planners (PFP) require certification from the Institute of Canadian Bankers.
  • Certified Financial Planners require certification by the Financial Planners Standards Council (FPSC).
  • Mortgage brokers require a mortgage broker licence from the Manitoba Securities Commission.
  • Financial planners and trust officers may require completion of various training programs and courses offered by financial institutes and organizations, such as the Canadian Securities Institute, Institute of Canadian Bankers, Institute of Chartered Financial Analysts, Investment Funds Institute, Canadian Institute of Financial Planning, and Trust Companies Institute of Canada.
  • Financial examiners may require an accounting designation such as Chartered Accountant, Certified General Accountant, Certified Management Accountant.
  • Chartered Life Underwriters (CLU) must be certified by the Financial Advisors Association of Canada and must be a Financial Planner with advanced knowledge of life and health insurance and employee benefits.
  • Registered Health Underwriter (RHU) must specialize in disability income and health insurance and be certified by The Financial Advisors Association of Canada.
  • Underwriters require experience in the insurance field, and completion of a formal training program through the Insurance Institute of Canada, the Life Insurance Institute of Canada or the Canadian Association Association of Insurance and Financial Advisors.
  • Trust officers require experience in the industry and may require a law degree or paralegal experience.

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Terms & Conditions

Financial officers commonly work in an office environment. Frequent travel may be required to provide financial services at their clients' homes or places of business, at other branches of the firms in which they work, or in government facilities. Most financial officers work full-time (89%), although some part time work opportunities are available. A minority are self-employed (23%) and may work from their home.

There are three basic types of remuneration for financial officers. Some charge a fee for their services (fee-for-service planners) and do not sell any investments or financial products. Others are paid a commission on the financial products they sell (commission planners), or a combination of salary and commission. A third group who work in chiefly in banks and credit unions, are salaried employees.

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Earnings

$35,900 per annum - starting

$56,300 per annum - average

$92,100 per annum - high

Earnings are reviewed annually or more frequently if new information becomes available.

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Education / Training

  • Manitoba universities offer degree programs in business administration, commerce, economics and related fields.
  • Accredited Certified Financial Planner programs are offered by Red River College, The Certified Financial Planner Program, and by the University of Manitoba, Bachelor of Commerce in Finance.
  • The Institute of Canadian Bankers offers Personal Financial Planner, Certified Financial Planner, Trust and Estate Practitioner, Accredited Mortgage Professional, and Trust Institute Specialist programs
  • Assiniboine Community College offers the Accounting and Finance Advanced Diploma (post-diploma) (1 year) which is helpful for students who are preparing to write the Certified Financial Planner (CFP) exam.
  • Red River College offers Financial Planning Professional Development through Continuing Education.
  • The University of Manitoba offers Credit Union Institute of Canada Professional Development Programs through Extended Education.
  • The Canadian Securities Institute offers a number of flexible self-study courses to help individuals advance to the next stage of their career or give them the recognized credentials in demand throughout the financial services industry.
  • Organizations such as the Canadian Securities Institute, Institute of Canadian Bankers, Institute of Chartered Financial Analysts, Investment Funds Institute, Canadian Institute of Financial Planning, and Trust Companies Institute of Canada offer courses related to these occupations.
  • The Credit Institute of Canada (CIC) offers a four year Credit Management program that may be taken by correspondence through the School of Continuing Studies at the University of Toronto or by taking evening courses at the University of Alberta, the University of Calgary or NAIT. Some courses are available in day programs.
  • The Credit Union Institute of Canada (CUIC) offers a 13 course Management Studies program leading to the designation Associate of the Credit Union Institute of Canada (ACUIC). Applicants for the program must be employed in a credit union or affiliated organization. To qualify for the designation, graduates of the program must have at least five years of related experience.
  • Canadian Institute of Mortgage Brokers and Lenders offers the Accredited Mortgage Professional (AMP) voluntary designation program.
  • Some high schools in Manitoba offer a program in Business Education.

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Career Paths

Experience in the financial industry is usually required to enter these occupations. Jobs such as insurance adjuster, sales, or administration may be acceptable in preparation.

For financial planners, some firms prefer candidates with sales experience, particularly those who have worked on commission in areas such as real estate or insurance.

Financial planners may specialize in fields such as retirement planning or wealth management.

Experienced persons in these occupations may move into supervisory or management positions with larger companies. Some financial planners and underwriters are self-employed.

Skills acquired as a financial planner or trust officer are transferable to a variety of businesses that require financial advice or financial planning information: insurance, banking, stock brokerages.

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Outlook

Employment prospects for this group of financial officers are expected to be good over the 2010 to 2014 period. Employment in 2010 is estimated at 1,745.

The demand for financial planning services is increasing as the population ages. As the "baby boomers" (those born between 1947 and 1966) reduce their debt load and begin to consider retirement and estate planning, they are most likely to seek financial planning advice. It is also likely that more young people will seek financial planning assistance, due to labour market uncertainties, and a recognition that one cannot rely solely on government income supports in later life.

Government regulations are changing and allowing more financial institutions (banks and trust companies) to provide specialized financial services. Large financial institutions have expanded into financial planning, estate planning and trust services. This resulted in financial institutions having their own staff sell packaged financial products such as mutual funds. In addition, the range of financial services is expanding and the products are becoming more complex.

A proportionally larger share of other financial officers are located in Winnipeg. The majority work in the Finance and Insurance sector (83%), followed by Public Administration (6%) and Professional, Scientific and Technical Services (5%).

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Employment by Age Group

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Employment by Industry

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Employment by Region

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Employment by Gender

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Employment by Aboriginal Self-Identification

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Employment by Visible Minority

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Please Note - The source for above charts is the 2006 Census.



Professional Associations, Unions, and Regulatory Bodies...

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