Job outlook Financial Services Representative in Ontario
Job opportunities for Financial sales representatives (NOC 6235) are fair in Ontario over the next 3 years. This job outlook is also applicable to people working as a financial services representative.
Job opportunities in Ontario
The employment outlook will be fair for Financial sales representatives (NOC 6235) in Ontario for the 2019-2021 period.
The following factors contributed to this outlook:
- Employment growth will lead to several new positions.
- A moderate number of positions will become available due to retirements.
- There are a small number of unemployed workers with recent experience in this occupation.
The majority of financial sales representatives work in financial institutions, mainly banks, and to a lesser extent, in credit unions and investment firms. Employment in this occupation has remained fairly stable over the past few years, and is generally above the levels reached earlier in the decade.
Ontario hosts a high volume of personal, business credit, and investment activities, which will support favourable demand for these workers, despite ongoing industry change. During the forecast period, continued low borrowing costs for both consumers and businesses may drive demand for these workers.
However, the financial services sector is undergoing a digital transformation, and expanding the use of technology such as online and mobile banking applications, which is allowing customers to obtain financial information on their own, as well as more complex personal investment options. There is also the emerging use of robo-advisors in the sector. This digital shift may impact the number of persons served, especially client groups with less complex financial portfolios, and also reduce the amount of employment opportunities available due to closures and consolidation of bank branches, especially in rural areas.
Depending on the type of financial operation, individuals may be required to complete industry-specific training, such as the Canadian Securities Course (CSC) and/or Investment Funds in Canada (IFIC) course in addition to other education. Additional licensing is required for those specializing in mortgage loans and in the sale of other financial products. Familiarity with current regulations set out by the Financial Services Commission of Ontario (FSCO) is necessary for the profession. In order to meet operational needs, financial sales representatives may be required to work on shift and on weekends, and therefore flexibility will be an asset in securing employment.
Here are some key facts about Financial sales representatives in the Ontario region:
- Approximately 23,200 people work in this occupation.
- Financial sales representatives mainly work in the following sectors:
- Monetary Authorities - central bank and securities, commodity contracts and other intermediation and related activities (NAICS 521, 522, 523): 86%
- The distribution of full-time and part-time workers in this occupation is:
- Full-time workers: 91% compared to 79% for all occupations
- Part-time workers: 9% compared to 21% for all occupations
- 72% of financial sales representatives work all year, while 28% work only part of the year, compared to 63% and 37% respectively among all occupations. Those who worked only part of the year did so for an average of 34 weeks compared to 31 weeks for all occupations.
- 5% of financial sales representatives are self-employed compared to an average of 12% for all occupations.
Breakdown by region
Explore job prospects in Ontario by economic region.
|Hamilton–Niagara Peninsula Region||Fair|
|Stratford–Bruce Peninsula Region||Fair|
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Labour market conditions across Canada
We expect that the labour supply and demand for Financial sales representatives (NOC 6235) will be balanced in Canada over the next 10 years.
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