Financial services-professional development workshop
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Transcript of Financial services-professional development workshop
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Helping job seekers target in-demand careersin Toronto’s financial services sector
Professional Development EventJune 16, 2014 Kamini Sahadeo
[email protected] 933 6787
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Who We Are
Build Toronto as a global financial services hub
Public-private partnership: 2001
2009
Creation of Centre of Excellence (2008/09)
The Toronto Financial Services Alliance (TFSA)
Centre of Excellence in Financial Services Education (CoE)
The pre-eminent source for information about:
Careers and educational offerings in the Toronto region’s financial services sector and
A hub for linking talent to employers in the region
Talent Research
Education Program Alignment
In-Demand Careers
Funded by the Ontario Government (Ministry of Training, Colleges and Universities)
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Toronto’s Financial Services Sector is a major employer
1. 2010 and 2011 data based on GDP forecasts, not actuals; therefore these figures may be significantly revised as actuals data is released.
Toronto FS Employment
220,000 Employed in FS
2/3 Of Ontario FS employment
1/3 Of Canadian FS employment
Toronto FS Employment by Segment
Note: Based on Toronto Census Metropolitan Area for NAICS 52. Occupations based on NOC-S classifications.Source: Statistics Canada Labour Fore Survey 2009
50
250
200
150
100
0By occupation
232,000
Professional occupations
Other skilled functions
Specialized or functionalmanagers
FS Technology
Clerical functions
Sales and service
Senior management
By industry
232,000
Banking
Insurance
Investment management,brokers, dealers & related
116,000
23,000
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TIP #1: Job search should include the whole spectrum of financial institutions…
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Partial Structure of a Large Financial Organization
Segment 1: Personal and commercial
Source: Hay Group, CoE Job Profiles, September 2011
TIP #1 (cont’d): …as well as a range of roles within each
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TIP #2: Think beyond the label
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In-Demand Careers
Financial Advisory & Investment Management
Compliance & Audit
Risk Management
Insurance
Information Technology
In-demand Clusters
Financial Advisor, Specialized Investment Advisor, Portfolio Manager, Research Analyst, Investment Banker
Compliance Officer, Internal Auditor
Risk Modeller, Adjudicator, Risk Analyst
Insurance Underwriter, Actuary
Infrastructure Engineer, Systems Developer
Representative Roles
Responsible for understanding the financial goals of clients and coming up with the right investment strategy or financial management plan to help meet those goals. The types of clients that seek the advice of these experts include individuals, groups and organizations.
FIs depend on the trust people have in their organizations, their products and their services. People in compliance & audit roles monitor, review and investigate internal processes and functions, and ensure they comply with laws and regulations.
FIs help people buy houses, build businesses, etc. They therefore must manage the various risks. The 3 main categories: (a) Credit Risk e.g. if a borrower does not repay what they owe to the FI (b) Market Risk eg risk of loss from market fluctuations (c) Operational Risk e.g. any failures from internal processes, systems or products.
Insurance Underwriters analyze research and evaluate the risks inherent in individual insurance applications. They select what elements will be covered and negotiate the terms, costs and conditions with insurance brokers. Actuaries provide guidance to insurance underwriters, company executives, risk managers and portfolio managers on the nature of risk exposure to the company/portfolios and on terms, premiums and capital required to insure against claims.
Technology today is a key driver of change in Financial Institutions. It touches every aspect of financial service operations and plays a critical role in the delivery and provision of financial services and products. Collectively, technology focused roles are a large segment within the financial services and are in demand across the sector including banks, insurance, pension administration and wealth management.
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In-Demand Careers (cont’d)
Project Management
Business Analysis: Non-IT
Operations
Contact Centres
In-demand Clusters
Project Management is the application of knowledge, skills and techniques to execute projects effectively and efficiently in team-based environments. Typically projects address major business challenges such as risk management, aging infrastructure, regulatory reform, mergers and acquisition integration & customer loyalty or are aimed at furthering strategic priorities such as increased e-business and mobile banking, increased presence in emerging markets & replacement of core systems.
Non-IT Business Analysis roles focus on identifying the changes to an organization that are required for it to achieve strategic goals - structural, process and financial. As organizations continually improve the quality and due diligence of business operations, talented analysts will remain in demand throughout the sector.
Operations roles focus on the timely and efficient processing and reconciliation of transactions/information for the smooth functioning of the organization, including productivity, reduced costs and customer service.
These are alternative distribution channels that provide sales and services to customers over the internet or telephone. These channels play a pivotal role in allowing organizations to reach and serve a broader market. Roles fall within 4 primary areas: sales and service, account management, control and help desk.
Project Management Office Director, Program Manager, Senior Project Manager
Financial Analyst, Process Analyst, Performance Analyst
Claims Adjuster, Fund Accountant, Recovery Associate, Transaction Processor
Customer Contact Manager, Customer Service Representative, Quality Assurance Specialist, Relationship Manager, Scheduler, Technical Support
Business Analysis: IT IT Business Analysis roles help organizations discover where to use technology and how to make it work – they are key links between the people who design and build systems and those who use them.
Business Analysis Practice Manager, Business Analysis Manager, Business Analyst
Representative Roles
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TIP #3: Build on existing experience & credentials
Case study:• mid-30s lawyer from China, initially aimed at enrolling in business degree in order to enter Canadian FI. • better strategy:
• work for Chinese law firm in Canada
• build experience in target sectors eg financial services, IT
• build networks• take short
Compliance certificate
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Examples Description
Active listening Able to understand and infer client needs, based on conversations, to provide quality advice
Strong oral &written communication
To explain complex information or strategies simply & clearly
Network & establish relationships with clients
Ability to build trustworthy and credible client relationships
Customer-service & consultative approach
Strong desire to help clients advance their personal financial goals
Confidence & resilience Cope with setbacks & survive difficult circumstances
Discretion & commitment Client confidentiality
Ethics & integrity Willingness to adhere to codes of professional conduct
TIP #4: Showcase the soft skills
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Credentials & technical skills are important BUTEmployers want to be sure that you have the competencies to function in the workplace
Sample in-demand competencies & skillsKnowledge Areas
Audit practices & processes
Financial sector business functions & operations
Consumer finance (mortgages, bonds, etc.)
Investment products & trading of financial instruments
Investment & sales management
Project & change management
Regulatory & legislative policy & procedures for the financial sector
Technical Skills
Database architecture & design
Statistical analysis & modelling
Financial analysis
Research analysis & reporting
Financial Industry – legislative & regulatory Policy
Soft Skills
Out-of-the-Box” Thinking: Creative and Innovative Decision Making
Adaptability and Mental Flexibility
Application of High Ethical Standards
Customer-Focused: Consistently Delivering High Quality Service
Data Interpretation, Sense-making and Communication
Proactive and Goal-Oriented
Relationship Management
Team Collaboration and Information Sharing
Analytical Thinking: Problem Solving and Reasoning
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What they are outstandingly good at - the competencies they excel at
What they enjoy the most - the competencies they most enjoy using
Evidence that they have those competencies - examples of how those competencies have been used
Strengths & interests
Resume
“Elevator pitch”
TIP #5: Effective & targeted marketing
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PUTTING IT ALL TOGETHERLocation on resumeDescription
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DEVELOPING
HIGH-IMPACT ACCOMPLISHMENT STATEMENTS
Made a difference on the job or in the community. What was it and how did you make it happen? Saved time or money for an organization, team or club; quantify your accomplishments Received recognition or an award for a job well done Organized an event which had a successful outcome
What was the SITUATION you faced? What were the problem(s) or issue(s)?S
A
R
What ACTION did you take? What did you do in response to the problem or issue? What skills did you use?
What were the RESULTS you obtained? What was the benefit of your actions? They can be qualitative (e.g., improved employee morale) or quantitative (increased customer base by 10%).
Step 1: Think of a time when you:
Step 2: Organize into accomplishment statements using the SAR acronym
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What was the Situation faced? What Action did you take? What impact or Result did it have?
When I took over the role of Manager, Corporate Finance I discovered that the company was often paying invoices late. I approached my Director with an idea that did not require much time, money & resources.
I analyzed the situation and spoke with the key players to get a more indepth understanding of the process. Assembled a 10-person team from across the organization and developed a database and redesigned processes which enabled invoices to be paid well before the deadlines
More timely payment of invoices resulting in over $1M in savings.
ACCOMPLISHMENT STATEMENT Initiated and led a 10-person project that solved an enterprise-wide problem in billing & invoicing which had gone unsolved for over 5 years, resulting in over $1M in savings in interest and penalties, and improved vendor satisfaction levels.
DEVELOPING
HIGH-IMPACT ACCOMPLISHMENT STATEMENTS
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Example
Zara Mbosi53 Forest Lane 416 555 1234Toronto ON M1M3M3 [email protected]
Risk Manager
- credit risk - statistical modelling - customer focussed- financial economics - analytical thinking - relationship management
ExperienceBiz Inc., United Kingdom June 2011 – Mar 2013Boutique consulting firm specializing in risk management and strategic consultng.
Credit Practice Leader – responsible for the oversithgt of risk exposure of the customer base. Liaised with regulatory bodies to ensure the organization was in compliance with regulatory standards. - example 1 - example 2
Sample profile
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Self-introduction….”elevator pitch”
Career HistoryI’ve spent the last __ years in the __ industry. I have worked with __ (eg. organizations, projects, people). Most recently I was __ (title) with __ (organization, kind of business, mandate).
AchievementsOne highlight for me was __ (mention a significant achievement). I also had the opportunity to __ (mention more).
StrengthsMy strengths are __ and what I mean by that is __ (eg. My strength is customer focus, meaning that I carefully listen to understand the customer’s needs and accurately communicate the required procedures to follow)
What’s nextI am interested in opportunities in __ OR Now I want to take my __ (area of expertise, experience, strengths) and use them in a role that seeks to __ (results you can provide)
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TIP #6: Getting out there
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Explore In Demand Financial Services Careerswww.explorefinancialservices.com