Industry Profile Finance - Vancouver Public Library · Industry Profile: Finance A guide for...

Industry Profile: Finance

A guide for newcomers to British Columbia

Industry Profile: Finance A guide for newcomers to British Columbia

Last updated: June 18, 2018 2

Contents 1. Overview of the Finance Industry ............................................................. 2 2. Occupations in the Finance Industry .......................................................... 7 3. Hiring Forecast by Region ........................................................................ 9 4. Finding Jobs ........................................................................................ 10 5. Additional Resources ............................................................................. 11

1. Overview of the Finance Industry Introduction

Businesses in the finance, insurance and real estate industry provide services

related to financial transactions. The finance industry is comprised mostly of banks,

credit unions, advisors and brokers. Finance businesses conduct and facilitate

financial activities such as day-to-day transactions, lending, borrowing and the sale

of investment products. Financial institutions are mainly engaged in taking deposits,

issuing securities and lending money. They carry the risk themselves and act as a

connector between lenders and borrowers.

Sources:

WorkBC Industry Outlook Profile, Finance

https://www.workbc.ca/Labour-Market-Industry/Industry-and-Sector-

Information/Industry-and-Sector-Outlooks/Finance,-Insurance-and-Real-Estate.aspx

[select ‘Finance’]

British Columbia Financial and Economic Review, 2017

http://www.fin.gov.bc.ca/tbs/FinancialandEconomicReview_WEB.pdf

Vancouver’s Role as a Global Financial Centre

According to the Conference Board of Canada, Vancouver stands out as a centre for

wealth management activity. Vancouver also accounts for an above-average share

The finance, insurance, real estate & leasing industry accounts

for about one-quarter of B.C.’s total GDP, with finance &

insurance accounting for 5.9%



of fund management activity. The city is known as a bond trading center, and is

active in the alternative investment space like hedge funds. Facilitating foreign

direct investment is also a core strength for Vancouver. Foreign-owned subsidiaries

or branches of foreign banks are also prevalent in Vancouver

The credit union system in Vancouver is the most significant contributor to the

growth in Vancouver’s financial services sector over the past five years (just below

Asia’s rise as an economic power and Canada becoming a settlement hub for

Renminbi [Chinese currency]).

Vancouver also supports equity financing for small cap businesses, particularly in

the mining sector. Finally, with the city’s strong high-tech infrastructure, venture

capital is a key strength for the city. The upswings in financial technology (FinTech)

start-ups are also attracting a growing amount of venture capital financing.

Source:

Stronger Together. The Strengths of Canada’s Four Global Financial Centres, Conference

Board of Canada.

http://advantagebc.ca/wp-content/uploads/2014/11/AdvantageBC_-Conference-Board-of-

Canada_StrongerTogether_RPT.pdf

BC Job Openings

New job openings in BC industries come from either the need to replace retiring

workers or because of economic growth. The need to replace retiring workers will

create more than half of the projected job openings for every major B.C. industry

over the next ten years.



Source: BC’s Labour Market Outlook, 2017, https://www.workbc.ca/Labour-Market-

Industry/Labour-Market-Outlook.aspx



The majority of employment in the finance industry occurs in the Mainland /

Southwest region

Source: https://www.workbc.ca/Labour-Market-Information/Industry-Information/Industry-

Profiles/Finance-Insurance-Real-Estate-and-Leasing



The Finance industry is expected to experience a lower-than average rate of growth

in its workforce over the next ten years up to 2027. The industry is projected to

have 22,800 job openings over the 10-year period, 78 percent of which are to

replace workers leaving the labour force.

Source: https://www.workbc.ca/Labour-Market-Industry/Industry-and-Sector-

Information/Industry-and-Sector-Outlooks/Finance,-Insurance-and-Real-Estate.aspx [select

‘Finance’]



2. Occupations in the Finance Industry

Source: https://www.workbc.ca/Labour-Market-Industry/Industry-and-Sector-Information/Industry-

and-Sector-Outlooks/Finance,-Insurance-and-Real-Estate.aspx



Source: https://www.workbc.ca/Labour-Market-Industry/High-Demand-Occupations.aspx

Additional information on finance industry careers:

Career Path for Finance Professionals, BC Government

https://www2.gov.bc.ca/gov/content/careers-myhr/job-seekers/featured-

careers/finance/career-path

WorkBC Career Profiles

https://www.workbc.ca/Jobs-Careers/Explore-Careers.aspx [search by job title]

Careers in Finance (UBC Sauder School of Business)

https://mybcom.sauder.ubc.ca/careers/finance

Business, Finance & Sales Employment Guides

http://pwp.vpl.ca/siic/guides/#business

3. Hiring Forecast by Region

The majority of jobs in the finance industry are found in Metro Vancouver, the

Lower Mainland and Vancouver Island.

Source: https://www.workbc.ca/Labour-Market-Industry/Industry-and-Sector-Information/Industry-

and-Sector-Outlooks/Finance,-Insurance-and-Real-Estate.aspx



For more information about BC’s seven economic regions, see:

https://www.workbc.ca/Labour-Market-Industry/Regional-Profiles.aspx

4. Finding Jobs

Online Job Postings

AcctJob.Ca

https://www.accountingjobs.ca/

Hays Specialist Recruitment

https://www.hays.ca/

Robert Half Finance & Accounting

https://www.roberthalf.com/work-with-us/our-services/finance

Banking Jobs.ca

http://www.bankingjobs.ca/

Credit Union Careers

https://creditunioncareers.ca/default.aspx

Canada’s largest banks have extensive job sites:

CIBC (Canadian Imperial Bank of Commerce)

https://www.cibc.com/en/about-cibc/careers.html

RBC (Royal Bank of Canada)

https://www.rbc.com/careers/index.html

TD Bank Financial Group

https://www.td.com/careers/why-td/index.jsp

BMO Bank of Montreal

https://bmocareers.com/

VanCity Credit Union

https://www.vancity.com/AboutVancity/Careers/

Scotiabank

https://jobs.scotiabank.com/



Creating a List of Potential Employers

You can use directories to produce lists of employers in the finance industry in

British Columbia. Contact them directly to find out if they’re hiring.

Financial Services Canada

Available at the Central Library, 332.1025 F49

Canadian Bankers Association (CBA) – Members

https://cba.ca/member-banks

Investment Industry Association of Canada (IIAC) – Member Firms

https://iiac.ca/iiac-member-firms/

Reference Canada

http://www.vpl.ca/digital-library/reference-canada

Click on “Start Search” beside Canadian Businesses, then select the “Advanced

Search" button. Select both "Keyword/SIC/NAICS" under Business Type and

"City" under Geography. In the top search box enter "financial" OR “investment”

OR “banks” and click LOOKUP. Select the appropriate headings. Lower down,

select the Province, choose the cities, and click the "View Results" button.

Available from the VPL Digital Library | Explore our Digital Library page

NOTE: You can access this database from a Library computer. If you are using a

computer from outside the Library, you will need a Vancouver Public Library card to

login to this database. After clicking on the database name, you will be asked to enter

your library card number and PIN (usually last four digits of your telephone number).

5. Additional Resources Still looking for more information? Try looking at the following resources:

Chartered Professional Accountants of BC

https://www.bccpa.ca/



Institute of Internal Auditors, Vancouver Chapter

https://chapters.theiia.org/vancouver/Pages/default.aspx

Canadian Securities Institute (CSI)

https://www.csi.ca/

Canadian Bankers Association (CBA)

https://www.cba.ca/

Credit Institute of Canada

https://creditinstitute.org/

Investment Industry Association of Canada (IIAC)

https://iiac.ca/

Independent Financial Brokers

https://ifbc.ca/

Career Paths for Skilled Immigrants Program

https://www.welcomebc.ca/Work-or-Study-in-B-C/Work-in-B-C/Employment-

Language-Programs

Welcome BC. Job Profiles for Immigrants

https://www.welcomebc.ca/Work-or-Study-in-B-C/Your-Career-in-B-C

Questions? Please ask the Information Staff at the Central Library or

telephone 604-331-3603.

Please note that the information in this guide is also available online through the

Skilled Immigrant InfoCentre website at http://skilledimmigrants.vpl.ca/.

Industry Profile Finance - Vancouver Public Library · Industry Profile: Finance A guide for...

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