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Helping job seekers target in-demand careersin Toronto’s financial services sector

Professional Development EventJune 16, 2014 Kamini Sahadeo

ksahadeo@tfsa.ca416 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 zmbosi@hotmail.com

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