Finance and Insurance Employment CMA 1996-2011 250,000 200,000 150,000 100,000 50,000 0 2001 2006 2007 2008 2009 2010 2011 Total Employment Employees Self-employed Source: Statistic Canada, Labour Force Survey
Toronto Highlights A major economic engine of the country with 83,000 businesses Major employment clusters: finance and financial services, retail trade, arts and culture, tourism and hospitality. Manufacturing and construction account for a significant percentage of the economy. 2nd Greenest Canadian City in Leading the Fight against Climate Change (Global Financial Centres Index - GFCI 9) 9
TORONTO FINANCIAL SECTOR KEY FACTS Toronto is one of the easiest cities in the world to do business. It’s ranked number two by Price Water House Coopers in the category “Intellectual capital and innovation”. Two of the largest ten global insurers operate in Toronto (RBC Life Insurance, Empire Life) Three of the world’s largest twenty-five banks and five of the largest Canadian banks are in Toronto Toronto Stock Exchange (TSX) is Canada’s largest stock exchange, the third largest in North America and the seventh largest in the world. It’s the worlds largest metals and minerals exchange 131 of the 211 securities dealers operating in Canada are headquartered in Ontario, including 123 in the Greater Toronto Area.
TORONTO FINANCIAL SECTOR KEY FACTS Three of the top 50 largest investment firms in Canada are based in Toronto. (Manulife Financial Corporation, Sun Life Financial Corporation.) Three of the four largest property and casualty insurers in Canada are located in Toronto. Seven of the top 10 largest global hedge fund administrators operate in Toronto (e.g. Introduction Capital, Polar Securities, Goodwood Capital, Catalyst Capital, Gluskin + Sheff) Hedge fund assets under management estimated at $32 billion Three of the top fifty global pension funds (CPP Investment Board and Ontario Teachers’ Pension Plan )
Financial Sector (FS) Direct Employment byToronto FS Employment subsectors Source: Toronto Financial Service Alliance (TFSA)
Job profiles: in demand clustersIndustry cluster Positions
Knowledge Areas Audit practices and processes Financial sector business functions and operations Consumer finance ( mortgages, bonds, etc) Investment products & trading of financial instruments Investment and sales management Project and change management Regulatory and legislative policy and procedures for the financial sector
Technical skills Analytical thinking Database architecture and design Statistical analysis and modeling Financial analysis Research analysis and reporting Financial industry-legislative and regulatory policy
Soft skills Non-traditional thinking: creative and innovative decision making Adaptability and mental flexibility Application of High Ethical Standards Customer-focused: consistently delivering high quality service Data interpretation Proactive and goal-oriented Relationship management Team collaboration and information sharing Problem solving and reasoning
The factors that influence market shifts Globalization and reorganization Financial crisis consequences Changing customer relationships Pace of technology development Changing demographics Source:TFSA
Changing demographics Labor force demographics will shift profoundly There is a growing mismatch between the skills employers need and the talent available “Generation U” and women to fill the skills gaps
Changing demographics The talent market is increasingly global and mobile Employees gain more bargaining power
Conclusion Toronto is a financial services capital of Canada. One of North America’s premier financial centers and the fastest growing. A dynamic and vibrant business center, Toronto has a sophisticated cluster of financial services companies, offering a range of quality services and expertise that rank among the best in the world.
Where you can find additional information aboutToronto financial sector Toronto Financial Service Alliance http://www.tfsa.ca/ Working in Canada http://www.workingincanada.gc.ca/home- eng.do?lang=eng
10/17/2012 For more information www.workforceinnovation.ca Phone: 416 934 1653 Fax: 416 934 1653Address: 215 Spadina Avenue, Suite 350 Toronto, ON, M5T 2C7 31