1
Helping job seekers target in-demand careers
in Toronto’s financial services sector
Professional Development Event
June ...
2
Who We Are
 Build Toronto as a global financial services hub
 Public-private partnership:
 2001
 2009
 Creation of ...
3
Toronto’s Financial Services Sector is a major employer
1. 2010 and 2011 data based on GDP forecasts, not actuals; there...
4
•>>12 domestic banks >>45 foreign bank subs/branches
•>> 5 largest domestic entities >>129 securities firms
Banks
•Headq...
5
Partial Structure of a Large Financial Organization
Segment 1: Personal and commercial
Source: Hay Group, CoE Job Profil...
6
TIP #2: Think beyond the label
• Risk management
• Compliance
• Fund accounting
Accountant
• Non-IT business analysis
• ...
7
In-Demand Careers
Financial Advisory & Investment Management
Compliance & Audit
Risk Management
Insurance
Information Te...
8
In-Demand Careers (cont’d)
Project Management
Business Analysis: Non-IT
Operations
Contact Centres
In-demand Clusters
Pr...
9
TIP #3: Build on existing experience & credentials
• Focus on quick entry to
workforce at a level
commensurate with skil...
10
Examples Description
Active listening Able to understand and infer client
needs, based on conversations, to
provide qua...
11
Credentials & technical skills are important BUT
Employers want to be sure that you have the competencies to function i...
12
What they are outstandingly good at - the competencies they excel at
What they enjoy the most - the competencies they m...
13
Summary statement
Is written last, should connect the resume
with the position being applied for
Immediately below targ...
14
DEVELOPING
HIGH-IMPACT ACCOMPLISHMENT STATEMENTS
 Made a difference on the job or in the community. What was it and ho...
15
What was the Situation faced? What Action did you take? What impact or
Result did it have?
When I took over the role of...
16
Example
Zara Mbosi
53 Forest Lane 416 555 1234
Toronto ON M1M3M3 zmbosi@hotmail.com
Risk Manager
- credit risk - statis...
17
Self-introduction….”elevator pitch”
Career History
I’ve spent the last __ years in the __ industry. I have worked with ...
18
TIP #6: Getting out there
• Appearance
• Voicemail greeting
• Phone & in-person
conversations
Looking & speaking
profes...
19
Explore In Demand
Financial Services Careers
www.explorefinancialservices.com
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Financial Services Professional Development Event

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Financial Services Professional Development Event

  1. 1. 1 Helping job seekers target in-demand careers in Toronto’s financial services sector Professional Development Event June 16, 2014 Kamini Sahadeo ksahadeo@tfsa.ca 416 933 6787
  2. 2. 2 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)
  3. 3. 3 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 0 By occupation 232,000 Professional occupations Other skilled functions Specialized or functional managers FS Technology Clerical functions Sales and service Senior management By industry 232,000 Banking Insurance Investment management, brokers, dealers & related 116,000 23,000
  4. 4. 4 •>>12 domestic banks >>45 foreign bank subs/branches •>> 5 largest domestic entities >>129 securities firms Banks •Headquarters for: 57% (60) of lifecos in Ontario •2 of the largest 10 global life insurers •53% (130) of P&C insurers Insurance •87% of MF industry •+/- C$650 billion assets under management Mutual funds •5 of the top 300 global pension funds •3 rank among top 50 global based on assets under management Pension funds •TMX, 3rd largest exchange in North America Stock exchange TIP #1: Job search should include the whole spectrum of financial institutions…
  5. 5. 5 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
  6. 6. 6 TIP #2: Think beyond the label • Risk management • Compliance • Fund accounting Accountant • Non-IT business analysis • Process analysis Financial analyst • Compliance • Regulatory affairsLawyer • Health insurance underwriter or claims adjudicatorNurse
  7. 7. 7 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.
  8. 8. 8 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
  9. 9. 9 TIP #3: Build on existing experience & credentials • Focus on quick entry to workforce at a level commensurate with skills & experience • Avoid entry level for more experienced individuals Develop Canadian experience & track record • Very often, a short college/university continuing ed part-time certificate program is all that is needed to plug any gaps in the short-term. Resist the urge to accumulate degrees or designations 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
  10. 10. 10 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
  11. 11. 11 Credentials & technical skills are important BUT Employers want to be sure that you have the competencies to function in the workplace Sample in-demand competencies & skills Knowledge 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
  12. 12. 12 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 Identify the differentiators Prepare a brochure Sales pitch Strengths & interests Resume “Elevator pitch” TIP #5: Effective & targeted marketing
  13. 13. 13 Summary statement Is written last, should connect the resume with the position being applied for Immediately below target career Inventory of key competencies Knowlede areas, technical skills, soft skills Select the ones that are most relevant to target career Inventory of accomplishments Create a list, have several for each position held Use 2-3 per position, listed in bullet points beneath position description Target career Choose 1 or 2 that fits with above Just below contact details Self assessment Eg values, interest, passion, strengths Summary statement PUTTING IT ALL TOGETHER Location on resumeDescription
  14. 14. 14 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
  15. 15. 15 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
  16. 16. 16 Example Zara Mbosi 53 Forest Lane 416 555 1234 Toronto ON M1M3M3 zmbosi@hotmail.com Risk Manager - credit risk - statistical modelling - customer focussed - financial economics - analytical thinking - relationship management Experience Biz Inc., United Kingdom June 2011 – Mar 2013 Boutique 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
  17. 17. 17 Self-introduction….”elevator pitch” Career History I’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). Achievements One highlight for me was __ (mention a significant achievement). I also had the opportunity to __ (mention more). Strengths My 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 next I 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)
  18. 18. 18 TIP #6: Getting out there • Appearance • Voicemail greeting • Phone & in-person conversations Looking & speaking professionally at all times • Research the organization and role • How their skills, competencies & experience are a good fit Speaking about their value to the organization • Getting out & speaking to people in person – Linked In is NOT a substitute for true networking Importance of in- person meetings
  19. 19. 19 Explore In Demand Financial Services Careers www.explorefinancialservices.com

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