Interpretation of the salary situation, job positions and requirements in Canada's financial sector

Canada has become a hot spot for Chinese students and skilled immigrants to apply for jobs because of the developed financial industry. So, what is the salary situation, job positions and requirements in Canada's financial sector?

1. InvestmentBanker

the most advanced Finance work. Its main function is to provide corporate customers with services such as financing in the financial market on behalf of investment banks. There are many financing channels, such as IPO (listing of stocks), Bond (issuing bonds) and Securitization, as well as mergers and acquisitions. Once a single order is made, the profit is extremely rich. This kind of work requires a lot of CommunicationSkill.

requirements: MBA from a prestigious school, with strong communication skills.

major Employer: five major banks, other investment banks (Merrill Lynch, UBS, Goldman Sachs, etc.).

starting salary: > 1K。

2. Trader

mainly deals in the securities market on behalf of various financial institutions, such as Equity,Bonds,Derivatives, etc. It also has some fund operations and certain PortfolioManagement functions.

requirements: quick response and good communication skills.

main Employer: five major banks and various fund companies.

starting salary: > 1K。

The above two kinds of jobs are the most popular Finance jobs, with high pay and social status, which are the dreams of financial people.

Chinese people do more Finance work as analysts, that is, analysts. Generally speaking, this kind of work requires a little less English, a certain degree of mathematical and analytical skills, relatively boring but not stressful, with an upper-middle income but stable, and basically normal working hours (unlike Banker and Trader, who often work more than 7 hours a week). The financial industry has a great demand for all kinds of Analyst, but generally requires relevant experience. Once in the business, it is easy to find a job even if you are laid off.

the definition of financial analyst is too broad, which mainly includes the following categories:

3. Equityresearch Analyst Tassociate

Assistant stock analyst. Assist Analyst to serve Trader and PortfolioManager. The main job is to analyze the financial statements of listed companies and track the industry trends in order to make correct judgments and recommendations in time.

requirements: analytical skills, accounting knowledge, communication skills (dealing with InvestRelations of listed companies), CFA (Chartered Financial Analysis), or CA, MBA.

main Employer: five major banks, investment banks, major insurance companies and various fund companies.

starting salary: 6-8K (long working hours, 6amto6pm, requiring early arrival at the office, so there should be more Bonus).

4. FinanceEngineer

Financial engineering. In Canada, there are not too many people in this major, and about one or twenty people in each bank are really engaged in financial engineering, mainly engaged in Model. The clients are RiskManagement and TradingRoom, most of them are doctors in mathematics, physics and finance, and some of them are masters in MathFinance from UT, Waterloo and York, and their mathematical abilities are generally very strong.

requirements: you must be absolutely good at math. If you are a doctor of science, you need industry experience, otherwise you should get a MathFinance degree.

main Employer: five major banks, major insurance companies, various funds and major energy companies (such as OPG).

starting salary: doctor > 8K, master's degree 6-8K.

5. CreditManager(Analyst)

It's a bit like domestic credit dealers. Mainly study the statements of corporate customers and determine their ratings.

Requirements: MBA, CA, CMA, analytical skills, attention to detail.

major Employer: five major banks, HSBC and other banks.

starting salary: 4-7K.

6. QuantitativeAnalyst

is different from EquityResearchAnalyst in emphasizing fundamental analysis. QA mainly emphasizes technical analysis and needs some statistical knowledge, which is mainly applied to FixedIncomeAnalysis.

requirements: MBA, CFA, MasterofFinance, MasterofStats, mathematics, statistics, programming.

main Employer: five major banks, major insurance companies and fund companies.

starting salary: 6K.

7. FinancialRiskManager

Financial Risk Management. Each of the top five banks has a RiskManager team of more than 2 people. Most of the Master of QuantitativeFinance (whether MathFinance or FinanceEngineer) are engaged in this after graduation, because the real development of Model still needs PHD.

requirements: MBAINFE, CFA, MathFinance, MasterofStats.

major Employer: five major banks and major insurance companies.

starting salary: 6-8K.

in addition to the above, there are some other finance jobs:

8, PortfolioManager

fund managers. There are BuySide and SellSide in the line. SellSide companies, such as AIMTRIMARK, FIDELITY, etc., run some Fund and then sell them for others to buy. BuySide companies are mainly some Pension or EndowmentFund, such as OntarioTeacherPensionFund, UofTEndowmentFund, etc. They can manage their own billions of funds or buy SellSide products.

requirements: years of experience in the industry, generally from Analyst. The dividend of PM is very strong. When the market is good, you can retire after a few years.

9. PortfolioAnalyst

An analyst who works for a fund. Mainly for 8 services.

requirements: CFA, MBA.

starting salary: > 5K。

1. FinancialAdvisor/Planner

provides investment, pension, tax filing and other services for individuals.

requirements: communication skills, CSCCourse, CFP.

major Employer: five major banks and other financial institutions.

starting salary: hard to say. Most of them are basic salary plus Commission, and some of them earn hundreds of thousands more, which belongs to the nature of Sales.

11. CorporationFinance

Corporate finance. The finance of small companies is mainly Accounting. Those who really need financial services such as Budgeting, Planning, Hedge and Pension are very big companies, and there are few people in Finance. Let's put it this way, CorporatFinance is divided into Treasure and Controller, the latter is pure accounting, and the former is more inclined to finance.

to sum up, the work of Finance is mainly concentrated in several major banks, insurance companies, funds and large companies. Both are Finance jobs, but the nature is very different. The salary is slightly better than the average job, but the threshold is also higher. Unlike Accounting, this field in China is still immature, resulting in the fact that domestic Finance work experience is basically not recognized by Canadian employers. Therefore, it is necessary to study for a local certificate such as CSC,CFA or degree. So what kind of students are suitable for studying finance?

first of all, not all students are suitable for this major. In China, when it comes to finance, it means money bank and international finance, so many parents of students easily mistake finance for liberal arts. In fact, finance in Canada mainly studies and studies financial markets, including stock market, bond derivatives, corporate finance (capital structure, acquisition) and so on, while the so-called international finance belongs to economics more. In this regard, we suggest that students and parents, who are sensitive to numbers and have a good knowledge of mathematics, should study finance better. Because all financial problems of Canadian finance majors are digitized and quantified, the course needs to learn a lot of mathematics and statistical methods. Candidates with poor math skills or poor digital skills may have a hard time learning.

secondly, school choice. Famous universities majoring in finance include York University, University of Western Ontario, and University of Waterloo. However, some business schools in Canada do not recruit high school graduates in the first year, requiring students to study basic courses in the first year in the College of Arts or Science, and then apply for business schools according to their freshman grades; In addition, the business schools of some universities have higher requirements for students' senior high school courses, requiring students to have taken ENG4U, MHF4U, MCV4U and MDM4U, namely a 12th grade English course and three 12th grade math courses. Therefore, when choosing a school, you must carefully check the admission requirements of schools and majors and verify whether you can meet the double requirements in time.

Finally, I would like to advise all students and parents who plan to study abroad that there is no best major, but the one that suits them is the best. In the choice of majors, I also suggest that students choose their own majors according to their own preferences and actual situation, and of course, combined with the actual situation of society. No one can guarantee that a certain major will keep an upward development in the next decade or even decades, or that it will keep a large demand. However, if you study a theoretical or, more simply, more specific industry, such as finance and accounting, it will be relatively easy to find a job, while the macro major, such as history and political studies, will be relatively difficult to find a job.