Other Financial Officers

(NOC 1114)

in All Business, Finance, and Administration

This group includes professional jobs in finance like as financial planners, financial examiners and inspectors, financial investigators, financial underwriters, mortgage brokers and trust officers. They work for banks, trust companies, investment firms and governments, or they may be self-employed.

Job Outlook

Good

Read more

  • Estimate Strong growth employment change, 2019-2021
  • Estimate 355 openings due to growth and retirements, 2018-2020
  • Estimate Low rate of unemployment in 2019

Compared to: All Business, Finance, and Administration

  • Estimate -1305 employment change, 2019-2021
  • Estimate 4210 openings due to growth and retirements, 2018-2020
  • Estimate rate of unemployment not available for these occupation.

The employment outlook over the next few years for this occupational group is “good”, which indicates the chances of a qualified individual finding work is better than average when compared to other occupations in Nova Scotia. This is a fairly large occupation in Nova Scotia so job opportunities occur fairly regularly. The number employed in this occupation is expected to grow moderately over the next few years, which will likely provide some additional opportunities for employment. With a moderate percent of workers being 55 years of age and older, retirements are expected to contribute somewhat to employment opportunities over the coming years. Other Financial Officers most commonly work full-time hours. Also, a fair portion of the workforce is self-employed, so having the option to "work for yourself" may appeal to some individuals’ interests/motivations.

The median employment income for 68% of Other Financial Officers who worked full-time, year-round in 2015 was $59,099. Across all occupations in Nova Scotia, 59% of those who worked full-time year round had a median employment income of $43,600.
(Source: 2016 Census)

Hourly Pay

$20.00

Minimum

$26.44

Median

$48.08

Maximum

Annual Pay

$12,494

Minimum

$54,205

Median

$167,988

Maximum

Compared to: All Business, Finance, and Administration

Hourly Pay

$14.00

Minimum

$27.85

Median

$38.46

Maximum

Annual Pay

$6,754

Minimum

$36,515

Median

$70,271

Maximum

About the job

Nature of work

This group includes professional jobs in finance like as financial planners, financial examiners and inspectors, financial investigators, financial underwriters, mortgage brokers and trust officers. They work for banks, trust companies, investment firms and governments, or they may be self-employed.

Job duties

Financial planners:

  • Develop personal financial plans for clients covering cash management, finances, insurance coverage, investments, retirement and estate planning, taxes and legal matters.
  • Analyze clients' financial records, set goals and develop a financial strategy.
  • Advise clients on implementing the financial plan to help them achieve their goals.
  • May also arrange for buying and selling financial products and investments and monitor the portfolio to make sure it is profitable.
  • Help to expand business and attract new clients.

Financial examiners and inspectors:

  • Review and examine banks, trust companies, credit unions, credit companies, real estate companies, insurance companies, pension funds, securities brokers and other financial services and institutions to make sure they comply with governing legislation and regulations.

Financial investigators:

  • Investigate possible unethical conduct or breaches of securities or commodity futures laws by persons or companies that trade in securities and commodity futures or that provide related financial services.

Financial underwriters:

  • Underwrite new issues of stocks and bonds.
  • Negotiate with corporations and governments to determine the type and terms of new securities issued and prepare offering prospectuses.

Trust officers:

  • Administer estate, personal, charitable, corporate and other types of trusts, direct trust account investments, receive and record investment income and disburse trust funds.

Mortgage brokers:

  • Meet with clients to get information about income, liabilities and assets, and type, price and condition of property to be mortgaged, and negotiate mortgage loans with lenders on behalf of clients.

Sample job titles

  • account manager
  • estate executor
  • financial investigator
  • financial planner
  • financial services consultant
  • financial underwriter
  • mortgage broker
  • personal financial planner
  • securities analyst
  • trust officer

Skills

You should have excellent organizational, analytical, and communication skills, both spoken and written. Good judgement, integrity, and persistence are important. You must have mathematics skills and be capable of detailed and precise work. Business skills are essential.

Job requirements

  • A bachelor's degree in business administration, commerce, economics or a related field.
  • Training programs and courses are offered by financial institutes and organizations like the Canadian Securities Institute, Institute of Canadian Bankers, Institute of Chartered Financial Analysts, Investment Funds Institute, Canadian Institute of Financial Planning, and Trust Companies Institute of Canada, and may be required by employers.
  • The designation Personal Financial Planner, awarded by the Financial Planners Standards Council of Canada, may be required.
  • Financial planners who sell regulated financial products and investments like annuities, RRSPs and life insurance, are required to be licensed by the appropriate governing body.
  • Financial examiners and inspectors may require a recognized accounting designation.
  • Mortgage brokers require a mortgage broker licence in Nova Scotia.

Other considerations

Ongoing training and continuous skill updating is necessary in these roles. Movement to financial management positions is possible with experience.

By the numbers

Quick look

2,450

employed in 2016

92.2%

employed full-time

17.1%

self employed

42.7%
Icons/female Created with Sketch.
57.3%
Icons/male Created with Sketch.
47.1

median age

Compared to: All Business, Finance, and Administration

63,775

employed in 2016

78.4%

employed full-time

6.6%

self employed

73.4%
Icons/female Created with Sketch.
26.6%
Icons/male Created with Sketch.
47.9

median age

Where will I likely work?

67.0%

Halifax

10.8%

Annapolis Valley

9.0%

North Shore

7.1%

Cape Breton

6.1%

Southern

Compared to: All NS Occupations

47.0%

Halifax

15.6%

North Shore

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

81.4%

Finance and insurance

5.9%

Professional, scientific and technical services

3.7%

Public administration

1.8%

Administrative and support, waste management and remediation services

1.3%

Real estate and rental and leasing

What is the age of Employment?

27.0%

45-54

22.0%

55-64

20.0%

35-44

20.0%

25-34

7.0%

65+

4.0%

15-24

Compared to: All Business, Finance, and Administration

26.3%

45-54

22.6%

55-64

19.4%

35-44

16.7%

25-34

7.5%

65+

Top levels of education

44.0%

Bachelor

$62,542 median annual income
21.0%

College Diploma

$48,408 median annual income
17.9%

High school

$50,911 median annual income
8.1%

Master

$83,698 median annual income
3.1%

Diploma Below Bachelor

$41,020 median annual income

Compared to: All Business, Finance, and Administration

33.8%

College Diploma

$36,304 median annual income
23.8%

High school

$32,903 median annual income
22.8%

Bachelor

$41,755 median annual income
5.8%

Apprenticeship

$34,807 median annual income
4.9%

Less than high school

$23,174 median annual income

Education & training

Business Administration and Management

College, Trades, or University Program

These programs prepare students to plan, organize, direct, and control the functions and processes of a firm or organization. They include courses in management theory, human resources management and behaviour, accounting and other quantitative methods, purchasing and logistics, organization and production, marketing, and business decision-making.

Institutions providing this program

Maritime Business College

Lower Sackville, NS

Academy of Learning Career College - Halifax

Halifax, NS

Acadia University

Wolfville, NS

Dalhousie University

Halifax, NS

Mount Saint Vincent University

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Dalhousie University Faculty of Agriculture

Truro, NS

Nova Scotia Community College - Annapolis Valley Campus

Middleton, NS

Nova Scotia Community College - Cumberland Campus

Springhill, NS

Nova Scotia Community College - Burridge Campus

Yarmouth, NS

Nova Scotia Community College - Kingstec Campus

Kentville, NS

Nova Scotia Community College - Lunenburg Campus

Bridgewater, NS

Nova Scotia Community College - Pictou Campus & School of Fisheries

Stellarton, NS

Nova Scotia Community College - Strait Area Campus & Nautical Institute

Port Hawkesbury, NS

Nova Scotia Community College - Marconi Campus

Sydney, NS

Nova Scotia Community College - Truro Campus

Truro, NS

Nova Scotia Community College - Ivany Campus

Dartmouth, NS

Nova Scotia Community College - Online Learning

Various, NS

Business/Commerce

College, Trades, or University Program

These programs focus on the general study of business, including the processes of interchanging goods and services (buying, selling and producing), business organization, and accounting as used in profit-making and non-profit public and private institutions and agencies. They prepare students to apply business principles and techniques in various occupational settings.

Institutions providing this program

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

Saint Mary's University

Halifax, NS

Economics

College or University Program

These programs focus on the systematic study of the production, conservation and allocation of resources in conditions of scarcity, together with the organizational frameworks related to these processes. They include courses in economic theory, microeconomics and macroeconomics, comparative economic systems, money and banking systems, international economics, quantitative analytical methods, and applications to specific industries and public policy issues.

Institutions providing this program

Acadia University

Wolfville, NS

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

Mount Saint Vincent University

Halifax, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Finance

College or University Program

These programs prepare students to plan, manage, and analyse the financial and monetary aspects and performance of business enterprises, banking institutions, or other organizations. They include courses in principles of accounting, financial instruments, capital planning, funds acquisition, asset and debt management, budgeting, financial analysis, and investments and portfolio management.

Institutions providing this program

Acadia University

Wolfville, NS

Dalhousie University

Halifax, NS

Mount Saint Vincent University

Halifax, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Nova Scotia Community College - Akerley Campus

Dartmouth, NS

Non-Profit/Public/Organizational Management

College, Trades, or University Program

These programs prepare students to manage the business affairs of non-profit corporations, including foundations, educational institutions, associations, and other such organizations, and public agencies and governmental operations. They include courses in business management, principles of public administration, principles of accounting and financial management, human resources management, taxation of non-profit organizations, and business law as applied to non-profit organizations.

Institutions providing this program

Saint Mary's University

Halifax, NS

Employment requirements & contacts

Regulations

Mortgage Broker

Right to Practice: This job is regulated in Nova Scotia. A licence shows that the holder has met provincial requirements and is required to legally do this work.

Regulating body:
Service Nova Scotia and Municipal Relations
Mail Room, 8 South, Maritime Centre 1505 Barrington Street
Halifax, NS B3J 3K5
(800) 670-4357
(902) 424-0720

Contacts

Financial Advisors Association of Canada
Toronto, ON
Credit Institute of Canada
North York, ON
Canadian Institute of Financial Planning
Burlington, ON
Canadian Securities Institute
Toronto, ON
CFA Institute
Charlottesville, VA - USA