Other Financial Officers
(NOC 1114)
in All Business, Finance, and AdministrationThis 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
Compared to: All Business, Finance, and Administration
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
MaximumAnnual Pay
$12,494
Minimum$54,205
Median$167,988
MaximumCompared to: All Business, Finance, and Administration
Hourly Pay
$14.00
Minimum$27.85
Median$38.46
MaximumAnnual Pay
$6,754
Minimum$36,515
Median$70,271
MaximumAbout 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
employed in 2016
employed full-time
self employed
median age
Compared to: All Business, Finance, and Administration
employed in 2016
employed full-time
self employed
median age
Where will I likely work?
Halifax
Annapolis Valley
North Shore
Cape Breton
Southern
Compared to: All NS Occupations
Halifax
North Shore
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Finance and insurance
Professional, scientific and technical services
Public administration
Administrative and support, waste management and remediation services
Real estate and rental and leasing
What is the age of Employment?
45-54
55-64
35-44
25-34
65+
15-24
Compared to: All Business, Finance, and Administration
45-54
55-64
35-44
25-34
65+
Top levels of education
Bachelor
$62,542 median annual incomeCollege Diploma
$48,408 median annual incomeHigh school
$50,911 median annual incomeMaster
$83,698 median annual incomeDiploma Below Bachelor
$41,020 median annual incomeCompared to: All Business, Finance, and Administration
College Diploma
$36,304 median annual incomeHigh school
$32,903 median annual incomeBachelor
$41,755 median annual incomeApprenticeship
$34,807 median annual incomeLess than high school
$23,174 median annual incomeEducation & training
Business Administration and Management
College, Trades, or University ProgramThese 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
Lower Sackville, NS
Halifax, NS
Wolfville, NS
Sydney, NS
Truro, NS
Stellarton, NS
Port Hawkesbury, NS
Business/Commerce
College, Trades, or University ProgramThese 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
Economics
College or University ProgramThese 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
Wolfville, NS
Sydney, NS
Finance
College or University ProgramThese 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
Wolfville, NS
Sydney, NS
Non-Profit/Public/Organizational Management
College, Trades, or University ProgramThese 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
Employment requirements & contacts
Regulations
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.