Saskatchewan JobFutures

Nature of Work

Professionals in this occupational group work in auditory and accounting firms, government, banks, trust companies, investment and underwriting firms, stock and mortgage brokerages, commodity exchanges and other organizations. They are employed throughout the public and private sectors or may be self-employed.

Nature of Work

Professionals in this occupational group work in auditory and accounting firms, government, banks, trust companies, investment and underwriting firms, stock and mortgage brokerages, commodity exchanges and other organizations. They are employed throughout the public and private sectors or may be self-employed.

Duties

Financial auditors examine and analyze accounting and financial records.

Accountants plan, set up and administer accounting systems.

Financial and investment analysts collect and analyze financial and investment information about companies, stocks, bonds and other investments.This involves daily analysis of stock and bond reports, economic forecasts, trading volumes, financial periodicals, securities manuals, company financial statements and other financial reports and publications. Analysts in this field may also examine and analyze the prices, yields and future trends of stocks and bonds; analyze company profiles; and provide investment advice and recommendations to clients, senior company officials, pension fund managers, securities agents and associates. They may also prepare company, industry and economic outlooks, analytical reports, briefing notes and correspondence.

Securities agents buy and sell stocks, bonds, treasury bills, mutual funds, and other securities for individual investors and pension fund managers or for banks, trust companies, insurance firms or other companies. Their work duties may include providing investment information and advice to clients and reviewing financial periodicals, stock and bond reports, business publications and other material to identify potential investments for clients.

Traders buy and sell stocks, bonds, commodity futures, foreign currencies and other securities at stock exchanges on behalf of investment dealers. This work involves developing trading strategies based on investment information and current market conditions, making bids and offers to buy and sell securities, and completing details of sales on exchange trade tickets. Traders work in close contact with trading departments of other investment firms, pension fund managers, and financial analysts.

Financial planners identify clients' financial goals and objectives, analyze financial records, and develop financial plans for clients. They also make recommendations concerning cash management, insurance coverage, investment planning, and retirement or estate planning. Depending on their licensing, financial planners may also arrange for the sale of financial products and investments.

Financial examiners and inspectors ensure the compliance of banks, trust companies, credit unions, and other financial services and institutions with government legislation and regulations. They also review and examine caisses popularires, credit companies, real estate and insurance companies, pension funds and securities brokers.

Financial investigators investigate allegations of unethical conduct or breeches of securities of commodity futures laws within the financial industry. Their investigations may involve persons or companies that trade in securities and commodity futures or provide related financial services.

Investment underwriters negotiate with corporations and governments to determine the type and terms of new securities issued. They also underwrite new issues of stocks and bonds, prepare offering prospectus, and advise organizations on investment issues.

Trust officers administer estate, personal, charitable, corporate and other types of trusts, and direct trust account investments. They also receive and record investment income and disburse trust funds.

Mortgage brokers obtain information about clients' income, liabilities and assets and investigate the type, price and condition of property to be mortgaged. They are also responsible for negotiating mortgage loans and for making mortgage applications to lenders or lending institutions on behalf of clients.

Example Titles

Financial auditors and accountants:

• accountant
• chartered accountant (c.a.)
• certified general accountant (c.g.a.)
• certified management accountant (c.m.a.)
• financial auditor
• internal auditor

Financial and investment analysts:

• financial consultant
• investment analyst
• financial analyst
• money market analyst
• securities analyst
• chartered financial analyst

Securities agents, investment dealers and traders:

• securities sales agent
• commodities trader
• mutual fund broker
• bond dealer
• investment dealer
• stock broker
• floor trader, commodity exchange
• supervisor, registered representatives
• registered representative, investments

Other financial officers:

• financial investigator
• estate and trust administrator
• examiner, credit unions
• financial planner
• inspector, financial institutions
• investment underwriter
• trust officer
• mortgage broker
• financial consultant

Training Paths

There are three main designations (C.A., C.M.A., C.G.A) for financial auditors and accountants. All require additional course work after a degree program.

Individuals seeking employment as a financial and investment analyst, securities agent, investment dealer, trader or other financial officer may be at an advantage if they have a degree or diploma in Finance or Economics. All Saskatchewan universities offer Bachelors degrees with specialization in Finance, Accounting and Marketing; University of Saskatchewan through the College of Commerce, University of Regina through the Faculty of Business Administration, and First Nations University of Canada through the School of Business & Public Administration. University of Regina and University of Saskatchewan also offers Bachelor and Master of Arts degree programs in Economics. University of Regina and First Nations University of Canada offer the work/study option through the Co-operative Education Program.

SIAST offers related diploma programs with specialization in Financial Services, Accounting and Marketing. A joint venture between the First Nations University of Canada and the College of Commerce offers students an opportunity to complete a diploma in administration and then transfer into the College of Commerce to complete a Bachelor of Commerce degree. Also in the area of First Nations administration: the Saskatchewan Indian Institute of Technologies (SIIT) offer diploma programs in Management Studies. Many financial investment analysts continue to take special programs given by business-related institutes or associations during their careers.

Trends and Outlooks

The employment prospects for this occupation are: good

There will always be job openings in Saskatchewan for auditors, accountants and investment professionals. This has much to do with the large size of this occupational group. In 2006, there were more than 6,500 auditors, accountants and investment professionals employed in the province. Consequently, a high number of jobs will become available in the next few years due to retirement or other turnover in the work force. A number of new jobs are expected as well, particularly for financial auditors and accountants, by far the largest occupation in this group.

Most of these openings will be in the finance, insurance, real estate and leasing; and professional, scientific and technical services industries. Nearly 75% of all auditors, accountants and investment professionals in Saskatchewan worked in these three industries in 2006. Auditors, accountants and investment professionals are well paid in Saskatchewan. The average full-time income for these professionals was $65,712 per year in 2005. This marks a slight increase from the average in 2000 and remains significantly higher than the provincial average for all occupations ($42,298 per year). Professionals working in Saskatoon and Regina typically earn more than their counterparts elsewhere in the province.

Nearly 70% of all Saskatchewan professionals in this group worked in the city or area surrounding Regina or Saskatoon in 2006. Fifty-three percent of all workers were female that year. In 2000, 72% auditors, accountants and investment professionals in Saskatchewan worked full time year round. This work typically is not seasonal and not particularly sensitive to overall economic conditions. This is a relatively young work force. In 2006, over 50% of all auditors, accountants and investment professionals in Saskatchewan were younger than 45 years of age.

Most industries now use computerized financial systems to monitor business finances. Many are also using electronic funds transfer, automatic teller machines and electronic data interchange in their daily operations. The adoption of these and other new technologies has changed, and will continue to change, the skill requirements for auditors, accounts and investment professionals. Financial institutions increasingly seek professional client service managers with a broad range of financial sector skills.

Professional Associations

Related Occupations

Financial and investment analysts:

• Securities Agents, Investment Dealers and Traders (1113)
• Financial planners (in 1114 Other Financial Officers)

Securities agents, investment dealers and traders:

• Financial and Investment Analysts (1112)
• Other Financial Officers (1114)
• Financial brokerage managers (in 0121 Insurance, Real Estate and Financial Brokerage Managers)

Other financial officers:

• Financial and Investment Analysts (1112)
• Securities Agents, Investment Dealers and Traders (1113)
• Economic development officers (in 4163 Economic Development Officers and Marketing Researchers and
• Consultants)
• Economists (in 4162 Economists and Economic Policy Researchers and Analysts)