Saskatchewan JobFutures

Nature of Work

Professionals in this occupational group perform a variety of administrative duties in the finance and insurance industries. They work in such private sector establishments as such banks, trust companies, credit unions, insurance companies, real estate companies, and customs, ship and other brokerage firms and in government agencies and departments.

Nature of Work

Professionals in this occupational group perform a variety of administrative duties in the finance and insurance industries. They work in such private sector establishments as such banks, trust companies, credit unions, insurance companies, real estate companies, and customs, ship and other brokerage firms and in government agencies and departments.

Duties

Bookkeepers maintain complete sets of books, keep records of accounts, verify the procedures used for recording financial transactions, and provide personal bookkeeping services. They are employed throughout the private and public sectors, or they may be self-employed.

Loan officers examine, evaluate and process credit and loan applications. They are employed by banks, trust companies, credit unions and similar financial institutions.

Insurance adjusters investigate insurance claims and determine the amount of loss or damages covered by insurance policies. They are employed in claims departments of insurance companies or work as independent adjusters.

Insurance claims examiners examine claims investigated by insurance adjusters and authorize payments. They are employed at head offices or branches of insurance companies.

Insurance underwriters approve the sale of insurance policies by accepting or rejecting liability or responsibility for possible losses by insurance company clients. They review and evaluate individual and group applications for automobile, fire, health, liability, life, property, marine, aircraft and other insurance and are employed at head and branch offices of insurance companies.

Underwriters use a variety of documents and reference materials, such as medical reports and rate tables, to determine the insurance risks, insurance premiums, extent of insurance coverage and other conditions of new and renewal applications and insurance contracts. They may also be responsible for ensuring their company's or department's compliance with government regulations.

Underwriters often consult with other offices or agencies or with individuals on insurance matters. Consultation may involve offering recommendations on individual or group insurance plan designs, providing underwriting advice and answering inquiries from clients, insurance agents, consultants and other company personnel. Underwriters may also prepare underwriting reports.

Assessors, valuators and appraisers perform slight variations of the same work. Each is responsible for determining the value of property. Their differences are found in the types of property they assess.

Assessors determine the value of land, buildings, structures, machinery, equipment and property improvements for purposes of taxation, grants and regional planning. Their duties include reviewing and analyzing past scales, title searches, engineering and alignment maps, soil maps, subdivision plans, water and sewer plans, location cost data, easements and other related data. They may specialize in counselling and advising in a specific field of assessment, such as residential, commercial, industrial, institutional, or farm lands. Assessors are employed by government agencies, real estate and other private sector companies or may be self-employed.

Valuators collect and analyze the financial records of a business, such as financial statements, budgets, projects and sales data, or assess the business's competitiveness or market value. They may also appear as expert witnesses before courts, security regulators and other regulatory boards or commissions, and prepare reports for estate planning, matrimonial litigation, insurance, and business losses. Valuators are employed by government agencies, real estate and other private sector companies or may be self-employed.

Appraisers appraise the value of property, buildings industrial and commercial machinery and equipment, and personal and household items. They prepare appraisal reports for lending agencies, insurance companies, government departments, courts attorneys, creditors, buyers or auctioneers. Appraisers may specialize in a specific type of appraisal, such as real estate appraisal. They are employed by government agencies, real estate and other private sector companies or may be self-employed.

Customs brokers prepare, process and sign import/export documents and other forms on behalf of clients according to customs regulations, laws and procedures. Using power of attorney, they also arrange for payment of duties, taxes, storage and transportation of imported goods and bonds to cover duty goods. Their other duties may include quoting duty and tax rates on commodities for clients; representing clients before administrative tribunals or in other dealings with government officials; and providing advice to clients on export and import restrictions, tariff systems, letters of credit, insurance requirements and other custom related matters. Custom brokers are employed by custom, ship or other brokerage establishments or may be self-employed.

Ship brokers buy and sell cargo space on ships, negotiate rates and terms, and prepare contracts and other papers on behalf of individuals, companies and governments. Their other duties may include consulting trade publications and other sources to provide information to clients on available cargo space, destinations, rates and departure locations and times. They may also arrange for ship and cargo registration, licensing and insurance coverage.

Ship brokers may also buy and sell ships and yachts on behalf of clients. This involves inspecting vessels, negotiating a price, and explaining a vessel's features to clients. They are employed by custom, ship or other brokerage establishments or may be self-employed.

Example Titles

Bookkeepers:

• accounting bookkeeper
• bookkeeper

Loan officers:

• credit officer
• loan officer
• mortgage officer

Insurance adjusters and claims examiners:

• insurance adjuster
• adjuster
• claim examiner

Insurance underwriters:

• insurance underwriter
• property underwriter

Assessors, valuators and appraisers:

• property valuator
• business valuator
• property assessor
• real estate appraiser

Customs, ship and other brokers:

• cargo broker
• chartered ship broker
• gas broker
• licensed customs broker
• ship broker
• customs broker

Training Paths

Individuals interested in these occupations might benefit from a background in Finance. Insurance underwriters in particular should have post-secondary education or training in this area. Finance is one of the many specialized degree programs offered by University of Saskatchewan through the College of Commerce, First Nation University of Canada through the School of Business & Public Administration and by University of Regina through the Faculty of Business Administration. The University of Regina and University of Saskatchewan also offer Bachelor and Master of Economics degrees and Science (Actuarial Science, Mathematics & Statistics).

Courses in accounting or booking are required. SIAST offers Business, Accountancy and Administration certificate and diploma programs, as well as programs and short courses in bookkeeping, general business, and office education. Training programs are available at several regional colleges and private vocational schools. Saskatchewan Indian Institute of Technologies (SIIT) offers diploma a program in Accountanting . Classes required for completion of these programs can be taken at U of S. Courses for a recognized professional accounting designation may be taken by correspondence. Bookkeepers requiring more formal training may specialize in Accounting while earning a Commerce degree from U of S, a Business Administration degree from U of R, or a Business Administration degree from FNUiv.

Insurance underwriters may be required to complete The Insurance Institute of Canada Certificate Program. This program is available through University of Regina and can lead to designations with the Associateship Insurance Institute of Canada (AIIC) or the Fellowship Insurance Institute of Canada (FIIC). Prospective assessors, valuators and appraisers may find it beneficial to have accounting experience. These individuals can earn one or more of the following designations: Chartered Accountant (CA), Certified Management Accountant (CMA), and Certified General Accountant (CGA). Each of these accounting organizations has its own requirements. Training for customs, ship and other brokers can be obtained on the job or through a customs brokers correspondence program through the Canadian Institute of Customs Brokers.

Trends and Outlooks

The employment prospects for this occupation are: fair

After dropping significantly during the late nineties, the number of Saskatchewan residents working in these occupations decreased only slightly between 2001 and 2006. Most of the job loss during this period was for bookkeepers and for insurance adjusters and claims examiners.

Nonetheless, this remains a large occupational group. Fiance and Insurance Administration occupations accounted for the employment of more than 7,200 Saskatchewan residents in 2006. And while there may not be any significant new new job growth in the next few years, there will be numerous job openings during this period due to attrition; that is, retirement or other turnover in the provincial work force. Most of these positions will be in the agriculture, finance, insurance, real estate and leasing industries.

These typically are low-paying occupations. The average full-time income for professionals in this group in 2005 was $38,346 per year. This marks a slight increase from the 2000 average but remains below the 2005 provincial full-time average for all occupations ($42,298 per year). It must be noted, however, that the average full-time income for bookkeepers--by far the largest occupation in this group--was only $29,485 per year in 2005. This greatly lowers the average income for the entire group. With the exception of bookkeepers, all most finance and insurance administrators earned more than the provincial average for all occupations.

Just over 40% of all professionals in this group worked in or around Regina or Saskatoon in 2006. Incomes for finance and insurance administrators are generally higher in these cities than elsewhere in the province. In 2006, 82% of these professionals were female. This percentage reflects the high percentage of female bookkeepers;

in 2006, 93% of all bookkeepers in the province were women. Only 58% of all finance and insurance administrators in the province worked full time year round in 2005.

These fields of work are typically not seasonal, and employment is only moderately sensitive to overall economic conditions. This is a fairly young work force. In 2006, 50% of the people who worked in these occupations were under the age of 45.

Increasing use of computerized property management and accounting systems has compelled workers in these occupations to upgrade their computer skills. Administrators with specialized skills in data manipulation or communications may have an advantage over others seeking work or promotion in these fields.

Professional Associations

Related Occupations

Insurance underwriters:

• Insurance Agents and Brokers (6231)
• Underwriter managers (in 0121 Insurance, Real Estate and Financial Brokerage Managers)

Assessors, valuators and appraisers:

• Financial Auditors and Accountants (1111)
• Financial and Investment Analysts (1112)
• Insurance Adjusters and Claims Examiners (1233)
• Property Administrators (1224)
• Market analysts (in 4163 Economic Development Officers and Marketing Researchers and Consultants)
• Right-of-way agents (in 1225 Purchasing Agents and Officers)

Customs, ship and other brokers:

• Insurance, Real Estate and Financial Brokerage Managers (0121)
• Securities Agents, Investment Dealers and Traders (1113)
• Insurance brokers (in 6231 Insurance Agents and Brokers)