How to Get a Job in a Bank in Canada
It’s true that it is very difficult to enter into any professional field here in Canada., The basic course for all these careers is the CSC®, for which the cost to enroll directly is around $1000 and you have one year from enrollment to pass both...
Step-by-Step Guide
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Step 1: It’s true that it is very difficult to enter into any professional field here in Canada.
But the good news is that you don’t need to have any background and can start a new career by passing certain courses and demonstrating positive attitude traits.
For the banking/financial sector you must pass the Canadian Securities Course® (CSC®), or Investment Funds in Canada® (IFIC®) offered by the Canadian Securities Institute ® (CSI Global Education®); visit their website 'www.CSI.ca' for more details.
On the website, you can see the career path for the financial sector and relevant courses to be qualified.
Note that the base of all careers in the financial sector is the CSC® or IFIC which are also legally required to be registered as a mutual fund representative.
Even some CA/CMA/Accounting jobs require or prefer passing the CSC/IFIC.
The main career paths in the financial sector are Compliance, Financial Planning & Wealth Management, Investment Banking, Portfolio Management, Research & Analysis, Risk Management, and Trading. -
Step 2: The basic course for all these careers is the CSC®
The topics include:
Market and economic events impacting investment performance; understanding and analyzing corporate financial statements; Financial instruments: fixed income, equities, managed products; structured products and derivatives; Corporate, industry and market performance/analysis; company performance assessment through the profit & loss account, balance sheet and ratios; managing investment risk, setting financial goals; cash flow analysis; investing and taxation.
If you study part-time (around 10 hours a week), you might be able to pass both parts in 4-6 months duration.
There are several ways to prepare & pass the course: ,, Banks & other companies hire directly from these colleges also, which is a major benefit.
However, there is more cost, opportunity cost, time and effort involved. , However, the study, learning, and sales deadlines and targets are stressful sometimes and you might have to take time off of your regular work to be fully involved in this endeavor. , But the demands of the job are not so easy and will leave little time to study, but it can be done. , Cost is more (around $40/hr) but effective outcome is better since you benefit from the experience. , HRDC office, there are programs which provide funding for the course, such as Access Employment’s Financial Services ("http://www.accestrain.com/index.php/job-seekers-toronto-gta/services").This provides internationally trained finance professionals with practical job search information and direct connections with employers in the financial sector.
Participants learn how to integrate into Canadian workplace culture and how to effectively communicate with colleagues and clients within the financial services industry.
The program has three streams:
Banking, Accounting, and Business Law.
Participants targeting jobs in the banking sector receive tailored preparation from George Brown College for the Canadian Securities Course (CSC) exam.
Financial professionals interested in taxation, including those pursuing Certified General Accountant (CGA) certification, receive training from George Brown College in Canadian taxation.
For those who are interested in the legal sector of the finance industry, Ryerson University offers a credit course in Canadian Business Law. ,, Set an appointment with your Personal Banking Officer in your own bank, discuss your financial goals with him or her and also discuss your career objectives with them; most will be glad to guide you.
Once you passed the course, they can refer you internally, since they get a bonus for a referred hire. -
Step 3: for which the cost to enroll directly is around $1000 and you have one year from enrollment to pass both part 1 & 2.
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Step 4: CSI® online study on the website
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Step 5: review the two textbooks
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Step 6: and visit websites of related topics; study on your own
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Step 7: at your own pace
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Step 8: but you will find the year pass by quickly and you will have hardly studied more than a few chapters!
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Step 9: Classes for the CSC® course are provided by several colleges; they have full time and part-time
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Step 10: evening courses as well.
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Step 11: Join a financial firm that will sponsor your courses; in this way you benefit from discount of the course cost
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Step 12: get free training
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Step 13: guidance
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Step 14: and interact with people working in the financial sector.
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Step 15: Start working as a teller or in the back-office of a bank and then do the course; you will earn while you study
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Step 16: and have a good opportunity to understand the products & terminology in a practical sense.
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Step 17: Enroll CSC® on your own and get a good tutor to guide you
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Step 18: maybe 3-4 hours over every weekend
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Step 19: so you can be ready to take the first exam in 2-4 months time
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Step 20: and have clear understanding of the topics and concepts by discussion.
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Step 21: If you are a new immigrant
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Step 22: ask your Govt.
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Step 23: Visit career bridge.ca for internship options to enter the financial field
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Step 24: if you have international experience in the financial sector.
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Step 25: Networking helps a lot
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Step 26: so keep in contact with persons working in the field.
Detailed Guide
But the good news is that you don’t need to have any background and can start a new career by passing certain courses and demonstrating positive attitude traits.
For the banking/financial sector you must pass the Canadian Securities Course® (CSC®), or Investment Funds in Canada® (IFIC®) offered by the Canadian Securities Institute ® (CSI Global Education®); visit their website 'www.CSI.ca' for more details.
On the website, you can see the career path for the financial sector and relevant courses to be qualified.
Note that the base of all careers in the financial sector is the CSC® or IFIC which are also legally required to be registered as a mutual fund representative.
Even some CA/CMA/Accounting jobs require or prefer passing the CSC/IFIC.
The main career paths in the financial sector are Compliance, Financial Planning & Wealth Management, Investment Banking, Portfolio Management, Research & Analysis, Risk Management, and Trading.
The topics include:
Market and economic events impacting investment performance; understanding and analyzing corporate financial statements; Financial instruments: fixed income, equities, managed products; structured products and derivatives; Corporate, industry and market performance/analysis; company performance assessment through the profit & loss account, balance sheet and ratios; managing investment risk, setting financial goals; cash flow analysis; investing and taxation.
If you study part-time (around 10 hours a week), you might be able to pass both parts in 4-6 months duration.
There are several ways to prepare & pass the course: ,, Banks & other companies hire directly from these colleges also, which is a major benefit.
However, there is more cost, opportunity cost, time and effort involved. , However, the study, learning, and sales deadlines and targets are stressful sometimes and you might have to take time off of your regular work to be fully involved in this endeavor. , But the demands of the job are not so easy and will leave little time to study, but it can be done. , Cost is more (around $40/hr) but effective outcome is better since you benefit from the experience. , HRDC office, there are programs which provide funding for the course, such as Access Employment’s Financial Services ("http://www.accestrain.com/index.php/job-seekers-toronto-gta/services").This provides internationally trained finance professionals with practical job search information and direct connections with employers in the financial sector.
Participants learn how to integrate into Canadian workplace culture and how to effectively communicate with colleagues and clients within the financial services industry.
The program has three streams:
Banking, Accounting, and Business Law.
Participants targeting jobs in the banking sector receive tailored preparation from George Brown College for the Canadian Securities Course (CSC) exam.
Financial professionals interested in taxation, including those pursuing Certified General Accountant (CGA) certification, receive training from George Brown College in Canadian taxation.
For those who are interested in the legal sector of the finance industry, Ryerson University offers a credit course in Canadian Business Law. ,, Set an appointment with your Personal Banking Officer in your own bank, discuss your financial goals with him or her and also discuss your career objectives with them; most will be glad to guide you.
Once you passed the course, they can refer you internally, since they get a bonus for a referred hire.
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Teresa Perry
Writer and educator with a focus on practical home improvement knowledge.
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