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Managers in Financial and Business Services
What they do?
A. Insurance, Real Estate and Financial Brokerage Managers plan, organize, direct, control and evaluate the operation of and establishment or department that: provides insurances services, buys, sells and leases property, finds lenders or lending institutions and buys and sells stocks, bonds and other forms of investments.
B. Banking, Credit and Other Investment Managers plan, organize, direct, control and evaluate the branch operations of a bank, trust company, credit union or similar financial institution responsible for administering personal and commercial loans, buying and selling securities, operating investment funds, administering trusts, settling estates or other related activities.
Where they find work?
1. Finance and insurance - 66.0%
2. Real estate and rental and leasing - 14.0%
3. Administrative and support waste management and remediation services - 4.0%
4. Wholesale trade - 2.0%
5. Management scientific and technical consulting services - 2.0%
What education do I need?
1. To be an Insurance, Real Estate and Financial Brokerage Manager, you need a university degree or college diploma in business administration, economics or other related field. In addition, several years of experience are usually required.
2. To be a Banking, Credit and Other Investment Manager, you need a university degree or college diploma in business administration, economics or other related field. A master's degree in business administration or finance may be required. In addition, several years of experience are required.
3. Most recent entrants have an undergraduate univeristy degree, and almost 3 in 10 have a community college diploma.
High School Subject that will help:
1. Math
2. English
3. Business
4. Computer-related courses
What can you expect to make:
The average hourly wages for Managers in Financial and Business Services is $30.16/HR, which is close to the average for occupations in the business, finance and administration sector.
These wages grew at a below-average rate from 2002 to 2004.
Average Wage
Expected Wage by Age
Unemployment:
2% of Managers in Financial and Business Services are unemployed. This rate is close to the average for management occupations.
Unemployment
Trends in Unemployment
Current Job Outlook:
The job outlook for Managers in Financial and Business Services is considered Average because:
1. Employment grew at a below-average rate.
2. Hourly wages ($30.16) are above the national ($18.07), and the rate of wage growth is below average.
3. The unemployment rate (2%) is below the 2004 average (7%).
Future Job Prospects:
Your job outlook will continue to be Average because:
1. The employment growth rate will likely be average due to a wave of mergers and acquisitions in the financial sector and increased productivity from using new technologies for financial transactions.
2. The retirement rate will likely be above average and the number of retiring workers should contribute to job openings.
3. The number of job seekers will likely match the number of job openings.
Highest Concetration:
The highest concentrations managers in financial and business services are found in Ontario and British Columbia while the lowest concentrations are in Newfoundland and Prince Edward Island.
Useful Experience:
1. Team project work
2. Team management
3. International experience
Part Time Workers
Part time workers:
3% of Managers in Financial and Business Services are employed only on a part-time basis. There were 83 500 workers employed in these occupations in 2004, a decrease of 21% since 1997.
Age Demographics
Age Demographics:
The relatively low percentage of younger workers suggests few entry-level job openings, and could point to a greater need for workers with experience or a number of years of training. The retirement rate to 2009 will likely be average influenced by a similar-to-average retirement age (61).
