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Finance and Insurance Administrative Occupations

What they do?

Bookkeepers maintain records of accounts and other financial transactions, by hand or by computer.

A. Loan officers evaluate and process credit/loan applications.

B. Insurance adjusters investigate insurance claims and determine the amount of loss or damages covered by policies.

C. Insurance claims examiners review insurance claims and authorize payments.

D. Insurance underwriters evaluate insurance applications to determine insurance risks, premiums, and coverage.

E. Assessors estimate the value of land, structures, and other assets for taxation, grants, and regional planning purposes.

F. Valuators analyze financial records of businesses to assess competitiveness and estimate market value.

Where they find work?

1. Finance and insurance - 31.0%
2. Accounting tax preparation bookkeeping and payroll services - 10.0%
3. Retail trade - 7.0%
4. Construction - 6.0%
5. Farms - 5.0%
6. Transportation and warehousing - 5.0%
7. Wholesale trade - 5.0%

What education do I need?

1. You must have a high school diploma.

2. You usually need a college diploma, a university degree or other courses related to your field in combination with extensive experience/training in your field.

3. To be an assessor, valuator, appraiser or insurance underwriter, you may need accreditation or professional recognition from a professional association.

4. To be a customs brokerage business operator, you need a licence from Canada Customs and Revenue Agency.

5. Many recent entrants have either an undergraduate university degree or a community college diploma.

High School Subject that will help:

1. Math
2. English
3. Business
4. A Second Language

What can you expect to make:

The average hourly wages for Finance and Insurance Administrative Occupations is $17.80/HR, which is close to the average for occupations in the business, finance and administration sector and are close to average for all technical, professional, and skilled occupations. These wages grew at an average rate from 2002 to 2004.

Average Wage

Finance and Insurance Administrative Occupations wages

Expected Wage by Age

Finance and Insurance Administrative Occupations Wage By Age

Unemployment:

2% of Finance and Insurance Administrative Occupations are unemployed. This rate is below the average for technical, professional, and skilled occupations.

Unemployment

Finance and Insurance Administrative Occupations Unemployment

Trends in Unemployment

Finance and Insurance Administrative Occupations Trends in Unemployment

Current Job Outlook:

The job outlook for Finance and Insurance Administrative Occupations is considered Average because:

1. Employment grew at an above-average rate.

2. Hourly wages ($17.80) are close to the average ($18.07), and the rate of wage growth is close to the 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 about average. While economic expansion should increase financial transactions, the continued introduction of new technologies should allow employers to do more with fewer people.

2. Although the retirement rate will likely be average, 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 (per 10,000 people) of finance and insurance administrative occupations are found in Alberta and British Columbia while the lowest concentrations are in Newfoundland and Quebec.

Unionization Rate:

The unionization rate (11%) is below the average (32%) for all occupations.

Useful Experience:

1. Computer literacy

2. Data analysis

3. Record-keeping

Part Time Workers

Finance and Insurance Administrative Occupations Part Time Workers

Part time workers:


26% of Finance and Insurance Administrative Occupations are employed only on a part-time basis. There were 227,500 workers employed in these occupations in 2004, an increase of 20% since 1997.

Age Demographics

Finance and Insurance Administrative Occupations Age Demographics

Age Demographics:


The retirement rate to 2009 will likely be average influenced by a similar-to-average age of workers (43).

Self Employed

Finance and Insurance Administrative Occupations Self Employed

Self Employed:


Roughly 21% of Finance and Insurance Administrative Occupations are self-employed. This is considered Average for the industry as a whole.

Men vs Women

Finance and Insurance Administrative Occupations Men vs Women

Men vs Women:


29% of the individuals employed as Finance and Insurance Administrative Occupations are women. Compared to other industries, this is Average.