Serenity above all
A solid sector to date
If the effects of the 2008 crisis weakened banking institutions the world over, Canada was an exception. According to Bloomberg, Canadian banks are among the 10 most secure establishments in the world.
Even beyond the solidity that inspires consumer confidence, the banking field remains one of the pillars of the Canadian economy. With a contribution of close to $55.5 billion per year to the national economy and with nearly 274 000 salaried employees (Canadian Banking Association), the banking sector remains a heavy hitter in a service based economy.
With a contribution of nearly 3% to the annual growth (support for individuals, companies and local communities), the banking domain remains a solid value for the job market in terms of stability, opportunities and potential for growth. Whether you’re a young graduate entering the job market, an administrative assistant or a finance executive, the diversity of the jobs ensures that no professional career choice is left out.
Challenges and advantages in banking for the coming years
As Terry Campbell, President of the Canadian Banking Association points out, the banking industry must strike the correct balance between stability on one side and competitiveness and innovation on the other. The change in regulation brought about by the consequences of the crisis and the evolution of consumer habits are two of the main challenges that banks are facing today. But with these purely corporate problems, professionals in this sector must, in addition to the basic skills required (understanding of the products, knowledge of the procedures, office management), verify key points allowing them access to the job market. Moreover, in addition to these requirements and the certificates associated with them, fluency in English is now mandatory.
With a banking system that makes a positive contribution to the Canadian economy, this sector remains a breeding ground of employment. Structurally, banking is not profitable and must keep an eye on employee turnover for the coming years. For the sake of finding a job quickly, banking holds some undeniable advantages. You’ll also find enviable prospects.
Who’s hiring in banking?
At over 200 years old, the banking sector is one of the oldest found in developed countries. Strengthened by this longevity there are close to 24 Canadian banks, 25 foreign bank subsidiaries and 24 foreign bank branches (Canadian Banking Association). Even with the significant number of banking establishments, one must know that over the past 10 years, this sector grew by 14.4% and that the growth remains strong for the coming years.
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(source : www.radio-canada.ca)