Job outlook Financial Planner in Canada

People working as a financial planner have different job prospects depending on where they work in Canada. Find out what the future holds for them in your province or territory. These outlooks are applicable to all Other financial officers (NOC 1114).

Job opportunities over the next 3 years

Explore future job prospects by province and territory.

Location Job outlook
Newfoundland and Labrador Good
Prince Edward Island Fair
Nova Scotia Good
New Brunswick Fair
Quebec Good
Ontario Good
Manitoba Good
Saskatchewan Good
Alberta Fair
British Columbia Good
Yukon Territory Undetermined
Northwest Territories Fair
Nunavut Undetermined
Legend: The job opportunities can be: Undetermined Limited Fair Good

You can also look at this data on a map. Go to LMI Explore

Labour market conditions over the next 10 years

Take a closer look at the projected labour demand and supply for this occupation over the 2017-2026 period. For more information on future job trends, go to the Canadian Occupational Projections System.

Summary

BALANCE: Labour demand and labour supply are expected to be broadly in line for this occupation group over the 2017-2026 period at the national level. The section below contains more detailed information regarding the outlook for this occupational group.
Employment in 2016
134,100
Median age of workers in 2016
44
Average retirement age in 2016
63.0

Detailed analysis

In order to determine the expected outlook of an occupation, the magnitude of the difference between the projected total numbers of new job seekers and job openings over the whole projection period (2017-2026) is analyzed in conjunction with an assessment of labour market conditions in recent years. The intention is to determine if recent labour market conditions (surplus, balance or shortage) are expected to persist or change over the period 2017-2026. For instance, if the analysis of key labour market indicators suggests that the number of job seekers was insufficient to fill the job openings (a shortage of workers) in an occupational group in recent years, the projections are used to assess if this situation will continue over the projection period or if the occupation will move towards balanced conditions.

Over the 2014-2016 period, employment growth in this occupational group was higher than the average for all occupations. The unemployment rate stayed stable around 2.3% in 2016, below the national average of 7.0%. Additionally, the average hourly wage increased at the same pace as the average for all occupations. Hence, analysis of key labour market indicators suggests that the number of job seekers was sufficient to fill the job openings in this occupational group over the 2014-2016 period.

For Other financial officers, over the period 2017-2026, new job openings (arising from expansion demand and replacement demand) are expected to total 57,900, while 58,000 new job seekers (arising from school leavers, immigration and mobility) are expected to be available to fill them.

As job openings and job seekers are projected to be at relatively similar levels over the 2017-2026 period, the balance between labour supply and demand seen in recent years is expected to continue over the projection period. The majority of job openings are projected to arise from retirements. Even though the retirement rate in this occupational group is expected to be similar to the national average, there will be an increase in the number of retirements in comparison with the 2007-2016 period as the workforce in this occupation has aged. Employment growth is expected to be much higher than the average for all occupations over the projection period, although the number of job created will still be substantially less than over the 2007-2016 period. Population aging is expected to drive employment creation in this occupation, as the retiring baby boomers will increasingly be in need of specialized investment advice to manage their retirement income. Additionally, the creation of new financial products will drive investors to seek more and more professional advice. However, the productivity gains resulting from the use of new technologies such as algorithmic trading will slow down job creation compared to the 2007-2016 period. With regard to labour supply, the majority of job seekers are projected to come from the school system. Nevertheless, a sizeable number of new immigrants and workers from other occupations are also expected to find employment in this occupational group. Many of the workers expected to join this occupational group will be financial and investment analysts (NOC 1112) or securities agents, investment dealers and brokers (NOC 1113).

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