OCCUPATIONAL GUIDES FOR IMMIGRANTS TO B.C. NOC: 1114 NON-REGULATED Financial Planners Contents of this Guide Financial Planners Introduction What are the Occupational Guides for Immigrants to B.C.? British Columbia welcomes you! Like you, over 35,000 immigrants from around the world settle in B.C. each year and find work in a variety of professions. The process of finding work can take time, so it is important to understand each of the steps needed to gain employment. If you are preparing to come to B.C., or have just arrived, this guide provides the following information: Section 1 - how this occupation is practiced in B.C. Section 2 - steps to help prepare you before you arrive Section 3 - qualifications needed in B.C. Section 4 - tips to help you find employment Section 1 Occupational Overview What is a financial planner? Financial planners develop personal financial plans for clients. These plans include information about: Learn More Some excellent sources of occupational information include: Finances National Occupational Classification (NOC) is Canada’s reference on occupations. The NOC provides job descriptions, occupational statistics and labour market information. Insurance coverage www5.hrsdc.gc.ca/noc Cash management Investments Retirement and estate planning Taxes and legal matters The plans typically do the following: Analyze clients’ financial records Workforce Highlights Set goals and develop a financial strategy 11,600 Advise clients on implementing a financial plan that will help them achieve their goals $16.32 - $48.08 Range Arrange for the sale of financial products and investments monitor the clients’ portfolios to ensure quality and profitability For more information on wages and workforce see Section 2 Financial Planners in B.C. Hourly Wage This Occupational Guide for Immigrants to BC is a resource to help immigrants build a career plan. Occupational qualifications and requirements sometimes change. Planning your career in BC will require additional research and direct contact with the appropriate regulatory bodies, professional associations and training institutions. This Occupational Guide is for general information only and is not legal or professional advice. www.WelcomeBC.ca OCCUPATIONAL GUIDES FOR IMMIGRANTS TO B.C. NOC: 1114 NON-REGULATED Financial Planners What qualifications are required to be a financial planner in B.C.? A bachelor’s degree in business adminstration, commerce, economics or a related field is usually required. The occupation of financial planner is not regulated. However, if you are selling investment products or providing advice on investment products as part of your job, you must be registered with the British Columbia Securities Commission. To increase your chances of finding employment, you should consider obtaining a Certified Financial Planner Certificate. For more information about this certificate, go to the Financial Planning Standards Council website: www.fpsc.ca/cfpreg-certification What skills and attributes do employers expect from financial planners? Learn More Regulatory Contact Info Financial Standards Planning Council (FPSC) Develops, promotes and enforces professional standards in financial planning through Certified Financial Planner (CFP) certification. UTURES: www.fpsc.ca British Columbia Securities Commission (BCSC) The British Columbia Securities Commission (BCSC) is the independent provincial government agency responsible for regulating securities trading in British Columbia through the administration of the Securities Act. www.bcsc.bc.ca Employers expect financial planners to be able to: Develop personal financial plans for clients Analyze clients’ financial records Set goals and develop a financial strategy Advise clients on implementing the financial plan to achieve goals Monitor investment portfolios for quality and profitability Ensure compliance with governing legislation and regulations Administer estate, personal, charitable and corporate trusts Receive, record, disburse investment income and trust funds Where are financial planners employed in B.C.? Banks and other lending institutions Private financial planning companies Self-employed 2 OCCUPATIONAL GUIDES FOR IMMIGRANTS TO B.C. NOC: 1114 NON-REGULATED Financial Planners Section 2 Prepare Before You Come to B.C. Explore Regions in B.C. to Live and Work The demand for each occupation varies throughout the regions of the province. B.C. is a big province, about the same size as Tanzania or Venezuela, and bigger than Pakistan or Turkey. Each region has different employment needs and industries. Use the labour market information and resources in this guide to explore regional employment options. B.C. Labour Market Information To learn more about your chosen profession visit the following websites where you will find information including salaries, regional employment opportunities, job descriptions, and more. 7 B.C. Job Trend Tracker www.bcjobtrendtracker.ca Education Planner www.educationplanner.ca 8 6 WorkBC www.workbc.ca 5 Working in Canada Tool www.workingincanada.gc.ca 3 1 BC Wage and Salary Survey 2009 www.bcstats.gov.bc.ca/StatisticsBySubject/LabourIncome/Earnings.aspx Prepare Yourself Plan and prepare for your career as much as possible before arriving in B.C. Be sure you understand the provincial job market and professional requirements of your occupation. You may be able to start or complete many of these tasks before you arrive in Canada. 4 2 B.C. DEVELOPMENT REGIONS 1. 2. 3. 4. Vancouver Island/Coast Mainland/Southwest Thompson-Okanagan Kootenay 5. 6. 7. 8. Cariboo North Coast Nechako Northeast Get Started! 1. Learn about the occupation. Know the name of the job in Canada, and make lists of potential employers. 2. Collect documents. Collect copies of relevant documents, and if necessary, have them translated into English. Degrees, diplomas or certificates from universities, colleges or schools Program descriptions related to your studies, and transcripts of grades Reference letters and performance reviews from employers Work descriptions and letters from professional agencies 3. Improve your workplace skills. You may need to improve your skills or knowledge before you start working in B.C. Explore all of the resources provided in this guide. 3 OCCUPATIONAL GUIDES FOR IMMIGRANTS TO B.C. NOC: 1114 NON-REGULATED Financial Planners Section 3 Becoming Qualified to work in B.C. The following information will help you understand how to become qualified to work as a financial planner in B.C. This is only a guide; you will have to do more research to make a career plan that will work for you. It is important to complete all of the activities listed below. It is not necessary to complete the activities in the order they are listed. To save time, it is advisable to work on many of these activities at the same time. ! Begin the qualification and career planning process and obtain all required documents before leaving your country. If you have already arrived in B.C., develop a career plan immediately to avoid creating a gap in your professional experience. Learn more about what is required to become qualified to work as a financial planner in B.C. To increase your chances of finding employment, the Certified Financial Planner (CFP) Certification offered by the Financial Standards Planning Council (FPSC) is recommended. The steps to become certified are as follows: 1. Complete an FPSC-approved Core Curriculum Program (www.fpsc.ca/core-curriculum) or show that you are current and in good standing with an Approved Prior Credential (www.fpsc.ca/approved-prior-credentials) 2. Pass the Financial Planning Examination Level 1 3. Agree to abide by the CFP Code of Ethics and maintain registration in the Registered Candidate Program www.fpsc.ca/registered-candidate-program 4. Get at least one year of full time (or equivalent) financial planning work experience www.fpsc.ca/node/1304 5.Complete an FPSC-approved Capstone Course www.fpsc.ca/capstone-course-providers 6. Pass the Financial Planning Examination Level 2 7. Gain at least two additional years of full time (or equivalent) financial planning work experience (total financial planning work experience must be at least three years) 8. Meet other administrative requirements such as payment of fees, attestation as to professional fitness, and agreement to abide by all ongoing maintenance requirements For more information about CFP certification, go to: www.fpsc.ca/cfpreg-certification 4 OCCUPATIONAL GUIDES FOR IMMIGRANTS TO B.C. NOC: 1114 NON-REGULATED Financial Planners Improve your language skills To complete the Certified Financial Planner Certification, you will need to obtain an advanced level of English proficiency. Below is a list of some English courses and programs. Some of these programs have waiting lists. It is important to contact the training institute and register as soon as possible. ! Make improving your English language skills a priority. Study to improve your English language abilities as much as possible while in your native country. English Language and Communication Services DIVERSEcity www.dcrs.ca S.U.C.C.E.S.S. www.successbc.ca TOEFL www.toefl.org English Language Services for Adults www.elsanet.org MOSAIC www.mosaicbc.com Welcome BC www.welcomebc.ca Planning to Work in British Columbia, Canada Workbook www.welcomebc.ca/local/wbc/docs/ BC_Workbook_EN_June4_Fillable.pdf IELTS International English Language Testing System www.ielts.org Immigrant Services Society of BC www.issbc.org If required, register for professional upgrading programs Learn More Professional Upgrading Programs In addition to the Certified Financial Planner Certificate, research other courses, such as the Canadian Securities Course, to increase your employment options. Section 4 Professional Upgrading Programs Canadian Securities Institute (CSI) CSI offers over 170 courses, continuing education, seminars, examinations and study tools. To learn more, go to: www.csi.ca Tips to Finding Employment in B.C. Get Help with Your Job Search Finding a job in B.C. may be very different than in your home country. You may need help finding job vacancies, updating your resume, writing cover letters, preparing for interviews, and understanding what B.C. employers are looking for. Skills Connect for Immigrants program provide employment-related support services that move internationally educated professionals into the B.C. labour market: www.welcomebc.ca/skillsconnect ! The Canadian government provides employment and settlement services in China, India, the Philippines and the United Kingdom. The program is called the Canadian Immigrant Integration Program (CIIP). To get more information about these pre-arrival services, go to: www.newcomersuccess.ca B.C. Employment and Labour Market Services employment programs: www.labourmarketservices.gov.bc.ca 5 OCCUPATIONAL GUIDES FOR IMMIGRANTS TO B.C. NOC: 1114 NON-REGULATED Financial Planners Search for job vacancies Research to find companies you are interested in. A good place to look is on the Manta website. It lists thousands of finance related companies in B.C.: www.manta.com Build connections to the financial planning profession - begin networking Many job vacancies are not advertised. To find out about jobs that are not advertised, you must make connections with working financial planners and others in the finance field. Taking a job in these fields or working as a volunteer is a good way to meet people, understand Canadian workplace culture and to improve your English language and communication skills. The following is a list of associations that provide additional information and offer a variety of professional training, education and networking opportunities. Financial Standards Planning Council www.fpsc.ca Advocis, The Financial Advisors of Canada www.advocis.ca/content/education/cfp.html Association of Women in Finance www.womeninfinance.ca This project is made possible through funding from the Government of Canada with support from the Province of British Columbia. www.WelcomeBC.ca Updated November 2012 6