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Overview

The growing demand and economic need for the Bachelor of Applied Business (Finance) are driven by the following factors:

• Financial products, services and systems are becoming increasingly complex and require more training. There continues to be a convergence of financial knowledge requirements in the area of personal finance. A four-year applied degree program with three co-op work-term semesters will provide graduates with:

− The critical thinking and understanding of industry concepts that are now considered basic requirements in the industry.

− An understanding of what it means to be a financial professional as opposed to a licensed salesperson.

− In-depth knowledge in all areas of personal finance, and analytical skills and the ethics needed to function as a financial professional.

− Practical experience working with the products, services, computer software and systems that are integral to the financial environment.

• Canadians are now more sophisticated with respect to financial management when evaluating alternative strategies than ever before. Clients are demanding graduates who can not only provide financial data, but who can also analyze information and operations to make sound financial recommendations in multiple areas of personal

finance.

• Financial regulatory bodies such as the Certified General Accountants of Ontario have formally acknowledged the need for degree-level knowledge and skills. This need is outlined in the following excerpt from the CGA website (http://www.cga- ontario.org/):

The business environment is much more globally focused than it was just a few years ago. Employers in this new international economy are demanding ever-higher qualifications and standards from the accounting professionals they employ. To be competitive, a financial manager must demonstrate keen problem solving skills, and an ability to assess, comprehend and respond to the much wider contexts that business now operates in. A baccalaureate degree demonstrates that you have obtained many of these required attributes.

In order to ensure that all CGAs are qualified to compete in this business environment, one must obtain a bachelors degree prior to certification as a CGA. To provide maximum flexibility in this regard, the degree may be from a university, university/college or technical institution. It may be in any field, it does not need to be in business/accounting.

Analysis of Job Advertisements

In searches conducted from August to November 2001 on the employment website www.workopolis.com, the following observations were made:

• Most finance business analyst positions required post-secondary degree and/or enrolment/completion of a professional accounting designation (C.A., CGA, C.M.A.).

• Most entry-level positions for employment as a financial planner or an investment advisor requested the following:

− a relevant degree from a recognized university or Community College

− enrolment in or completion of the Investment Funds in Canada Course or the Canadian Securities Course

Even with the recent economic downturn, it is interesting to note that on November 17, 2001, the following advertisements were found on the Workopolis site:

• CIBC advertising for eight financial advisors across Ontario.

• RBC Financial Group advertising for a number of Investment & Retirement Planners Canada-wide in both urban and rural locations. Qualifications included:

− Must be Mutual Funds licensed (IFIC or CSC)

− Have completed or working towards a financial planning designation (PFP, CFP, CIM, FMA)

In addition, Bank of Nova Scotia has announced the hiring of between 750 and 900 financial planners over the next two years.

A recent survey of 295 CFOs in Canada in May and June, 2001 ranked personal financial planning as the most recommended area of specialization for someone beginning his or her career in accounting – this is the only program that combines a financial planning speciality with a professional accounting program.

Scotiabank has said, “an individual obtaining an applied degree would have a much greater likelihood of securing employment in the financial services industry than would a graduate of the diploma program.” The Royal Bank has similarly indicated that average salaries would be as much as 20% higher for graduates of an applied degree program versus a diploma program.

George Brown College is one of only five post-secondary institutions in Ontario to have a fully accredited CFP program as part of a full-time program in financial services. An applied degree program is a logical extension of this accreditation.

According to the Institute of Canadian Bankers (ICB), the banking industry employs approximately 168,000 people across Canada. Graduates of the applied degree program will be highly employable with banks, accounting firms, investment firms, financial planning firms, credit unions and trust companies.

Analysis of Economic Forecasts

Research on Canada and Ontario Job Futures 2000 was conducted for employment forecasts:

Ref.

No. Category / Employment _Titles Summary of Economic Information Provided 012 Managers in Financial

and Business Services • Financial Planner • Investment Manager

• Most recent entrants have an undergraduate university degree or a Community College diploma. Some managers may also have to obtain professional licences, certification or registration.

• Technological change has raised the skill requirements for this group, as computerized financial systems, automatic teller machines and real estate listing services are widespread in finance, insurance and real estate industry. • Work Prospects = Good

0111 Financial Managers: • Controller

• Manager – Internal Audit

• The unemployment rate averaged 1.5% from 1996 to 1998, compared to the national average of 6%. This rate is among the lowest for management occupations and for occupations in the business, finance and administrative sectors.

• Over the next five years, the number of job openings for these managers is expected to increase more rapidly than the number of qualified, experienced job seekers.

• In an era of computerized financial reporting and management systems, financial managers need strong information systems skills.

• Employment requirements are expected to increase through 2004 across a broad range of industries.

Ref.

No. Category / Employment Titles

Summary of Economic Information Provided 1111 Financial Auditors and

Accountants:

• Certified General Accountant (CGA) • Financial Auditor • Internal Auditor

• Certified management accountants must have a university degree and be accredited by the Society of Management Accountants.

• Approximately 58% of current employment is in the Toronto region.

• Work Prospects in Ontario = Good 1112 Financial and Investment

Analysts:

• Financial Analyst • Financial Consultant • Investment Analyst

• Employment in this occupation usually requires a bachelor's degree in commerce, business administration or economics, as well as on-the- job training and related industry courses. • Strong quantitative, computer and analytical

skills are essential for this occupation. Detailed knowledge of a particular industry sector or market is an advantage.

• Increasingly, financial institutions seek professionals with a broad range of financial sector skills, Many employer job advertisements look for individuals with variety of financial software skills, as well as communications, thinking and teamwork skills. • Work Prospects in Ontario = Good

It is important to note that there is still a requirement for diploma graduates in financial services. Canada Job Futures indicates that graduates from a diploma program have occupations such as account clerk, bank/insurance clerk, bookkeeper, retail

salesperson, administration officer and financial planner/mortgage broker (Reference: jobfutures.ca/jobfutures/fos/C111.html). Work prospects for diploma graduates are considered "Fair" since recent unemployment rates and earnings in these occupations were about the same as the economy-wide averages. In summary, while there is still a demand for diploma programs in Ontario, George Brown College is focusing on the strong and growing economic need for graduates at the degree level. This focus is consistent with the Centre of Excellence mandate and direction initiated in 2000.