Finance and Insurance Administrative Occupations (NOC 123)

What They Do Bookkeepers maintain records of accounts and other financial transactions, by hand or by computer. Loan officers evaluate and process credit/loan applications. Insurance adjusters investigate insurance claims and determine the amount of loss or damages covered by policies. Insurance claims examiners review insurance claims and authorize payments. Insurance underwriters evaluate insurance applications to determine insurance risks, premiums, and coverage. Assessors estimate the value of land, structures, and other assets for taxation, grants, and regional planning purposes. Valuators analyze financial records of businesses to assess competitiveness and estimate market value. Appraisers provide valuations of property, buildings, machinery, and other items. Customs brokers clear goods through customs on behalf of clients. Shipbrokers buy and sell yachts, ships, other vessels, and ships' cargo space on behalf of clients.

Where They Find Work —    Top Occupational Areas Finance and insurance 31% Accounting tax preparation bookkeeping and payroll services 10% Retail trade 7% Construction 6% Farms 5% Transportation and warehousing 5% Wholesale trade 5% People in this group work in government and for businesses such as: Banks, trust companies, and credit unions Insurance companies Real estate agencies Customs, ship, and other brokerage firms The unionization rate (11%) is below the average (32%) for all occupations. 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.

Related Occupation(s) Insurance Agents and Brokers (NOC 6231) Banking, Insurance and Other Financial Clerks (NOC 1434) Accounting and Related Clerks (NOC 1431) Loan Officers (NOC 1232) Bookkeepers (NOC 1231)

Something to Think About To enhance your professional knowledge and broaden your opportunities, consider: Dealing with clients (problem-solving) Gaining knowledge of business document production Reading policy/computer manuals

Use the "Where They Find Work" graph to target your worksearch. It may be easier to get into industries with the most people in this field. Want to work in an industry that hires fewer workers in this field? To be more marketable, check out whether you have the most up-to-date knowledge and technology skills for that industry. Check the provincial/territorial or local information (http://www.labourmarketinformation.ca) for opportunities in your area.

What You Need You must have a high school diploma. 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. To be an assessor, valuator, appraiser or insurance underwriter, you may need accreditation or professional recognition from a professional association. To be a customs brokerage business operator, you need a licence from Canada Customs and Revenue Agency. Many recent entrants have either an undergraduate university degree or a community college diploma.

Required/Related    Educational Programs* This will let you explore the program(s) of study that lead to this (these) occupation(s). Business Administration (C121) Computer Science (C720) Commerce - Business Administration (U120) Sociology (U880) *  These educational programs are listed in the order in which they are most likely to supply graduates to this occupation.

Useful Experience/Skills Computer literacy Data analysis Record-keeping		Useful High School Subjects Math Business English A second language
Depending on your background, this Education, Training, and Experience info will help you to: Choose your high school courses Plan your post-secondary program Choose relevant volunteer work Decide what new skills to learn Read job ads, professional journals, and newspapers for what the industry needs and employers want. Talk to employers and employees to find out the exceptional skills and knowledge that will help you land a job.

Current Conditions Your work prospects are rated FAIR because: Employement grew at an above-average rate. Hourly wages ($17.80) are close to the average ($18.07), and the rate of wage growth is close to the average. The unemployment rate (2%) is below the 2004 average (7%).

Work Prospects Current   Fair   2009   Fair

Outlook to 2009 Your work prospects will continue to be FAIR because: 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. Although the retirement rate will likely be average, the number of retiring workers should contribute to job openings. The number of job seekers will likely match the number of job openings.

Preparing for the Competition You're more likely to be hired if you have computer skills.

If you are beginning your career investigation, national outlooks will give you a good overview of trends. Ready to explore an occupation in more detail? Check provincial/territorial or local outlooks (http://www.labourmarketinformation.ca).

What you can expect to make (Average Hourly Earnings ($/hour))
Age Group This Occupation All Occupations 20-24 $12.80 $11.74 25-54 $18.33 $19.76 55+ $18.00 $19.59 Overall Average for Ages (20+) This Occupation All Occupations $17.80 $18.07		Hourly wages ($17.80) are close to the national average ($18.07). These earnings are 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.
Your salary can be affected by your background, the company's size and benefits, and the region and setting (urban or rural). Check out salaries in your own region by seeking info from: Employees/unions/associations Employers/human resource people Training institutions and placement services Company websites Professional/trade journals

Below the average
The unemployment rate (2%) is below the 2004 average (7%). This rate is below the average for technical, professional, and skilled occupations. A low unemployment rate often means less competition for the jobs available. But you still need to have the required training and experience. A high unemployment rate doesn't necessarily mean you'll have great difficulty getting hired. But it can mean a fluctuating demand for workers, and you may experience bouts of unemployment.		Year This Occupation All Occupations 1991 5% 10% 1992 5% 11% 1993 5% 11% 1994 5% 10% 1995 4% 10% 1996 3% 10% 1997 3% 9% 1998 3% 8% 1999 3% 8% 2000 2% 7% 2001 2% 7% 2002 2% 8% 2003 2% 8% 2004 2% 7%

% of Part-time work is above average
This Occupation All Occupations Full-time 74% 81% Part-time 26% 19%		There were 227,500 workers employed in these occupations in 2004, an increase of 20% since 1997. The percentage of part-time workers (26%) is above the 2004 average (19%) and has stayed about the same since 1997.
When full-time work is difficult to find, look at alternatives such as contract work, consulting, shared positions, and telework.

Average
The percentage of self-employed workers is 21% compared to the 2004 average of 15% and has stayed about the same since 1997.		This Occupation All Occupations Self-Employed 21% 15%
Does this occupation have an above-average rate of self-employment? Consider being your own boss if you can't find work with an employer.

Age Group This Occupation All Occupations 20-24 6% 10% 25-54 78% 72% 55+ 16% 12%		The retirement rate to 2009 will likely be average influenced by a similar-to-average age of workers (43).
Look at the youngest group. A low percentage means fewer openings for brand-new workers. A high percentage means more openings for brand-new workers. Look at the oldest age group. A high percentage means positions could open up from retirements. This could be significant for both mid-career changers and brand-new workers.

Average
The percentage of women is 29% compared to the 2004 average of 48% and has stayed about the same since 1997.		This Occupation All Occupations Percent Women 29% 48%

This page last modified on: 2007-03-31