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Finance, Insurance, Real Estate and Leasing

From that first bank account where a child can stash a week's allowance, to a multimillion-dollar merger involving large corporations, the finance, insurance, real estate and leasing industry handles the money. It's where Albertans go to buy, save, borrow, invest, and insure their assets.

GDP Gross Domestic Product

Gross domestic product (GDP) measures the overall size of an economy. In 2015, the finance, insurance, real estate and leasing industry made up 14.2% of Alberta's GDP. This represents a 2.9% increase from 2013.

Alberta’s GDP
14.2%
Increase from 2013
2.9%
Sectors
  • lending companies such as banks, credit unions, credit card companies, and mortgage and loan brokers
  • investment bankers and securities dealers
  • insurance agencies and brokers
  • companies that manage pensions and other funds
  • real estate agents and brokers, property managers, and real estate appraisers
  • businesses that rent or lease assets such as automobiles, electronics, appliances, machinery, and storage units
Workforce
0.7%

The finance, insurance, real estate and leasing industry employed 103,500 people in 2015. This is a decrease of 700 jobs (0.7%) from 2013.

56%
56%

57,500 women worked in the industry in 2015 (down 3.8% from 2013).

44%
44%

46,000 men worked in the industry in 2015 (up 3.6% from 2013).

Average Wage
Finance, Insurance, Real Estate and Leasing
Average Hourly Wage
Provincial
Average Hourly Wage
  • The average 2015 hourly wage of $33.20 for the educational services industry was above the provincial average of $29.06.
Industry Performance

Alberta has a relatively young population compared to the rest of Canada. The number of students attending early childhood services through Grade 12 in all Alberta schools rose 2.7% from the 2013-14 school year to the following year, increasing from 657,811 to 676,300 students.

Until 2014, 17.0% of Albertans aged 18-34 attended post-secondary education, a figure which has not changed since 2006. While this was the lowest participation rate in Canada, it is expected to change with the economic downturn in 2015. Increasing unemployment generally encourages Albertans to upgrade their skills at post-secondary institutions. Finally, the influx of refugees also created a demand for adult English-language classes.

Industry Outlook

Between 2014 and 2024, the number of children aged 5-17 in Alberta is forecast to grow by 26.1%, creating a demand for more teachers at the elementary to high school level. As well, growing populations such as indigenous people, immigrants, refugees, and people with disabilities will also continue to drive the need for specialized educational services.

Industry Employment Trends
2.5%

Employment in this industry is expected to grow at an average rate of 2.5% from 2015 to 2019.

OCCinfo has more information about occupations in Alberta, including details about duties, working conditions, educational requirements, employment outlook, and salary ranges. You can also find reports on region-specific information about wages, job vacancies, and hiring difficulties in this industry. Visit the Survey Analysis to learn more.

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