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Financial Advisor, Financial Consultant, Personal Financial Planner, Personal Financial Services Specialist, Qualified Associate Financial Planner
In Canada, the federal government groups and organizes occupations based on a National Occupational Classification (NOC) system. This alis occupation may not reflect the entire NOC group it is part of. Data for the NOC group can apply across multiple occupations.
The NOC system is updated every 5 years to reflect changes in the labour market. Government forms and labour market data may group and refer to an occupation differently, depending on the system used. Here is how this occupation has been classified over time:
In Alberta, this occupation is part of 1 or more 2006 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.
Interest in obtaining information from clients such as bank account records, pension plan and other employee benefit-package information, tax records, insurance policies and related documentation; may also arrange for sale of financial products and investments depending on licence held, and monitor portfolios to ensure quality and profitability
Interest in analyzing clients' financial records to set goals and develop financial strategies
Interest in consulting with clients concerning cash management, finances, insurance coverage, investments, retirement and estate planning and taxes and legal matters; and in helping to expand business and attract new clients
To identify or change your interest codes, complete the Interests Exercise in CAREERinsite.
The interest code helps you figure out if you’d like to work in a particular occupation.
It’s based on the Canadian Work Preference Inventory (CWPI), which measures 5 occupational interests: Directive, Innovative, Methodical, Objective, and Social.
Each set of 3 interest codes for this NOC group is listed in order of importance.
A code in capital letters means it’s a strong fit for the occupation.
A code in all lowercase letters means the fit is weaker.
To fill in or change the values for your abilities, complete the Abilities Exercise in CAREERinsite.
A Quick Guide
You are born with abilities that help you process certain types of information and turn it into action. These abilities influence which skills you can learn more easily.
The abilities or aptitudes shown for this NOC group come from the General Aptitude Test Battery (GATB). The GATB measures 9 aptitudes. It groups them into 3 categories: mental, visual, and physical.
The abilities scores range from 1 to 5, with 5 being stronger.
Financial planners create plans for clients to achieve their financial goals. They explain and compare financial products such as mutual funds, insurance, or other securities. They help clients:
Some clients put financial plans into effect themselves. Others choose to have financial planners put the plans into effect for them. To carry out the plan, financial planners may work with or refer clients to other financial services or professionals such as:
Financial planners also:
Some financial planners conduct seminars and workshops about:
Some offer financial advice to the public. They write columns for newspapers or appear on television or radio shows.
Financial planners may work alone or with others. They may work in fully equipped offices or from home. Many financial planners travel to meetings at clients’ homes or businesses.
They may work evenings and weekends as well as regular office hours.
Financial planners need:
They should enjoy:
There are no minimum admission requirements. However, experience in the financial industry is recommended. Those who wish to earn the Certified Financial Planner (CFP) designation need a bachelor’s degree.
Candidates may further their education by attending classes at designated universities and colleges. They may also take courses through distance education or via the Internet. For example, they can take Canadian Securities Institute courses.
The following schools offer programs or courses that are related to this occupation but are not required to enter the field.
To expand or narrow your search for programs related to this occupation, visit Post-Secondary Programs.
Completing a program does not guarantee entrance into an occupation. Before enrolling in an education program, prospective students should look into various sources for education options and employment possibilities. For example, contact associations and employers in this field.
Certified Financial Planner (CFP) certification is becoming a standard requirement for most financial planning roles at financial institutions. Many job postings list the CFP as a requirement, especially for positions working with high net-worth clients.
FP Canada (formerly the Financial Planning Standards Council) offers the CFP certification. To apply, applicants must:
For details about requirements, visit FP Canada.
Under Alberta’s Securities Act [pdf], you must be registered with the Alberta Securities Commission (ASC) to deal in, advise on, and manage funds and securities.
Financial planners need to complete specific courses depending on the financial products they handle:
Additional courses and training may be required after obtaining certain licences.
For details, visit the ASC and Investment Industry Regulatory Organization of Canada (IIROC) websites.
Certain professional titles or duties within this occupation are protected by provincial legislation. Requirements vary if you use these titles or perform these duties.
The related legislation is shown below. If there are multiple related legislations, select a certification heading to learn about each one.
Insurance agents assess people’s financial needs and advise them on how to protect themselves against financial loss. They may represent insurance companies directly or as independent representatives. They sell life, property, casualty, automobile, or health insurance policies to individuals, businesses, or public institutions.
Under Alberta’s Insurance Act [pdf] and Insurance Agents and Adjusters Regulation [pdf], you must be licensed by the Alberta Insurance Council (AIC) to sell insurance in Alberta.
For information on what you need and other details, visit the certification profile Insurance Agent.
Financial planners can also pursue other designations:
To learn about designation requirements, visit the organization’s website.
Some financial planners work at small financial planning businesses. Some choose self-employment. Others work full-time or contract their services to larger firms and organizations such as:
Experienced financial planners may specialize in a particular aspect of financial planning, such as retirement planning or wealth management. They may also move into supervisory or management positions in larger companies or professional associations.
This section shows the industries where the majority of people in this occupation work. The data is based on the 2016 Census.
In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups.
In the 1114: Other financial officers occupational group, 82.9% of people work in:
Employment outlook is influenced by a wide variety of factors including:
In Alberta, the 1114: Other financial officers occupational group is expected to have a below-average annual growth of 1.6% from 2019 to 2023. In addition to job openings created by employment turnover, 233 new positions are forecasted to be created within this occupational group each year.
Note
NOC groups often include several related occupations. Although there is labour market data for the larger NOC group, this occupation makes up only a part of that group. It means data for this occupation may be different than the data shown. For example, only some of the new positions to be created will be for this occupation. It also applies to other data for the NOC group such as number of people employed.
Employment turnover is expected to increase as members of the baby boom generation retire over the next few years.
Self-employed financial planners may charge fees for their services, earn commissions on the products they sell, or both.
Fee-for-service planners charge hourly or provide a quote for a full plan. They may base the quote on the complexity of the plan or the value of a client’s assets.
Commission planners receive commissions for selling specific financial products or referring clients to specific professionals or companies.
Financial planners who work at larger financial institutions typically earn salaries.
In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.
Unless otherwise noted, the data shown here is for all industries and all regions in Alberta.
All wage estimates are hourly except where otherwise indicated. Wages and salaries do not include overtime hours, tips, benefits, profit shares, bonuses (unrelated to production), and other forms of compensation.
To see the full survey data for this NOC group, visit the wage profile.
Other wage sources
To make an informed wage and salary decision, research other wage sources [pdf] to supplement this data.
Good Reliability, represents a CV of between 6.01% and 15.00% and/or fewer than 30 survey observations and/or if survey observations represent less than 50% of all estimated employment for the occupation.
| Wages* | Low (5th percentile) | High (95th percentile) | Average | Median |
|---|---|---|---|---|
| Starting | $19.23 | $45.69 | $28.96 | $25.48 |
| Overall | $21.92 | $63.19 | $38.94 | $37.75 |
| Top | $23.90 | $100.96 | $53.83 | $51.37 |
Swipe left and right to view all data. Scroll left and right to view all data.
* All wage estimates are hourly except where otherwise indicated. Wages and salaries do not include overtime hours, tips, benefits, profit shares, bonuses (unrelated to production) and other forms of compensation.
Pay brackets for hourly wages
| Retail Trade | $81,524 |
|---|---|
| Public Administration | $80,944 |
| ALL INDUSTRIES | $75,834 |
| Educational Services | $74,898 |
| Finance, Insurance, Real Estate, Leasing | $72,406 |
Advocis (The Financial Advisors Association of Canada) website: myadvocis.ca
Canadian Securities Institute (CSI) website: www.csi.ca
Financial Planning Association of Canada website: www.fpassociation.ca
FP Canada (formerly Financial Planning Standards Council) website: www.fpcanada.ca
Institute of Advanced Financial Planners (IAFP) website: www.iafp.ca
The Canadian Institute of Financial Planners (CIFPs) website: www.cifps.ca
The Canadian Institute of Financial Planning (CIFP) distance learning website: www.cifp.ca
The Institute for Advanced Financial Education website: iafe.ca
The Investment Funds Institute of Canada (IFIC) distance learning website: www.ifse.ca
Get information and referrals about career, education, and employment options from Alberta Supports.
Updated Mar 31, 2022. The information contained in this profile is current as of the dates shown. Salary, employment outlook, and educational program information may change without notice. It is advised that you confirm this information before making any career decisions.
