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Broker, Mortgage Agent, Personal Banker
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 compiling information on clients' incomes, liabilities and assets, as well as type, price and condition of properties to be mortgaged; and in preparing mortgage applications
Interest in negotiating mortgages with lenders and officials of lending institutions
Interest in advising clients on availability, conditions and terms of mortgages
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.
Mortgage associates find financial products and services for borrowers based on their needs and goals. They can deal with several financial institutions.
Duties vary but, in general, mortgage associates:
Mortgage associates work with other professionals to execute contract terms such as financing conditions and closing. These include:
Mortgage associates spend a lot of time networking with real estate associates and other business contacts. This helps them identify potential customers and build their businesses. They develop and execute marketing plans to attract business.
Some mortgage associates represent private lenders with funds to invest in mortgages.
Working conditions for mortgage associates vary. They might work in a typical office environment. They might work from their homes when researching products and reviewing documentation.
They also spend a lot of time meeting people. They may work irregular hours, including evenings and weekends.
Mortgage associates need:
They should enjoy:
In Alberta, mortgage associates must complete the Mortgage Associates Program, which includes 2 pre-licensing courses. For details, see the Certification Requirements section.
Mortgage associates need knowledge of:
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.
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.
Mortgage brokers facilitate mortgage transactions between borrowers and lenders. They negotiate with lenders to get suitable mortgage terms for their customers.
Under Alberta’s Real Estate Act [pdf] and Real Estate Exemption Regulation [pdf], you must hold a mortgage licence from the Real Estate Council of Alberta (RECA) to deal in mortgages.
For information on what you need and other details, visit the certification profile Mortgage Broker.
Mortgage associates may pursue professional designations outside of legislated licensing requirements.
Mortgage Professionals Canada offers these voluntary, nationally recognized designations:
To learn about designation requirements, visit the Mortgage Professionals Canada website.
Some mortgage associates work directly for a mortgage brokerage. Others work with a mortgage brokerage as licensed independent (self-employed) contractors.
Mortgage associates may advance to become mortgage brokers. Further advancement generally takes the form of building a larger customer base.
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.
Mortgage associates work on a commission basis. Incomes vary a lot from 1 month to another and from 1 associate to another. Incomes depend on the number and types of mortgages an associate negotiates.
When first starting out, mortgage associates may need the financial capacity to withstand several months of no to low income.
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 |
Alberta Mortgage Brokers Association (AMBA) website: www.amba.ca
Mortgage Professionals Canada website: mortgageproscan.ca
Real Estate Council of Alberta (RECA) website: www.reca.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.
