New Immigrant for Canadian Banking
While it is not unusual to look for a job based on your past experience and hierarchy level, this can often be challenging. Canadian banking industry is not very huge, and there is continuous supply of new graduates from local business schools, and banking professionals from abroad. It is highly recommended new immigrants keep their options open when looking for a job, and be willing to take a job somewhat different from past experience. If you have prior experience in corporate banking (for example), it is not unexpected you would look for a job in corporate banking in Canada too. But because such jobs are very hard to come by, it would be recommended you take a more realistic view, and look for a job in commercial banking or risk management, where it would be relatively easier to sell your skills and knowledge. From there, you can try and find an opportunity to move to corporate banking as you gain experience and establish a network.
While job searching , meet as many people as possible, not only in the area of the bank you are targeting, but other areas as well (goes without saying LinkedIn is an excellent resource for connecting with professionals). This would help in determining your expectation based on experiences of other people. Canadians are very approachable, and are often willing to meet and help someone over coffee!
Several organizations work with new immigrants for helping them with job search. Check the resources section.
Try to update your knowledge base by participating in programs offered by Canadian Securities Institute and Marquee Group.
The most pressing question new immigrants have when looking for jobs in Canadian banking industry is, what is the salary like, AFTER TAX. Hopefully, the table below provides an idea:
|Title||Salary (Annual Before Tax)||Salary (Biweekly After Tax)*|
Salary range provided above are for informtion only. A lot depends on the province , bank and especially the department you are working in. But it does provide an idea of what to expect.
*Excludes deductions like CPP, EI, medical/ dental benefits etc.
Areas of Opportunities
- Small business advisors – although sit in branches, and report to branch managers, SBAs deal with small businesses that can prove to be a stepping stone to commercial banking.
- Relationship Managers – RMs are responsible for originating business for commercial banking. In some banks like TD, BMO and CIBC, RMs are responsible for origination as well as execution (underwriting the credit either themselves or with support from junior staff). At RBC and BNS, RMs are only responsible for origination; there is a separate department for execution.
- Credit Risk – normally deals with Corporate Banking. This area is often divided into industry groups to reflect the department division at Corporate Banking.
- Market Risk – often requires a lot of quant background.
- Operational Risk – possibly the biggest of all three risk management areas.
- Corporate Banking – provides lending facilities like revolving/ non-revolving loans. Often divided by industry groups (Real Estate, Financial Institutions, Oil & Gas, Power, Mining, Diversified etc.).
- Investment Banking – includes M&A activities, Underwriting Debt/ Equity Issuance, IPO.
- Capital Markets – deals with trading products like derivatives, repos, securities lending/ borrowing.
- Some banks also include Global Transaction Banking in Wholesale Banking, which provide cash management and trade finance facilities to clients.
Names of wholesale banking for Canadian banks are known as follows:
|Name||Name of Wholesale Banking
|RBC||RBC Capital Markets|
|Scotia||Global Banking & Markets/ Scotia Capital|
|CIBC||CIBC World Markets|
|BMO||BMO Capital Markets|
Job titles in wholesale banking are different from the rest of the bank.
|Title||RBC Capital Markets
||CIBC World Markets
||BMO Capital Markets
|Snr. Mgr.||Vice-President||Vice-President||Associate Director||Director||Vice-President||Vice-President|
|Director||Director||VP & Director||Director||Executive Director||Director||Executive Director|
||Managing Director||Managing Director||Managing Director||Managing Director||Managing Director||Managing Director|