Job prospects Financial Services Advisor in Prince Edward Island

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Explore current and future job prospects for people working as a "financial services advisor" in Prince Edward Island or across Canada.

Job opportunities in Prince Edward Island

These outlooks were updated on November 29, 2023.

Prospects over the next 3 years

The employment outlook will be good for Financial advisors (NOC 11102) in Prince Edward Island for the 2023-2025 period.

The following factors contributed to this outlook:

• Employment growth will lead to a moderate number of new positions.
• A moderate number of positions will become available due to retirements.
• There are a small number of unemployed workers with recent experience in this occupation.

This occupational group is particularly sensitive to changes in the finance and insurance sectors as almost all financial officers are employed in this sector, working at financial institutions such as banks, investment/securities firms, brokerage houses and insurance companies.

This occupational group contains several finance-related occupations that are similar but perform slightly differing tasks and require different training and experience. Individuals with knowledge of and experience in specific areas, such as financial planning, credit functions, insurance functions, asset underwriting or financial analysis, may have better employment opportunities. Depending on the type of financial service operation, employers may require recruits to hold a financial services certification, such as a Certified Insurance Consultant, Certified Financial Planner, Mutual Funds Licence, or to have completed the Canadian Securities Course. Continued population growth by way of immigration will support the demand for workers in this occupation over the forecast period.

Here are some key facts about Financial advisors in Prince Edward Island:

• Approximately 300 people work in this occupation.
• Financial advisors mainly work in the following sectors:
  • Monetary Authorities - central bank and securities, commodity contracts and other intermediation and related activities (NAICS 521, 522, 523): 64%
  • Insurance Carriers and related activities (NAICS 524, 526): 15%
  • Federal government public administration (NAICS 911): 12%
  • Other professional, scientific and technical services (NAICS 5414, 5416-5419): 7%
• The distribution of full-time and part-time workers in this occupation is:
  • Full-time workers: 93% compared to 84% for all occupations
  • Part-time workers: 7% compared to 16% for all occupations
• 77% of financial advisors work all year, while 23% work only part of the year, compared to 59% and 41% respectively among all occupations. Those who worked only part of the year did so for an average of 46 weeks compared to 41 weeks for all occupations.
• 28% of financial advisors are self-employed compared to an average of 13% for all occupations.
• The gender distribution of people in this occupation is:
  • Men: 63% compared to 51% for all occupations
  • Women: 38% compared to 49% for all occupations
• The educational attainment of workers in this occupation is:
  • no high school diploma: less than 5% compared to 11% for all occupations
  • high school diploma or equivalent: 12% compared to 28% for all occupations
  • apprenticeship or trades certificate or diploma: 11% compared to 11% for all occupations
  • college certificate or diploma or university certificate below bachelor's: 18% compared to 25% for all occupations
  • bachelor's degree: 47% compared to 17% for all occupations
  • university certificate, degree or diploma above bachelor level: 12% compared to 8% for all occupations