Ontario Labour Market Report

Ontario Labour Market Report CIP Program 52.06: Business/Managerial Economics

Most Relevant Academic Program(s) at Brock: Business Economics

EMSI Q3 2016 Data Set

February 2017

Institutional Analysis and Planning

Brock University 1812 Sir Isaac Brock Way

905-688-5550

Emsi Q3 2016 Data Set | www.economicmodeling.com 2

Table of Contents

Section 1: Program Overview

a) How many degrees are completed in Ontario (Labour Supply)? ……….3

b) What types of degrees are completed in Ontario?................................3

c) What other similar programs are offered in Ontario? ……………………....4

d) What other similar programs are offered at Brock University?.............4

Section 2: Target Occupations

a) What top growing target occupations are obtained by Alumni?...........5

b) What are the growth prospects for these occupations (Demand)? .....6

c) How much are these target occupations earning?................................7

d) Where are the hottest places in Ontario in terms of job growth? ……..8

Section 3: Top Three Target Occupation Summaries **Includes Description, Skills & Competencies, Ontario Trends in Field, Location of Job, Industries

a) Financial Auditor and Accountant…..……………………..………………….……….10

b) Customer Services Representative - Financial Institutions………….….…..12

c) Other Financial Officer………………………………………….……………………….…..14

Reference and Notes……………………………………………………………..…………………..16


Section 1: Program Overview for Business

Economics (52.06)

11 481

Ontario Institutions Ontario Program Completions (2013)

had Completions in the last 5 years

Region 2009

Completions 2013

Completions % Change

● Ontario 0 481 N/A

● Canada 111 583 425.0%

b) What types of degrees are coming from Ontario? (52.06)

Award Level

Completions

(2013) Percent

● Bachelors degree 428 88.8%

● Masters Degree 54 11.2%

a) How many degrees are completed in Ontario? (52.06)


c) What other similar programs are offered in Ontario?

39 58,618

Programs (2013) Completions (2013)

CIP Code Program Completions (2013)

52.02 Business administration, management and

operations 9,299

52.03 Accounting and related services 5,302

45.06 Economics 2,716

45.10 Political science and government 2,188

45.01 Social sciences, general 578

d) What other similar programs are offered at Brock University?

Economics1 - This program is intended for students who are interested in the application of economic

tools to issues in the economy and broader society. The program is less technical than Economics

(Honours). Instead, it places more emphasis on teaching students how to apply analysis to specific

problems and issues. It also emphasizes students' ability to write about economic analyses of policies

and make presentations of their work. The Applied program also prepares students for positions in all

sectors of the economy and it is the recommended program for students considering graduate work in

related fields such as public policy, public administration, regional and urban studies, industrial

relations, journalism, law, or business administration.

Political Sciences2 - This program looks at five key areas. In Canadian Politics, Comparative Politics

and International Relations, you'll examine power relationships and the organization of power within

and among states. The study of Public Policy asks how policies are made and implemented in the

complex machinery of government. Political Theory/ Philosophy asks how power ought to be organized

and to what end.

Social Sciences3 – Brock’ BA in Social Sciences degree is designed to allow you to pursue a more

flexible pattern of study than a single or combined major. The BA in Social Sciences program offers

broad exposure to courses from across all of our Faculties. The majority of credits earned towards this

degree must be offered by departments and centres within the Faculty of Social Sciences.


Section 2: Target Occupations

a) Which top growing target occupations are obtained by Alumni?

195,475 7.9% $30.83/hr

Jobs7 (2015) % Change (2016-2024) Median Hourly Wages8

17% above Canada’s average Canada: 6.2% Canada: $29.22/hr

Occupation 2016 Jobs7 Median Hourly

Wages8 Growth (2016 -

2024) Location Quotient4

(2016)

Financial auditors

and accountants 71,128 $34.36/hr 6.35% 1.05

Customer services

representatives -

financial institutions 41,250 $17.50/hr 5.10% 1.14

Other financial

officers 40,536 $32.05/hr 9.08% 1.29

Financial and

investment analysts 36,519 $35.04/hr 13.64% 1.36

Economists and

economic policy

researchers and

analysts

8,819 $42.13/hr 3.32% 1.46

`


198,252 213,825 15,573 7.9%

2016 Jobs7 2024 Jobs7 Change (2016-2024) % Change (2016-2024)

Occupation 2016 Jobs7 2024 Jobs7 Change % Change

Financial auditors and

accountants (1111) 71,128 75,643 4,515 6%

Financial and investment

analysts (1112) 36,519 41,501 4,982 14%

Other financial officers

(1114) 40,536 44,216 3,680 9%

Economists and economic

policy researchers and

analysts (4162) 8,819 9,112 293 3%

Customer services

representatives - financial

institutions (6551) 41,250 43,353 2,103 5%

b) What are the growth prospects for these target occupations?

`


c) How much are these target occupations earning?

$22.89/hr $30.83/hr $40.43/hr

25th Percentile Wages8 Median Wages8 75th Percentile Wages8

Occupation 25th Percentile Wages8 Median Wages8 75th Percentile Wages8

Financial auditors and

accountants (1111) $24.04 $34.36 $46.15

Financial and investment analysts

(1112) $27.47 $35.04 $46.15

Other financial officers (1114) $23.08 $32.05 $42.79

Economists and economic policy

researchers and analysts (4162) $32.31 $42.13 $51.28

Customer services

representatives - financial

institutions (6551) $14.74 $17.50 $21.00


d) Where are the hottest places in Ontario in terms of job growth?

Census

Division

Census

Division

Name

2016

Jobs 2024

Jobs

2016 -

2024

Change

2016 -

2024 %

Change

Expecte

d

Change

2016

Location

Quotient

2024

Location

Quotient

2015

Avg.

Hourly

Wages

3532 Oxford 1,049 1,205 156 15% 65 0.71 0.76 $30.18

3534 Elgin 581 665 84 14% 35 0.76 0.84 $31.67

3501 Stormont,

Dundas and

Glengarry 1,092 1,240 148 14% 68 0.95 1.01 $32.42

3523 Wellington 2,146 2,403 257 12% 132 0.71 0.74 $33.02

3507 Leeds and

Grenville 891 994 103 12% 55 0.88 0.92 $32.78

3530 Waterloo 6,261 6,952 691 11% 386 0.88 0.92 $32.92

3539 Middlesex 6,717 7,369 652 10% 414 1.11 1.15 $30.61

3522 Dufferin 389 426 37 10% 24 0.74 0.76 $30.91

3543 Simcoe 3,321 3,632 311 9% 205 0.72 0.74 $31.92

3520 Toronto 87,313 95,098 7,785 9% 5,384 2.13 2.18 $32.61

3521 Peel 20,043 21,746 1,703 8% 1,236 1.11 1.12 $34.43

3519 York 13,559 14,704 1,145 8% 836 1.01 1.02 $34.95


Census

Division

Census

Division

Name

2016

Jobs 2024

Jobs

2016 -

2024

Change

2016 -

2024 %

Change

Expecte

d

Change

2016

Location

Quotient

2024

Location

Quotient

2015

Avg.

Hourly

Wages

3502 Prescott and

Russell 498 539 41 8% 31 0.72 0.72 $32.23

3551 Manitoulin 104 112 8 8% 6 0.72 0.71 $29.71

3536 Chatham-

Kent 802 863 61 8% 49 0.70 0.73 $27.87

3506 Ottawa 19,870 21,294 1,424 7% 1,225 1.39 1.41 $36.64

3541 Bruce 424 453 29 7% 26 0.51 0.51 $24.97

3538 Lambton 955 1,018 63 7% 59 0.67 0.68 $27.31

3518 Durham 4,316 4,599 283 7% 266 0.80 0.80 $35.15

3540 Huron 293 312 19 6% 18 0.48 0.49 $25.14

3509 Lanark 372 396 24 6% 23 0.64 0.64 $34.90

3524 Halton 5,509 5,828 319 6% 339 0.87 0.86 $33.65

3537 Essex 2,770 2,926 156 6% 171 0.64 0.65 $27.38

3528 Haldimand-

Norfolk 671 706 35 5% 42 0.66 0.66 $30.01

3549 Parry Sound 180 189 9 5% 11 0.55 0.54 $28.94

3526 Niagara 3,832 3,971 139 4% 236 0.80 0.80 $29.63

Brock continues to play a significant role

for employment within our Hamilton-

Niagara


Section 3: Top Three Job Occupation Summaries

a) Financial Auditor and Accountant Financial auditors examine and analyze the accounting and financial records of individuals and establishments to ensure accuracy and compliance with established accounting standards and procedures. Accountants plan, organize and administer accounting systems for individuals and establishments. Articling students in accounting firms are included in this unit group. Financial auditors and accountants are employed by auditing and accounting firms throughout the

private and public sectors, or they may be self-employed5.

Technology Skills Required 6: Skills & Abilities Required 6:

70,452 6.3% $34.36/hr



Region 2016 Jobs7 2024 Jobs7 Change % Change

● Ontario 71,128 75,643 4,515 6.3%

● Canada 176,932 186,095 9,163 5.2%

Ontario Trends

Accounting Software: Intuit QuickBook,

Sage 50 Accounting, Sageworks

Proficents

Financial Analysis Software: Brentmark

Estate Planning Quickview, Cartesis

Magnitude iAnalysis, Delphi

Technology, Oracle E-Business Suite

Financial

Coordination: adjusting actions in

relation to others’ actions

Speaking: talking to others to convey

information

Deductive Reasoning: apply rules to

problems to produce sensible answers

Time Management: managing one’s

own time and the time of others


Census Metropolitan Aggregate 2024 Jobs7

Toronto 46,701

Ottawa - Gatineau 8,197

London 3,414

Kitchener - Cambridge - Waterloo 3,054

Hamilton 2,516

Who are employing Financial Auditors and Accountants?

Industry

Occupation

Jobs7 in

Industry

(2015)

% of

Occupation

in Industry

(2015)

% of Total

Jobs7 in

Industry

(2015)

Accounting, tax preparation, bookkeeping and payroll services 15,955 22.6% 42.0%

Other federal services 3,957 5.6% 3.2%

Depository credit intermediation 2,674 3.8% 2.0%

Management of companies and enterprises 2,161 3.1% 5.8%

Lessors of real estate 1,787 2.5% 3.5%

Where are the most jobs in Ontario for Financial Auditors and Accountants?

There is an increase

of 4,500+ Financial

Auditing and

Accounting jobs by

2024.


b) Customer Services Representative – Financial Institutions

Customer service representatives in this unit group process customers' financial transactions and provide information on related banking products and services. They are employed by banks, trust companies, credit unions and similar financial institutions5.

Technology Skills Required6: Skills & Abilities Required6:

40,969 5.1% $17.50/hr



Ontario Trends


● Ontario 41,250 43,353 2,103 5.1%

● Canada 94,127 95,525 1,398 1.5%

CRM software: Blackbaud The Raiser’s

Edge, Salesforce Software

ERP Software: Microsoft Dynamic GP,

Oracle PeopleSoft, Oracle Hyperion

Spreadsheet Software: Microsoft Excel

Persuasion: persuading others to change

their mind or behavior

Active Listening: Giving full attention of

what other people are saying

Deductive Reasoning: applying general

rules to specific problems to produce

answers that make sense


Where are the most jobs in Ontario for Customer Services Representatives – Financial Institutions?


Toronto 26,378


London 2,036

Hamilton 1,870

Kitchener - Cambridge - Waterloo 1,439

Industry

Occupation

Jobs7 in

Industry

(2015)

% of

Occupation

in Industry

(2015)

% of Total

Jobs7 in

Industry

(2015)


Activities related to credit intermediation 1,326 3.2% 10.7%

Other financial investment activities 1,141 2.8% 2.9%

Non-depository credit intermediation 993 2.4% 6.6%

Securities and commodity contracts intermediation and

brokerage 520 1.3% 2.2%

Who are employing Customer Services Representatives – Financial Institutions?


c) Other Financial Officer

This unit group includes professional occupations in finance not elsewhere

classified such as financial planners, financial examiners and inspectors,

financial investigators, financial underwriters, mortgage brokers and trust

officers. They are employed by banks, trust companies, investment firms and

governments, or they may be self-employed5.

Technology Skills Required6: Skills & Abilities Required6:

39,838 9.1% $32.05/hr



Ontario Trend


● Ontario 24,242 26,088 1,846 7.6%

● Canada 49,823 53,925 4,102 8.2%

Compliance Software: NILS INSource;

ODEN Insurance Services State Rules

& Regulations, Oversight Insights On

Demand, System for Electronic Rate

and Form Filing SERFF

Data base user interface and query

software: Microsoft Access, Structured

query language SQL

Active Listening: Giving full attention of

what other people are saying

Critical Thinking: use logic to identify

alternative solutions

Deductive Reasoning: applying general

rules to specific problems to produce

answers that make sense


Where are the most jobs in Ontario for Other Financial Officers?

Who are employing Other Financial Officers?

Industry

Occupation

Jobs7 in

Industry

(2015)

% of

Occupation

in Industry

(2015)

% of Total

Jobs7 in

Industry

(2015)

Management, scientific and technical consulting services 3,629 15.2% 9.3%


Computer systems design and related services 1,197 5.0% 1.4%

Other federal services 1,062 4.4% 0.9%

Advertising, public relations, and related services 1,051 4.4% 3.2%


Toronto 15,298


Hamilton 1,024

Kitchener - Cambridge - Waterloo 756

London 460


References and Notes

1 https://brocku.ca/webcal/2016/undergrad/econ.html 2 https://brocku.ca/webcal/2016/undergrad/poli.html 3 https://brocku.ca/webcal/2016/undergrad/sosc.html 4 Location Quotient: a calculation that quantifies the concentration of a particular industry, cluster, or occupation, in a

region as compared to the nation. It can reveal what makes a particular region “unique” in comparison to the national average. Source: http://www.economicmodeling.com/2011/10/14/understanding-location-quotient-2/

5 https://brocku.EmsiCareerCoach.ca 6 https://www.onetonline.org/ 7 Employment numbers do not include people who are self-employed and may be under-represented. 8 Wages do not consider people who are self-employed and may be under-represented.

https://brocku.ca/webcal/2016/undergrad/econ.html

https://brocku.ca/webcal/2016/undergrad/poli.html

https://brocku.ca/webcal/2016/undergrad/sosc.html

http://www.economicmodeling.com/2011/10/14/understanding-location-quotient-2/

https://brocku.emsicareercoach.ca/

https://www.onetonline.org/

Ontario Labour Market Report

Documents

Transcript of Ontario Labour Market Report