Education Profile Report

Education Profile Report

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December 2, 2010

The Uses and Intended Audience for this Report

This initial report profiling Toronto Region Financial Services Sector Education is a starting point and is based on statistical data that currently exists in the public domain. Pulled together from a variety of different sources each produced at different points over the past 3 - 6 years, this document offers a single point of reference for Human Capital planners in Toronto Region Financial Services organizations. This overview can also serve as an initial source of information for Canadian and foreign Financial Services organizations that are interested in either establishing a presence, or expanding existing operations, in the Toronto Region.

This Education Profile and the level and scope of its content will be expanded and updated through annual Workforce Surveys specific to the Toronto Region Financial Services Sector.

The Uses and Intended Audience for this Report

This initial report profiling Toronto Region Financial Services Sector Education is a starting point and is based

on statistical data that currently exists in the public domain. Pulled together from a variety of different sources

each produced at different points over the past 3 - 6 years, this document offers a single point of reference for

Human Capital planners in Toronto Region Financial Services organizations. This overview can also serve as an

initial source of information for Canadian and foreign Financial Services organizations that are interested in

either establishing a presence, or expanding existing operations, in the Toronto Region.

This Education Profile and the level and scope of its content will be expanded and updated through annual

Workforce Surveys specific to the Toronto Region Financial Services Sector.

Toronto Region: Where Business and Education Meet

The Toronto region boasts a skilled, highly-educated and diverse workforce. A critical mass of top universities

In this report, the term ‘Toronto region’ refers to the Greater Toronto Area (GTA) which includes the City of Toronto and the surrounding regions of Durham, York, Peel, Halton, Hamilton and Kitchener / Waterloo.

The Financial Services Sector in the Toronto Region

The financial services sector is an economic engine for the Toronto region. More than 230,000 people work in the sector, the largest concentration of financial services employment in Canada.

The sector is comprised of five of Canada’s largest domestic banks, headquarters of nearly 60% of life insurance companies in Ontario and host to over 125 securities firms. The TMX is North America’s 3rd largest equity exchange, after New York and Chicago.

... Toronto is an exciting Education Hub

The Toronto region is home to a vibrant education cluster of top universities, colleges and educational associations. Some 360,000 full-time students are enrolled in the Toronto region’s universities, colleges and other tertiary level educational institutions. The region produces approximately 100,000 graduates every year. Three of Ontario’s 20 public universities and 5 of the 24 community colleges are located in Toronto’s census metropolitan area.

Universities:

• Ryerson University • University of Toronto • York University

The Financial Services Sector in the Toronto Region

The financial services sector is an economic engine for the Toronto region. More than 230,000 people work in

the sector, the largest concentration of financial services employment in Canada.

The sector is comprised of five of Canada’s largest domestic banks, headquarters of nearly 60% of life

insurance companies in Ontario and host to over 125 securities firms. The TMX is North America’s 3

largest

equity exchange, after New York and Chicago.

... Toronto is an exciting Education Hub

The Toronto region is home to a vibrant education cluster of top universities, colleges and educational

associations. Some 360,000 full-time students are enrolled in the Toronto region’s universities, colleges and

other tertiary level educational institutions. The region produces approximately 100,000 graduates every

year. Three of Ontario’s 20 public universities and 5 of the 24 community colleges are located in Toronto’s

census metropolitan area.

Universities:



Ryerson University



University of Toronto



York University

Colleges:

• Centennial College of Applied Arts and Technology • George Brown College of Applied Arts and Technology

• Humber College Institute of Technology and Advanced Learning • Seneca College of Applied Arts and Technology

• Sheridan College Institute of Technology and Advanced Learning

The growing university presence in the region serves to broaden the inventory of graduate programs available to the financial services sector. Local business schools are internationally recognized. The Rotman School of Management at the University of Toronto, Schulich School of Business at York University have been ranked among the best in the world. Other top schools include the Ivey School of Business at the University of Western Ontario (London, Ontario), Queen’s School of Business, Queen’s University (Kingston, Ontario), Wilfred Laurier University (Waterloo, Ontario) and the University of Waterloo, all of which are in close proximity to the Toronto region.

Many of the colleges and universities work in partnership with companies in the financial services industry for student recruitment, career placement, corporate training, sponsorship and research. The partnership capitalizes on Toronto’s education and business hub synergy.

Education Profile Report

Colleges:

 Centennial College of Applied Arts and Technology  George Brown College of Applied Arts and Technology

 Humber College Institute of Technology and Advanced Learning  Seneca College of Applied Arts and Technology

 Sheridan College Institute of Technology and Advanced Learning

The growing university presence in the region serves to broaden the inventory of graduate programs available to the financial services sector. Local business schools are internationally recognized. The Rotman School of Management at the University of Toronto, Schulich School of Business at York University have been ranked among the best in the world. Other top schools include the Ivey School of Business at the University of Western Ontario (London, Ontario), Queen’s School of Business, Queen’s University (Kingston, Ontario), Wilfred Laurier University (Waterloo, Ontario) and the University of Waterloo, all of which are in close proximity to the Toronto region.

Many of the colleges and universities work in partnership with companies in the financial services industry for student recruitment, career placement, corporate training, sponsorship and research. The partnership capitalizes on Toronto’s education and business hub synergy.

Table 1

Summary of Undergraduate and Graduate degrees Awarded – 2008

University of Toronto (2008) York University (2008) Ryerson ( 2008) Total Ontario (2008)

Bach. Masters Total Bach. Masters Total Bach. Masters Total Bach. Masters Total Business &

Commerce

1,169 493 1,714 1,475 583 2,224 1,306 41 1,347 9,547 3,007 12,884 Computer

University Programs – Key Performance Indicators (KPIs)

The Ontario Ministry of Training, Colleges and Universities (MTCU) requires universities in Ontario to publish key performance indicators (KPI). The three KPIs consist of graduation rates, employment rates, and Ontario Student Assistance Program (OSAP) default rates. This report includes a summary of the first two of these performance measures.

The table below summarizes these performance indicators for the Business & Commerce program cluster.

Education Profile Report

University Programs – Key Performance Indicators (KPIs)

The Ontario Ministry of Training, Colleges and Universities (MTCU) requires universities in Ontario to publish key performance indicators (KPI). The three KPIs consist of graduation rates, employment rates, and Ontario Student Assistance Program (OSAP) default rates. This report includes a summary of the first two of these performance measures.

The table below summarizes these performance indicators for the Business & Commerce program cluster.

Table 2

Business & Commerce Programs Cluster

Graduate Employment Rate (%) Degree Completion Graduation Rate (%)

Six months After graduation

Two years After graduation

University of Toronto 95.8 (2005 Grads) 97.9 (2005 Grads) 80.0 (Fall 1998)

York University 94.7 (2006 Grads) 95.3 (2006 Grads) 72.8 (Fall 1999) Ryerson University 91.9 (2006 Grads) 94.6 (2006 Grads) 73.7 (Fall 1998)

University of Guelph 100.0 (2005 Grads) 100.0 (2005 Grads) 76.2 (Fall 1998) McMaster University 96.2 (2006 Grads) 98.7 (2006 Grads) 83.9 (Fall 1999)

Queen’s University 100.0 (2006 Grads) 100.0 (2006 Grads) 92.3 (Fall 1998) University of Waterloo 100.0 (2006 Grads) 100.0 (2006 (Grads) 95.5 ( Fall 1999)

University of Western

Ontario 98.0 (2005 Grads) 97.2 (2006 Grads) 84.4 (Fall 1999) Provincial Averages -

Business & Commerce Program Cluster (all Ontario universities)

95.3 (2005 Grads) 97.3 (2005 Grads) 78.4 (Fall 1999)

The university graduation rates are calculated by MTCU. For each year, MTCU looks at all full-time, year one undergraduate students enrolled in the fall (of a particular year) who were seeking either a bachelors or first professional degree and then looks at whether those students graduated within seven years of their enrolment. The employment rates are generated through a survey conducted by Ontario universities in conjunction with the Ontario Universities Application Centre (OUAC). In the survey, graduates of undergraduate degree programs are asked about their employment situation six months and two years after graduation.

School Rankings

Post-secondary schools, as institutions of higher learning, research and development and innovation are important drivers of local, regional and national economic development. This is where the talent pool is nurtured.

Universities and their business schools regularly receive rankings from a variety of organizations. These rankings can be very useful to students when choosing a business school or MBA program. The Toronto region universities are highly rated placing among the top 100 universities in the world in a number of global surveys. According to the Academic Ranking of World Universities, the University of Toronto ranked #27 in the world in 2010, and #1 in Canada. McMaster ranked #88 in the world and #4 nationally.

BusinessWeek’s 2010 Business School Ranking for Non-US Schools listed 4 business schools delivering programs in the Toronto region in the Top 10. BusinessWeek ranked Queen’s University at #2, followed by University of Western Ontario (Ivey) at #6, University of Toronto (Rotman) at #8 and York University (Schulich) at #9.

In the 2010 Financial Times Executive MBA rankings, York University (Schulich) led the Canadian business schools and placed #23 in the world, followed by the University of Western Ontario (Ivey) and the University of Toronto (Rotman), which both tied for 29th spot. Queen’s School of Business was ranked #69 by the Financial Times.

Education Profile Report

Table 3

Region’s universities regularly rank among the top 100 schools in the world in the some of the most popular school ranking surveys.

Survey _Canada Ranking in _World

Academic Ranking of World Universities - 20101

University of Toronto McMaster University 1 4 27 88 BusinessWeek Business School Rankings – Top Non-U.S. Schools

Full-Time MBA 2010

Queen’s University University of Western Ontario University of Toronto Schulich School of Business

-- Non-U.S. 2 6 8 9 BusinessWeek Executive MBA – Top 25 Global – 2009

Queen's School of Business -- 25

The Economist MBA Ranking – 2010

Schulich School of Business -- ₁₀

Financial Times Global MBA – 2010

University of Toronto Richard Ivey School of Business Schulich School of Business

-- 45

49 54 Financial Times Executive MBA – 2010

Kellogg / York University: Schulich University of Western Ontario: Ivey 2 University of Toronto: Rotman Queen's School of Business

--

23 29 29 69 U.S.News & World Report's World's Best Universities: Canadian

Universities3 – 2010

University of Toronto Queen’s University University of Waterloo McMaster University University of Western Ontario York University 2 5 7 8 9 16

1 _{Published by the Center for World-Class Universities and the Institute of Higher Education of Shanghai Jiao Tong University, China} 2 _{Tied with University of Toronto: Rotman}

3 _{Based on the QS World University Rankings}

1_{Published by the Center for World-Class Universities and the Institute of Higher Education of Shanghai Jiao Tong University, China} 2_{Tied with University of Toronto: Rotman}

Education Profile Report

College Programs - Performance Indicators

There are several program clusters within the Business Division of the colleges’ educational offerings which help to prepare students for careers in financial services. These clusters are primarily: Accounting/Finance, Business Computer, Business Legal and Business Management.

While this next section deals primarily with the Accounting/Finance cluster, which offers the greatest number of education programs directly related to occupations in financial services, graduates of the other three program clusters also report financial services organizations as key employers. Some of the specific programs offered by the colleges within the Accounting/Finance cluster which relate specifically to financial services include:

• Bachelor of Applied Business - Financial Services Management • Bachelor of Applied Business – Financial Services

• Financial Planning Management • Financial Services

• Financial Services Compliance Administration • Forensic Accounting

• Insurance • Mortgage Broker

• Personal Financial Services • Professional Accounting

The average salary for full-time employed participants was the highest for the Bachelor of Applied Business (Financial Services Management) program at $40,907 for 2007-2008 graduates. This salary was substantially above the average of $32,306 for all programs in the cluster. After the Bachelor of Applied Business program, the next highest average salary was reported by 2007-2008 graduates of the Mortgage Broker program at $39,929 followed by Professional Accounting at $38,660.

Education Profile Report

College Programs – Graduate Outcomes

Similar to the key performance indicators for the university business and commerce program cluster, the following summarizes the results for the financial services-related college programs4_.

Looking at the top five industries of employment for the graduates of the Accounting/Finance program, Credit Intermediation was the second largest industry.

The top five industries of employment for 2007-2008 graduates of the Accounting/Finance programs were:

% of Survey Respondents Citing Industry Professional, Scientific and Technical Services 17%

Credit Intermediation and Related Activities 13% Insurance Carriers and Related Activities 7% Securities, Commodity Contracts, & Other Financial Investment

& Related Activities 5%

Administrative and Support Services 4%

College Programs – Graduate Outcomes

Similar to the key performance indicators for the university business and commerce program cluster, the following summarizes the results for the financial services-related college programs4_.

Table 4

Ontario 2007- 2008 College Graduate Outcomes – 6 Months after Graduation

Program Clusters _Total

Grads

% Employed % EmployedFull-time Related Jobs Average Annual Salary, Full-time Related Jobs % Satisfaction Rating (Satisfied & Very Satisfied)

Graduate Employer Business Division 16,825 87.4 58.0 $32,669 79.5 93.1 Accounting/Finance 2,777 85.4 59.3 33,468 83.0 95.0 Business Computer 872 85.4 64.9 39,748 80.0 94.0 Business Legal 992 89.2 57.1 30,996 78.0 86.0 Business Management 3,018 86.2 56.4 33,240 78.0 95.0 All Divisions 59,012 89.1 -- 35,157 82.6 93.3

Looking at the top five industries of employment for the graduates of the Accounting/Finance program, Credit Intermediation was the second largest industry.

The top five industries of employment for 2007-2008 graduates of the Accounting/Finance programs were: % of Survey Respondents Citing Industry

Professional, Scientific and Technical Services 17%

Credit Intermediation and Related Activities 13%

Insurance Carriers and Related Activities 7%

Securities, Commodity Contracts, & Other Financial Investment

& Related Activities 5%

Administrative and Support Services 4%

4_{Selected programs}

Education Profile Report

Professional Associations

The Toronto region is home to a number of the world’s leading professional organizations, all of which expand and enrich the inventory of financial programs available to executives and skilled professionals. Professional associations such as the Certified General Accountants (CGA), Certified Management Accountants (CMA), Canadian Institute of Chartered Accountants (CA), Advocis (The Financial Advisors Association of Canada), Canadian Institute of Financial Planners and the Investment Funds Institute of Canada (IFIC) strengthen the region’s talent pool.

IFIC has its own web-based distance education program which offers a variety of courses throughout the year. IFIC, through its wholly owned subsidiary, the IFSE Institute, delivers more than 20,000 courses annually. The Toronto CFA (Chartered Financial Analyst) Society is the 2nd largest in the world with well over 7,000

members. The Society provides its members with a host of educational and professional development programs throughout the year.

Table 5 provides an overview of the sizable pool of qualified professionals practicing in the Toronto Financial Services sector. Table 6 lists the variety of designations/certificates available in support of this wide array of expertise.

Professional Associations

The Toronto region is home to a number of the world’s leading professional organizations, all of which expand and enrich the inventory of financial programs available to executives and skilled professionals. Professional associations such as the Certified General Accountants (CGA), Certified Management Accountants (CMA), Canadian Institute of Chartered Accountants (CA), Advocis (The Financial Advisors Association of Canada), Canadian Institute of Financial Planners and the Investment Funds Institute of Canada (IFIC) strengthen the region’s talent pool.

IFIC has its own web-based distance education program which offers a variety of courses throughout the year. IFIC, through its wholly owned subsidiary, the IFSE Institute, delivers more than 20,000 courses annually.

The Toronto CFA (Chartered Financial Analyst) Society is the 2nd _{largest in the world with well over 7,000}

members. The Society provides its members with a host of educational and professional development programs throughout the year.

Table 5 provides an overview of the sizable pool of qualified professionals practicing in the Toronto Financial Services sector. Table 6 lists the variety of designations/certificates available in support of this wide array of expertise.

Table 5

Sizable Pool of Qualified Professionals 2008 (unless otherwise noted)

Toronto Region Toronto as a % of Ontario

Chartered Accountant (CA) 19,146 68%

Certified General Accountant (CGA) 2009 12,000 60%

Chartered Financial Analyst (CFA) 7,000 96%

Certified Management Accountant (CMA) 2009 7,759 50%

Certified Financial Planner (CFP) (2007) 2,418 26%

Chartered Alternative Investment Analyst (CAIA) 98 96%

Fellow of the Canadian Institute of Actuaries (FCIA) n/a 1,409

FCIAs in Ontario

Lawyers practicing financial services-related law5 _{7,444 which represents 63% of all Ontario lawyers who}

report practicing financial services related law; and, 19% of total Ontario lawyers

Education Profile Report

Table 6

Financial Services Industry Designations/Certificates

Designation Provider/Sponsor

Accounting

Certified General Account (CGA) CGA

Certified Management Accountant (CMA) CMA

Certified Professional Bookkeeper IPBC

Chartered Accountant (CA) CICA

Investigative and Forensic Accounting (CA-IFA) CICA

Information Technology (CA-IT) CICA

Business Valuation (CA-CBV) CICA

Internal Auditing (CA-CIA) CICA

Information Systems Auditing (CA-CSIA) CICA

Insolvency and Restructuring (CA-CIRP) CICA

Banking/other credit intermediation

Accredited Consumer & Residential Mortgage Lender CUSource

Accredited Commercial Loan Administrator CUSource

Accredited Canadian Credit Union Director CUSource

Accredited Member Service Representative CUSource

Accredited Mortgage Professional (AMP) CAAMP

Associate of the Credit Union Institute of Canada (ACUIC) CUSource

Associate, Institute of Canadian Bankers (AICB) CSI Global

Certified Credit Professional (CCP) CIA

Certified Deposit Specialist (CDS) RDBA

Certified Professional Mortgage Agent (CPMA) IMBA

Certified Professional Mortgage Broker (CPMB) IMBA

Credit Specialist CIA

Fellow, Institute of Canadian Bankers (FCIB) CSI

Fellow of the Credit Union Institute of Canada (FCUIC) CUSource

Member Trust Institute (MTI) CSI

MTI - Personal Trust- Estate and Trust Management CSI

MTI – Mortgage Program CSI

MTI – Taxation Program CSI

Registered Deposit Agent (RDA) RDBA

Registered Deposit Broker (RDB) RDBA

Specialist, Trust Institute (STI) CSI

STI – Personal Trust-Business Development CSI

STI - Personal Trust- Estate and Trust Management CSI

STI – Mortgage Program CSI

Education Profile Report

Table 6 (continued) Financial Services Industry

Designations/Certificates

Designation Provider/Sponsor

Financial Planning

Certificate in Financial Services Advice (CFS) CSI

Certificate in Retirement Strategy (CRS) CSI

Certified Financial Planner (CFP) Advocis, FPSC

Chartered Professional Strategic Wealth (Ch.P) CSI

Financial Management Advisor (FMA) CSI

Personal Financial Planner (PFP) CSI

Insurance

Canadian Accredited Insurance Broker (CAIB) IBAC

Canadian Certified Insurance Brokers (CCIB) IBAC

Canadian Loss Adjuster (CLA) CIAA

Canadian Professional Insurance Broker (CPIB) IBAC

Chartered Insurance Professional (CIP) II

Chartered Life Underwriter (CLU) Advocis

Fellow, Chartered Insurance Professional ((FCIP) II

Fellow of the Canadian Independent Adjusters' Association (FCIAA)

Life Licensing Qualifying Program (LLQP) Various

Registered Health Underwriter (RLU) Advocis

Investment Management

Canadian Investment Manager (CIM) CSI

Certificate in Investment Performance Management (CIPM) CFA Institute

Chartered Alternative Investment Analyst (CAIA) CAIA Association

Chartered Financial Analyst (CFA) CFA Institute

Derivatives Market Specialist (DMS) CSI

Fellow of CSI (FCSI) CSI

Risk Management

Canadian Risk Management (CRM) GRMI & RIMS

Masters Certificate in Enterprise Risk Management Schulich

Certificate in Enterprise Risk Management UofT

Education Profile Report

Glossary:

Advocis Advocis

CAIA Association CAIA Association

CFA Institute CFA Institute

CIA Credit Institute of Canada

CIAA Canadian Independent Adjusters’ Association

CICBV Canadian Institute of Chartered Business Valuators

CICA Chartered Accountants Canada

CGA Certified General Accounts Association of Canada

CMA Certified Management Accounts

CSI CSI Global

CUSource CUSource Knowledge Network

FMAC & ACI Financial Markets Association of Canada, affiliated with Association Cambiste

Internationale)

FPSC Financial Planners Standards Council

GRMI & RIMS Global Risk Management Institute and Risk Institute

IBAC Insurance Brokers Assoc. of Canada

II Insurance Institute

IMBA Independent Mortgage Brokers Association of Ontario

IPBC Institute of Professional Bookkeepers of Canada

OSB & CAIRP Office of the Superintendent of Bankruptcy & the Canadian Association of

Insolvency and Restructuring Professionals

RDBA Registered Deposit Brokers Association

Schulich Schulich School of Business, York University

UofT University of Toronto

Various Advocis, CSI, ILS Learning Corporation, Insurance Institute of Canada,

Ment-r.com/Learning Library, Mohawk College of Applied Arts and Technology, Oliver Publishing, Peel/IFIC, Seneca College/CON*NECT, The Business Career College and the following insurance companies: Sunlife Assurance Company of Canada , Combined Insurance Company of America, London Life Insurance Company and Primerica Life Insurance Company

Education Profile Report

Customized Executive Education

Toronto region companies are increasingly working with educational institutions to provide customized programs delivered on-site. Customized training programs are tailor-made to the specific company’s needs and are aligned with a company’s strategic goals to help achieve bottom-line results.

Typically, the company works closely with the educational provider to align the course content, program duration and venue to the strategic needs of the organizations. As well, some companies in the region have established a stand-alone “corporate university”, sometimes inviting outside instructors and professors to teach at the company campus. Whatever your company’s needs, a program can be designed and delivered by one of the Toronto’s outstanding educational institutions.

International Programs: Training the World

The Toronto region offers executives an excellent education at an excellent price. Business executives from International companies come to Canada for a variety of training programs. Many of the region’s community colleges and universities have inbound delegations from around the world who send their top executives to the Toronto region for training.

The Toronto Centre has trained nearly 3,000 financial regulators from 170 countries around the world in leadership and management skills. The Toronto Centre is sponsored by organizations such as the World Bank, International Monetary Fund, Canadian International Development Agency (CIDA) and the Schulich School of Business at York University to provide training programs for senior officials from financial authorities around the world.

The Toronto region is helping to train and develop the future global leaders of tomorrow. It is a magnet for attracting top students, senior government officials and corporate executives from around the globe. The student population at educational institutions is a kaleidoscope of local and international students that give a rich diversity to the region.

The fact that some of the world’s best and brightest students choose Toronto over other cities, such as Boston, New York, London and Hong Kong, speaks to the quality of the education and expertise that resides in the

Education Profile Report

“Canada benefits from top-notch transport and telephony infrastructure; highly efficient markets, particularly labor and financial markets; and well-functioning and transparent institutions. In addition, the educational system gets excellent marks for quality, which has prepared the country’s workforce to adopt the latest technologies for productivity enhancements.”

From the World Economic Forum’s Global Competitiveness Report 2008-2009

Future Updates

The Education Profile is a snapshot in time and will be updated through periodic Workforce surveys.

Toronto Financial Services Alliance (TFSA)

The Toronto Financial Services Alliance (TFSA) is a public-private partnership created in 2001 to enhance and promote the competitiveness of the Toronto region as a premier global financial services centre. The TFSA works closely with industry, affiliate services and government. Its membership encompasses core financial services companies — banks, brokerages, asset management firms, insurance companies—as well as partner sectors—accounting, law, education and executive search.

The Centre of Excellence in Financial Services Education (CoE)

The mission of the Centre of Excellence in Financial Services Education (CoE) is to be the catalyst that strengthens and expands Toronto’s talent pool to elevate the region’s global stature as a financial services capital. The CoE fosters cooperation between the financial services industry and the educational institutions that provide financial services training to ensure that their programs can meet the sector’s growing needs. The CoE was created and funded by the Ontario government with the financial support of the City of Toronto. The CoE is operated by the TFSA.

For more information and detailed statistics on the Financial Services Sector talent pool, please visit

the TFSA-CoE’s website at

www.tfsa.ca

Contact Information:

Toronto Financial Services Alliance – Centre of Excellence

55 University Avenue, Suite 1800