If you are interested in pursuing a career in banking in Canada, there are several exams that may be required to qualify for certain positions. Here are some of the most commonly required exams for bank jobs in Canada.
Canadian Securities Course (CSC)
The CSC is a mandatory course for anyone who wants to become a registered securities dealer in Canada. Many banks require their employees to have this certification, especially for roles that involve selling and advising on investment products. The CSC covers a broad range of topics such as mutual funds, stocks, bonds, and options, and is administered by the Canadian Securities Institute (CSI).
Investment Funds in Canada (IFC)
This exam is also administered by the CSI and is a requirement for individuals who want to sell mutual funds in Canada. The IFC covers topics such as mutual fund regulations, types of mutual funds, and investment strategies. Having this certification is important if you want to work in investment sales or advisory roles in a bank.
Canadian Risk Management (CRM)
The CRM is a certification offered by the Risk Management Association (RMA) and covers the principles and practices of risk management in Canada. Many banks require their employees to have this certification, especially those who work in risk management or compliance roles. The CRM covers topics such as credit risk, operational risk, and market risk.
Certified Financial Planner (CFP)
The CFP is a professional designation offered by the Financial Planning Standards Council (FPSC) and is designed for individuals who want to provide financial planning advice to clients. Many banks require their financial advisors to have this certification, which covers topics such as investment planning, tax planning, and retirement planning.
Chartered Professional Accountant (CPA)
The CPA designation is one of the most widely recognized accounting certifications in Canada. Many banks require their employees who work in finance or accounting roles to have this designation. The CPA program covers a range of topics such as financial reporting, audit and assurance, and taxation.
Mortgage Brokerage in Ontario (MBO)
If you want to work as a mortgage broker in Ontario, you must pass the MBO exam. This exam is administered by the Financial Services Regulatory Authority of Ontario (FSRA) and covers topics such as mortgage brokering regulations, mortgage products, and mortgage underwriting.
Canadian Investment Manager (CIM)
The CIM designation is offered by the Canadian Securities Institute (CSI) and is designed for individuals who manage investment portfolios for clients. Many banks require their portfolio managers to have this certification, which covers topics such as investment analysis, portfolio management, and investment strategies.
Note: For these exams, many banks also require their employees to have a university degree in a relevant field such as finance, accounting, or business. Some banks may also require their employees to have experience in the financial services industry.
It’s important to note that the exams required for bank jobs in Canada can vary depending on the specific role and the bank. Before pursuing a career in banking, it’s important to research the requirements for the positions you’re interested in and ensure that you have the necessary qualifications and certifications.