7 Things You Didn’t Know About The Canadian Banking System

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During the job hunt, being well-informed on your chosen industry can be the difference between getting your dream banking job and missing out on a golden opportunity. Read through these facts about Canadian banking to ensure you’re up-to-date on key industry information.

When it comes to your job hunt:

1. In Canada there are over 6,000 bank branches. Of this, just over 2,000 are branches in rural and small towns. If you’re having trouble finding job openings in cities and larger towns, check out the branches based in smaller towns. You never know, the difference in commute might not be that large.

2. Banks in Canada currently employ over 275,000 people, and full-time industry employment in Canada has increased by 25.4% in the last ten years. In light of recent economic conditions, these numbers are encouraging. So if you’re on the fence as to whether to apply to a job in banking, remember these positive statistics.

When it comes to your interview:

3. To prepare for your banking interview, take a look at Canada’s Bank Act and familiarize yourself with its structure. Note that the Act is reviewed and updated every 5 years to ensure that it’s keeping pace with changes in the industry. If you want to be egg-ceptional in your interview then find out when the Bank Act was last updated and note what (if any) changes were made and see if you can apply them to the job you’re applying for.

4. Canada is ranked by the World Economic Forum as #1 for having the most sound banking system in the world. This has been achieved 5 years in a row. Dropping this fact into your interview will show that you’re well-read, but it’s also great to know that you’re getting into a business that has been regarded as the most stable in the world.

When it comes to your new job in banking:

5. Working with small and medium-sized businesses is not only extremely rewarding, but banks in Canada provide financing to around 1.6 million of these businesses. If Canadian banks help finance that many small and medium-sized businesses then imagine the amount of business that they give banks. Working with small businesses is definitely not something you’d want to turn down!

6. Mortgage arrears (when a borrower is 1 or more payments behind) in Canada remain very low. As of March 2013, only 0.32% of bank mortgages are in arrears! It’s worth knowing that Canadians are typically careful borrowers, which could help you predict trends in borrowing.

7. 3.1% of Canada’s GDP comes from banks. Evidently, it’s a pretty great (and very important) industry to work in!

Note: while these facts are great to use in an interview for a banking job, make sure you’re well versed in other areas of the banking sector too!

Want to learn more about banking and careers in the banking industry? Check out TalentEgg’s Banking Career Guide!

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