One thing bankers seem to agree upon is the strong emphasis their employers all place on the need to upgrade skills and attain qualified designations.
“It’s constant, they harp on it,” says a Nova Scotia-based staffer with Royal Bank of Canada. “It’s part of our weekly review. We always have to have something in the works. It’s expected and a job requirement. They always pay for courses and there’s an in-house learning network with hundreds of courses — they expect us to use it.”
The push is because Royal Bank has been working toward full accreditation for many of its employees, says Wayne Bossert, vice president, customer management, personal and commercial banking.
“What we generally expect is a personal financial planner designation granted by the Institute of Canadian Bankers. To have a PFP at this point is an asset but it will become a requirement,” he says. “We’ve been encouraging this for about five years now.”
For many positions at Royal Bank, including account manager, personal financial advisor and investment retirement manager, a PFP is already necessary — along with the Canadian securities course.
At Royal Bank, 30% of those surveyed had earned a PFP designation and 28% were currently working toward one.
Of the total bankers polled, 18% had earned their PFP, while 10% were in stages of getting one.
The PFP program comprises five comprehensive courses and one integrated activity. Individuals can take it through correspondence or intensive classroom settings. Minimum completion time is six months. “On average, the maximum would be two-and-a-half years,” says Lynn Jeanniot, executive director of the Toronto-based ICB. In addition, many bankers surveyed had also earned other designations granted by the ICB, such as the fellow of the Institute of Canadian bankers and the associate of the ICB. “Employees have a desire to increase their knowledge, and consumers overall are looking for very qualified individuals,” Jeanniot says, although each bank has targeted programs for certain positions and there’s not a blanket policy.
A Vancouver-based employee of Laurentian Bank of Canada says the emphasis is appreciated. “We are smaller, the name is not as recognizable, but our training is just as good. We tailor it to individual needs. It’s not a training machine like the big banks. We have small groups and it’s hands-on and more personal.”
Another Laurentian banker based in British Columbia agrees.
“They let branches act on an autonomous nature and encourage employees to take outside courses,” she says.
The certified financial planner designation, granted by the Financial Planners Standards Council, is the most popular for this year’s Report Card. The result showed 22% of all surveyed bankers have earned the designation and 16% are now working on it. Recent research by the FPSC shows 21% of all CFP licensees across Canada work in the banking industry.
Encourage employees
Many banks offer different levels of support to encourage employees to continue their education.
CIBC topped the survey, with 43% of its bankers having earned a CFP and 23% a PFP designation. “[The bank is] definitely committed to education,” says a B.C.-based CIBC banker.
“The training and support is the best aspect at CIBC. It has you covered for the Canadian securities course and the certified financial planner,” adds a CIBC banker in Ontario.
“At CIBC our financial advisors, investment specialists and private bankers must be fully accredited to offer financial advice to our clients. All advisors have the Canadian securities course and the certified financial planner designation,” says Teri Paoli, director of human resources at CIBC Imperial Service.
A National Bank of Canada employee in Ontario says, “Regarding fairness of compensation, there’s room for improvement, according to your designation.”
Different banks also provide incentives to make the road to learning less bumpy. Bank of Nova Scotia ensures there’s allotted time for studying and writing exams.
“The challenge is always the balance between life and work,” says Alice Eastman, vice president, performance and training services. “We give two personal obligation days off for any courses you’re required to take. One study day off for courses not required. As well, we allow employees three years to earn a required PFP designation.”
Of the Scotia bankers surveyed, 23% had earned their PFP and 15% the CFP designation.
The ICB says more than 32,000 bankers pursued further education last year with the institute. IE