Whether women are planning on entering the world of financial services or striving to advance their careers in the field, they should take the time to assess the educational opportunities that may be tailored to their needs.
“A lot of barriers have been broken [and] employers are now more progressive than they used to be,” putting women on an equal footing when it comes to building successful careers in the business, says Michelle Aitkenhead, regional vice president, integrated markets, with Royal Bank of Canada (RBC) in Winnipeg.
Indeed, one the biggest barriers may be women’s own, unexamined biases and assumptions about the fields available to them.
“The way women typically view that investment advisor job is as a bit of a cowboy job,” says Jennifer Reynolds, president and CEO of Toronto-based Women in Capital Markets and a former executive with BMO Capital Markets Corp. “If we’re going to attract more women to the industry, there’s a sort of ‘remarketing’ that needs to go on.”
To that end, Reynolds is a frequent speaker at universities and colleges across the Canada, explaining the benefits of a career in capital markets, including the financial services sector.
Although some roles do require specific preparation, there are many points of entry with lower barriers. Says Julie Barker-Merz, president of BMO InvestorLine Inc. in Toronto: “You don’t have to be a math wizard or work in high pressure situations.”
Barker-Merz, who started her career in banking with a social science degree in political science and criminology, suggests that a business-related degree is not a prerequisite to a career in financial services.
In addition, women looking to enter the business don’t necessarily even need an undergraduate degree, according to Aitkenhead: “To me, any sort of post-secondary education is worthwhile and will make a difference on a resumé and in your life.”
For certain positions, however, specialized training and certification may be required, says Adriana Arevalo, chief operating officer with Data Core Fund Services Inc. in Toronto, including training outside of the university or college context. For example, the Canadian Securities Institute offers a range of courses in related disciplines, such as financial planning, wealth management, portfolio management and trust and estate planning, among others, which provide specialized skills that allow individuals to be licensed to work in specific jobs.
Several other organizations, such as the Financial Planning Standards Council, the CFA Institute and the Life Management Institute also offer specialized training in areas such as financial advice and planning.
Instead of requiring physical attendance, most of these specialized courses can be completed through self-study and the passing of uniform examinations administered by the institutions that offer the courses.
Many financial services institutions will even pick up the cost of these courses if the potential student is already on the job. Barker-Merz says BMO finances courses related to specific roles at the bank as part of its continuous education program for high-potential employees. BMO, she adds, also offers in-house courses as part of its internal training program.
Women students looking for an edge can also get a foot in the door by attending co-op and summer programs. BMO offers such programs, Barker-Merz notes, as they are a great way to meet people, learn about the culture at BMO, acquire some experience in the industry and begin network building.
In addition, Aitkenhead notes, RBC offers year-long internship programs “to a select group of graduates who are interested in the financial services sector but maybe aren’t quite sure” of specifically what they want to do. Interns have a year to try several areas and roles to determine the right fit for them.
Universities are also doing their part to bridge the gaps that women may face. Martine Durier-Copp, director of the Centre for Advanced Management Education at Dalhousie University in Halifax, says the university hosts information sessions throughout the country for its financial services programs. The number of women enrolling in these courses has grown steadily over the years, with women now accounting for 50% of the class.
At these sessions, university officials meet with prospective students and invite alumni to share their experiences. The university, Durier-Copp says, “encourages students to network with alumni who serve as mentors.” It also facilitates networking sessions with partner institutions in the financial services sector.
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