5 Steps to Become a Financial Analyst in Canada

Thinking of becoming a financial analyst in Canada? Here are the steps you need to take!

Are you seeking to become a financial analyst in Canada but don’t know how to start? This page provides you with all the information you need – from whom a financial analyst is in Canada, the responsibilities to the prospects of becoming one in Canada.

We have also provided detailed steps on how to become a financial analyst in Canada, including educational requirements and other commitments you must make to become one.

Who is a Financial Analyst in Canada?

A Financial analyst is one who evaluates a company’s financial situation and comes up with meaningful solutions that will help the organization reach its financial goals.

Financial analysts collect and analyze relevant financial information such as trading volumes, economic forecasts, historical performances of a company, and future trends of investment instruments like stocks and bonds. By analyzing these groups of information and materials, they are able to provide working financial advice for their company or the clients their company serve.

Financial analysts often work hand in hand with CEOs (Chief Executive Officers) and CFOs (Chief Financial Officers) of their companies. Financial analysts can work for any company that sees the need to analyze and evaluate its financial and accounting goals, such as manufacturing, distributing, and marketing companies. But mostly, they work for banks, brokers, insurance companies, and other financial companies.

Depending on the organization, a financial analyst can go by job titles like money market analyst, portfolio manager, investment analyst, and financial services research associate.

Note that Financial and Investment Analysts are classified under the NOC Code 1112 in Canada.

Responsibilities of Financial Analysts in Canada

The responsibilities of financial analysts in Canada include but are not limited to:

  • Analyzing, evaluating, processing, and organizing financial information
  • They use the information from such evaluation to design workable business models
  • They also make recommendations based on their analysis
  • Furthermore, they follow up on financing projects to ensure the company adheres to guidelines for meeting stipulated financial goals.
  • They gather helpful information for financial analysis
  • They generate financial statements
  • Also, financial analysts track market fluctuations and use the trends to assess a company’s financial performance.
  • They could develop and implement tools for managing and analyzing financial portfolios.
  • Meanwhile, they also serve to bridge the gap between investors and companies by working hand-in-hand with company leaders to get a clear understanding of the company’s financial situation.
  • Financial analysts could also become specialized investor relations officers. Therefore, they can help companies negotiate with potential investors.
  • In addition, financial analysts participate in forecasting a company’s future financial performance using mathematical expressions, financial modes, and forecasting from observing market trends.
  • They prepare a regular risk profile for debt portfolios
  • Lastly, they could assist in preparing operating and investment budgets

Why is Becoming a Financial Analyst a Good Career in Canada?

You may be wondering if becoming a financial analyst in Canada is a great option. Well, we think so, especially because of the following factors:

#1. Wide Job Prospects

Financial analysts can work for and with several organizations in Canada. They work for non-financial institutions and companies that need periodic auditing or evaluation. As a financial analyst, you can also work permanently with financial institutions providing consulting, research, or auditing services. These include but are not limited to banks, insurance companies, mutual fund brokers, stockbrokers, and so on.

If you are considering becoming a financial analyst in Canada, you have enough options to choose from in terms of who to work for.

Based on trend analysis by Job Bank, labour demand and labour supply are expected to broaden from 2019 through 2028. This will increase job openings for financial analysts across the country. Job prospects are highest in Alberta, British Columbia and Quebec.

#2. Good Source of Income

The average wage per hour for financial analysts in Canada is about $36. This is a payment that would grant you a convenient means of living in Canada. While pay rates may vary depending on location and company size, most financial analysts earn enough to take care of their basic needs and also save for future emergencies.

Most financial analysts in Canada earn between $24.04 and $57.69 per hour. However, with adequate work experience and expertise, you could land a job that will make you earn as high as $69.23 per hour as a financial analyst.

How to Immigrate to Canada as a Financial Analyst

Steps to Becoming a Financial Analyst in Canada

#1. Obtain a Bachelor’s Degree

To become a financial analyst in Canada, you first need to obtain a bachelor’s degree. But your degree has to be in highly relevant fields like finance, accounting, economics, or business administration.

Suppose you have a degree in a field that is not close to any of these, and you are intentional about becoming a financial analyst. In that case, you may need to earn another bachelor’s or master’s degree in a related field. Professional occupations like that of a financial analyst require you to have specialized knowledge. Therefore, it is highly important to focus on obtaining the right degree.

#2. Hone the Right Skills

There are certain skills you need to hone to become a successful financial analyst. Employers lookout for these skills because they are vital and can determine how you deliver for their organization.

A financial analyst should consider improving himself in these areas:

  • Communications and human relations
  • Management and strategic planning
  • Good command of softwares used in financial analysis. For example, Microsoft Excel and Oracle are popular tools used by financial analysts.
  • Problem-solving skills, logic and strategic thinking skills
  • Presentation skills, and so on.

Thankfully, these are skills you can always learn on the job. You can enrol in courses or programs online that cover these skills. In no time, you will earn extra badges and certificates for expertise in these skills.

#3. Get Required Certifications and Licensing

Although certification is not a compulsory requirement for becoming a financial analyst in Canada, one like the Chartered Financial Analyst (CFA) designation can increase your chances of getting a job.

The CFA designation is well recognized in Canada. It will not only make you stand out but also show how you are intentional about your career as a financial analyst.

#4. Gain Adequate Work Experience

Asides from the right education and obtaining proper certifications, adequate work experience is important for landing the right jobs as a financial analyst. Because you definitely need to start from somewhere, your very first job doesn’t have to be as a financial analyst. You can consider building adequate work experience by focusing on related entry-level positions.

Job options like junior tax accountant, banking assistant and personal financial advisor are great for you to begin with a basic finance degree. Later on, you can target becoming a financial analyst for the same organization or look out for other job opportunities in the career path that are favourable for you.

#5. Get an MBA

A master’s degree is usually considered a sign of specialization and expertise in a career field. For example, a Master’s degree in Business Administration (MBA), with a focus on finance can be the best fit for you. On the other hand, you could also go for a pure master’s degree in finance or economics.

Does Becoming a Financial Analyst in Canada Require Licensing by a Province?

Becoming a financial analyst in Canada does not require any provincial licensing. However, you may want to earn a designation as a Chartered Financial Analyst. The CFA charter is a designation granted to those who have completed the CFA program and have also met specific work experience limits and other requirements.

The CFA program will equip you with the expertise and real-world skills you need as a financial and investment analyst. Asides from this, it will grant you leverage when applying for jobs as the charter is well recognized across Canada.

Some specific job titles related to that of a financial analyst require certification or licensing in some provinces. The table below shows such provinces, the job titles, and the regulatory bodies.

Province Job Title Regulatory Body
Manitoba Portfolio Manager Manitoba Securities Commission
Futures Contracts Portfolio Manager (Commodities) Manitoba Securities Commission
Saskatchewan Portfolio Manager Saskatchewan Financial Services Commission
How to Become a Paramedic in Canada

Frequently Asked Questions

How Much Does a Financial Analyst Make in Ontario?

The average financial analyst in Ontario earns about $36.41 per hour. Pay rates can be lower in some circumstances, depending on experience and the company. Financial analysts can also earn as high as $54.95 per hour in Ontario.

How Long does it Take to Become a Chartered Financial Analyst in Canada?

Depending on your program pathway, it takes about five to seven years to become a chartered financial analyst in Canada. This includes years of obtaining a degree, taking the CFA program and meeting the required hours of work experience (equivalent to about 24 months).

Is Financial Analyst an In-Demand Job in Canada?

Yes. According to Job Bank, labour demand and labour supply are expected to rise from 2019 to 2028. Therefore, there will be new job openings for financial analysts in Canada.


To sum up, becoming a financial analyst in Canada requires focusing on the right things. From the undergraduate program to enrol into the skills to get better at and certifications to obtain, you have to make sure you are following the right path. This page has provided all the essential information you need on becoming a financial analyst in Canada. We hope that reading through this page has brought you a step further toward your dream of becoming a financial analyst.