Reports & Studies
How does Toronto’s financial sector compare with its global peers? What are its strengths? What issues need attention?
We work to build a consensus among our partners on how to strengthen Toronto’s financial services sector, and it all begins with sharing information, insights and expertise.
Unlocking the human opportunity: Future-proof skills to move financial services forward
Given that Toronto is the second largest financial centre in North America, employing over 800,000 people, it is critical for companies in the financial services sector in Toronto to ensure they have the right people and skills to succeed in the future. To do this, financial institutions need to understand the key trends shaping the financial services sector, how trends are changing the nature of work, and the impact any changes will have on the demand for specific skill sets. This report seeks to build a better understanding across each of these areas in an effort to provide business leaders with insights and practical recommendations to move their organizations forward, while also giving people looking to enter the sector a view into areas of opportunity and the critical skills they need to thrive.
Executive Summary - Unlocking the Human Opportunity: Future-proof skills to move financial services forward
To access the executive summary, please click below.
Knowing When to Partner: Toronto’s World Class Public-Private Partnerships for Infrastructure Financing and Risk Transfer
Toronto’s financial sector is uniquely positioned to help governments across the globe leverage public-private partnerships (P3) to address the growing infrastructure gap in Canada, finds a new report from the Toronto Financial Services Alliance (TFSA) in collaboration with KPMG in Canada. The report, Knowing When to Partner, ranks Toronto’s financial services sector only behind New York and London in its strength and ability to provide the expertise and funding to deliver on these large-scale capital projects.
Ontario Student Perceptions of Financial Services Careers
To provide some insight on students' perceptions of Financial Services careers, Toronto Financial Services Alliance (TFSA) commissioned Universum, a leading researcher of student viewpoints, to report on Ontario post-secondary students' perceptions of the Financial Services sector as a career destination.
As Financial Institutions (FIs) evolve and become more focused on technology to drive value, they are looking to recruit a greater diversity of skills, and are recruiting entry level candidates beyond the traditional business school students. Science, Technology, Engineering and Math (STEM) students and Liberal Arts graduates are other key student groups that FIs are working to attract.
To support the recruitment of a broad cross-section of students from different program areas, this report examines data related to students' career goals, what they value in a first career, and the types of employers they are focused on, in their search for a first employer.
Partners in Growth: 2017 Report Card on Canada and Toronto’s Financial Services Sector
Financial services are a critical component of the Canadian economy. The sector directly accounted for 4.5 per cent of Canadian employment and 7.2 per cent of GDP in 2016 and has been a source of growth for Canada in recent years. This report examines how the financial services sector supports small and medium sized enterprises in Canada. The report also considers the sector's international trade and investment performance. Finally, Toronto's role in Canada's financial services sector is assessed. This includes examining the sector's importance to Toronto's economy, as well as how Toronto compares with other international financial centres.
Seizing the Opportunity: Building the Toronto Region into a Global Fintech Leader
This report analyzes the fintech ecosystem that continues to develop within the TorontoKitchener-Waterloo corridor (what we will refer to as "the Toronto region," or simply "the corridor"). It establishes a benchmark framework to compare this ecosystem with others around the world. The report also explores emerging trends in the sector and the impact of the existing regulatory and policy environment-and makes recommendations for how the Toronto region can establish itself as a global leader in fintech.
Trends and Innovations in Financial Services
Innovations in financial services are one of the key areas occupying senior executives in financial services firms worldwide. Things are changing and existing business processes
are being disrupted at such a pace that it is often difficult to make sense of the developments in the industry. In order to see through some of the confusion, this report provides an overview of the perceptions of international finance professionals and their views regarding recent trends and innovations in financial services and by FinTech.
Playing from Strength: Canada’s Trade Deal Priorities for Financial Services
Despite trade deals facing opposition, Canada still has key opportunities to expand its global presence. Canada's competitive strengths in financial and related services, and provide the top five markets which Canadian trade policymakers should prioritize in order to exploit these advantages.
An Engine for Growth: 2016 Report Card on Canada and Toronto’s Financial Services Sector
The financial services sector has been a strong source of growth for the Canadian economy over the past decade. Beyond the jobs it supports and GDP it generates, the financial services sector also facilitates growth for other businesses in the economy, according to a new Conference Board of Canada report.
Cybersecurity Innovation & the Financial Services Industry in Ontario
This report concludes that Canada ranks as the fourth largest innovation hub in the world for cybersecurity with Ontario leading the country. Commissioned by Ontario Centres of Excellence (OCE) and the Toronto Financial Services Alliance (TFSA), the report states that Ontario has the potential to assume a more dominant leadership role in cybersecurity, given its current strengths in financial services and technology, if it takes immediate steps to seize the opportunity. The ranking is based on venture capital deals in the cybersecurity sector.
Better Together: Building On The Strengths Of Canada's Four Global Financial Centres
Although Toronto is the financial capital of Canada, 3 other Canadian cities are also key hubs - Montréal, Toronto, Calgary and Vancouver - each with its own unique strengths. A Conference Board of Canada report suggests that the cities complement each other, allowing Canada's financial services sector to have a depth and breadth beyond what any one financial centre would be able to provide.
Competitive Alternatives 2016
Business costs represent one of the many important factors considered in virtually all corporate location decisions. KPMG's 2016 Competitive Alternatives report explores the most significant business cost factors in more than 100 cities and 10 countries around the world. This study measures and provides insight on the impact of 26 key cost components, across 7 business to business service segments and 12 significant
Tax Policy Options for Promoting Economic Growth and Job Creation By Leveraging a Strong Financial Services Sector
the purpose of this report on tax policy options is to demonstrate that more can and should be done to leverage Canada's status as an undeniable global center of excellence in financial services, in order to enhance and promote economic efficiency, innovation, savings, investment, productivity and job creation, across the Canadian economy as a whole.
Opening up New Trade Routes for Financial Services: Canada's Priorities
Canada should focus on five priority trade deals to open markets and benefit its financial services sector, according to a new report by the C.D. Howe Institute. In "Opening up New Trade Routes for Financial Services: Canada's Priorities," authors Daniel Schwanen, Dan Ciuriak and Jeremy Kronick provide, for the first time, a ranking system to assess the best potential markets for Canadian financial services firms to either deliver services directly across borders or deliver them by investing and operating in those markets.
Canada Islamic Finance Outlook 2016
Islamic finance is growing rapidly, outpacing the growth of the conventional finance industry and even grabbing market share from it. This success has been driven in part by the internationalisation of Islamic finance as it reaches beyond its core markets of the Middle East, North Africa and Southeast Asia, and into new ones such as Europe and the Americas, including Canada, which is the focus of this report.
An Engine for Growth: 2015 Report Card on Canada and Toronto’s Financial Services Sector
Financial services are a critical component of the Canadian economy. The sector directly accounted for 4.4 per cent of Canadian employment in 2014, at 780,000 jobs, and 6.8 per cent of Canadian GDP. This report discusses the performance of Canada's financial services sector versus its peers in other countries and versus other sectors within Canada.
Current State of the Financial Technology Innovation Ecosystem in the Toronto Region
This reports maps the key dimensions of the Fintech ecosystem in the greater Toronto region, including the digital corridor that stretches from the western end of the GTA to Kitchener-Waterloo. In doing so, it provides answers to the key question posed in the report: what are the defining characteristics or unique capabilities of the innovation ecosystem that supports the financial services cluster in the Toronto region? It identifies the critical links between the key domains that define the Toronto financial services cluster, particularly the linkages between ICT and financial firms in the Toronto region.
Global Financial Centres Index 18 Sept 2015
The GFCI provides profiles, ratings and rankings for financial centres, drawing on two separate sources of data - instrumental factors and responses to an online survey. Toronto ranks 8th globally and 2nd in North America.
Data Scientist Talent for Toronto's Financial Services Sector
Employers in financial services are seeking individuals with the talent to analyze data in new and sophisticated ways. These individuals are often thought of as the next generation of "business analyst" or "data analyst" and they typically blend capabilities rooted in computer science, statistics and modeling, math, and a substantive domain such as a social or natural science. This report outlines the knowledge, skills, and abilities required, suggests where financial services employers might be able to find such talent and explores the challenges of retaining these individuals given the highly competitive market for this talent group.
Talent Opportunities in Insurance: Strengthening the Insurance Sector Workforce
Toronto-area employers in the insurance industry are encountering shortfalls of experienced talent in four key occupations: actuary, underwriter, claims adjuster/adjudicator, and data scientist/analyst. This report presents research-based findings and recommendations for closing the experienced talent gaps by exploring alternative sources for experienced talent. A sizeable list of "equivalent" occupations has been identified, along with recommended solutions to help close the experienced talent gaps. By looking at "equivalencies" across sectors, the resulting more holistic view of talent available in labour markets will make future workforce strategies more effective.
Financial Services Ecosystem in the Toronto Region: A Comprehensive View of the Structure of the Workforce
The Centre of Excellence in Financial Services Education (CoE) launched the first-ever workforce size and mobility survey across financial institutions in the Toronto region. One report emanating from this research is The Financial Services Workforce Ecosystem in the Toronto Region. This report presents the business clusters of the ecosystem in great detail.
Comparative Regulatory Environments: A Comparison of Financial Services Regulation in Eight Jurisdictions
This report, commissioned by the Toronto Financial Services Alliance (TFSA), provides a high level comparison of the regulatory environment that impacts the financial services
industry in some of the main jurisdictions. This report ranks Canada and Singapore as the top regulatory jurisdictions for financial services.
Mowat Centre Report: Brokering Success - Improving skilled immigrant employment outcomes through strengthened government-employer engagement
Poor employment outcomes for skilled immigrants have long been a problem in Canada. Many government initiatives exist to support skilled immigrants, and the majority have focused on helping immigrants become "job ready" through programs such as language or bridge training. Increasingly, governments are exploring initiatives that focus on employers-"demand-led" employment supports-rather than those solely focused on job seekers' skills and abilities. This paper asks which strategies and levers are used by all three levels of government in Canada to engage with employers to fill their talent needs and improve employment and economic outcomes of skilled immigrants and how these strategies can be improved.
Performance and Potential: Toronto’s Financial Services Sector, 2014
This report examines Toronto's financial services industry and its economic contribution to the Toronto area and to Canada as a whole. As well, this report compares Toronto's financial services sector with other global financial centres, and reviews Toronto's place in an international context. Finally, the report discusses how Canadian financial institutions operate internationally, and the importance of foreign trade and investment in Toronto's financial services industry.
Going Abroad: Examining the International Footprint of Canada’s Financial Services Sector
This report examines the trends in Canadian international trade and investment in financial services. As well, the report discusses how Canadian financial institutions operate internationally, their key challenges, and their success factors. Finally, the report draws information from four interviews to get more expansive feedback/practical advice on what individual businesses should do when entering a new market.
Doing More Business with China: Why Canada Needs a Renminbi Hub
The Canadian Chamber of Commerce released a report "Doing More Business with China: Why Canada Needs a Renminbi Hub." The report highlights four key advantages to the Canadian economy that could come from the establishment of an RMB trading hub.
Structure of a Large Financial Organization
This sample organizational chart illustrates how major financial services institutions in Toronto are typically structured, and provides a visual overview of where the in-demand roles fit in the overall context of the organization.
Global Financial Centres Index Sept 2014
The latest Global Financial Centres Index, GFCI 16, covering 80 financial centres, was published on September 22 by the London based Z/Yen Group. Toronto moved up three spots in the rankings, and remains one of only 11 financial centres judged by GFCI to be a "global leader," owing to the breadth and depth of its financial services industry. As a sub-sector, Toronto's investment management capabilities placed it among the top ten centres in the world.
A Head for Finance: Growing Financial Services Headquarters in Toronto
Toronto should focus on improving its transportation infrastructure, including roads and transit, if it wants to keep growing as a centre for financial services headquarters, according to a Conference Board of Canada report released today.
Toronto is well known as Canada's corporate headquarters hub, and has the highest concentration of financial services headquarters in Canada. With approximately 30 per cent of all financial services headquarters in Canada, Toronto has by far the highest concentration; Vancouver is second at 13.2 per cent. The financial services sector is also Toronto's third largest source of corporate headquarters employment. Forty-three per cent of Canada's financial services headquarters employees can be found in the metro area, more than triple its closest competitor Montreal.
KMPG Competitive Alternatives 2014 Special Report: Focus on Tax
Toronto ranks as the world's most tax-competitive major city in a new report released by KMPG. The report, Competitive Alternatives 2014: Focus on Tax, ranked Toronto first overall among the 51 major international cities studied.
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