National Outlook – 10-Year Projection (2011-2020)

This section provides labour demand and labour supply projections for this occupation over the 2011-2020 period.

Note: The tables, graphs and middle paragraph shown under this section display updated 2011-2020 projection results. The remaining narrative text (2009-2018 projections) will be updated shortly. We apologize for the inconvenience.

The data in the following table are derived from HRSDC’s Canadian Occupational Projection System (COPS). COPS uses a variety of models to produce a detailed 10-year labour market projection per broad skill level and per occupation at the national level, which focuses on the trends of labour supply and labour demand over the next ten years.

This occupation (Loan Officers) is part of a larger occupational group called Finance and Insurance Administrative Occupations (NOC 123).

Occupation Projection for Canada

Over the 2008-2020 period, this occupation experienced a slight drop in employment and the unemployment rate remained virtually unchanged. The unemployment rate for this occupation was very low. Wages increased at the same rate as for all occupations. Key labour market indicators show that the number of job seekers was sufficient to fill all job openings.

Over the 2011-2020 period, an occupation will be in excess demand (a shortage of workers) if the projected number of job openings is significantly greater than the projected number of job seekers. An occupation will be in excess supply (a surplus of workers) if the projected number of job openings is smaller than the projected number of job seekers. For Finance And Insurance Administrative Occupations, over the 2011-2020 period, job openings (arising from expansion demand and replacement demand) are expected to total 111,726 and 80,724 job seekers (arising from school leavers, immigration and mobility) are expected to be available to fill the job openings.

Based on projections and given that labour supply and demand in this occupation were balanced over the 2008-2010 period, it is expected that the number of job seekers will continue to be sufficient to fill the job openings in this occupation over the 2011-2020 period. Retirements will account for most of these job openings. The retirement rate in this occupation will be very high during the projection period, surpassing the average retirement rate for all occupations. This is mainly attributable to the fact that workers in this occupation are on average older than those in other occupations. The number of new jobs created through economic activity (expansion demand) will be relatively low over the projection period in comparison to the number of new jobs recorded in the previous 10 years. Even though the number of new jobs created is lower than the number of retirements and lower than past job creation, the employment growth rate will still be the same as the all-occupation average. The relatively weak employment growth during the projection period is largely attributable to a downturn in economic activity relative to recent years, which inevitably leads to a decreased demand for administrative workers. With regard to labour supply, school leavers will make up the majority of job seekers over the 2011-2020 period. In addition, an appreciable number of job seekers in this occupation will come from occupational mobility. This mobility is due to good employment prospects in this occupation and to task specialization, which attract experienced secretaries and clerical workers to this occupation.

This Chart contains data for Projection of Job Openings vs. Job Seekers for Canada. Information is available in the following tables.

In which industry or sector do people in this occupation find jobs in Canada?

This table shows the industry and sectors employing the highest number of people in this occupation.

What percentage of people in this occupation are self-employed?

The graph displays the percentage of people in this occupation who are “self-employed”, according to the 2006 Census, in comparison to the Canadian average across all occupations.

As shown in the graph, according to the 2006 Census, 4% of people in this occupation were self-employed, while the average for all occupations was 12%.

The Labour Force Survey also gives us some information about self-employment. This occupation (Loan Officers) is part of a larger group called Finance and Insurance Administrative Occupations (NOC 123). According to the Labour Force Survey (2009), 26% of workers in this group were self-employed, while the average for all occupations was 16%.

What proportion of men and women work in this occupation?

The graph displays the proportion of men and women in this occupation in comparison to the Canadian average across all occupations.

According to the Labour Force Survey (2009), women represented 72% of workers in this occupation, compared to the average of 48% for all occupations.

What percentage of people in this occupation are members of a union?

This occupation (Loan Officers) is part of a larger group called Finance and Insurance Administrative Occupations (NOC 123). According to the Labour Force Survey (2009), the unionization rate for this group was 11%, while the unionization rate for all occupations was 31%.