Abstract:
This study sought to explore the changing nature of the financial services industry in
Toronto, Canada and the impact that these changes will have on the vocational
educational outcomes required by Ontario Colleges of Applied Arts and Technology
(CAAT) graduates who wish to enter the financial services industry. The study was
descriptive and exploratory, based on both quantitative and qualitative data. Triangulation
of 3 data sources (a collection of newspaper articles from the Toronto Star between July
1999 and June 2000, the calendars of the 25 CAATs, and a survey questionnaire prepared
by me and distributed to subject matter experts who are key practitioners in the financial
services industry) was used. The study contains a discussion of how the financial services
industry is changing. The first question to be answered was: What do current practitioners
in financial services perceive to be the knowledge, skills, and attitudes that will be
required of future graduates for employment within the financial services industry? The
study found that Ontario CAAT's graduates entering the financial services field need both
business and financial services vocational learning outcomes. Colleges should have 2
programs 1 in accounting and 1 in financial services. The report addresses which specific
topics should be included in the financial services program. The second question to be
answered was: How does this anticipated profile of knowledge, skills, and attitudes
change depending on the degree of implementation of the new technologies by the survey
respondent? The study found no pattern. The third question to be answered was: In what
way do existing programs need to change in the area of accreditation as perceived by the
respondents? The study found that for accreditation, 3 credentials should be addressed
within the financial services program. These are the Canadian Securities, the Life Underwriters, and the Certified Financial Planner designations. The last question to be
answered was: What new knowledge, skills, and attitudes need to be incorporated into
college curricula to address changing needs in the employment sector? For each Ontario
CAAT which has a financial services program (excluding accounting), their program was
reviewed in light of the topics as perceived by professionals in the financial services
industry.
