Financial Services Sector Profile

WINNIPEG
FINANCIAL
SERVICES
GROW RICHER | FOCUS ON COMMERCE
WINNIPEG
Economic Development Winnipeg Inc.
WINNIPEG
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Look at the numbers: Winnipeg’s financial services sector is one
of the largest in the country. It employs about 21,600 workers and
contributes over $2.4 billion annually to the provincial GDP.
Winnipeg’s financial services firms are comprised of banks, trust and
loan companies, credit unions, life and health insurance companies,
property and casualty (P&C) insurance companies, securities dealers
and exchanges, mutual fund companies and distributors, finance and
leasing companies, as well as independent financial advisors, pension
more
than 3,500 financial services establishments are
presently active in Winnipeg.
fund managers, and insurance agents and brokers. In total,
Some of the biggest names in the business are headquartered in
IGM Financial Inc. is one of the largest mutual
fund distributors in Canada. Investors Group (part of the IGM
Financial group of companies) and Wawanesa got their start—
and have stayed—in Manitoba. National Leasing , with offices
Winnipeg.
across Canada, is one of the largest businesses in its category. And
Great-West Lifeco, an international financial services holding
company, is also based here. Its Canadian operating companies—
Great-West Life, London Life and Canada Life—serve the financial
security needs of more than 12 million Canadians and employ over
3,100 people in the province.
Economic Development Winnipeg Inc.
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The sector is supported by a highly skilled workforce and world-class systems for information,
communications and technology. As one of North America’s most cost-effective cities for financial
services operations, Winnipeg is an ideal location for firms operating in this space that are looking for a
location from which to serve the world.
Financial Services Subsectors
The insurance sector represents the largest financial services employer in Winnipeg, employing just
under 9,600 workers or 45 per cent of the labour force. Banking and other credit activities represent
approximately 34 per cent of the labour force. Investments, securities and related activities represent
about 15 per cent of the labour force, with the balance (six per cent) being employed by equipmentleasing firms.
WINNIPEG’S FINANCIAL SERVICES SECTOR LABOUR FORCE BY SUBSECTOR (2012)
Insurance Carriers and Related Activities
(9,685 Workers)
6%
15%
45%
Credit Intermediation and Related Activities
(7,402 Workers)
Securities, Commodity Contracts and Other
Financial Investment and Related Activities
(3,229 Workers)
34%
Rental and Leasing Services
(1,300 Workers)
Economic Development Winnipeg Inc.
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The sector has experienced growth over the past decade and has been resilient even during the
global economic crisis spanning 2007 to 2009. Over the seven-year period from 2004 to 2010, the
sector added 3,400 jobs, an increase of 19 per cent.
EMPLOYMENT IN THE FINANCIAL SERVICES SECTOR (2006 TO 2012)
Sector
2006
2007
2008
2009
2010
2011
2012
% Change
2006-2012
Credit and Banking
5,832
6,205
5,918
6,838
6,140
6,888
7,419
27%
Investments
4,393
4,138
5,502
3,298
4,154
7,945
3,212
-27%
Insurance
8,058
9,215
8,912
10,117
8,532
9,844
9,685
20%
Leasing Services
1,682
1,516
1,123
1,725
1,214
685
1,299
-23%
19,365
21,073
21,455
21,978
20,039
20,362
21,616
12%
Total
WINNIPEG’S FINANCIAL SERVICES EMPLOYMENT AND ESTABLISHMENTS (2012)
Industry Sub-Sector
Establishments
Employment
1
17
5221 - Depository Credit Intermediation
102
6,128
5222 - Non-Depository Credit Intermediation
168
681
5223 - Activities Related to Credit Intermediation
92
593
5231 - Securities and Commodity Contracts Intermediation and Brokerage
110
494
5232 - Securities and Commodity Exchanges
10
73
5239 - Other Financial Investment Activities
2,164
2,570
5241 - Insurance Carriers
58
7,511
5242 - Agencies, Brokerages and Other Insurance Related Activities
404
2,174
5261 - Pension Funds
5
10
5269 - Other Funds and Financial Vehicles
41
65
5321 - Automotive Equipment Rental and Leasing
58
692
5322 - Consumer Goods Rental
53
417
5323 - General Rental Centres
7
29
139
162
3,412
21,616
5211 - Monetary Authorities - Central Bank
5324 – Commercial and Industrial Machinery and Equipment Rental
and Leasing
Total
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BANKS
Each of Canada’s Big Six banks has offices in Winnipeg. These banks have combined
assets of more than $3.4 trillion CAD and account for about 90 per cent of total
bank assets in Canada. The total banking deposits among the Big Six banks were
$2.2 trillion in 2012—92 per cent of all bank deposits in Canada. Canada has 28
domestic banks, 24 foreign bank subsidiaries and 24 foreign bank branches.
Strong and Stable Banking Capabilities
Amidst the global financial turbulence, Canada stands out as a safe and financially
sound destination for investors. From the World Economic Forum to the
International Monetary Fund, Canada earns top marks for having the strongest
banking system and has one of the most highly developed financial services sectors
in the world.
Canada’s banks provide a range of services beyond taking deposits and lending.
They are major players in the securities subsector, helping governments and private
companies raise equity and debt financing, as well as in the mutual fund industry.
Three of the 10 largest mutual fund companies and all of the large securities dealers
in Canada are bank-owned.
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CANADA’S ROCK-SOLID BANKING SYSTEM
Canada’s banks are ranked the soundest in the world by the World Economic Forum.
Canada is the second-most attractive global centre for information technology/ business
process outsourcing.
Five of the Big Six banks are listed in the world’s 20 best capitalized banks.
CANADA’S LARGEST BANKS (THE BIG SIX)
Bank
Assets in Billions ($CAD)
2012
Royal Bank of Canada (RBC)
$825
Toronto Dominion Bank (TD Bank)
$811
Scotiabank
$668
Bank of Montreal (BMO)
$525
Canadian Imperial Bank of Commerce (CIBC)
$393
National Bank of Canada (NBC)
$178
Total Assets – Six Largest Banks
Economic Development Winnipeg Inc.
$3,400
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“Winnipeg’s financial services labour force
is recognized as well-educated, hardworking
and highly productive. Productivity is part of
the culture here.”
~Tom Byrk, CEO, Cambrian Credit Union
A Growing Banking Sector
The personal, commercial and investment banking segments
have grown in Winnipeg, driven by a highly successful provincial
immigration strategy, steady population growth and ongoing
investment in Winnipeg’s diverse economy. Winnipeg’s highly
diverse population and low factor costs have attracted strong
investment by banks that operate back-office and near-shoring
operations. These advantages have helped RBC, Canada’s
largest bank, achieve average revenue growth of 5.6 per cent to
nine per cent each year from 2006 to 2012.
PERFORMANCE INDICATORS FOR BANKS IN MANITOBA (2008 TO 2012)
Performance Indicator
2008
2009
2010
2011
2012
% Change
2008-2012
Employment
5,550
5,345
5,480
5,470
5,300
-4.5%
Bank Branches
214
206
206
206
203
-5.1%
ABMs
519
527
527
536
514
-0.9%
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WINNIPEG OFFERS ROYAL BANK OF CANADA:
A stable, highly diversified and growing economy
Strong growth in commercial and retail banking driven by population increases from
Manitoba’s skilled worker immigration policy
Diversity: RBC’s contact centre in Winnipeg supports 450 RBC branches with a team of
Winnipeg-based agents who are fluent in more than 52 languages
A convenient location in the Central Time Zone (for centralized North American
contact centres)
Low factor costs for rents, wages and costs of living
Economic Development Winnipeg Inc.7
Inc.
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CREDIT UNIONS
There are 41 credit unions in the province of Manitoba, with combined assets of $21.4 billion as
of 2012 (an 11 per cent increase over 2011). Winnipeg-based credit unions account for $9.5 billion
(44 per cent) of total assets. Over the past decade, these credit unions’ assets have collectively
grown at an average annual rate of approximately 11.3 per cent.
In 2012, Manitoba’s credit union memberships increased by almost 4,000 since 2011; 47 per cent
of Manitobans belong to a credit union.
Ongoing gains in productivity helped Manitoba’s credit unions achieve 48 per cent growth in
annual assets between 2008 and 2012. This is notable, especially considering the modest gains
realized at new credit union locations.
Three of the 10 largest credit unions in Canada are based in Manitoba, including two based in
Winnipeg. They include Steinbach Credit Union (with assets of $3.9 billion), Assiniboine Credit
Union (with assets of $3.4 billion) and Cambrian Credit Union (with assets of $2.7 billion); listed
assets are for 2012.
MANITOBA CREDIT UNION PERFORMANCE (2008 TO 2012)
2008
2009
2010
2011
2012
% Change
2008-2012
Assets (billions of dollars)
$14.44
$15.86
$17.37
$19.19
$21.35
47.8%
Loans (billions of dollars)
$12.13
$13.46
$14.53
$15.89
$17.53
44.5%
Deposits (billions of dollars)
$13.37
$14.78
$16.20
$17.93
$19.93
49.1%
Credit Unions
48
45
41
41
41
-14.5%
Credit Union Locations
182
184
184
184
190
4.4%
Memberships (thousands)
554
566
574
582
585
3.7%
Economic Development Winnipeg Inc.8
INSURANCE
Headquartered in Winnipeg, Great-West Lifeco is among the largest of Canada’s life insurance
companies. Great-West has operations in Canada, the U.S., Europe and Asia. Great-West Lifeco and
its companies have $546 billion in consolidated assets under administration. Other major insurance
firms based in Winnipeg include Wawanesa, Manitoba Public Insurance and Federated Insurance (a
leading specialized insurance provider and the only nationally operated direct writer of commercial
insurance in Canada).
Winnipeg’s educational institutions have a long tradition of preparing workers for careers in the
insurance industry. The Warren Centre for Actuarial Studies and Research at the University of
Manitoba is one of the oldest and most successful in North America, having graduated hundreds
of actuaries over the years. As part of the university’s faculty of management, the Warren Centre
makes it possible to continue and enhance the tradition of excellence—which has long distinguished
the university’s actuarial program—by providing students with the educational breadth obtainable
through access to business and management-oriented courses. The Warren Centre is the only
Canadian actuarial program able to provide students with this powerful career advantage.
Because of Winnipeg’s leadership in insurance, the city has the highest insurance industry
employment per capita of any major city in Canada.
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Insurance Industry Employment,
Percentage of Total
2.0%
1.8%
1.6%
1.5%
1.1%
1.0%
1.0%
1.0%
0.9%
0.5%
0.5%
0.5%
0.0%
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INSURANCE LEADERS BASED IN WINNIPEG
GREAT-WEST LIFECO INC. is an international financial services holding company, with interests in life
insurance, health insurance, retirement and investment services, asset management and reinsurance
businesses. Great-West Lifeco has operations in Canada, the United States, Europe and Asia through
Great-West Life, London Life, Irish Life, Canada Life, Great-West Financial and Putnam Investments.
The GREAT-WEST LIFE ASSURANCE COMPANY is a leading Canadian insurer, with interests in life
and health insurance, investment services, retirement savings and reinsurance businesses primarily
serving Canadian and European markets.
Founded in London, Ontario in 1874, LONDON LIFE offers financial security advice and planning
through its Freedom 55 Financial™ division and a broad range of financial products from other
financial institutions.
Founded in 1847, THE CANADA LIFE ASSURANCE COMPANY was Canada’s first domestic life
insurance company. Today, Canada Life provides insurance and wealth management products
and services in Canada, the United Kingdom, the Isle of Man and Germany, as well as reinsurance
solutions in the United States.
PUTNAM INVESTMENTS is a global asset manager and retirement plan provider offering investment
management services across a range of equity, fixed income, global asset allocation and alternative
strategies, including absolute return, risk parity and hedge funds for individuals and institutions.
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OVER A CENTURY IN WINNIPEG
WAWANESA is a Canadian mutual company owned by its policyholders. It is one of the largest
property and casualty insurers in Canada. Wawanesa has a rich history dating back to September
25, 1896, when it was founded in the Village of Wawanesa, Manitoba. Today, executive offices are
located in Winnipeg, Manitoba.
Wawanesa has 100 per cent ownership of two subsidiary companies:
Wawanesa Life
Wawanesa General (USA)
WAWANESA TOTAL ASSETS IN 2012 ($CAD BILLIONS)
$9.0
$8.0
$7.1
$7.0
$ Billions
$6.0
$5.0
$4.7
$5.3
$7.7
$5.8
$4.0
$3.0
$2.0
$1.0
$0.0
2008
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2009
2010
2011
2012
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MUTUAL FUNDS
Headquartered in Winnipeg, IGM Financial Inc. is the largest mutual
fund distributor in Canada, selling both its own portfolio of financial
products as well as third-party funds. IGM’s mutual fund assets under
management totaled more than $120.7 billion at the end of 2012.
Investors Group manages assets of $60.6 billion and has more than
1,000 employees in Winnipeg.
Wawanesa Mutual is also based in Winnipeg and is one of the largest
mutual fund firms in Canada. Both firms are integrated financial
services companies that create their own mutual funds and distribute
mutual funds in-house and through third parties.
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WHY WINNIPEG?
“Investors Group provides financial advice and
services to nearly one million Canadians and is
committed to comprehensive financial planning
delivered through long-term client relationships.”
~ Murray Taylor, President & CEO, Investors Group
Headquartered in Winnipeg, INVESTORS GROUP is one of Canada’s
leading financial services companies. The firm is among the country’s
largest managers and distributors of mutual funds and other managed asset
products, with $60.6 billion in total assets under management.
BENEFITS OF LOCATING IN WINNIPEG INCLUDE:
Winnipeg’s stable and hardworking labour force, with access to
professionals in business and finance occupations
Access to state-of-the-art information and communications infrastructure
and support
For a national company, Winnipeg’s central location and time zone facilitate
connections with company operations spanning from coast to coast
Winnipeg’s lower cost of living means resources can go further
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LEASING
ABOUT NATIONAL LEASING
Headquartered in Winnipeg, National Leasing is a leading
provider of asset financing solutions and a member of the
Canadian Western Bank Group (TSX:CWB). With more
than 30 years of leadership experience, National Leasing
is one of Canada’s largest lessors of small- to mid-ticket
transactions. It has been recognized as one of the ‘Top 50
Best Small and Medium Employers in Canada’ for seven
consecutive years.
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WEALTH MANAGEMENT
AND INVESTMENTS
Winnipeg-based MGI FINANCIAL INC. is one of Canada’s
largest financial solutions providers and the flagship of
the Jovian group of companies (TSX: JOV). MGI has more
than 80,000 clients across Canada and manages assets
of nearly $4 billion. Other wealth management firms
based in Winnipeg include RICHARDSON GMP and the
RICHARDSON FINANCIAL GROUP.
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MANITOBA CAPITAL INVESTMENT BY INDUSTRY ($CAD MILLIONS)
Industry Sector
2009
2010
2011
2012
Agriculture, forestry, fishing and hunting
561.3
567.3
504.4
501.9
Mining and oil and gas extraction
568.2
1,190.4
1,373.5
1,258.0
Utilities
959.7
1,633.9
1,112.3
1,529.3
Construction
131.7
195.7
196.9
185.1
Manufacturing
381.5
357.6
479.2
531.1
Wholesale trade
165.7
222.8
175.9
227.7
Retail trade
285.3
263.7
276.2
349.5
1,230.1
741.3
895.6
769.9
Information and cultural industries
271.3
325.1
302.4
305.9
Finance and insurance
396.6
312.7
242.0
170.0
Real estate and rental and leasing
232.5
267.3
260.0
263.3
Professional, scientific and technical services
73.9
80.4
91.0
122.5
Educational services
216.2
375.6
300.8
316.1
Health care and social assistance
285.4
289.6
307.2
256.5
Other services (except public administration)
63.8
77.2
67.7
89.6
1,400.2
2,246.1
9,694.3
6,657.4
3,036.9
1,422.8
2,650.9
11,217.5
7,635.2
3,582.3
1,480.7
2,832.2
11,213.2
7,849.8
3,363.4
1,791.8
3,158.7
12,306.0
8,233.4
4,072.6
Transportation and warehousing
Public administration
Housing
Total Capital Investment
Private Capital Investment
Public Capital Investment
GROWING CONSUMER FINANCIAL SERVICES DEMAND
Ongoing growth in consumer banking is being driven in part by the highly successful Manitoba
Provincial Nominee Program (MPNP). Since 1999, the program has assisted thousands of individuals
with their immigration to Manitoba. Between 2006 and 2012, the program is credited for adding more
than 66,000 immigrants to Manitoba’s population. More than 60 per cent of immigrants in the MPNP
possess a post-secondary certificate, diploma or degree.
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WINNIPEG’S ADVANTAGES FOR
FINANCIAL SERVICES NEAR-SHORING
AND OUTSOURCING
Winnipeg offers a
strong value proposition as a centre to support global clients.
one of the world’s leading centres for off-shoring and nearshoring of back-office operations. The city’s financial services firms operate extensive
Canada is
contact centres and back-office financial services functions in Winnipeg.
Since 2008, Winnipeg has been ranked as one
of the most cost-effective cities for doing
business in the western U.S. and Western Canada (all industries) by KPMG Competitive Alternatives.
Winnipeg’s information and communications infrastructure is world class and supported by major
firms such as
IBM, HP Enterprise Services, and network provider MTS Allstream.
Highly reliable telecommunications infrastructure in Winnipeg is available 24-7 via one of North
America’s largest IP networks. Major IT system integrators are based in Winnipeg, supporting
financial services firms that serve clients around the globe.
One-quarter of Winnipeg’s population speaks a native language
other than English, with a large portion of the population being bilingual. These workers
help to support major financial services contact centres in Winnipeg.
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Three major post-secondary educational institutions are located in Winnipeg, with combined
enrollment of more than
42,000 full-time students: the University of Manitoba; the
University of Winnipeg; and Red River College, Winnipeg’s applied technology college. All three
are active partners with the financial services industry.
Winnipeg has a
highly skilled, hardworking
Low costs of living in Winnipeg
and
stable
labour force.
(among the lowest in Canada) have kept wage
rates competitively low compared to other markets in Canada.
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COST-COMPETITIVE AND
PRODUCTIVE LABOUR FORCE
Winnipeg’s low costs of living give financial services firms a distinct advantage. Wage rates within
Winnipeg’s finance and insurance industries are very competitive, currently sitting at six per cent below
the Canadian average and 17 per cent below Toronto.
AVERAGE WEEKLY EARNINGS IN THE FINANCE AND INSURANCE INDUSTRIES (2012)
1.15
1.13
$1,207
$1,200
Wages
$969
$914
$902
$1,000
$1,063
$1,039
$1,083
$1,100
$800
$600
$400
$200
$0
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A MULTILINGUAL POPULATION SUPPORTS GLOBAL CONTACT CENTRE OPERATIONS
There are more than 100 languages spoken in Winnipeg. The city’s diversity continues to grow, thanks
to a highly successful Manitoba immigration strategy that adds an additional 20,000 new residents a
year from around the world.
LANGUAGES SPOKEN IN WINNIPEG: POPULATION BY MOTHER TONGUE (2011)
Native Language
English
Tagalog (Pilipino, Filipino)
French
German
Ukrainian
Panjabi (Punjabi)
Portuguese
Polish
Chinese n.o.s.
Spanish
Italian
Russian
Cantonese
Vietnamese
Arabic
Korean
Chinese (Mandarin)
Dutch
Ojibway
Persian (Farsi)
Urdu
Hindi
Hungarian
Amharic
Cree n.o.s.
Greek
Croatian
Lao
83 other languages
Economic Development Winnipeg Inc.
Winnipeg Population
Share of Winnipeg Population
520,785
32,695
27,680
20,365
10,400
9,420
6,595
6,440
6,370
6,225
5,440
4,285
3,220
3,180
2,685
2,420
2,080
1,770
1,670
1,525
1,500
1,295
1,150
1,150
1,130
1,090
985
825
36,740
72.2%
4.5%
3.8%
2.8%
1.4%
1.3%
0.9%
0.9%
0.9%
0.9%
0.8%
0.6%
0.4%
0.4%
0.4%
0.3%
0.3%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.1%
0.1%
5.1%
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INFORMATION
TECHNOLOGY
INFRASTRUCTURE
Winnipeg’s financial services firms are supported by advanced IT
and telecommunications systems providers. Winnipeg is home
to about 1,800 information technology and communications
firms who support Winnipeg’s diverse economy. More than
18,000 individuals are employed within Winnipeg’s information,
communications and technology sector. Winnipeg hosts regional
offices for major IT systems firms, including IBM and HP
Enterprise Services, and the city is also home to one of Canada’s
largest business telecommunications firms, MTS Allstream, which
operates one of the largest and most advanced IP networks in
North America.
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WORLD-CLASS HIGH-SPEED
CONNECTIVITY 24-7
Winnipeg companies have access to a variety of high quality, fully redundant high-speed networks.
MTS Allstream, headquartered in Winnipeg, is one of Canada’s leading national communication
solutions companies, with 5,500 employees across Canada. MTS Allstream’s business is dynamic and
consists of two operating divisions.
In Manitoba, MTS is the leading full-service telecommunications provider for residential and business
customers. MTS’s suite of services include the latest in wireless technology, broadband services, IPTV,
voice services, home security and an extensive range of business solutions.
Across Canada, Allstream is a leader in IP communications and is the only national provider that
focuses exclusively on the business telecommunications market. The company’s extensive national
fibre-optic network spans more than 30,000 kilometres.
ALLSTREAM NETWORK CAPACITY:
+30,000-kilometre national fibre-optic network combines IP connectivity, Ethernet-featured services,
cloud enablement, and the most advanced managed and security capabilities
100G capable DWDM transport network for enterprise requirements
Service-guaranteed wavelength solutions via pre-built, cross-border intercity routes, including TorontoBuffalo, Vancouver-Seattle and Toronto-Chicago
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ALLSTREAM IP NETWORK
Financial services firms in Winnipeg have
many choices for telecommunication
providers. In addition to MTS Allstream, the
telecommunications subsector in Winnipeg
is comprised of about 92 firms involved
in wired and wireless communication,
data processing, hosting and Internet
service providers and related
activities. There are 5,600 workers
employed in the subsector.
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TELECOMMUNICATIONS COMPANIES ACTIVE IN WINNIPEG
MTS ALLSTREAM – One of Canada’s largest business telecommunications providers by
market share, MTS Allstream employs more than 5,500 workers across Canada—including
3,000 workers in Manitoba. The company has invested more than $200 million over the
past 10 years to ensure that Manitoba’s broadband networks are second-to-none in North
America. The Allstream business unit works exclusively with businesses of all sizes and
currently has a customer base of more than 65,000 businesses (large, midsized and small)
across Canada.
SHAW COMMUNICATIONS INC. – Shaw offers services throughout Manitoba, including
Winnipeg, Brandon, Selkirk, Steinbach and Portage la Prairie. Business services include
high-speed Internet (close to two terabits per second); business phone and data services,
which include transparent LAN, VPLS and EVLP; and private line and Ethernet private line
options. Shaw’s business services are supported by a 625,000-kilometre fibre-optic network
spanning Canada and the U.S.
BELL CANADA – Bell’s portfolio of value-added network and business applications offers a full
spectrum of information and communications technology solutions for Manitoba businesses.
WESTMAN COMMUNICATIONS – Westman’s broadband capacity is offered in Brandon,
Carberry, Minnedosa and Neepawa. The firm uses MTS’s telecommunications infrastructure
for portions of its service provision. Westman’s services are cable-based (with some fibre
optics in the Brandon area).
TELUS – Telus provides flexible bandwidth solutions, from national private line to managed
wavelength services, via its national fibre Internet Protocol (IP) backbone network.
WIBAND COMMUNICATIONS – WiBand provides wireless broadband capability in
Steinbach, Winkler, Altona and Carman that ranges from one to three Mbps.
DIRECTPC (TELESAT) – DirectPC offers wireless services in many areas of Manitoba (in the
range of 400 Kbps for download).
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EDUCATION AND TRAINING
Winnipeg is home to
two world-class universities, the
University of Manitoba and the University of Winnipeg, as well as
the province’s leading
applied sciences college,
Red River College. More than 42,000 full-time students are
currently enrolled at the city’s post-secondary learning institutions,
giving Winnipeg a diverse supply of young, highly educated and
highly skilled workers.
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UNIVERSITY OF MANITOBA
The University of Manitoba is the province’s largest university, with more than 20 faculties educating
students in the areas of accounting, finance, economics, agribusiness, actuarial mathematics,
international business and other disciplines related to the financial services sector. The university is
comprised of a faculty and staff of 8,400 and offers educational programs to more than 27,000 students.
Asper School of Business
The University of Manitoba’s Asper School of Business is a full-service business school educating
undergraduate students in the fields of accounting, management, finance, statistics, economics,
actuarial mathematics, management information systems (MIS), human resources and many other areas
critical to functioning in today’s business environment.
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Students completing undergraduate studies at the Asper School
of Business receive a bachelor of commerce degree in their chosen
field of study. The school also offers postgraduate master of
business administration, master of science in management and
PhD programs. The school gives students an opportunity to
receive one-on-one instruction, with small class sizes and courses
geared toward educating students on current-day issues in the
business environment. Students are also afforded an opportunity
to participate in the co-op education program, which allows them
to access real-world, paid, on-the-job training and experience while
pursuing a university degree. The Asper School of Business has also
earned the Global Best Award from the Conference Board of Canada,
which recognized the school for its world-class cooperative practices
with Winnipeg’s business community.
Graduates from the Asper School of Business go on to practice as
investment bankers, project managers, accountants, actuaries and
in many other business-related disciplines. The actuarial program at
the school has a long history of graduating the top actuaries in the
world, and the degree programs are accredited by the Association
to Advance Collegiate Schools of Business (AACSB), a distinction
available to only five per cent of the world’s business institutions.
To learn more, visit: www.umanitoba.ca
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UNIVERSITY OF WINNIPEG
Consistently recognized by both Maclean’s magazine and The
Globe and Mail newspaper, the University of Winnipeg is a leader
in academic excellence. More than 10,000 undergraduate and
graduate students attend courses at the University of Winnipeg,
which employs a faculty and staff of more than 700 people.
The faculty of business and economics at the University of
Winnipeg breaks down barriers between traditional management
disciplines and exposes students to a wider range of study than
at most business schools. The core curriculum provides a solid
foundation upon which a richer, broader business education
can find footing. The faculty prides itself on creating business
leaders who are capable of adapting to the ever-changing needs
of a modern world. The department offers students several
options for receiving degrees, with concentrations in economics,
finance, accounting, international business, human resources and
marketing.
The faculty of business and economics recently moved into the
Buhler Centre, an innovative, eco-friendly, four-storey building
that includes state-of-the-art classrooms, computer labs and
meeting spaces. This facility also supports business students via
special scholarships.
For more information, visit: www.uwinnipeg.ca
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RED RIVER COLLEGE
Red River College (RRC) is Manitoba’s largest institute of applied learning, with 12,000 full-time
enrollments across more than 100 programs. RRC works closely with industry and employers to
ensure that graduates have the right skills and knowledge to contribute effectively in the workplace.
Successful partnerships have helped graduates achieve a 95 per cent graduate employment rate.
RRC offers several options to help students gain a fundamental understanding of business principles and
concepts. The college offers many business-related degree programs, including business administration,
computer accounting technician, computer applications for business and several others. The business
information technology program offers students an opportunity to specialize in one of four fields:
application development, database management, network management and web development.
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The program is accredited by the Canadian Information
Processing Society’s (CIPS) College Program Accreditation
Council (CPAC). The CPAC works with academic institutions
to ensure that educational programs prepare students for the
rigorous demands of the information systems profession.
The college takes an entrepreneurial approach to meeting the
needs of community, business and industry. RRC is home to a
vast pool of knowledge and expertise that is readily available to
help organizations arrive at practical, innovative solutions that
deliver results.
For more information, visit: www.rrc.mb.ca
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WINNIPEG’S PROFESSIONAL
FINANCIAL NETWORKS
Winnipeg is home to a number of professional associations and industry groups that have a
vested interest in growing Manitoba’s financial services sector. As the capital of Manitoba,
Winnipeg is also home to several government agencies that play an integral role in partnering
with financial services firms throughout the province.
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF MANITOBA (ICAM) is a self-regulatory
professional body incorporated under The Chartered Accountants Act to serve the best
interests of the public through the development and enforcement of high standards of
qualification and practice. ICAM is the largest professional accounting body in Manitoba and
offers an extensive program of professional development for its members and students, as well
as practice advisory services for practitioners. www.icam.mb.ca
THE INSURANCE BROKERS ASSOCIATION OF MANITOBA (IBAM) is an organization
representing approximately 2,000 broker members from all communities across the province. The
association’s goal, always with the best interests of consumers in mind, is to ensure that insurance
brokers remain the primary provider of insurance services in Manitoba. IBAM advocates on behalf
of brokers with government officials and the public, provides continuing education services for its
members and organizes conferences for its membership.
www.ibam.mb.ca
THE MANITOBA INSURANCE ADJUSTERS’ ASSOCIATION (MIAA) is a not-for-profit association
of insurance professionals employed within the claims field of the property and casualty insurance
industry in Manitoba. The MIAA is dedicated to the maintenance of highly professional standards
in the investigation, negotiation and settlement of insurance claims.
www.miaa.mb.ca
THE INFORMATION AND COMMUNICATION TECHNOLOGIES ASSOCIATION OF
MANITOBA (ICTAM) is an industry-focused association representing Manitoba’s ICT sector.
ICTAM’s constituency is broad-based, encompassing vendors, consumers, government,
education, chambers of commerce and sector councils. Its goal is to accelerate the growth,
prosperity and sustainability of the industry through relevant programming, advocacy
and collaboration. www.ictam.ca
THE MANITOBA CUSTOMER CONTACT ASSOCIATION (MCCA) is an association consisting of
companies and organizations associated with the province’s customer contact industry. MCCA
offers such benefits as information and knowledge about industry trends and challenges; best
practices; and industry certification and training to agents, supervisors and management working
in the contact centre industry. Economic Development Winnipeg Inc.
www.mcca.mb.ca
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WINNIPEG
FINANCIAL
SERVICES
GROW RICHER | FOCUS ON COMMERCE
300-259 Portage Avenue
Winnipeg, MB R3B 2A9
Canada
204.954.1997
[email protected]
www.economicdevelopmentwinnipeg.com
©2014 PreparedWinnipeg
by Economic Development
Winnipeg Inc., promoting Winnipeg as an ideal place to live, work, invest and visit. 32
Economic Development
Inc.

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