Financial Firms In Toronto Unite To Better Students' Career Prospects

Juliana Walker

25 April 2017

Toronto’s financial services industry has launched a sector-wide initiative to invest in young Canadians, aiming to create 10,000 new work-integrated learning opportunities for college students by the end of 2020.

Called ASPIRE, the pilot program was designed by the Toronto Financial Services Alliance with the help of 10 financial services companies and seven Ontario colleges and universities. The goals of the pilot program are to improve students’ transition from school to the workplace and grow the pipeline of in-demand skills needed in the sector.

In order to support these opportunities – from internships and co-ops, to capstone projects, incubators and accelerators – ASPIRE will include several components that will roll out over the next few months. These include: targeted marketing and promotional activities to help employers attract a broader base of students developing in-demand skills; best practice guidelines and resources to engage and support staff hiring and managing students; business skills training to enhance students’ “work-readiness”; facilitated networking opportunities; regular employer/academic forums to continue the partnership to support student and employer outcomes; and ASPIRE financial services companies recognize the mutual benefits offered by work-integrated learning.

“Our sector has led the charge for work-integrated learning for many years,” said Dave McKay, president and chief executive of Royal Bank of Canada. “And this initiative will see an acceleration in our support at a time when young people need access to experiential learning more than ever. Work-integrated learning improves the value of education and it increases innovation. Above all, it is a huge social leveler, building networks and providing access to students from all backgrounds to the world of work.”

The 10 financial services firms involved are: Aviva Canada, BMO, CIBC, Intact Financial Corporation, OMERS, RBC, Scotiabank, Sun Life Financial, TD Canada Trust, and TMX Group. The 7 higher education institutions are: George Brown College, Northeastern University , Queen’s University, Ryerson University, Seneca College, University of Toronto, and University of Waterloo.

The Toronto Financial Services Alliance is a public/private organization. Its goal is to enhance and promote the long-term competitiveness of Toronto as a top-ten international financial services center. Its membership encompasses core financial services companies - banks, brokerages, investment fund managers, insurance companies, pensions – as well as partner sectors - accounting, law and education. Established in 2001, Toronto Financial Services Alliance is a collaboration involving three levels of government, the financial services industry and academia.