Job Responsibilities : Investment Specialist
Salary : $109,700–$141,900 a year
Company : Office of the Superintendent of Financial Institutions Canada
Location : Remote CA
Ottawa (Ontario) Toronto (Ontario) Montréal Island (Québec)
AC-02 RE-06 – NOTE: This position is classified at the RE-06 group and level which is roughly equivalent to the AC-02 group and level.
Indeterminate Specified Period Deployment
$109700 to $141900
For further information on the organization please visit Office of the Superintendent of Financial Institutions Canada
Closing date: 10 July 2022 – 23:59 Pacific Time
Who can apply: Persons residing in Canada and Canadian citizens and Permanent residents abroad.
We are committed to providing an inclusive and barrier-free work environment starting with the hiring process. If you need to be accommodated during any phase of the evaluation process please use the Contact information below to request specialized accommodation. All information received in relation to accommodation will be kept confidential.
This position is located in Ottawa; however the successful candidate may work from the Ottawa Montreal or Toronto office.
As a result of the global pandemic OSFI employees are currently working from home. Should the current telework environment no longer apply and contingent on the operating model adopted by OSFI you may be required to report into and work onsite from one of the following offices: Ottawa Montreal or Toronto. Working remotely will require travel to Ottawa. As our telework arrangements are evolving we encourage you to apply.
OSFI is committed to achieving a representative workforce that reflects the diversity of the Canadian population. We are dedicated to building and promoting a diverse equitable and inclusive workforce representative of all Canadians regardless of race ethnicity colour religion sex age disability sexual orientation gender identity or expression socio-economic background or lived experience. By embracing diversity and inclusion our department ensures broader discussions better decisions and a more positive workplace.
We welcome all candidates including Indigenous Peoples Black other racialized groups persons with disabilities and members of the LGBTQ2+ community to apply and strongly encourage candidates to self-declare if they belong to an Employment Equity designated group Aboriginal* Peoples Persons with Disabilities Women or Visible Minorities – Black people and other racialized groups.
- The term “Aboriginal” is used within this job advertisement as it relates to the Employment Equity Act and other legislative frameworks. The term “Indigenous” is used where possible in alignment with the United Nations Declaration on the Rights of Indigenous Peoples.
While many programs and initiatives have already been implemented in line with our commitments to diversity and inclusion we aim to improve! We invite you to be part of the change by joining an organization where individual differences are recognized valued and respected.
Achieving a representative and diverse workforce has been identified as an organizational need for OSFI and may be applied at any time during this appointment process. If this criterion is used only those who have indicated that they are members of the specified designated group(s) will be considered. As such first consideration for an appointment may be given to candidates who self-declare as belonging to one of the four designated employment equity groups (Persons with a disability Aboriginal people Members of a Visible Minority or Women).
In order to self-declare please ensure to check off the appropriate box within the online application under the Employment Equity section. We encourage you to consult theses links to learn more about employment equity and self-declaration:
The Office of the Chief Actuary (OCA) has an important mandate in providing a range of actuarial valuation and advisory services to the Government of Canada. The OCA provides appropriate checks and balances on the future costs of the different pension and benefit plans and social programs that fall under its responsibility including the Canada Pension Plan (CPP) and the federal public sector pension plans (PSPPs).
As part of its mandate the OCA develops assumptions on the expected rate of return on assets for two main purposes and in respect to two investment bodies with more than $740B in combined assets under management:
1. Preparation of statutory actuarial reports on the CPP with assets invested by CPP Investments;
2. Preparation of statutory actuarial reports on the PSPPs with assets invested by PSP Investments.
As the size of the assets under management continues to increase the investment programs and structures of both investment bodies are becoming more complex and sophisticated. In order to keep pace with this ever-changing environment the OCA is in the process of creating an internal investment function. The purpose of the internal investment function is to ensure that the OCA continues to expand its knowledge of investment-related matters and shares it efficiently across the office.
The Investment Specialists leads plans and oversees all the activities of the internal investment function. In particular the Investment Specialist:
i. Recommends and provides advice on the rationale for the selection of the investment assumptions used in actuarial reports.
ii. Leads the development of capital market assumptions for various asset classes including more complex ones such as real assets private equities debt etc.
iii. Leads the enhancement maintenance and utilization of OCA’s asset/liabilities models.
iv. Leads and conducts investment-related research and studies.
v. Recommends and advises on stress-tests and stochastic modeling techniques in order to identify and measure investment risks and determine the acceptability of these approaches for inclusion in OCA actuarial reports.
vi. Recommends and implements a vision for the OCA to enhance maintain and share its investment expertise.
vii. Act as a representative of the OCA and subject-matter expert with national stakeholders and organizations including the Canada Pension Plan and Public Sector Pension Investment Boards.
viii. Manages the methodologies and models used by the OCA for the development of the expected rates of returns on assets and provides guidance and support on how to improve them.
ix. Provides technical guidance on various investment matters.
The Investment Specialist also plans and oversees the preparation of various reports and studies for plans and programs under the responsibility of the OCA and leads in the planning of various projects in this regard.
This position will play an important role of supporting the OCA in its journey towards its vision to be recognized as the independent impartial and trusted Actuarial Center of Excellence of the Government of Canada.
The Office of the Chief Actuary is an independent unit within the Office of Superintendent of Financial Institutions (OSFI). OSFI is an independent federal government agency that regulates and supervises more than 400 federally regulated financial institutions and 1200 pension plans to determine whether they are in sound financial condition. In fulfilling its mandate OSFI supports the government’s objective of contributing to public confidence in the Canadian financial system. It also offers actuarial services to the Government of Canada through the OCA.
Learn more about us https://youtu.be/QO_3vnPKuZI
Through its work the OCA has an important and independent role to play in the commitments made to Canadians by the federal government to deliver and finance the promised benefits. As some of these promises are long-term our work also aims at ensuring that decision-makers Parliamentarians and the public understand the future costs and the risks associated with those promises.
Our People and Culture:
People are the foundation of our organization. You will become part of a diverse community that acknowledges everyone has varied experience and fosters an environment where communication and teamwork amplify our effectiveness. We have several networks dedicated to ensuring that the department continues to grow as an inclusive accessible respectful and diverse workplace. All employees are encouraged and welcome to join the following networks and participate in their activities and events.
- Diversity of Thought
- Family Responsibilities
- Mental Health and Accessibility
- Multiculturalism (Affinity Groups: Indigenous Asian Black)
- Unconscious Bias
Hear about our people https://youtu.be/diUspmpYWQI
Compensation: OSFI offers a competitive salary and employees may be eligible for in-range increases and economic adjustments. Salaries are based on qualifications experience and knowledge. The Public Service Pension Plan is a defined benefits pension plan (indexed for inflation) where both the employer and the employee contribute.
Performance Pay: OSFI employees are eligible for an annual bonus based on their performance throughout the year.
✈️ Vacation and Leave: OSFI employees start with 4 weeks of paid vacation 2 personal days and 5 days of Family Related Leave with Pay among other various types of paid and unpaid leave.
Flexible Work Arrangements: OSFI offers flexible work arrangements by providing support for compressed work week schedules flexible work hours and teleworking in order for employees to achieve their work objectives while achieving balance between work and homelife.
Learning and Development: OSFI offers career advancement opportunities and encourages innovative thinking in its work environment. Employees may be reimbursed for relevant professional association membership fees. The OCA offers the Development Program for Actuaries and supports the fulfillment of actuarial designations through the Actuarial Study Time Policy.
Intent of the process
The immediate need is to staff one position with a language requirement of English of French Essential on an indeterminate basis.
A pool of qualified or partially qualified candidates may be created to staff similar or identical positions with various linguistic profiles and requirements (bilingual imperative (BBB/BBB CBC/CBC) English essential etc.) security requirements and/or various tenures within the Office of the Superintendent of Financial Institutions (OSFI) which may vary according to the position being staffed.
Positions to be filled: 1
Information you must provide
In order to be considered your application must clearly explain how you meet the following (essential qualifications)
- Graduation with a degree* from a university with a specialization in actuarial science mathematics business finance commerce economics accounting or any other specialty related to the position.
- Professional designation: Chartered Financial Analyst (CFA).
- The term degree refers to a baccalaureate or a higher-level degree as established by educational authorities.
- Extensive* experience developing capital market assumptions in the context of developing investment assumptions and conducting relevant stochastic analysis for actuarial reports and studies.
- Significant** experience in mentoring and coaching colleagues on investment matters.
- Experience establishing and leading new projects and initiatives.
- Experience attending and participating in stakeholder meetings.
- Extensive means the depth and breadth of experience that is normally acquired by performing the tasks continuously over a five (5) year period.
**Significant means the depth and breadth of experience that is normally acquired by performing the tasks continuously over a three (3) year period.
If you possess any of the following your application must also clearly explain how you meet it (other qualifications)
- Successful completion of actuarial exams or an actuarial designation (ACIA FCIA FSA or ASA).
- Experience in the preparation of actuarial valuations and cost estimates.
- Experience in recommending and providing advice on the rationales in selecting the assumptions used in actuarial reports.
- Experience in the area of asset-liability management.
The following will be applied / assessed at a later date (essential for the job)
English or French
Information on language requirements
- In-depth knowledge of financial markets and investments in the context of developing expected rates of return and volatilities of various asset classes.
- In-depth knowledge of risk sensitive approaches related to stress testing.
- Knowledge and understanding of macro-economic and demographic trends.
- Growth and Development
- Critical Thinking
- Results Orientation
- Strong ability to communicate effectively verbally.
- Strong ability to communicate effectively in writing.
The following may be applied / assessed at a later date (may be needed for the job)
- OSFI is committed to having a skilled and diverse workforce representative of the Canadian population. In order to meet our employment equity objectives selection for this position may be made from among qualified candidates who self-declare as belonging to one of the following Employment Equity groups: Persons with a disability Aboriginal people Members of a Visible Minority or Women. OSFI is committed to diversity and inclusion and we strongly encourage candidates to self-declare if they belong to one of these designated employment equity groups.
- Ability and willingness to work overtime.
Conditions of employment
Reliability Status security clearance
- In our current telework environment the ability to work remotely from home within Canada with access to Internet in one’s residence is a condition of employment.
- Ability and willingness to travel within Canada when required.
The Public Service of Canada is committed to building a skilled and diverse workforce that reflects the Canadians we serve. We promote employment equity and encourage you to indicate if you belong to one of the designated groups when you apply.
Information on employment equity
For external processes (as indicated by the abbreviation “EA” in the selection process number) only those selected for further consideration will be contacted.
OSFI is a separate agency with its own classification and compensation system. OSFI’s staffing is subject to the Public Service Employment Act (PSEA).
The ability to communicate effectively in writing may be assessed using the candidate’s application as well as through the evaluation process.
Assessments (such as written exams interviews and reference checks) may be conducted virtually through email telephone and/or videoconference. It is the candidate’s responsibility to ensure that their computer and mobile equipment is in working condition before starting an assessment.
Candidates must meet all of the essential qualifications to be appointed; however one or more asset criteria may be invoked at any stage of the process.
Depending on the number of applicants volume management strategies such as random selection top-down approach and/or establishing cut-off scores to determine who will continue in the staffing process may be used for the purpose of managing applications. Please note that although you may attain the established pass mark on any of the assessments used in this staffing process management may decide to use a higher cut off score.
Eligible candidates may be considered and offered a deployment or interchange before considering other applicants.
Persons are entitled to participate in the appointment process in the official language of their choice. Applicants are asked to indicate their preferred official language in their application.
Email correspondence will be used as the main method of communication with candidates for this selection process please ensure it accepts messages from unknown users. Please note that you need to provide valid and updated contact information.
All job applications must be submitted through the Government of Canada public service jobs website. Do not email or mail hard copy documents as these will not be accepted. To submit an application online please click on the apply now button. Persons without Internet access may also review jobs open to the public through INFOTEL at 1-800-645-5605.
If you have a limitation that may impact your performance at any steps of the assessment process (such as submitting the application written test or an interview) you may request an accommodation. Assessment accommodations are designed to remove barriers and to ensure that candidates with limitations can fully demonstrate their abilities. Should you wish to be accommodated please inform us by sending an e-mail to the following address: HROstaffing@osfi-bsif.gc.ca. All information received in relation to accommodation will be kept confidential.
Preference will be given to veterans first and then to Canadian citizens and permanent residents with the exception of a job located in Nunavut where Nunavut Inuit will be appointed first.
Information on the preference to veterans
We thank all those who apply. Only those selected for further consideration will be contacted.