Newcomers to Canada: Part 2 - Contracting vs Permanent roles

“Contracting vs Permanent roles” is the second instalment of a 4-part series aimed at newcomers to Canada working in Financial Crime roles.

As a result of my own experiences as a newcomer to Canada, I designed and launched the Financial Crimes Prevention and Mitigation program through Seneca College [Link] to address both the “Canadian Experience” and certification hurdles.

In my previous post I discussed the issue of - or lack of - “Canadian Experience” and the challenges this creates for newcomers to Canada in Financial Crime roles. One of the mitigations that I presented - and from my own experience - was to consider Contracting rather than Permanent roles (at least for the first Canadian jon)

Unlike some jurisdictions, there is a heavy reliance on contract roles in Financial Crime departments. Often the number of contract roles outweigh the number of permanent roles within an institution. Contract roles offer employers, and individuals, flexibility to account for increased short-term workloads - or changing budgets.

A quick search on LinkedIn and other job sites show a high number of contract AML / Financial Crime roles for contracts of 6-12 months. Many of these recruitment campaigns are for MULTIPLE positions - compared with just 1 position in many permanent offerings - this presents a greater chance for the right candidate to get the interview and thus showcase their skills to the hiring manager.

Aside from the greater possibility of getting an interview as part of a mass-hiring campaign - hiring managers often have a greater flexibility when it comes to lack of “Canadian Experience”. When hiring for multiple positions, lack of “Canadian Experience” may be overlooked. Therefore a contract role can be the perfect opportunity to get such Canadian Experience! Thus setting you up for success when applying for that next - permanent - role.

In addition to getting valuable Canadian Experience on your resume, many financial institutions hire internally from their contractor workforce rather than externally. [There is some logic to this as the hiring manager will know the work of the individual and whether they are a “good fit”]. A consequence of this? the resumes of many external applicants don’t even get reviewed by hiring managers. This is an important point to remember; don’t take a rejection to an application to an external campaign as a rejection of your suitability for the role - or similar roles. It is simply a “numbers game” and the hiring manager may already have access to a suitable candidate pool internally within their financial institution.

That said, it doesn’t hurt to ensure your resume is in as strong a position as it can be. Effective proofreading and tailoring to each application can make the different when compared to the generic one-size-fits-all resume

Often a contracting role - whilst not your preferred role - is a good (or necessary) route to enter the Canadian financial crime job market, building up Canadian Experience on the resume and networking with hiring managers. Getting yourself known for quality work will stand you in a strong position when the hiring manager is looking to hire permanently.

In my opinion / experience, the presence of “Canadian Experience” doesn’t result in a better candidate. In an ideal world, hiring managers should look at the candidate as a whole. There are, of course, a number of hiring managers who were newcomers to Canada once and remember their own challenging experiences getting that first role, if your resume lands on their desk you might be luckier than most.

Key takeaway

Flexible short to medium term roles advertised (or not) as part of a mass-hire can offer a first entry into the job market. Permanent direct-hire roles typically hire from within or have a pre-identified candidate. Whereas contract roles have a little more flexibility to explore previously “unknown” candidates.

Personal experience: I applied for many permanent jobs which I was well (and over) qualified for without getting an interview. When I applied for similar job descriptions on a contract basis, the offers came.