According to the Canada Job Bank “For Financial auditors and accountants, over the period 2019-2028, new job openings (arising from expansion demand and replacement demand) are expected to total 79,600 , while 79,500 new job seekers (arising from school leavers, immigration and mobility) are expected to be available to fill them.”
Although the larger employment market has been impacted by the pandemic, the demand for Finance & Accounting professionals will not diminish.
Here is why:
- Government subsidies such as CEWS have created complex tax returns & many businesses will need Finance professionals to manage it
- Businesses may have to realign their financial resources
- Businesses may have to adjust forecasts due to the pandemic
- Businesses will need assistance to manage finances and taxation in the light of the new complex and unique reality
A career in Accounting & Finance
Accountants and Financial Advisors are top contenders in Canada’s list of most in-demand jobs in year 2020. If you’re thinking about a career in accounting and finance, here are the top five paths, their median salary*, and what you need to get there.
- Accountant I Average Salary $58,451 per annum
Accountants are one of the most in-demand jobs in Canada, making them rank high on the list of top finance careers in Canada. Although the field of accounting can be diverse, there are many basic functions that an accountant is expected to perform. These include, maintaining financial documents, bookkeeping, conducting audits, managing invoicing and maintaining financial reports, among others. The salary for an accountant increases with the experience.
- Financial Advisor I Average Salary $79,092 per annum
Financial Advisor is quite a popular career route for job seekers in Canada. In this role, you are expected to provide useful financial advice to clients in numerous areas. It can vary from advice on how to save to buy a house, how to gather funds for a startup, or save for college or retirement. Depending on your specialty, you are expected to know the how finances work, investment products and tools, taxation, etc. Having a specialization in mortgage loans and investments is typically a high earning possibility in this career. This path requires various licenses from governing bodies and regulators depending on the advice you give and products you are selling.
- Financial Analyst I Average Salary $72,500 per annum
A Financial Analyst typically researches corporate finances and advises businesses on smart investment decisions on a daily basis. It is probably one of the most lucrative career paths, but needs a lot of study on a daily basis. Financial Analysts need to be well aware of economic outlook in their areas of specialty. They also need to develop financial predictions based on their knowledge.
To thrive as a Financial Analyst, a background in Business, Accounting, Economics or Math is highly recommended along with advanced designations such as the CFA.
- Private Banking Manager I Average Salary $80,000 per annum
If you enjoy interacting with high net worth clients, building financial strategies and managing a specific business/personal financial portfolio, Private Banking Manager is a great career option for you. Typically, your role will involve managing your client’s complex financial assets and resolving their concerns by gathering data about their total assets-such as property and business. As a Private Banking Manager, you are also expected to make customized recommendations for your clients, which can help them to strengthen their financial standing. Private Banking Manager require a high-touch with their clients and often meet client outside of the office and business hours.
Having an undergraduate degree in Accounting, Finance, or Business is a starting point for your career as a Private Banking Manager. Again, there are various specialty designations and certifications to help you offer your clients the best counsel.
- Business Analyst I Average Salary $79,878 per annum
You may have mostly heard of the term “Business Analyst” in the context of IT jobs. But in reality, this is also a popular career in the Accounting & Finance sector. A Business Analyst is a strategist in the Finance world. The primary function of this role is to identify and provide solutions to issues, finding ways to improve and streamline businesses. Usually, banks, insurance companies and other financial sector companies employ Business Analysts.
If you are considering a career in Accounting & Finance, there are numerous options available to you. In addition to education, it is also imperative to think about upskilling and getting certifications to stay on top in your career. Connect with an experienced recruiter to find a suitable career path or progression in your accounting and finance career.
*median salary based on study by https://neuvoo.ca/salary/