Employment and Hiring Trends in Canada
Finance and accounting services are one of the oldest professions globally. Over the past five years, revenue has been growing at a CAGR of 1.8%* and is expected to reach $17.4 billion* in 2023, when revenue will rise 2.7%*.
Canadian Job Market trends
Unemployment rate in Canada is 5.8%** and has been relatively stable since January 2023. In Toronto, Ontario it was 6.6%** as of November 2023, down 0.1% from October 2023.
Industry Trends: Hiring in accounting and finance generally sees a slow down towards the holiday season. While the hiring has reduced marginally we expect that hiring post December 2023 will increase on account of increased requirements for year end auditing and reporting for our clients.
Salary Ranges for Finance staffing
Generally hiring for the various roles, we see the following rates being paid to permanent employees for different positions
- Financial Analyst: $55,000 - $80,000+
- Senior Financial Analyst $ 80,000 -110,000+
- Accounts payable / General Accountants: $50,000 - $80,000+
- Senior AP / Senior Accountants - $ 65,000 - $100,000+
- Financial Manager: $80,000 - $120,000+
- Accounting Managers: $75,000 - $ 130,000
- Controllers - $ 80,000 - $ 120,000
Our positive outlook
Despite the above mentioned slight economic slowdown, companies continue to actively recruit finance and accounting staff. This is predominantly due to
- Compliance Needs : Businesses are still needed to file taxes and have updated year end financial statements / quarter end reporting for Listed companies even in case of significant business slow down.
- Global Turnover : While the overall number of jobs has reduced , the accounting and finance industry over the past couple of years has seen a massive turnover thus still creating jobs which in turn help outweigh the looming economic uncertainties.
- Baby boomers retiring: Furthermore, healthcare and government sectors have seen an upward trend in hiring in Canada on account of several baby boomers retiring or opting to take less stressful jobs during Covid
Marvel advises that candidates keep abreast with latest technological changes , regularly update one's technical knowledge , continue to network and create value addition at the workplace to stay “employable”.
Hiring Managers can reach out to us and we are available to guide and help employ the right super hero for your amazing team!