Certain roles saw 'significant' pay increases in 2013
The salary outlook for finance and accounting professionals is more optimistic than it has been in years, as Canada's economic stability continues to improve after prolonged international uncertainty, according to a report by recruitment firm Lannick.
Very few jobs in the financial profession in the Greater Toronto Area (GTA) experienced a decline in salary in 2013, with certain roles enjoying significant pay increases, according to the 2014 Finance & Accounting Salary Report.
The company looked at salaries over a 12-month period throughout the GTA Area and figures are based on the collection of 3,915 reported salary changes and job placements. Salaries forecasted for 2014 are assumptions based on economic factors and the Statistics Canada Labour Force Survey. The report’s findings included:
•Banks are looking for fresh talent as they boost compliance and increase staff in internal auditing departments.
•Some senior management and leadership roles, including vice-presidents of finance, experienced salary increases in the last year.
•More and more companies are choosing to hire and grow their talent in-house — from clerks to auditors and accounting managers.
The need for financial planning and analysis to be on-site, combined with popular outsourcing countries experiencing an increase in wages and high turnover, has resulted in a slowdown of outsourcing in the Canadian finance and accounting sectors, said Lannick.
"Despite opportunities for outsourcing, we are seeing finance and accounting companies choosing to invest in Canadians," said Peter Jeewan, Lannick Group president and CEO. "From bookkeepers to auditors to VPs of finance, salaries are increasing and businesses are recognizing the long-term benefits of hiring talent at home."
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| Annual average salary comparison by position (Greater Toronto Area) | |||
| 2013 | 2014 | % change | |
| AR & AP Clerk | 42,545 | 39,324 | -8% |
| Junior accountant | 39,380 | 39,615 | 1% |
| Bookkeeper | 44,830 | 46,732 | 4% |
| Payroll admin | 49,950 | 48,363 | -3% |
| Accountant | 52,415 | 53,000 | 1% |
| Tax accountant | 57,915 | 58,000 | 0% |
| Treasury analyst | 64,555 | 63,115 | -2% |
| Financial analyst | 63,615 | 63,240 | -1% |
| AR & AP manager | 62,855 | 63,666 | 1% |
| Senior accountant | 65,620 | 65,371 | 0% |
| Tax analyst | 70,525 | 71,977 | 2% |
| Payroll benefits manager | 75,025 | 75,294 | 0% |
| Senior auditor | 71,000 | 75,473 | 6% |
| Senior financial analyst | 74,775 | 76,494 | 2% |
| Accounting manager | 81,165 | 81,772 | 1% |
| Tax specialist | 86,500 | 86,214 | 0% |
| IT auditor | 87,125 | 87,288 | 0% |
| Manager of financial reporting | 90,375 | 90,983 | 1% |
| Finance manager | 90,750 | 95,872 | 6% |
| Assistant controller | 94,200 | 95,889 | 2% |
| Audit manager | 90,865 | 96,153 | 6% |
| Assistant treasurer | 84,580 | 100,293 | 19% |
| Manager of planning & analysis | 99,850 | 102,645 | 3% |
| Controller | 102,100 | 108,250 | 6% |
| Tax manager | 105,435 | 110,000 | 4% |
| Senior manager of finance & accounting | 127,690 | 128,000 | 0% |
| Treasurer | 127,500 | 129,570 | 2% |
| Director of finance | 120,430 | 129,617 | 8% |
| Director of planning & analysis | 125,670 | 130,000 | 3% |
| Vice-president finance | 145,900 | 160,923 | 10% |
| CFO (mid-sized company) | 188,000 | 190,000 | 1% |
