Why Are Accountants and Financial Analysts in High Demand in Canada?

Accountants are tasked with designing, implementing, and managing accounting systems for individuals and organizations. These professionals may work for private-sector accounting and auditing firms or departments, public-sector accounting and auditing departments or units, or they may choose to work for themselves. Additionally, this unit group encompasses articling students who are undergoing training in accounting firms.

Financial analysts are responsible for collecting and analyzing financial data, including economic forecasts, trading volumes, capital movements, and company financial backgrounds, as well as assessing the historical performance and future trends of stocks, bonds, and other investment instruments.

Their analysis provides financial and investment advice to their company or clients. Financial analysts can be found working in a range of establishments across the private and public sectors, such as banks, brokerage houses, insurance companies, investment companies, manufacturing firms, trust companies, utility companies, and underwriting firms. Investment analysts are primarily employed by brokerage houses and fund management companies.

Qualifications Required for Accounting Jobs in Canada

Typically, in Canada, a person aspiring to become an accountant must hold a degree in accounting, finance, or business and successfully complete a professional accounting certification test, such as the Chartered Professional Accountant (CPA) exam. 

Along with this, fulfilling a specified duration of field experience and meeting other prerequisites as mandated by the specific province or territory of interest may be necessary. It is important to note that the precise criteria may differ depending on the province, and hence, it is advisable to confirm with the regulatory authority in the region where one desires to work.

Qualifications Required for Financial Analyst Jobs in Canada

To become a financial analyst in Canada, it is typically necessary to possess a bachelor’s degree in commerce, business administration, accounting, finance, or economics, along with on-the-job training and industry courses and programs. A master’s degree in business administration (MBA) with a concentration in finance or a master’s degree in finance may also be required. 

In addition, the Chartered Financial Analyst (CFA) designation, obtainable through a program offered by the CFA Institute or other recognized financial certifications (such as CFP, CIM, or others), is generally essential. Moreover, some employers may require other designations like Chartered Professional Accountants (CPA) and Certified Treasury Professionals (CTP).

What Kind of Certifications or Designations is Necessary for Career Advancement in the Accounting and Financial Analysis Industry in Canada?

Obtaining accounting certifications can aid professionals in enhancing their skills and validating their expertise. A wide range of certifications is available, focusing on areas such as computer proficiency and financial procedures. Consider the following accounting certifications to improve your abilities and enhance your resume:

  • Certified Professional Bookkeeper (CPB) Certification: This certification recognizes your bookkeeping and business practice knowledge and skills. To obtain this certification, you must have at least three years of experience, provide two reference letters, and pass an exam. 
  • Chartered General Accountant (CGA) Certification: This certification acknowledges your general financial knowledge, skills, and abilities. You must have an undergraduate degree and three years of training with an established firm to qualify for this certification. 
  • Chartered Global Management Accountant (CGMA) Certification: This certification emphasizes the code of conduct and ethics adherence, financial risk recognition, and reward comprehension. It is designed for individuals who perform financial duties and provide management guidance.
  • Chartered Management Accountant (CMA) Certification: This certification tests your financial analytical abilities, understanding of financial information, and financial management and planning knowledge. You must have at least two years of experience, a bachelor’s degree, or another professional certification to complete this certification.
  • Chartered Professional Accountant (CPA) Certification: This certification focuses on practical applications of accounting knowledge and skills. It includes financial reporting, strategy, taxation, and leadership. 
  • Computerized Accounting Certification: This certification evaluates your abilities in using technology and programs to improve accounting processes. It covers computer operating and software usage, advanced spreadsheet usage, database management, and business skills.
  • Fixed Asset Accounting Software Certification: This certification tests your proficiency in managing fixed assets, such as processing large data changes and reporting functions, to improve program usage.
  • Certified Payroll Manager (CPM) Certification: This certification focuses on payroll management, leadership, organizational behavior, and compensation and benefits understanding. To qualify for this certification, you must have your payroll distribution certification and at least two years of experience in payroll. You have five years to complete the course and exam requirements.

Trends in the Accounting and Financial Analysis Industry in Canada

Let’s explore some of the latest trends that are transforming the accounting industry:

  • Open Banking and Fintech: Open banking is an EU initiative that requires major banks to share their data securely with authorized entities. Open banking is expected to enhance productivity for Canadian businesses by automating many of their manual workflows, such as payables, receivables, reconciliations, and audit preparation.
  • Cloud Accounting and Automation: Cloud accounting is the primary driver of digital transformation in small business accounting. The adoption of cloud-based software has enabled integration of previously disparate systems and data sources, providing managers with a centralized data source to derive insights, make informed decisions, and optimize operations. Automation will soon be able to handle more complex accounting tasks such as tax preparation, payroll, auditing, and sales forecasting, thereby providing a boost to business efficiency. 
  • Cash Flow Management: Expert advisors can help businesses implement cash flow management technologies and maintain accurate cash flow forecasts, allowing businesses to plan better for the long term, make investments, and grow their businesses. 
  • Payroll and the Gig Economy: Canada is experiencing a rapid rise in the gig economy, driven by millennials who value work-life balance. For small businesses, this trend means fewer permanent employees and more contractors, resulting in increased complexity for payroll and accounting teams.
  • Back Office Outsourcing: Outsourcing can also reduce costs, lower the risk of errors, and provide immediate access to a team of experts to resolve any issues that may arise. Moreover, working with accounting experts can help unlock insights from businesses’ data, enabling them to create custom analytics dashboards tailored to their specific needs and support their strategic planning with reliable data.
  • Automated accounting processes: have replaced many low-level tasks, such as data entry, allowing finance professionals to focus on complex, high-value tasks. Accounting firms must invest in data security to protect confidential financial information and maintain customer trust.
  • Social Media Presence: To attract Gen Z and millennial consumers, finance brands need to build a stronger social media presence and consider adapting their business models to include the metaverse. Consumers also desire online banking and self-service options, which companies can fulfil with interactive tools and customer data platforms.
  • Outsourcing accounting: tasks can help companies manage the ongoing skills shortage and reduce labour costs. New technologies such as blockchain, cloud-based accounting software, artificial intelligence, and machine learning will continue to affect change in the finance sector, requiring accounting professionals to upskill and reskill.
  • Big data: plays a growing role in the financial services industry, and technical skills will be imperative for accounting businesses and departments of the future. As regulations change, compliance will be a top focus for finance companies, and remote or hybrid work environments will continue to be a trend. 

Understanding these trends can help you get ahead of the competition for long-term success.

Career Opportunities in Accounting in Canada

Between 2022-2031, it is projected that the accounting job market in Canada will see a total of 88,000 new job openings arising from expansion demand and replacement demand. A few job titles in the accounting sector are mentioned below.

  • Accountant
  • Senior Accountant
  • Accounting Manager
  • Accounts Manager
  • Financial Manager- Accounting and reporting
  • Corporate Accounts Manager
  • Account servicing
  • Accounting and Payroll Specialist
  • Chief Accountant
  • Financial auditor
  • Income tax expert
  • Industrial accountant
  • Internal auditor

Career Opportunities in Financial Analysis in Canada

Between 2022-2031, it is projected that the financial analyst job market in Canada will see a total of 23,700 new job openings arising from expansion demand and replacement demand. A few job titles in the financial sector are mentioned below.

  • Financial Analyst
  • Accountants and Financial Analysts
  • Financial and Planning Analysts
  • Senior Analyst
  • Financial and Planning Analysts 
  • Finance Executives
  • Investment Analysts
  • Chief Financial Officer
  • Chartered financial analyst
  • Financial services research associate
  • Investment Analyst
  • Money market analyst
  • Portfolio manager

 

Conclusion

To sum up, a career as a financial analyst or accountant in Canada offers several advantages, such as attractive salaries, high demand, and recognition through awards and honours. As this field continues to expand, if you are considering a healthcare career, we can offer our assistance.

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Frequently Asked Questions

What industries are currently experiencing high demand for financial analysts in Canada?

Banking, Insurance, Investment, Business and Government industries are currently experiencing high demand for financial analysts in Canada.

Are accounting and finance in demand in Canada?

Yes. Almost all industries are actively seeking finance and accounting professionals, but specialized fields such as finance, insurance, science, and technology are the most prominent industries with high demand for these professionals.

What is the salary range for entry-level accounting jobs in Canada?

In Canada, the typical salary for an entry-level accounting position is $37,050 annually.

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