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Jan 29, 2014

Homegrown finance talent in demand in GTA: Report

Certain roles saw 'significant' pay increases in 2013
    
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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."

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%

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