The salary outlook for finance and accounting professionals in Canada is more optimistic than it has been in years, as Canada’s economic stability continues to improve after prolonged international uncertainty, says recruiting firm Lannick.
Very few Toronto-area financial jobs declined in salary last year, with certain roles enjoying significant pay increases, shows Lannick’s 2014 Finance & Accounting Salary Report.
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“Despite opportunities for outsourcing, we are seeing finance and accounting companies choosing to invest in Canadians,” said Peter Jeewan, Lannick Group President & 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.”
Key findings:
- Banks seeking accounting talent. Banks are recruiting as they boost compliance and increase staff in their internal auditing departments.
- Senior management salary growth. Some senior management and leadership roles, including VPs of finance, experienced salary increases in the last year.
- Companies encouraging talent in-house. More companies are choosing to develop their in-house talent—from clerks to auditors and accounting managers.
- Decrease in payroll job salaries. Accounts receivable and payable is one of the most easily-outsourced tasks, resulting in payroll positions experiencing one of the few salary decreases this year.
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Salaries across the board are steadily increasing as the economy recovers from the financial crisis, notes Lannick, which adds more finance and accounting jobs are remaining in Canada. The need for financial planning and analysis to be onsite, combined with popular outsourcing countries experiencing an increase in wages and high turnover, has resulted in a slow-down of outsourcing in the Canadian finance and accounting sectors.
Annual Average Salary Comparison by Position (Greater Toronto Area)
| Job Title | 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% |