Accounting In-Demand Profession in Canada  Earn 6-Figure with Workplace Flexibility

The demand for skilled talent remains high in 2024 for Canadians within the finance and accounting profession. Accounting jobs in Canada have been in high demand, making them one of the most sought-after careers in the country. 

Why is Accounting One of the Most In-Demand Jobs in Canada?

Canadian labor market trends have shown an increasing need for accounting professionals, which is crucial in organizations across various industries.

A significant increase in demand for accounting professionals has been driven by technology's impact on Canadian accounting practices. Accounting professionals will continue to be needed alongside automation and artificial intelligence, despite the rise of automation and artificial intelligence.

Overall, the demand for accountants in Canada is driven by the need for financial expertise, regulatory compliance, and strategic decision-making support in a dynamic business environment. The high demand for accounting jobs in Canada can be attributed to several factors. 

• To begin with, as the Canadian economy grows, new businesses are being established, increasing the demand for accountants.

• Secondly, accounting skills are in demand across numerous industries, including finance and banking, healthcare, and technology.

• Additionally, the accounting field is experiencing steady job growth, which means career opportunities are available for those seeking a career in the field.

The world of accounting is evolving, and with it, the demand for skilled accounting professionals is on the rise. Whether you're a seasoned CPA or a fresh graduate considering a career in accounting, understanding the latest recruitment trends can provide valuable insights into where opportunities lie and what's in demand.

How Has the Rise of Automation and Artificial Intelligence Impacted the Demand for Accounting Professionals in Canada’s Labor Market?

The rise of automation and artificial intelligence has significantly impacted the importance of accounting professionals in Canada’s labor market. While some routine accounting tasks can now be automated, the need for accounting professionals with advanced analytical and technical skills has increased. 

As a result, the role of accounting professionals has evolved, with a greater emphasis on 

1. Strategic planning
2. Data analysis
3. Providing financial advice

This shift has created new career opportunities for individuals with the necessary skills and qualifications.

Why Is There a Talent Shortage in Accounting Across Canada

Squeezed between a wave of retirements and a slump in the number of people taking exams to become an accountant, the profession in Canada will have to confront the obvious answer in 2024.

About three-quarters of CPAs are now at or near retirement age, and the pipeline looks threadbare. The entire industry is struggling to staff up, putting additional strain on the professionals who remain. 

Globally, accounting and finance roles (certified accountants, auditors, financial analysts) ranked seventh out of 10 positions that are the hardest to fill, in Canada alone, they ranked eighth. Several factors are making accounting recruiting difficult, but the good news is, solutions exist.

Job candidates know what they want in a position. Obviously, they want compensation and benefits, such as good pay. Candidates are more likely to accept a job and stick around if they have flexibility, a sense of purpose, personalization and career insights, and education, experience, and exposure.

Accountants resign due to inadequate pay and limited opportunities for career advancement. There is also a large exodus of younger accountants between the ages of 25 and 34, in addition to the mid-career accountants ages 45 to 54.

Combine the challenges of finding new talent to enter the accounting profession, interpreting massive new and complex legislation and reporting requirements, and the increased attrition (because of older accountants retiring and some outright leaving the profession because of the above issues) and there is a significant shortage of accountants that may leave some people having trouble finding one when needed.

Why is There a Drop in The Number of People Pursuing Accounting Degrees

Worryingly the number of young talent joining the accounting industry is in decline may be due to a lack of awareness of the accounting profession, or the difficulty of the exams themselves.  The ancient profession is not all that appealing to many youngsters today. Some of the factors that often appear as issues when dealing with recruiting youngsters into the profession are:

• The profession, especially in public practice, demands long hours and is often perceived as a grind.
• Accounting is often considered boring.
• The pay, especially at the start, is not as high as in some other areas of commerce/management such as finance, marketing, technology, etc.
• Some of the work can be particularly mundane (think auditing).
• The cost of obtaining the education is perceived to be high compared to the eventual return.

There are elements of truth in many of the issues above, but it’s fair to say that, overall, the accounting profession is a challenging and rewarding career. Is it easy? Nope. As most know, the road to success is filled with challenges.

How Is the Accounting Job Industry in Canada Responding to This Staff Shortage

The period between 2023 – 2024 promises to be a tenure of normalization after the disruption of the Covid-19 pandemic.  Trends like remote and hybrid working, become mainstays, and expectations like work-life balance have come to the fore. Canada is looking to plug crucial workforce gaps as its economy expands and skilled worker jobs become available.

If you’re in the trenches—be it as a partner, manager, or recruiter—you know that finding qualified staff is like chasing a mirage. Employers will continue to face talent and skills shortages if there isn’t an increasing future talent pool to resource the growing accounting profession. Understanding what employees want and meeting those needs – which might involve some compromise – can help solve the accounting staffing shortage in Canada:

• Purpose:  A shortage of accountants has intensified pressure and ramped up workloads for accounting teams at Canadian companies while hindering recruitment and retention with restricted career growth. Employers are marketing the job offers with clear and authentic business missions to offer employees a sense of purpose.

• Flexibility. The year 2020 saw a lot more people working from home, many workers have come to appreciate the time they save in commuting and possibly having greater control over their schedule.

To overcome a talent shortage, about one in three companies in Canada are increasing compensation and workplace flexibility.  In the cut-throat Canadian job market for accountants, the staff shortage crisis presents a unique opportunity to secure stable, six-figure jobs — many of which are hybrid d or remote. Many employers now offer flexible work arrangements and adjust their recruitment strategies opening doors for professionals in various locations to attract more talent.

• Handsome-salary Package: A decline in the pool of accounting talent and rising demand for accountants has prompted many Canadian companies to raise even entry-level salaries for finance and accounting roles, offer referral bonuses for hiring temporary workers, and provide greater workplace flexibility.

While the average mean salary for entry-level accountants in Canada is about $70 - $75k, more experienced accountants stand to earn anywhere from $160k to upwards of $200K a year. 

• Retention Strategy: Retention strategies for accountants are essential for ensuring that talented professionals remain engaged, motivated, and committed to their roles within an organization. Introduce accountants to different teams within the organization and encourage them to take on projects that interest them outside of their normal job responsibilities.

• Accounting Career Path: Young professionals are deterred by the lengthy process of becoming a qualified accountant. Math-brained students prefer to go into other jobs that pay better and require less training. The process of becoming an accountant needs to be cheaper and easier.

• Career Development Opportunities: Providing clear paths for career advancement and professional growth is important for keeping accountants motivated and engaged. This can include opportunities for promotions, leadership roles, specialized training, and continuing education programs.

• Mentorship and Coaching: Implementing mentorship and coaching programs can provide valuable support and guidance to accountants, especially those early in their careers. Pairing junior accountants with experienced mentors can facilitate knowledge transfer, skill development, and career advancement.

Here are some of the top in-demand accounting roles companies are hiring for right now, 

Canadian Employers Dealing with Challenges Related to Staff Shortage

As businesses and individuals file their taxes this spring, many Canadian organizations find themselves short-staffed in the accounting department, leading to efficiency and accuracy concerns, according to a survey.

In response to what Robert Half calls a “shrinking talent pool” of accountants, employers have implemented strategies to recruit and retain more finance and accounting professionals, according to the survey.

It found that 45 percent of companies are offering referral bonuses, while 40 percent are increasing entry-level salaries. Another 40 percent said they’ve attempted to outline clear career paths to attract more young accountants, and 38 percent said they’re offering paid internships.

Despite these moves, employers still have to figure out ways to reduce overtime hours and workloads during busy seasons. By implementing these retention strategies, organizations can create a supportive and rewarding work environment that attracts and retains top accounting talent.

Want to land your dream job in 2024?

Reach out to Get Trained Get Hired to book a free 30-minute career counseling meeting. At Get Trained Get Hired we provide you with the necessary training to learn practical skills to become an accountant. Our training is based on practical real-life cases. After the training, we work on your resume and try to place you in accounting firms through our network. You will also get access to like-minded individuals who are looking for jobs through our WhatsApp group. Please feel free to contact us at [email protected]. Or call us at 647-276-7150.

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