Job prospects Financial Accountant in Ontario
National Occupational Classification update
We have updated this page to reflect the transition to the 2021 version of the National Occupational Classification (NOC). This means that the occupation "financial accountant" was moved from the group Financial auditors and accountants (NOC 1111) to the group Financial auditors and accountants (NOC 11100).
Explore current and future job prospects for people working as a "financial accountant" in Ontario or Canada.
Job opportunities in Ontario
Note that these outlooks are based on the 2016 version of the NOC. Learn more about our methodology.
The employment outlook will be good for Financial auditors and accountants (NOC 1111) in Ontario for the 2022-2024 period.
The following factors contributed to this outlook:
- Employment growth will lead to several new positions.
- Several positions will become available due to retirements.
- There are a moderate number of unemployed workers with recent experience in this occupation.
What Types of Employers Are Out There?
- Employed in all industries with the leading share in accounting, tax preparation, bookkeeping and payroll services
- Federal government departments
- Finance and insurance companies such as banks
What are the Main Trends Affecting Employment?
- Ongoing need for accounting and auditing services across businesses and departments should lead to relatively stable job prospects
- Need for financial decision-making to support new markets and growth opportunities,, and regulatory oversight to help reduce financial risks
- Increased demand during the federal tax-filing season, though growing use of online software may temper overall work
- Greater use of technology such as artificial intelligence, and blockchain, may change part of the role and skill set of an accountant,
What Skills Do I Need to Succeed?
- In addition to formal education in accounting or a related discipline, there are several professional designations associated with this occupation
- Chartered Professional Accountants Ontario is the regulatory body for Chartered Professional Accountants (CPAs) in Ontario and designation as a CPA is normally required
- Some employers may prefer candidates with additional certifications such as a Certified Internal Auditor (CIA) or Certified Information Systems Auditor (CISA)
- Experience with software such as Enterprise Resource Planning (ERP), QuickBooks, and CaseWare is often required
- Licence from Chartered Professional Accountants Ontario is mandatory for public accounting practice
What Other Information Will I Find Helpful?
- Ability to work longer hours at the end of financial reporting periods and during the federal tax season
- The Toronto economic region accounts for an above-average share of financial auditors and accountants in Ontario
Here are some key facts about Financial auditors and accountants in Ontario:
- Approximately 90,950 people work in this occupation.
- Financial auditors and accountants mainly work in the following sectors:
- Accounting, tax preparation, bookkeeping and payroll services (NAICS 5412): 32%
- Monetary Authorities - central bank and securities, commodity contracts and other intermediation and related activities (NAICS 521, 522, 523): 9%
- Federal government public administration (NAICS 911): 7%
- The distribution of full-time and part-time workers in this occupation is:
- Full-time workers: 91% compared to 79% for all occupations
- Part-time workers: 9% compared to 21% for all occupations
- 74% of financial auditors and accountants work all year, while 26% work only part of the year, compared to 63% and 37% respectively among all occupations. Those who worked only part of the year did so for an average of 33 weeks compared to 31 weeks for all occupations.
- 16% of financial auditors and accountants are self-employed compared to an average of 12% for all occupations.
- The gender distribution of people in this occupation is:
- Men: 47% compared to 52% for all occupations
- Women: 53% compared to 48% for all occupations
- The educational attainment of workers in this occupation is:
- no high school diploma: less than 5% compared to 10% for all occupations
- high school diploma or equivalent: 6% compared to 27% for all occupations
- apprenticeship or trades certificate or diploma: less than 5% compared to 6% for all occupations
- college certificate or diploma or university certificate below bachelor's: 20% compared to 26% for all occupations
- bachelor's degree: 52% compared to 21% for all occupations
- university certificate, degree or diploma above bachelor level: 22% compared to 10% for all occupations
Breakdown by region
Explore job prospects in Ontario by economic region.
Labour market conditions over the next 10 years
Explore current and future job prospects for people working as a "financial accountant" Financial auditors and accountants (NOC 11100) or Canada.
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