Job prospects Financial Accountant in Ontario

Explore current and future job prospects for people working as a "financial accountant" in Ontario or Canada.

Job opportunities in Ontario

Prospects over the next 3 years

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.

Source Labour Market Information | Prospects Methodology

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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