Survey: Nearly Half of CFOs Cite Challenges in Finding Skilled Financial
TORONTO, Feb. 12, 2013 /CNW/ - The outlook for positions such as
financial analysts and senior accountants is increasingly bright, and
talent shortages are leading to higher salaries for in-demand
specialties, new research from Robert Half International shows. Forty-five per cent of chief financial officers (CFOs) interviewed for a Robert Half survey said it is at least somewhat challenging to find skilled
financial professionals today.
The survey was developed by Robert Half, the world's first and largest
specialised staffing firm. It was conducted by an independent research
firm and is based on interviews with more than 270 CFOs from a
stratified random sample of Canadian companies with 20 or more
CFOs were asked, "How challenging is it for your company to find skilled financial
professionals today?" Their responses:
Very challenging .....................
Somewhat challenging ...........
Not challenging ..........................
Don't know/no answer ................
"Many organisations are seeking financial staff with specialised skills
who can manage fundamental accounting needs, set up their companies for
expansion and ensure they are in compliance with regulatory
requirements," said Gena Griffin, district president of Robert Half
Canada. "However, firms currently may be facing challenges when trying
to hire these highly skilled professionals. As the unemployment rate
for accounting and finance positions continues to remain below the
national average, candidate shortages in certain specialties persist."
Following are key accounting and finance positions experiencing
particularly strong demand, according to the 2013 Salary Guide from Robert Half:
Financial analysts: Companies are looking for analysts -- especially those who have
designations (such as the CA, CGA, CMA) or possess a master's degree in
business administration. In January 2013, the unemployment rate for
financial analysts was 3.4 per cent, according to Statistics Canada.
Senior accountants: Companies are looking for accountants to maintain the general ledger,
compile financial reports, and oversee accounts receivable and payable.
In addition to functional expertise, firms seek candidates with
excellent communication and problem-solving abilities.
Internal auditors: These professionals help evaluate the effectiveness of financial and
information systems, internal controls, and management and operational
practices. Demand remains strong for these specialists; the
unemployment rate for accountants and auditors was 3.4 per cent in
IT auditors: Professionals in this fast-growing specialisation understand the relationship between IT
audit procedures, business process controls and risks. Salaries for IT
auditor positions at all levels are expected to see above-average
increases in 2013.
Compliance officers: Given the evolving regulatory environment, companies are seeking
specialists to oversee compliance initiatives and report their findings
to management. The profession will see a 3 per cent salary increase in
2013, according to the Salary Guide.
Controllers: Controllers are needed to plan, direct and coordinate activities such as
compiling financial statements, working with external auditors and
overseeing regulatory reporting. According to the Salary Guide, starting salaries for controllers at companies with $50 million to
$100 million in sales are expected to rise 3.1 per cent.
"To find top talent in such a competitive landscape, companies are
encouraged to perform targeted searches that include reaching out to
their contacts for referrals, networking with industry associations and
working with a specialised financial recruiter," Griffin added.
"Organisations can also start by developing from within -- ensuring you
let your current staff know that certain opportunities are available to
them, and providing the relevant training and development needed to
excel. This is also an effective way to transition existing staff into
these in-demand positions."
About the Survey
The study was developed by Robert Half. It was conducted by an
independent research firm and is based on more than 270 telephone
interviews with CFOs from a random sample of Canadian companies with 20
or more employees. For the study to be statistically representative and
ensure that companies from all segments are represented, the sample was
stratified by industry and number of employees. The results were then
weighted to reflect the proper proportion of employees within each
About Robert Half International
Founded in 1948, Robert Half International is the world's first and
largest specialised staffing firm. The Menlo Park, Calif.-based company
has more than 350 staffing locations worldwide and offers online job
search services on its divisional websites, all of which can be
accessed at www.roberthalf.ca. Follow Robert Half on Twitter at twitter.com/RobertHalf_CAN, and gain insights on the latest financial hiring and salary trends at www.roberthalf.ca/salarycentre.
SOURCE: Robert Half Canada
For further information:
Contact: Nadia Santoli