Home-grown talent in demand: Lannick report

TORONTO, Jan. 29, 2014 /CNW/ - 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. Very few jobs in the financial profession in the Greater Toronto Area experienced a decline in salary in 2013 with certain roles enjoying significant pay increases, according to Lannick's 2014 Finance & Accounting Salary Report.

"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 from the annually produced report for employers and candidates include:

  • Banks seeking accounting talent - banks in Canada are looking for fresh talent as they boost compliance and increase staff in their internal auditing departments.
  • Senior management salary stability - some senior management and leadership roles, including VPs of Finance, experienced salary increases in the last year.
  • Companies growing talent in-house - more and more companies are choosing to hire and grow their talent in-house - from clerks to auditors and accounting managers.
  • Decrease in payroll job salaries - the ability to outsource Accounts Receivable and Payable is easier than other potentially outsourced tasks, resulting in the payroll position experiencing one of the few salary decreases this year.

Not only are we seeing salaries across the board steadily increase as we move forward from the 2008 financial crisis, we are also seeing more finance and accounting jobs remain 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.

"At the end of the day, top talent will always be in high demand," said Jeewan. "We consistently find that good people will be able to find work, at the competitive salaries they deserve."

For more information and candidate and employer recruitment opportunities, visit www.lannickgroup.com and connect with us on Facebook, Twitter and LinkedIn.

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%

About the Report
Salaries were collected over a 12 month period (Nov 1, 2012 - Nov 1, 2013) throughout the Greater Toronto Area. Figures are based on the collection of 3,915 reported salary changes and job placements within the finance and accounting sector. Salaries forecasted for 2014 are assumptions based on economic factors and the Statistics Canada Labour Force Survey. Compensation varies widely as a function of industry sector, risk and reward factors, and company size. Professional designations are assumed at the intermediate and senior level positions. Figures do not include bonuses or benefits.

About the Lannick Group of Companies
Founded in 1985, the Lannick Group of Companies has grown into the premier professional recruitment and staffing firm in the Greater Toronto Area. Lannick Group includes Lannick Finance & Accounting, which recruits finance & accounting professionals for mid-to senior-level permanent and contract roles; Pro Count Staffing, which places non-managerial to managerial-level finance & accounting professionals in temporary and permanent roles; and Lannick Technology, which specializes in providing technology professionals at all levels and roles on a contract, contract-to-hire and permanent basis. Learn more at www.lannickgroup.com.

Note to editors/producers: Peter Jeewan, CPA, CA, President & CEO of Lannick Group of Companies, is available for comment. Your audience may request a free copy of the 2014 Finance & Accounting Salary Report at www.lannickgroup.com/salaryreport.


Image with caption: "Lannick Group of Companies Logo (CNW Group/Lannick Group of Companies)". Image available at: http://photos.newswire.ca/images/download/20140129_C5650_PHOTO_EN_35986.jpg

SOURCE: Lannick Group of Companies

For further information:

Jim Dimovski
Director, Marketing & PR
Lannick Group of Companies

Organization Profile

Lannick Group of Companies

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890