Business expansion and ongoing compliance requirements will drive the demand for skilled accounting and finance professionals and intensify recruitment challenges next year, according to the recently-released 2007 Salary Guide from Robert Half International. As a result, salaries for many specialties are on the rise, with an average increase in base compensation of 3.1 per cent projected for 2007. Research shows that compliance professionals, internal auditors, IT auditors and general accountants are among those expected to see the greatest gains in base pay.
Robert Half International is the world’s first and largest specialized consulting and staffing services firm. The company’s financial staffing divisions include Robert Half® Finance & Accounting, Accountemps® and Robert Half® Management Resources, for full-time, temporary and senior-level project professionals, respectively. The 2007 Salary Guide is based on an analysis of the thousands of job placements managed by the company’s Canadian offices.
“Continued business growth and compliance initiatives are driving the demand for accounting and finance professionals at all levels,” said David King, executive vice-president of Robert Half International. “With talented professionals in short supply, many companies are accelerating their hiring practices and enhancing their compensation packages in order to secure top talent.”
Compliance and Internal Audit Salaries on the Rise in Corporate Accounting
Businesses, public companies in particular, are looking for professionals with knowledge of the Canadian Investors Confidence Measures to help maintain compliance with regulatory requirements. Internal audit managers with large companies (more than $250 million in sales) can expect a 5.9 per cent increase in base compensation in 2007, with average starting salaries between $79,000 and $122,500.
Public Accounting Outlook
An increasingly competitive hiring environment is prompting public accounting firms of all sizes to make recruiting a year-round priority in areas such as audit, corporate governance, tax and risk management. In 2007, average starting salaries for tax managers at medium/small firms ($25 million to $250 million in sales) are projected to climb 7.1 per cent, to between $78,500 and $118,250 annually. Entry-level public accountants at large firms (more than $250 million in sales) can anticipate a 4.3 per cent increase in average starting salaries, to the range of $39,750 to $45,500 per year. To attract top performers, firms have raised salaries and signing bonuses for new recruits and existing staff, and options such as flexible scheduling, part-time work and telecommuting have become increasingly common.
Other key findings reported in the 2007 Salary Guide:
- Credit and collections managers are projected to see base compensation of $57,250 to $89,500 annually, a 6.9 per cent increase over 2006.
- Accounts payable/receivable supervisors can anticipate a 6.1 per cent increase in base compensation, to the range of $43,500 to $64,500 annually.
- Information technology audit managers at large companies will see average starting salaries of $81,500 to $124,000, up 5.9 per cent from 2006 levels.
- Public accounting supervisors at medium/small firms can expect a 4.5 per cent increase in starting salary in 2007, to between $58,500 and $75,750.
- Payroll administrators will see starting salaries rise 4.2 per cent, to between $31,500 and $37,500 annually.
Across
Canada
, demand for accounting and finance professionals is expected to be particularly strong in the financial services, construction and the transportation sectors. (All salaries listed are averages from our Canadian offices. However, hiring activity and compensation vary significantly by industry and geographic market. A regional analysis of hiring trends and compensation variances for select Canadian markets is included in the Salary Guide.)
Information in the Salary Guide is based on the thousands of job searches, negotiations and placements managed each year by Robert Half International’s staffing and recruiting managers. Continuing or ongoing salaries are not reported because many external factors -- such as seniority, work ethic, job performance and training -- impact the salaries of full-time professionals as work histories develop. Many companies regularly refer to the Salary Guide from Robert Half International to determine appropriate compensation for all levels of accounting and finance professionals.
To order a free copy of the 2007 Salary Guide from Robert Half International, please call (800) 474-4253.
