Starting salaries for accounting and finance professionals are expected to increase an average of 5.5 per cent in
Canada
in the coming year, according to the just-released 2008 Salary Guide from Robert Half International. Payroll professionals, vice-presidents of finance and public accountants are projected to see the largest gains.
Robert Half International is the world’s first and largest staffing services firm specializing in accounting and finance. Robert Half’s financial staffing divisions include Accountemps®, Robert Half® Finance & Accounting and Robert Half® Management Resources, for temporary, full-time and senior-level project professionals, respectively. The 2008 Salary Guide is based on an analysis of the thousands of job placements managed by the company’s Canadian offices.
“Companies are offering enhanced compensation to attract and retain top performers as the demand and for skilled financial and accounting professionals remains strong," said David King, executive vice-president, Robert Half International. “Candidates with in-demand technical proficiencies, strong communication skills and industry expertise are highly sought after."
Not surprisingly, experienced candidates have greater leverage in negotiating compensation, and salaries for the most in-demand specialties are rising faster than the national average. Across
Canada
, demand is particularly strong in the manufacturing, oil and gas and real estate sector, Robert Half research shows.
Corporate Accounting: Salaries Rise for Payroll Professionals, Vice-President of Finance and Internal Audit Positions
Business expansion and ongoing corporate governance initiatives are fuelling hiring among corporate accounting and finance departments. Payroll professionals at all levels are expected to see the biggest increases in base pay in 2008, with the average starting salary expected to rise 8.9 per cent. Within this classification, payroll administrators are projected to see an increase of 9.8 per cent over last year's level to a range of $34,250 and $41,500 annually, the single largest percentage increase in base compensation for 2008.
Vice-presidents of finance at large companies (more than $250 million in sales) are forecast to receive starting compensation between $135,750 and $223,750 annually, an increase of 7.6 per cent over last year’s projections. Senior internal auditors at medium/small companies (up to $250 million in sales) are projected to see a 6.6 per cent increase over last year's projections to between $65,000 and $84,000 annually. Managers of financial analysis at large companies (more than $250 million in sales) are also projected to see strong gains with a 6.0 per cent increase over 2007 levels to a range of $74,500 and $102,500 annually.
Public Accounting Outlook
Steady hiring is expected to continue in public accounting as firms seek staff to help deliver an expanding set of service offerings. Average starting salaries for public accountants with one to three years of experience at large firms (more than $250 million in sales) are projected to increase 8.9 per cent in the year ahead, to between $50,000 and $60,500.
Professionals with up to a year of experience are also highly sought as firms look to address rising workloads and hire their next generation of leaders. At large firms (more than $250 million in sales), professionals can expect a 8.5 per cent increase in average starting salaries, to a range of $44,000 to $48,500. Senior accountants at medium/small firms (up to $250 million in sales) are projected to see a 5.6 per cent increase in starting salaries to the range of $53,000 and $65,000.
Other key findings reported in the 2008 Salary Guide:
- Full charge bookkeepers can anticipate a 7.8 per cent increase in base compensation, to the range of $42,500 to $57,250 annually.
- Credit and collections managers at large companies (more than $250 million in sales) are projected to see base compensation of $62,500 to $93,500 annually, a 6.3 per cent increase over 2007.
- Information technology audit managers at large companies (more than $250 million in sales) will see average starting salaries of $85,000 to $131,250, up 5.2 per cent from 2007 levels.
All salaries listed in the 2008 Salary Guide from Robert Half International are averages from our Canadian offices. Because hiring activity and compensation vary significantly by industry and geographic market, the Salary Guide includes a regional analysis of hiring trends and compensation variances for select Canadian markets.
Information in the guide is based on the thousands of job searches, negotiations and placements managed each year by Robert Half’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.
