Job prospects Accountant in Ontario
Job opportunities for Financial auditors and accountants (NOC 1111) are fair in Ontario over the next 3 years. These job prospects are also applicable to people working as an accountant.
Note that these employment prospects were published in December 2019 based on information available at that time. You can read our new special report to learn about the impact of COVID-19 on some occupations in your province or territory. You can also visit the Canadian Online Job Posting Dashboard to find the latest data on the demand and work requirements for this occupation.
Job opportunities in Ontario
The employment outlook will be fair for Financial auditors and accountants (NOC 1111) in Ontario for the 2019-2021 period.
The following factors contributed to this outlook:
- Employment growth will lead to a moderate number of new positions.
- Several positions will become available due to retirements.
- There are a small number of unemployed workers with recent experience in this occupation.
Employment of financial auditors and accountants has been relatively stable in Ontario over the last decade, but declined slightly in 2018.
These professionals are employed in all sectors of the economy. However the largest share work in accounting, tax preparation, bookkeeping and payroll services. Other key employers include federal departments, and banks.
The variety of businesses employing and using the services of financial auditors and accountants provide an advantage for candidates seeking employment in this occupation. In addition, across all industries, the financial skills needed to support business operations are evolving. New technologies, competitive market forces and global economic instability are adding to the complexity of financial decision making. Companies are also pursuing new ways to boost and maintain their revenue bases. Meanwhile, internationally, regulatory oversight has been strengthened to reduce financial risks. These factors are likely to support demand for the expertise of these professionals.
Some accountants and auditors may experience an increase in demand during the federal tax filing season. However, the level of demand may generally be moderated with the growing use of on-line software by income tax filers.
In addition to formal education in an accounting or related discipline, employers usually seek candidates who hold a professional designation. The Chartered Professional Accountant (CPA) certification is a common requirement. The CPA title represents the unification of three former designations, namely, chartered accountant (CA), certified general accountant (CGA) and certified management accountant (CMA). Chartered Professional Accountants Ontario is the regulatory body for CPAs in the province.
Some job openings also seek individuals with training as a Certified Internal Auditor (CIA), which is available through the Institute of Internal Auditors of North America, as well as a Certified Information Systems Auditor (CISA), obtained through ISACA, (previously known as the Information Systems Audit and Control Association). Employers may also require candidates to have knowledge and experience of various software such as Enterprise Resource Planning (ERP), QuickBooks, and CaseWare.
Here are some key facts about Financial auditors and accountants in the Ontario region:
- Approximately 83,800 people work in this occupation.
- Financial auditors and accountants mainly work in the following sectors:
- Accounting, tax preparation, bookkeeping and payroll services (NAICS 5412): 36%
- 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): 8%
- 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.
Breakdown by region
Explore job prospects in Ontario by economic region.
|Hamilton–Niagara Peninsula Region||Good Good|
|Kingston–Pembroke Region||Good Good|
|Kitchener–Waterloo–Barrie Region||Good Good|
|London Region||Fair Fair|
|Muskoka–Kawarthas Region||Good Good|
|Northeast Region||Fair Fair|
|Northwest Region||Fair Fair|
|Ottawa Region||Fair Fair|
|Stratford–Bruce Peninsula Region||Good Good|
|Toronto Region||Fair Fair|
|Windsor-Sarnia Region||Fair Fair|
You can also look at this data on a map. Go to LMI Explore
Job prospects elsewhere in Canada
We expect that the labour supply and demand for Financial auditors and accountants (NOC 1111) will be balanced in Canada over the next 10 years.
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