Job prospects Financial Accountant in Prince Edward Island
Job opportunities for Financial auditors and accountants (NOC 1111) are good in Prince Edward Island over the next 3 years. These job prospects are also applicable to people working as a financial accountant.
Note: These employment prospects were published in December 2021 based on the information available at the time of analysis. The next update will be in December 2022. To learn more, see our FAQs. You can also find additional information on the Canadian Online Job Posting Dashboard.
Job opportunities in Prince Edward Island
The employment outlook will be good for Financial auditors and accountants (NOC 1111) in Prince Edward Island for the 2021-2023 period.
The following factors contributed to this outlook:
- Employment growth will lead to a moderate number of new positions.
- A moderate number of positions will become available due to retirements.
- There are a small number of unemployed workers with recent experience in this occupation.
These workers are employed across various industries, as in-house auditors and accountants, but are mostly employed in the depository credit intermediation, securities and commodity contracts intermediation and brokerages and payroll services subsector working for firms. Other key sectors are finance, insurance and public administration. This is due to the demand for accounting and auditing services from small businesses and individuals who do not necessarily need the services offered by larger firms. Some employers experience difficulty hiring accountants with professional designations. Some positions may become available as a result of the need to replace accountants who change jobs seeking career advancement. As the economy expands, opportunities may occur for people who wish to operate their own accounting practice.
Most businesses now use accounting and auditing software to increase efficiencies, simplify the transaction processes and allow for better information flow. This allows them to develop remote accounting systems or outsource to external accounting firms. With the availability of inexpensive and easy to use tax software online, almost half of Canadians are now filing their own taxes, which may impact the demand for accountants. Professionals with experience in these systems and specific industries will have better job prospects.
Here are some key facts about Financial auditors and accountants in the Prince Edward Island region:
- Approximately 700 people work in this occupation.
- Financial auditors and accountants mainly work in the following sectors:
- Accounting, tax preparation, bookkeeping and payroll services (NAICS 5412): 32%
- Federal government public administration (NAICS 911): 26%
- Provincial and territorial public administration (NAICS 912): 13%
- Other retail stores (NAICS 44-45, except 445): 6%
- The distribution of full-time and part-time workers in this occupation is:
- Full-time workers: more than 95% compared to 83% for all occupations
- Part-time workers: less than 5% compared to 17% for all occupations
- 82% of financial auditors and accountants work all year, while 18% work only part of the year, compared to 58% and 42% respectively among all occupations. Those who worked only part of the year did so for an average of 26 weeks compared to 27 weeks for all occupations.
- 13% of financial auditors and accountants are self-employed compared to an average of 11% for all occupations.
To view this data on a map, go to: LMI Explore
Labour market conditions over the next 10 years
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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