Revealed … The Average Salary Of Financial Related Jobs In Canada. Which Range Are You At?

Last Updated On: February 2024

The financial industry in Canada is a vital sector that provides an array of employment opportunities. From financial analysts and accountants to investment bankers and financial advisors, the industry is diverse and offers a range of career paths.

However, for those considering a career in finance, understanding the potential earnings is crucial. In this article, we reveal the average salary of financial-related jobs in Canada and explore the factors that affect salaries in the industry.

Whether you are just starting your career or considering a switch to finance, understanding the earning potential can help you make informed decisions about your future. So, which range are you at? Let’s delve into the details.

Key Takeaways

  • The financial industry in Canada accounts for 7% of GDP and employs over 750,000 people, with strict regulations in place.
  • Salaries for financial professionals vary based on industry, experience, education, and geographic location.
  • Certified accountants with significant experience can earn between $75,000 to $120,000 per year, while investment bankers can earn between CAD $90,000 to over $1 million depending on their position.
  • Companies in major cities tend to offer higher salaries due to high demand for financial expertise, while companies in smaller cities or rural areas may offer lower salaries to attract talent. Pursuing higher education or obtaining professional certifications can lead to higher salaries.

Overview of the Financial Industry in Canada

The financial industry in Canada encompasses a wide range of sectors, including banking, insurance, investment, and accounting, and plays a significant role in supporting the country’s economy.

According to Statistics Canada, the financial sector in Canada accounts for approximately 7% of the country’s gross domestic product (GDP) and employs over 750,000 people.

The sector has consistently been one of the largest contributors to the country’s economy, and its growth and stability have helped to mitigate the impact of global economic downturns.

The Canadian financial industry is highly regulated, with strict standards and regulations that ensure the protection of consumers and the stability of the sector.

The country’s banking sector, in particular, is known for its strength and stability, with Canadian banks consistently ranking among the world’s safest.

The industry is also home to many global financial institutions and has a strong reputation for innovation and technological advancement.

Overall, the financial industry in Canada is a critical component of the country’s economy and plays a vital role in driving growth and prosperity.

Average Salaries of Financial Analysts

This subtopic focuses on the average salaries of financial analysts in Canada.

We will discuss the entry-level salaries and how they compare with those of experienced financial analysts.

Our discussion will provide insights into the financial industry’s earning potential, which is crucial for individuals who are considering a career in this field.

Entry-level salaries

Entry-level salaries for financial related jobs in Canada vary depending on the industry, with some starting as low as $35,000 per year. However, the salary range can also go as high as $70,000 per year for certain roles. It is important to note that entry-level salaries are often lower than the average salaries for experienced professionals in the same field.

The table below provides a breakdown of entry-level salaries for various finance-related roles in Canada. The salaries are based on national averages and may vary depending on factors such as location, experience, and education level. It is important for individuals interested in pursuing a career in finance to research the industry and job market thoroughly to determine the potential salary range for their desired role.

Role Entry-Level Salary Range
Financial Analyst $40,000 – $60,000
Accountant $35,000 – $55,000
Investment Banking Analyst $60,000 – $70,000
Credit Analyst $40,000 – $50,000
Actuary $50,000 – $60,000

Entry-level salaries for financial related jobs in Canada can vary greatly depending on the industry and role. It is important for individuals to research and understand the potential salary range for their desired role in order to make informed decisions about their career path.

Salaries with experience

Experienced professionals in finance roles in Canada can expect to earn significantly higher salaries than their entry-level counterparts. According to data from PayScale, the average salary for a financial analyst with 5-9 years of experience is around CAD 68,000 per year, while a senior financial analyst with over 20 years of experience can earn up to CAD 105,000 per year. Similarly, a finance manager with 5-9 years of experience can earn around CAD 86,000 per year, while a director of finance with over 20 years of experience can earn up to CAD 145,000 per year.

It is important to note that these salaries can vary depending on the industry and location. For example, finance professionals working in the banking and finance industry in Toronto may earn higher salaries than those working in smaller cities or in other industries. Additionally, those who hold professional certifications such as a Chartered Financial Analyst (CFA) or Certified Financial Planner (CFP) may earn higher salaries than those without these qualifications.

Overall, with experience and the right qualifications, finance professionals in Canada can expect to earn competitive salaries and have opportunities for career advancement.

Average Salaries of Accountants

This section will discuss the average salaries of accountants in Canada, focusing on two distinct categories: bookkeepers and entry-level accountants, as well as experienced certified accountants.

The first group typically earns a lower salary, with an average range of $35,000 to $50,000 per year.

In contrast, experienced certified accountants can earn significantly more, with an average salary range of $70,000 to $120,000 per year, depending on factors such as location and industry.

Salaries for bookkeepers and entry-level accountants

Salaries for individuals working as bookkeepers and entry-level accountants in Canada fall within the lower range of financial-related job salaries. According to PayScale, the average salary for a bookkeeper in Canada is around CAD 40,000 per year, while the average salary for an entry-level accountant is around CAD 45,000 per year. These salaries are relatively low compared to other financial-related jobs, such as financial analysts or investment bankers, which have an average salary of CAD 62,000 and CAD 85,000 respectively.

Despite the lower salaries, bookkeepers and entry-level accountants play an important role in the financial sector. Bookkeepers are responsible for maintaining accurate financial records for businesses, while entry-level accountants assist in financial reporting and analysis.

Furthermore, these positions serve as a stepping stone for individuals who are looking to advance their careers in the financial industry. With experience and further education, individuals in these positions can move up to higher-paying roles such as senior accountants or financial managers.

Salaries for experienced certified accountants

Certified accountants with significant experience in the financial industry earn considerably higher wages than entry-level accountants and bookkeepers. According to recent data, the average salary for experienced certified accountants in Canada ranges from $75,000 to $120,000 per year. However, many factors can affect the salary range, including the location, industry, and company size.

Here are some key factors that can influence the salary range for experienced certified accountants in Canada:

  • Location: The average salary for certified accountants can vary significantly depending on the province or city in which they work. For example, certified accountants tend to earn higher salaries in large cities such as Toronto and Vancouver compared to smaller cities.

  • Industry: The industry in which a certified accountant works can also impact their salary. For instance, certified accountants who work in the finance and insurance sector often earn higher salaries than those who work in retail or healthcare.

  • Company size: The size of the company can also affect the salary range for certified accountants. Larger companies may offer higher salaries due to their financial resources and the complexity of their accounting needs.

  • Professional certifications: Certified accountants who have additional professional certifications, such as a Chartered Professional Accountant (CPA) designation, may also command higher salaries due to their advanced skills and expertise.

Average Salaries of Investment Bankers

This section will discuss the average salaries of investment bankers, focusing on two key levels: analysts/associates and vice presidents/managing directors.

Salaries for analysts and associates typically range from $70,000 to $150,000, and can increase significantly with bonuses.

Salaries for vice presidents and managing directors can range from $250,000 to over $1 million, depending on the size and success of the firm.

Salaries for analysts and associates

Analysts and associates in financial related jobs can expect to receive competitive compensation packages in Canada. According to a recent survey, the average salary for a financial analyst in Canada is around CAD 63,000 per year, while the average salary for an associate in investment banking is around CAD 90,000 per year. However, these figures can vary significantly depending on the specific industry, company, and level of experience.

Analysts and associates in investment banking typically receive a base salary, which can range from CAD 60,000 to CAD 80,000, with an additional bonus that can be as high as CAD 100,000 or more for high-performing employees. In addition to salary and bonus, many financial firms also offer other benefits such as health insurance, retirement plans, and stock options.

Overall, analysts and associates in financial related jobs can expect to be well-compensated for their work in Canada, with ample opportunities for career advancement and growth.

Salaries for vice presidents and managing directors

Vice presidents and managing directors in the financial industry can expect to receive significantly higher compensation packages than analysts and associates. According to a survey conducted by Payscale, the average salary for a vice president in finance in Canada is CAD $138,000 per year, while managing directors can earn up to CAD $270,000 per year. However, it is important to note that these figures can vary greatly depending on the company, location, and level of experience.

To provide a clearer picture of the range of salaries for vice presidents and managing directors in the financial industry, the table below outlines the average salaries for these positions across different cities in Canada. It is important to keep in mind that these figures are only averages and may not reflect the full range of salaries in each location. Nonetheless, this data can be helpful for those considering a career in finance and want to gain a better understanding of the earning potential in this field.

Position Toronto Vancouver Montreal Calgary
Vice President CAD $146,000 CAD $137,000 CAD $120,000 CAD $147,000
Managing Director CAD $305,000 CAD $289,000 CAD $248,000 CAD $314,000

Overall, it is clear that vice presidents and managing directors in the financial industry can expect to earn a higher salary than entry-level analysts and associates. However, it is important to carefully consider factors such as location, level of experience, and company size when evaluating potential earnings in this field.

Average Salaries of Financial Advisors

The topic of average salaries of financial advisors is an interesting one, as it sheds light on the earning potential of professionals in this field.

When discussing this subtopic, it is important to consider the salaries of both entry-level and experienced financial advisors.

By examining these two categories separately, it becomes possible to gain a more comprehensive understanding of the financial advisory job market.

Salaries for entry-level financial advisors

Entry-level financial advisors in Canada can expect to earn an average annual salary that falls within the range of the revealed financial job salaries. According to the data provided, the average salary for an entry-level financial advisor in Canada is around CAD 45,000 to CAD 50,000 per year. However, it is important to note that this salary range may vary depending on factors such as location, experience, and the type of organization they work for.

To provide a clearer picture, the table below shows the average salaries of entry-level financial advisors in different cities across Canada. This data highlights the disparities between salaries in major cities such as Toronto and Vancouver, compared to smaller cities such as Halifax and Saskatoon. Despite these variations, entry-level financial advisors can expect to earn a decent salary that is in line with the overall average salaries of financial jobs in Canada.

City Average Annual Salary (CAD)
Toronto CAD 50,000 – CAD 55,000
Vancouver CAD 45,000 – CAD 50,000
Montreal CAD 40,000 – CAD 45,000
Halifax CAD 35,000 – CAD 40,000
Saskatoon CAD 30,000 – CAD 35,000

Salaries for experienced financial advisors

Transitioning from salaries for entry-level financial advisors, it is essential to explore the salaries for experienced financial advisors. Experienced financial advisors have a wealth of knowledge and experience in the financial industry, and as such, their salaries are often higher than that of entry-level financial advisors.

In Canada, experienced financial advisors can earn an average salary of $85,000 per annum. However, this figure may vary depending on the financial institution, the level of experience, and the location of the job. Experienced financial advisors in large financial institutions such as banks and investment firms can earn higher salaries than those in smaller firms. Similarly, those working in larger cities such as Toronto, Vancouver, and Montreal may earn more than those in smaller towns.

Furthermore, financial advisors with additional certifications such as the Chartered Financial Analyst (CFA) designation may also command higher salaries due to their advanced knowledge and expertise in the field.

Average Salaries of Actuaries

This section will discuss the average salaries of actuaries, including both entry-level positions and experienced professionals.

The salaries for entry-level actuaries can vary depending on the industry, with insurance and consulting firms offering some of the highest starting salaries.

Experienced actuaries with several years of experience and professional certifications can earn significantly higher salaries, with top earners in the field making well over six figures.

Salaries for entry-level actuaries

As a profession that involves analyzing complex data and assessing financial risks, the earning potential for actuaries is highly dependent on their level of experience and expertise.

Entry-level actuaries, typically those with less than two years of experience, can expect to earn an average annual salary of around CAD 65,000 to CAD 75,000 in Canada.

However, as they gain more experience and become more skilled in their field, their earning potential increases significantly. For example, actuaries with five to ten years of experience can earn an average salary of CAD 100,000 to CAD 130,000, while those with over ten years of experience can earn upwards of CAD 150,000.

Earning potential can also vary based on the industry in which the actuary works, with insurance and finance being among the highest-paying industries for this profession.

Salaries for experienced actuaries

Experienced actuaries can significantly increase their earning potential, with those possessing over ten years of experience earning upwards of CAD 150,000 and industries such as insurance and finance being among the highest-paying for this profession.

According to data from the Canadian Institute of Actuaries, the median salary for an experienced actuary in Canada is CAD 122,000, with the top earners making over CAD 225,000.

Factors that can influence an experienced actuary’s salary include their level of education, certification, and location.

Actuaries with a master’s degree or higher tend to earn more than those with only a bachelor’s degree.

Additionally, actuaries who hold professional certifications, such as the Fellow of the Society of Actuaries (FSA) or the Fellow of the Canadian Institute of Actuaries (FCIA), also tend to earn higher salaries.

Finally, actuaries working in major cities such as Toronto or Vancouver may also earn more due to the higher cost of living.

Factors that Affect Salaries in the Financial Industry

This discussion will focus on the factors that affect salaries in the financial industry. Specifically, education and certifications play a crucial role in determining an individual’s earning potential in this field.

Additionally, geographic location can have a significant impact on salaries due to differences in cost of living and demand for financial professionals.

Education and certifications

Attaining relevant education and certifications can significantly enhance one’s chances of securing a higher paying financial job in Canada. In fact, many employers in the financial industry prioritize candidates with a strong educational background and professional certifications.

Here are some of the ways education and certifications can impact one’s salary in the financial industry:

  • Advanced degrees: Pursuing an advanced degree, such as a Master’s in Business Administration (MBA) or a Master’s in Finance, can provide individuals with advanced knowledge and skills that are highly valued in the financial industry. This can lead to higher salaries and more job opportunities.

  • Professional certifications: Obtaining professional certifications, such as the Chartered Financial Analyst (CFA) or Certified Financial Planner (CFP), can demonstrate to employers a candidate’s expertise and commitment to their profession. This can lead to higher salaries and promotions within the industry.

  • Industry-specific education: Many financial jobs require specialized knowledge and skills that can be obtained through industry-specific education programs, such as those offered by the Canadian Securities Institute (CSI). These programs can help candidates stand out to employers and increase their earning potential.

  • Continuing education: The financial industry is constantly evolving, and staying up-to-date on the latest trends and regulations is crucial. Continuing education courses and professional development opportunities can demonstrate a candidate’s commitment to their profession and increase their value to employers.

Overall, investing in education and certifications can pay off in the form of higher salaries and more opportunities in the financial industry in Canada.

Geographic location

Geographic location is an important factor that can impact the salary of individuals working in the financial industry in Canada. The average salary for financial-related jobs varies across different provinces and cities. For instance, according to Job Bank Canada, the average annual salary for a financial analyst in Ontario is approximately $70,000, while the average salary for the same position in Quebec is around $55,000. This significant difference in salary can be attributed to the difference in cost of living, taxes, and demand for financial professionals in each province.

Similarly, the average annual salary for a financial manager in Toronto is around $100,000, while the same position in smaller cities such as Halifax or Regina can yield an average salary of around $80,000.

Moreover, the location of the company also plays a role in determining the salary of financial professionals. Companies located in major cities such as Toronto, Vancouver, and Montreal tend to offer higher salaries due to the high demand for financial expertise in these areas. However, companies located in smaller cities or rural areas may offer lower salaries to attract talent.

Additionally, financial professionals who are willing to relocate to areas with higher salaries may also have better opportunities for career advancement. Therefore, it is important for individuals in the financial industry to consider the impact of geographic location on their salaries and career prospects.

Frequently Asked Questions

What is the job outlook for financial professionals in Canada?

The job outlook for financial professionals in Canada is generally positive. According to data from the Government of Canada’s Job Bank, employment growth in the financial sector is expected to be moderate over the next few years.

This growth is driven by a number of factors, including increasing demand for financial services as the Canadian economy grows and changes, as well as an aging population that requires more financial planning and investment advice. In addition, there are a variety of different roles available to financial professionals in Canada, from accounting and audit positions to financial analysts and investment managers.

While competition for top positions can be stiff, those with strong skills and education in financial analysis, risk management, and strategic planning are well-positioned to succeed in this dynamic and challenging field.

How do education and experience impact salaries in the financial industry?

In the financial industry, education and experience play a significant role in determining salaries.

Generally, individuals with higher levels of education and more years of experience tend to earn higher salaries than those with less education and experience.

For instance, individuals with a bachelor’s degree in finance may earn more than those with just a high school diploma.

Additionally, individuals who have worked in the industry for several years, have demonstrated expertise in specific areas, or hold advanced certifications may also earn higher salaries.

However, other factors such as industry, company size, and location can also impact salaries in the financial industry.

Ultimately, salaries in the financial industry are influenced by a combination of education, experience, and other factors, and can vary widely depending on individual circumstances.

What are the most in-demand skills for financial professionals in Canada?

In the financial industry in Canada, the most in-demand skills for financial professionals are constantly evolving.

However, there are some core competencies that remain highly valued, such as strong analytical abilities, financial modeling skills, expertise in data analysis and interpretation, as well as knowledge of relevant financial tools and technologies.

Additionally, communication skills, leadership abilities, and a strong work ethic are also highly sought after by employers in the industry.

Education and experience can certainly impact salaries in the field, but possessing these key skills is often the most important factor in securing high-paying positions and advancing in the financial industry.

What benefits packages do financial professionals typically receive in addition to their salaries?

Financial professionals in Canada typically receive a range of benefits packages in addition to their salaries. These may include health and dental insurance, paid vacation time, retirement savings plans, and bonuses or performance incentives.

The specific benefits offered may vary depending on the employer and the position held. For example, senior executives may be offered more comprehensive benefits packages than entry-level employees.

In addition to these traditional benefits, some employers may also offer professional development opportunities, such as training programs or tuition reimbursement, to help their employees advance their careers.

Overall, the benefits offered to financial professionals in Canada can play an important role in attracting and retaining top talent in the industry.

How does the cost of living in different regions of Canada impact financial salaries?

The cost of living in different regions of Canada can impact financial salaries.

Generally, salaries in major metropolitan areas such as Toronto and Vancouver are higher due to the higher costs of living.

For instance, the average salary of a financial analyst in Toronto is approximately 10% higher than the national average.

On the other hand, salaries in smaller cities and rural areas may be lower due to the lower cost of living.

It is important to note that other factors such as industry, experience, and education can also affect financial salaries, making it difficult to make generalizations about how the cost of living impacts them.

Nevertheless, it is clear that the cost of living is an important consideration when determining financial salaries in Canada.

Conclusion

The financial industry in Canada is a highly lucrative field, with various career options that offer competitive salaries. Financial analysts, accountants, investment bankers, financial advisors, and actuaries are some of the most popular financial related jobs in Canada. The average salary for these roles ranges from CAD 50,000 to CAD 150,000, depending on the level of experience and education.

Factors such as location, industry, and company size also play a significant role in determining salaries in the financial industry. Despite the competitive nature of the field, individuals who possess the necessary skills and expertise can expect to secure high-paying jobs in the industry.

It is essential to stay updated with the latest trends and developments in the field to remain competitive and increase earning potential. Overall, the financial industry in Canada is an excellent option for those seeking a challenging and rewarding career.

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