Given the current exchange rate – each Canadian dollar equals 0.81 U.S. dollar – Canada-based financial services firms have an uphill battle to compete with the compensation of their American counterparts. While there are other factors to consider, including healthcare and cost of living, it's generally the case that finance professionals with the same job title and level of experience earn a lot more in the U.S. than they do in Canada.
Here’s everything you need to know about Canadian financial services salaries (not including bonuses) across accounting and finance roles, according to recruitment firm Robert Walters's Salary Survey 2018.
Finance pay in Toronto vs. New York
For example, a financial planning and analysis (FP&A) manager earned in the range of CAD$86-$107 (USD$70-$87) in Toronto last year compared to USD$100-$135 in New York.
In addition, a senior vice president-level taxation manager earned around CAD$180-$260 (USD$146-$211) in Toronto versus $180-$220 in New York in 2017.
A controller in Toronto earned approximately CAD$141-$188 ($114-$152) last year compared to USD$160-$225.
As for a chief financial officer, the typical salary range was CAD$190-$312 (USD$154-$253) in 2017 versus USD$250-$400 in New York.
So what's the good news for Canadian finance professionals?
On the other hand, the good news is that accounting and finance pay is up slightly in Canada compared to last year.
Financial services professionals staying with the same employer in Canada were able to secure salary increases of up to 4% last year, while those who changed roles were typically able to get raises of up to 9%, and you’re like to get a 10% raise if you jump to a new firm this year. However, depending on the specific role and the professional’s amount of experience, the salaries for some positions will basically be flat year-over-year.
Robert Walters said regulatory, risk and internal audit jobs all increased in Toronto financial services firms last year, with regulatory positions suffering from a lack of experienced staff. It predicts strong demand for finance staff in Canada in 2018, particularly at the junior level after, and says finance salaries in Canada should increase by another 10%.
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