In order to have a successful career in accounting, you must be able to perform complex tasks such as but not limited to compiling and analyzing financial data, creating periodic reports, and accurately maintaining financial records. To become an accountant, one has to get a bachelor’s degree, professional working experience in an accounting-related field, and a designation (Chartered Professional Accountant or CPA). However, there are also different pathways on how you can be an accountant without having a degree. Nevertheless, it takes years of education and experience to be a skilled accountant.
Your salary can depend on different factors. Considerations may be your location, years of experience, level of education, and certifications or designations. Most particularly if you have a CPA designation, you are likely to have better pay. Not all positions would also have the same salary range. An entry-level job at ‘Company A’ may not pay as much as for the same position in ‘Company B’.
The average base salary of an accountant in Toronto, ON is 55,329 CAD per year. This is based on salaries submitted in Glassdoor.
As you progress in your career, you will eventually get promotions and higher salary offers when you apply to a new company. There are several career steps that can be taken to attain higher pay and of course greater responsibilities.
According to Payscale, you can pursue a higher position in accounting by becoming a senior accountant, financial controller, or accounting manager. Each of these position leads up to other different roles that certainly offers higher pays. Let’s now take a closer look at the different highest-paying accounting jobs in Toronto, Ontario.
5 Highest Paying Accounting Jobs in Toronto
Chief Financial Officer
The Chief Financial Officer or CFO is the person responsible for overseeing how the money is spent. A CFO has been in the industry for years which they may have gained extensive knowledge of different aspects of the field such as financial, risk management, and business strategy. The CFO may also be responsible for implementing revenue strategies, analyzing and managing financial risks, making short and long-term financial goals for the organization, and more.
A CFO has an average base pay of 183,159 CAD per year in Toronto, ON.
To become a CFO, you must have at least 10 years of experience in accounting or finance. Companies also consider if you have had a management role in your years of experience. Most prefer having an MBA or a Master’s Degree in Business Administration or a Chartered Professional Accountant (CPA) designation.
Career Path of a Chief Financial Officer
Finance Director
The Finance Director audits the overall performance of the operations in each department of the organization. This role must be able to understand the past financial performance of the organization to predict the future financial state. The responsibilities of a Finance Director may include corporate strategic planning, risk management strategy, market analysis, and more.
The average base pay of a Finance Director in Toronto,ON is 144,282 CAD per year.
A bachelor’s degree in either accounting or finance is one of the requirements to become a Finance Director. Other than this, you may also need to have a Master’s in Business Administration (MBA) or any master’s degree with relation to accounting or finance.
Career Path of a Financial Director
Controller
A Controller is responsible for the accounting operations of the organization. They have a wide-set of responsibilities including but not limited to planning and coordinating all accounting operational functions, managing the budget process and coordinating with external auditors.
The average base pay of a Controller in Toronto, ON is 121,780 CAD per year.
Like other high-level accounting positions, a Controller is required to have a bachelor’s degree in accounting or finance and a Master’s in Business Administration or at least a CPA designation as some companies prefer to have this.
Career Path of a Controller
Accounting Manager
Managing the daily operations of the accounting department, monitoring and analyzing accounting data, and producing financial reports and statements are just some of the responsibilities of an Accounting Manager. It takes great leadership, communication, organization, and management skills to be able to successfully fulfill this role.
The average base pay of an Accounting Manager is 84,916 CAD per year in Toronto, ON.
To be an Accounting Manager, you would need a Bachelor’s degree in Accounting, Finance, or in any related field and experience in management and accounting.
Career Path of a Accounting Manager
See available job openings you can apply for an Accounting Manager:
Senior Accountant
Senior Accountants are usually staff accountants or accountants that have been promoted. They are responsible for verifying and reconciling accounts payable and receivable, creating accounting reports and analyzing financial information.
The average base pay of a Senior Accountant in Toronto, ON is 69,466 CAD per year.
The minimum requirement to be a Senior Accountant is a Bachelor’s degree in accounting or finance, at least 3 years of experience in accounting and for some companies a CPA designation.
Career Path of a Senior Accountant
See available job openings you can apply for as a Senior Accountant:
- Senior Accountant, Global Mobility
- Senior Accountant, Assurance and Accounting – Public Companies
- Senior Accountant, Assurance and Accounting – Private Enterprise
There are different job opportunities available in the field of accounting. Alongside this, there are also many possibilities for you to progress with your career and achieve your desired salary. It is always important to keep your career goals in check and decide the right career path for you to take.
Talent Portal has prepared a list to show the average salaries for different accounting jobs and in other fields in Toronto for 2021. Review the 2021 Toronto Salary Table.