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Occupation Outlook Report

NOC 1111 cover picture from Fanshawe college photo collection

Financial Auditors and Accountants

 NOC 11111

Elgin-Middlesex-Oxford (EMO)

(2018 - 2026)

Updated May 2019

 

© 2018 Elgin Middlesex Oxford Workforce Planning and Development Board

 

OUTLOOK: Financial Auditors and Accountants

A Local Snapshot

  • Employment in this occupation is forecasted to increase by 9.0% for the period 2018-2026. It had decreased by 6.4% for the period 2016-2018.
  • Median hourly wage for this occupation is $32.27/hr. (as of 2018)
  • 31.5% of the 2018 jobs were in the accounting, tax preparation, bookkeeping and payroll services industry sector.
  • Elgin-Middlesex-Oxford has a comparative disadvantage: The region has 15% less financial auditors and accountants than other regions in the country.
  • Employment in this occupation is expected to grow by 11.3% for the period 2018-2026 at the provincial level. It had increased from 2015 to 2017 by 1.7% at the provincial level.  
  • Canada Job Bank forecasts fair employment potential for this occupation in Elgin-Middlesex-Oxford from 2018 - 2020.2

  • Cost of labour in the region is marginally below average. Median wages for financial auditors and accountants in the region were $32.27/hr. (as of 2017). This was $1.55/hr. below the national median of $33.82/hr.

 

Overview

Elgin-Middlesex-Oxford Jobs (2018)

3,425

2018 London CMA, Unemployment Rate3

5.6%

2018 Ontario Unemployment Rate4

5.5%

2018 Canada Unemployment Rate5

5.8%

Location Quotient to Nation (2018)6

.85

Change in Jobs (2018-2020)

2.6%

Source: EMSI 2019.1 Census Divisions Elgin-3534, Middlesex-3539, and Oxford-3532

 

2018 Percentile Earnings

$18.62/hr

$32.27/hr

$55.82/hr

2018 10th Percentile Wages

2018 Median Wages

2018 90th Percentile Wages

Source: Employees EMSI 2019.1

 

SHORT AND MEDIUM TERM PROJECTIONS

Job Growth

Short-term

3,425

3,515

90

2.6%

 

2018-2020

2018 Jobs

2020 Jobs

Change 2018-2020

% Change 2018-2020

Medium-term

3,425

3,594

169

4.9%

2018-2022

2018 Jobs

2022 Jobs

Change 2018-2022

% Change 2018-2022

Source: Employees and Self-Employed EMSI 2019.1

 

 

Top 5 Industries Employing this Occupation

Industry

Occupation Jobs in Industry (2018)

% of Occupation in Industry (2018)

% of Total Jobs in Industry (2018)

Accounting, tax preparation, bookkeeping and payroll services (5412)

1,079

31.5%

47.8%

Insurance carriers (5241)

102

3.0%

2.3%

Other financial investment activities (5239)

83

2.4%

4.5%

Lessors of real estate (5311)

81

2.4%

3.1%

Depository credit intermediation (5221)

77

2.3%

1.7%

Source: Employees and Self-Employed EMSI 2019.1

NOTE: The North American Industry Classification System (NAICS) is an industry classification system developed by the statistical agencies of Canada, Mexico and the United States against the background of the North American Free Trade Agreement (NAFTA).  It was designed to provide common definitions of the industrial structure of the three countries.

NOTE: Inverse staffing patterns provides a table of percentages that shows how regional occupations are divided up among regional industries.

  

Fanshawe Educational Programs for this Occupation

3

35

Programs

Completions (2017/18)

Fanshawe Program Code

Fanshawe Program

Fanshawe Completions (2017/18)

FWM

Finance and Wealth Management

Fanshawe Career Coach: Finance and Wealth Management

7

BCA1

Honours Bachelor of Commerce (Accounting)  

Fanshawe Career Coach: Honours Bachelor of Commerce (Accounting)

 

25

PAC1

Professional Accounting

 

10

         

2017/18  data includes those who graduated from Fanshawe in spring 2018.

 

LONG TERM PROJECTIONS

Cumulative Job Openings and Job Seekers for the Period 2017-2026

picture showing long term projections

COPS expects NOC 1111 to face balanced labour conditions over the period of 2017-2026 at the national level. Job openings (arising from job growth and retirements) are expected to be 300 more than job seekers (arising from school leavers, immigration and workers leaving the occupation).8 

 

LINKS TO ADDITIONAL OCCUPATIONAL INFORMATION

Statistics Canada- NOC 1111 occupation information for Canada

Ministry of Training, Colleges and Universities – NOC 1111 labour market information and statistics including work trends and the skills, education and training needed for jobs today, and in the future.

Economic Modeling Specialists Inc. (EMSI) amalgamates information from several data sources in order to produce its occupation counts.

Contact North –Core services for students, faculty & instructors, colleges, universities, indigenous institutes, district school boards, literacy and basic skills and training providers to provide online and distance programs and courses without leaving the community, taught through 116 local learning centres.

Ontario Colleges – Information on earning a college degree, diploma, certificate or apprenticeship in Ontario.

 

 

 

Should you have any further questions about the data in this report, please contact Elgin Middlesex Oxford Workforce Planning and Development Board at 519-672-3499 or info@workforcedevelopment.ca

 

 

         
  LEPC logo   Government of Ontario logo  
         
  Fanshawe logo   EMOWPDB logo  
         

 

This project is funded in part by the Government of Canada and the Government of Ontario.

The facts and opinions presented in this document do not necessarily reflect those of the Government of Ontario or the Government of Canada.

 




 Footnotes

1. The National Occupational Classification (NOC) is the nationally accepted reference on occupations in Canada. It organizes over 40,000 job titles into 500 occupational group descriptions. It is used daily by thousands of people to compile, analyze and communicate information about occupations, and to understand the jobs found throughout Canada's labour market. (esdc.gc.ca) The version used in this report is NOC 2011 unless otherwise specified.

2. Job Bank Canada. Source: https://www.jobbank.gc.ca/marketreport/outlook-occupation/113

 Last updated: March 19, 2019.

3. Statistics Canada https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410009001 last updated May 13, 2019

4. Statistics Canadahttps://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410009001 last updated May 13, 2019

5. Statistics Canadahttps://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410009001 last updated May 13, 2019

6. Location quotient (LQ) is a way of quantifying how concentrated a particular occupation is in a region compared to the nation or province. A quotient of 1.00 means EMO has the same share of the occupation as the nation/province. A quotient higher than 1.00 means EMO has a greater share, and lower than 1.00 means EMO’s share is lower than the average (EMSI 2018.1).

7. New program – 4 year collaborative program offered by King’s University at Western University and Fanshawe College.

8. Canadian Occupational Projection System (COPS) http://occupations.esdc.gc.ca/sppc-cops/occupationsummarydetail.jsp?&tid=30 last updated; October 3, 2017.