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All about starting a Financial Career in Canada!

Financial Career in Canada

Financial Career in Canada

As an individual, managing our day-to-day finances requires a lot of financial analysis, planning, and budgeting. But imagine managing finances on a larger scale…! Financial management for industries and their businesses is a huge responsibility. Right from planning to decision-making, a finance professional does it all! Though education is the key, the skillset as an individual plays a major role.

If you’re a finance professional, aspiring to have a career abroad, Canada is the perfect choice of place to have a job after completing your education in finance. There’s a high demand for people with financial education backgrounds in Canada. Give this blog a read about Financial Career in Canada after financial studies. 

What’s the scope like in Canada after studying Finance?

When it comes to career growth and development as a finance professional, Canada gives you an ideal platform that offers ample employment opportunities and has the most promising future. Since Canada has an aging population and retirement, it resulted in more job vacancies in financial positions. Canada needs more new immigrants with skilled work experience and expertise contributing more to the country’s economy. 

What is the role of a Financial Professional?

As a finance professional, one must work on the financial tasks and responsibilities efficiently. Some of them are mentioned below.

1. Exploring, expanding, and implementing financial policies processes, and operations of a company.
2. Analyze the market trends and competitors to expand the company’s opportunities.
3. Maintaining records of daily transactions.
4. Preparing balance sheets and processing invoices.
5. Involving in plans, analysis, strategies, budgeting, and assessing audits and finances.
6. Handle financial negotiations with banks and other financial institutions.
7. Ensures all financial operations are adhered to governmental rules and regulations.
8. Manages cash flow and meets the needs of the company.

Job Designations for Finance Professionals in Canada

Here are some of the job roles with their NOCs that you can get into as a finance professional in Canada!

NOC Code NOC Code Name
10010 Financial Managers 
10020 Insurance, real estate, and financial brokerage managers
10021 Banking, credit, and other investment managers
11100 Financial auditors and accountants
11101 Financial and investment analysts
11103 Securities agents, investment dealers, and brokers
11102 Financial Advisors
11109 Other Financial officers
12011 Supervisors, finance, and insurance office workers
12200 Accounting technicians and bookkeepers
12201 Insurance adjusters and claims examiners
12202 Insurance underwriters
12203 Assessors, business valuators, and appraisers
13200 Customs, ship, and other brokers
14200 Accounting and related clerks
13102 Payroll administrators
14201 Banking, insurance, and other financial clerks
14202 Collectors

 

What is required for a job as a Finance Professional?

To be eligible for a finance professional in Canada, you must meet certain requirements mentioned below for you.

1. You should hold a bachelor’s degree in business administration, finance, economics, and commerce and a master’s degree in management and finance.
2. You must have a minimum of 2 years of experience in auditing, budgeting, accounting, financial planning, and other types of financial activities.
3. When applying for the role of an accounting manager, you will require a recognized specific accounting designation such as CPA, CA, CPA, CMA or CPA, or CGA.
4. If you’re a treasury or corporate finance manager, you will require an acknowledged financial role such as CFA, CFP, or CIM. 

Salaries for a Finance Professional in Canada

The most important factor to consider when looking for a career opportunity in Canada is the salary for your job. When it comes to a finance professional, the median annual salary in Canada is CAD 133,608 as of September 25, 2023.

Salaries usually range between CAD 117,249 to CAD155,464. However, salaries might vary depending on various factors such as the industry, location, years of experience, and education. 

Wrap-Up

Canada is one of the countries that gives utmost importance to the role of finance. The demand in Canada for Financial Managers and related roles has been on the rise with 6% growth that can be expected by 2031 for Finance regulated occupations.

To all those financial professionals out there, why wait until you can grab a perfect opportunity to start a new phase in Canada? Wondering how? CanApprove makes it possible for you! Connect with CanApprove, get a free consultation, and plan your future! Talk to our immigration experts right away, we’d love to hear from you! FAQ

FAQs

Does finance have scope in Canada?

When it comes to career growth and development as a finance professional, Canada gives you an ideal platform that offers ample employment opportunities and has the most promising future. 

What is the salary for finance professionals in Canada?

Salaries for Financial Career in Canada usually range between CAD 117,249 to CAD155,464. However, salaries might vary depending on various factors such as the industry, location, years of experience, and education. 

Why is Canada hiring finance managers?

Since Canada has an aging population and retirement, it resulted in more job vacancies in financial positions. Canada needs more new immigrants with skilled work experience and expertise contributing more to the country’s economy. 

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