Financial Managers – NOC 0111 PR

175

Number of People Who Work in this Industry

$84,520

Median Income of People Working in this Occupation

6.9%

Chance this Occupation Will Be Impacted by Technology in the Next Decade

100%

Participation Rate
Percentage of the number of people currently working in the occupation as compared to the total number of people within the occupation as of the week of
May 1 to May 7 2016

0.0%

Unemployment Rate
Percentage of people looking for work as compared to the total number of people in the occupation as of the week of May 1 to May 7, 2016, when the unemployment rate was 7.8% in SDG and 5.3% in PR.

Education

of People Working in this Occupation

18.2% of the workforce has a College, CEGEP or non-university certificate or diploma.

54.5% of the workforce has a university diploma or degree.

Age of the Workforce

in this Occupation

24.2% of the workforce is age 25 to 34.

42.4% of the workforce is age 45 to 54.

Sectors that Employ this Occupation

33.3% of financial managers work in the Public Administration sector.

12.1% work in the Professional, Scientific and Technical Services sector.

9.1% work in the Construction sector.

Employment Outlook

The employment outlook in our region for 2017-2019 is fair. Employment growth will lead to a moderate number of new positions. Several positions will become available due to retirements. There are several unemployed workers with recent experience in this occupation. Bilingualism may be an asset.

Projected growth rate in Ontario: 4.1%-5%

More Information

What Else Do I Need to Know?

  • Employment Outlook for Financial Managers in the Ottawa Economic Region is fair. Financial managers experienced reasonable employment growth in Ontario over the last several years. These professionals are employed in all sectors, however, provincially, finance and insurance accounts for the highest share (30%) of employment, followed by professional, scientific and technical services (11%) then manufacturing (10%). Across all industries, the business environment continues to evolve due to various factors, significantly affecting the level of financial skills needed to support the viability of business operations. New technology, competitive market forces, global economic instability and fiscal tightening are some factors which add to the complexity in financial decision making.
  • Employment demand is expected to be strongest for highly skilled individuals with over five years’ experience in financial analysis and extensive knowledge of current and emerging market trends affecting the industry. Many employers prefer individuals with a master’s degree in a related discipline and/or with a financial professional designation; more commonly, Chartered Accountant (CA), Certified General Accountant (CGA) or Certified Management Accountant (CMA). Under the impending changes, these three designations will be unified as the Chartered Professional Accountant (CPA) designation in Canada.
  • Internationally, regulatory oversight has been strengthened to reduce financial risks in response to the most recent global credit crisis. Therefore some job openings for financial managers will include functions requiring knowledge of these regulations.
  • There is a sufficient supply of workers in this occupation in Ontario. Cost cutting measures imposed by some financial institutions and manufacturers over the last several years has likely led to a larger pool of unemployed, qualified applicants. New entrants might therefore face strong competition for jobs in this occupation.
  • For more information from local employers,  click on Professional, Technical, EducationWholesale and Retail Trade and/or Construction.