Rising CPA Salaries in 2023: Are They Enough to Attract Top Talent?
In 2023, starting salaries for newly qualified Chartered Professional Accountants (CPAs) in Canada experienced a notable increase, outpacing inflation and reflecting efforts by firms to stay competitive. Despite these gains, experts warn that the accounting profession must do more to attract top talent, especially when competing with high-paying industries like technology.
CPA Starting Salaries on the Rise
Starting salaries for CPAs grew by 7% in 2023, exceeding the inflation rate by three percentage points. New graduates entering the field earned an average starting salary of $65,086, up from $60,698 in 2022. While these increases are encouraging, they fall short of salaries offered in other fields. For instance, starting positions in computer and information sciences averaged $91,411 in 2023—nearly 40% higher than CPA roles.
Challenges Beyond Pay
Uncompetitive salaries aren't the only hurdle. Workload and burnout continue to hinder recruitment and retention within the accounting industry. A recent survey of mid-sized firms revealed that while 88% have increased starting pay in the past year, only 57% plan to tackle workload issues that contribute to employee dissatisfaction.
The Path Forward for CPA Employers
To strengthen the CPA talent pipeline, firms need to adopt a comprehensive strategy that goes beyond salary adjustments. Offering clear career development opportunities, improving work-life balance, and addressing workload concerns are essential steps to retaining top talent and ensuring long-term growth in the profession.
Key Takeaways for Accounting Firms
Salary Competitiveness: CPA salaries need to better align with other high-demand industries.
Workload Management: Addressing burnout and workload balance is critical for retention.
Holistic Recruitment: Competitive compensation must be paired with sustainable career paths to attract the best candidates.
By addressing these challenges, CPA firms can build a more resilient workforce and ensure their profession remains attractive to the next generation of accountants.
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