Evelyn Jacks:  Invest in Careers that Count

It’s expensive to get an education, so investing in careers that “count” both financially and for your lifestyle in the future is important.

If you are between the ages of 25 to 64 with a second or third language, strong analytical and communications skills, and enjoy ongoing learning, then work in the category of a “financial auditor” may be ideally suited to you, especially if you have a family. It pays well, too: average income for this group is just over $60,000—well above the average for all other income earners of just over $45,000.

This information is according to the NOC (National Occupational Classification), which is Canada’s nationally accepted reference on occupations in Canada. The NOC organizes over 30,000 job titles into 520 occupational groups and descriptions. It’s a great way to find out more about occupations and jobs in Canada’s labour market.     

The NOC quotes Statistics Canada data, which indicates actual operating revenue (after inflation) in the accounting, tax preparation, bookkeeping, and payroll services industry has been outpacing economic growth for the last ten years or so, although this is expected to slow somewhat in the years to come.

The high level of growth is explained partly by increased demand for accounting services and partly by the move among businesses to outsource these functions. When a business outsources its accounting and payroll services to a specialized firm, some employees move from the original industry to the accounting, tax preparation, bookkeeping, and payroll services industry.

This means there is an excellent opportunity for those wishing to make the move from employment to self-employment in these fields. In fact, the proportion of accountants working in this “secondary” industry has risen from about 30% in the early 1990s to more than 40% in 2009 and 2010, according to data in Statistics Canada's Labour Force Survey. 

The work of traditional accounting (auditing, assurance, compilation, review, bookkeeping, and payroll services) and taxation services (tax preparation, planning and consulting services, other taxation services) still represents 80% to 85% of revenues of firms in the accounting, tax preparation, bookkeeping, and payroll services industry.    

Knowledge Bureau, which provides convenient online courses taught at a post-secondary level, specializes in training in these industries. Now is a good time to earn the credentials as a certified tax practitioner or designated bookkeeper or business services specialist.

It’s Your Money. Your Life. If you like the thought of being your own boss, working from home, or advancing your career as a “financial auditor”, consider going back to school this fall. You can start today, in fact.

Evelyn Jacks is President of Knowledge Bureau and author of 50 books on tax and personal wealth management. She is also the founder and director of the Distinguished Advisor Conference (DAC). The theme of this year’s three day think tank in Ojai, CA Nov 10-13 will be “Back to the Future – Collaborative Wealth Management.”  Follow Evelyn on Twitter at @EvelynJacks.