Canadians working in the financial services have been the largest contributor to the national earnings increase, according to Statistics Canada November 30 survey on Payroll, Employment, Earnings and Hours. The gains were particularly impressive in the professional, scientific and technical services: average weekly earnings were up 3.4% to $1,354; growth driven by accounting, tax preparation, bookkeeping and payroll services with notable increases in Ontario and Quebec.
From September 2016 to September 2017, across all industries tracked in the survey, average weekly earnings grew in Canada by 3.1 percent. However, the increase in average weekly earnings in the Finance and insurance industry was dramatically higher than the average, up 8.7 percent over the same period. Only two other sectors—Management of companies and enterprises (up 25.6 percent over prior year) and Utilities (a year-over-year increase of 15.8 percent)—showed a larger jump in weekly earnings over prior year.
Weekly wages for workers in Finance and insurance are 38 percent higher than the national average, and the fourth highest among all industry sectors.
These are encouraging numbers for the financial profession, a sector that offers a wide range of career options—from financial advisor to tax professional to bookkeeper and more. If you are looking for a career change, a better-paying job in a helping profession, or simply want to upgrade your skills, enroll before the December 31 deadline in one of Knowledge Bureau’s Designation Programs, such as DFA–Tax Services Specialist or DFA–Bookkeeping Services Specialist. Or, if you register in one of our Diploma Programs before December 15, you’ll still have time to earn that credential before the prime hiring time of tax season.
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