CPABC in Focus November/December 2014 | Page 20

CPA Labour Market Outlook in British Columbia and Alberta Findings from Occupational Demand Analysis for Chartered Professional Accountants B ritish Columbia’s recovering economy is expected to expand over the next 10 years, with much of its growth stemming from the booming resource sector. Accountants are already in high demand as new businesses and projects arise from this increased activity, and it’s likely that demand will only continue to increase. At the same time, the province is predicting a widespread labour shortage across all industries. So what does this mean for BC’s accounting profession over the next decade? To evaluate future prospects for accountants in BC, CPABC commissioned a labour market analysis this past spring. Conducted in April/May 2014 by Roslyn Kunin and Associates, Inc. (RKA), the analysis compared BC’s CPA labour market with that of Alberta. In addition to being BC’s closest competitor for talent, Alberta has enjoyed a robust economy for the past several years, making it a useful measure for comparison. The findings of the labour market survey were compiled in a report entitled Occupational Demand Analysis for Chartered Professional Accountants. Here’s a summary of the report. The demographic profile of CPAs As at March 31, 2014, there were 28,638 members from the three legacy accounting bodies in British Columbia: 11,934 CPA, CAs; 11,330 CPA, CGAs; and 5,374 CPA, CMAs.1 Comparatively, Alberta boasted a total membership of more than 23,500 in 2013: 11,000 CAs; 5,500 CGAs; and 7,000 CMAs.2 As per a survey by Statistics Canada, women accounted for 53% of the CA, CGA, and CMA memberships in BC in 2011, and made up 59% of the professional accountants in Alberta that same year.3 The same 2011 survey found that the majority of professional accountants in both BC and Alberta were between 25 and 64 years of age.4 Due to the lengthy educational requirements associated with the CPA and legacy accounting designations, only a small percentage of members are under 25 years of age. As a result, CPAs have an older age profile when compared to the general labour force. This older age profile suggests that the accounting profession will see a greater number of positions left vacant due to retirement over the next decade, compared to other industries, and that it may face a greater challenge in filling these positions. CPABC, Environmental Scan, 2014. Vicky Kotzé/Getty Images 1 CAA, Summarized Annual Report 2013 (www.albertacas.ca); CGA I 2 Alberta, Media Backgrounder (www.cga-alberta.org); CMA Alberta, Annual Report 2013. (www.cma-alberta.com).  tatistics Canada, National Household Survey 2011. S 3 Ibid. 4 20  CPABC in Focus • Nov/Dec 2014