The need for CPAs in BC (cont’d)
Demand for CPAs
Between 2010 and 2020, the demand for CPAs in BC is
expected to grow at the same rate as the overall workforce:
1.4% per year. Using this estimated growth rate, there will
be 31,840 CPAs employed in BC by 2023, of which 3,200
are new positions. During this same period, an additional
8,390 positions will need to be filled as baby boomers
retire. As a result, it is forecasted that there will be an
average of 1,290 job openings per year for CPAs in BC
between 2014 and 2023.
Expanding the roles of CPAs
In preparing its report, RKA found an increasing demand
for CPAs in BC to take on roles outside of traditional
There is a growing need for experts in tax, financial
instruments, forensic accounting, bankruptcy, and
information technology. There is also a growing demand
for accountants who specialize in specific industries.
Furthermore, business accountants, controllers, and CFOs
who are already highly sought after in urban centres will
continue to be in great demand.
Over the next decade, CPAs will likely spend more
time working on strategic financial management and
interpretation. This will include developing financial
strategies, providing financing leadership and support,
creating financial systems to support the strategic direction
of their organizations, preparing financial information
analysis, supporting corporate restructuring, conducting
environmental safety assessments, and auditing computer
systems.
In addition, financial auditors are now more involved
in business operations; they are working more closely
with systems instead of data, verifying system reliability,
and managing data confidentiality. As a result, auditors
are often expected to provide recommendations on
operational security, organizational viability, accounting
control effectiveness, and risk assessment.
Filling the gap
RKA forecasts that the accounting profession will need to
fill more than 8,000 positions in BC over the next 10 years.
To do so effectively, it will become increasingly important
to attract and recruit students who are currently pursuing
their undergraduate degrees.
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I N D U S T R Y U P D AT E
According to Statistics Canada, the enrolment of students
in programs relevant to the accounting profession, such
as business management and public administration,
has grown substantially faster than enrolment in other
programs. In BC, for example, overall baccalaureate
enrolment grew at an average annual rate of 4% between
2001 and 2011, while enrolment in business management
and public administration programs grew by an average
annual rate of 9%.7
While the domestic market will fill some of the available
positions, new Canadians will also play an important
role in meeting future labour market needs. More and
more international students are enrolling in business
management and public administration programs at
universities and colleges in BC. In fact, between 2001 and
2011, the average annual growth rate in international
student enrolment in business administration and public
administration programs in BC was 25%.8 With that in
mind, it will be important for firms to consider hiring more
local international students during campus recruitment.
Statistics Canada, “Enrolment and Graduates, BC, by Field
of Study, 2001/02 to 2011/12,” CANSIM Tables 477-0019 and
477-0020.
7
Statistics Canada, “Enrolment and Graduates, BC, by Field
of Study, 2001/02 to 2011/12,” CANSIM Tables 477-0019
and 477-0020.
8