Changes of the last year—from new technologies to the lasting impact of the COVID pandemic—have increased perceptions of uncertainty within the labour market, even for CPAs. To develop a clear, unbiased, and informed view, CPA Alberta—along with the provincial bodies in Manitoba and Saskatchewan—commissioned a labour market study in the three provinces.
The need for the study
“There has been so much news and noise about the labour market recently that we felt it was important to not just make assumptions but to take a rigorous, research-driven look at the market.”
Todd Scaletta FCPA, FCMA, CPA Alberta’s Senior Vice President, Foresight and Research.
Gaining insights into the current and future CPA labour market in Alberta was also a critical piece in working towards the four priorities of CPA Alberta’s new strategic plan. It is obviously integral to the “fulfilling current and emerging market needs” priority, by informing recruitment needs to ensure there are sufficient new entrants to the profession to meet market demand, but also to plan for the necessary education and career growth of current CPAs. The research also touches on the other three strategic priority areas—protecting the public; ensuring a sustainable professional accounting ecosystem; and empowering a responsible, accountable, and resilient organization—as well, providing data and direction to inform all four strategic priorities.
To do so, the study was designed to not just identify total projected numbers of openings (due to economic growth and attrition), but also to better define where those openings are in the career lifecycle of an accounting and finance professional, as well as in what sectors and functional areas.
Conducting the research
BDO, who were contracted to conduct the research following a competitive RFP process, developed an approach centered on four types of research:
- Confidential and anonymous data about the members of each provincial body, including location and seniority level of members, along with the provinces’ retirement rates.
- A survey of CPAs to gather up-to-date qualitative and quantitative information on career paths, job types, and future trends.
- Detailed interviews and focus groups with individuals from several related groups, including post-secondary institutions, recruiters, business associations, Indigenous groups, and private and public corporations. These interviews were aimed at better understanding the thoughts and behaviours of both employers and potential members of the profession and how they may have changed or be changing.
- A broad secondary research review to understand factors affecting the supply and demand of CPAs and how those factors might impact the labour market.
Highlights
- Highest geographic demand for CPAs is in Calgary and Edmonton, due to projected population growth
- Highest job-level demand is in senior-level positions, due to projected higher retirements for those positions
- Highest sector demand is in public accounting—although only 17% of CPAs in Alberta work in public accounting, 45% of overall sector demand is related to public accounting positions
- Increased demand and need for credibility in ESG services
- There will be a wider scope to risk management, including climate risk, reputation risk, and cyber risk
- Diversity in the workplace has increased, with more to come as Canada’s future economy will be driven by immigration (new Canadians)
The study clearly showed a significant demand for CPAs and their skills, and this will persist into the future. Overall, the information reiterates the trust the market has in CPAs and the CPA profession, as long as they continue to evolve.
For more on the study, read the article in CPA Alberta’s Dividends magazine, hitting desks soon!
