A Counting School - Hardcore Chartered Accountancy

How much do first year CA students make in Canada?

If there's one question students in university may find hard to ask - even though it echoes in their mind all the time - it's "how much am I going to earn if I get hired by a CA firm?"

If you're bold and outgoing and have friends who are already employed, this can be easier to find out. Otherwise, hopefully you'll stumble across either this post or the next forum as you turn to the all-knowing internet for answers.

Stefano at mycasite took it upon himself to contribute to our collective knowledge by conducting a public survey - you can see the results here and comment on the outcome in this dedicated forum.

He reports that the range of median salaries runs from $29,300 in Winnipeg to $45,000 in Toronto, with the size of the firm - big four or regional - playing less of a role than some might expect.

A fair question you may ask, though, is why there's a 50% increase just for moving over one province. This is explained by the fact that regional pay depends on the cost of living in various places across Canada, with Toronto being arguably the most expensive place.

Since we'll talk about quality of life, note that pretty much any CA student has it made, compared to people in most jobs in most of the world, unless you happent o enjoy pulling your own cargo rickshaw through insanely smoggy air.

The only area where the "cost of living" explanation falters is with the notable exception of Vancouver, which is notorious for being as expensive as Toronto - if not moreso - but with a market for CA students that ends up paying six thousand less.

Commerce and business students contemplating their future will not doubt weigh their options with this in mind. Chartered Accountants, having to take enough credits to earn a major in economics, no doubt keep in mind the fact that other professions compete for their strongest potential candidates, so wages have to track that accordingly.

Factors no doubt considered include the fact that knowledgeable students are aware that they'll be getting some significant benefits, both educational and financial from picking this route - you can roughly estimate the support an average CA student receives on their first UFE attempt in the neighbourhood of ten thousand dollars - as long as you pass on your first shot those costs are usually covered by your employer. Repeat writers suffer the burden of their additional attempts, which of course can add an additional level of stress to the exam writing attempts if you fixate yourself on it.

Money isn't everything though - a career in high finance will be more to your liking if you disagree though!

If you value your spare time, the quality of life you'll be enjoying in and outside of work is worth considering. Thinking back to the case of Vancouver, who wouldn't want to live with a milder climate, oceans, mountains and this year a Winter Olympiad too? Combine the higher population of people willing to live and work there with the conditions of the local economy and you get a more detailed explanation as to why average starting compensation is relatively lower there.