Director, Finance/Controller Salaries 2023

Explore the average range of a Director, Finance/Controller salary in Canada

Developed in partnership with a market leading data provider, we assessed over 100,000 director finance jobs posted over the last 12 months, to provide you with accurate data points on Canadian salary ranges, averages and expectations for permanent, contract and interim positions across Canada. The 2023 salary survey discovered that salary averages for finance directors and controllers increased by approximately $10k year-on-year.

• 2022 salary range: $140k - 185k
• 2023 salary range: $145k - 195k

Director, Finance/Controller salary trends and outlook

Director, Finance/Controller roles continue to be sought-after in Canada. It is important to note that while these roles are usually in demand, the level of demand can change depending on industry trends and market conditions. To stay ahead of the ever-changing market and competition, it is vital to keep your skills up to date and gain knowledge in areas such as technology, data analysis, and strategic thinking, as this is where you will find greater opportunities and the most finance director and controller jobs. The average director, finance/controller salaries in Canada vary in each location, but you can expect salary ranges between $140k-185k depending on the below factors.

What factors influence the salary of a management accountant?

Finance Directors and Controllers who have several years post-qualification experience (PQE) often command higher salaries due to their increased expertise and the knowledge they can bring to an organisation. You also need to have strong experience in leading teams, overseeing accounting operations, preparing financial statements, conducting audits, developing budgets and forecasts, implementing internal controls and policies, and providing strategic financial advice.

Qualifications

If a director, finance/controller wants to further enhance earning potential, it is highly recommended to pursue advanced qualifications, such as becoming a Certified Public Accountant (CPA) - which is often a requirement for many employers. Additionally, learning through workshops, seminars, and staying up to date with industry trends can also contribute to a higher salary.

Industry

Certain industries, such as Banking & Financial Services, are likely to have higher revenue streams, so they can offer competitive compensation packages to those with specialised skills. Commerce & Industry have broader salary ranges as it is more general and covers a wide range of businesses outside the financial sector, but industries such as mining and pharma often offer more competitive salaries.

Company size

Larger businesses tend to have more complex financial operations and higher budgets, which in turn can provide competitive salaries for their employees. There are also more responsibilities and risks for the finance directors and controllers, so they require more skills, experience and qualifications from these roles and offer the higher salary to match.

On the other hand, whilst salaries and benefits can often be less competitive than larger organizations, rewards that come with working for a start-up (e.g. equity) can prove to be valuable in the long term if the company succeeds. Location Salaries are higher in major Canadian cities where the cost of living is higher, and the demand is greater. Toronto tends to have higher salaries, where the average salary for a finance director is $155k per year.

How to become a Director, Finance/Controller in Canada

If you are interested in pursuing a career as a director, finance/controller, you will need to have a bachelor’s degree in accounting, finance, or a related field. You will also need to have a professional accounting designation, such as CPA, CMA, or CGA. These designations require you to complete a rigorous program of study, pass exams, and meet practical experience requirements. You can find more information about the different accounting designations in Canada here.

In addition to the educational and professional requirements, you will also need to have strong leadership, communication, analytical, and problem-solving skills. You will need to be able to manage multiple projects, deadlines, and stakeholders, as well as provide strategic guidance and direction to the senior management and board of directors.

You will also require a solid understanding of the industry you are working in, and the regulatory and compliance issues that affect it. To advance your career as a director, finance/controller, you will need to demonstrate your value and impact to the organization and seek opportunities to expand your network and visibility. You can also consider pursuing further education, such as a master’s degree in business administration (MBA), or a certification in a specialised area, such as risk management, corporate finance, or business analytics.

You can also join professional associations, such as the Financial Executives International (FEI) Canada, or the Canadian Association of Management Consultants (CAMC), to access resources, events, and networking opportunities.

What are the benefits of being a Director, Finance/Controller in Canada

Being a director, finance/controller in Canada can be a rewarding and challenging career, as you will have a significant role and influence in the financial performance and strategic direction of the organisation. You will also have the opportunity to work with a variety of stakeholders, such as auditors, regulators, investors, and customers, and to oversee and mentor a team of accounting and finance professionals.

Director, Finance/Controllers enjoy a competitive compensation package, which may include a base salary, bonus, stock options, pension plan, health benefits, and other perks. According to the 2023 salary survey, the average financial controller salary in Canada was $150k per year, and the average financial controller hourly rate was $72 per hour.

What are the challenges of being a Director, Finance/Controller in Canada?

Being a director, finance/controller in Canada can also come with some challenges, such as the high level of responsibility and accountability, the fast-paced and dynamic environment, and the constant changes and uncertainties in the market and industry.

You will need to be able to adapt to changing situations, manage stress and pressure, and balance competing priorities and demands. You will also need to keep up with the latest trends and developments in accounting and finance, such as new technologies, standards, and regulations, and to ensure that your organisation is compliant and efficient.

You will also need to deal with complex and sensitive issues, such as fraud, litigation, and mergers and acquisitions, and to communicate effectively and transparently with the senior management and board of directors.