Financial Manager Average Salary in Canada 2024
How much money does a person working as Financial Manager make in Canada?
LOW
116,000
CAD AVERAGE
241,000
CAD HIGH
379,000
CAD
A person working as Financial Manager in Canada typically earns around 241,000 CAD. Salaries range from 116,000 CAD (lowest) to 379,000 CAD (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Financial Manager salaries in Canada vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Financial Manager Pay Scale and Salaries in Canada
Salary Structure and Pay Scale Comparison
226,000 CAD or more
199,000 to 226,000 CAD
140,000 CAD or less
140,000 to 199,000 CAD
 116,000 CAD |
227,000 CAD |
379,000 CAD |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Financial Manager in Canada range from 116,000 CAD (starting salary) to 379,000 CAD (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 227,000 CAD, half of the professionals who work as Financial Manager in Canada earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Financial Manager in Canada earn less than 185,000 CAD, while 75% earn more. Similarly, the chart shows that 75% earn less than 260,000 CAD while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Financial Manager in Canada compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 140,000 CAD to 199,000 CAD. About 20% of salaries are below the 140,000 CAD mark, while 10% fall within the range of 199,000 CAD to 226,000 CAD. Only 5% of individuals have salaries exceeding 226,000 CAD.
Salary Comparison by Years of Experience / Financial Manager / Canada
How do experience and age affect pay?
| 0 - 2 Years | 136,000 CAD | |
| 2 - 5 Years | +42% | 192,000 CAD |
| 5 - 10 Years | +31% | 253,000 CAD |
| 10 - 15 Years | +23% | 311,000 CAD |
| 15 - 20 Years | +6% | 330,000 CAD |
| 20+ Years | +10% | 362,000 CAD |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Financial Manager and this is what we found.
Employees with less than two years of experience earn approximately 136,000 CAD.
While someone with an experience level between two and five years is expected to earn 192,000 CAD, 42% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 253,000 CAD, 31% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 311,000 CAD, 23% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 330,000 CAD, 6% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 362,000 CAD, 10% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Financial Manager / Canada
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Financial Manager.
| Certificate or Diploma | 168,000 CAD | |
| Bachelor's Degree | +59% | 268,000 CAD |
| Master's Degree | +33% | 358,000 CAD |
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Financial Manager in order to make a comparison.
Level 1: Certificate or Diploma
Employees at this education level have an average salary of 168,000 CAD.
Level 2: Bachelor's Degree
At this level, the average salary becomes 268,000 CAD, 59% more than the previous level.
Level 3: Master's Degree
At this level, the average salary becomes 358,000 CAD, 33% more than the previous level.
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in Canada costs anywhere from 50,000 CAD to 150,000 CAD and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support the theory. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Typical Salary Difference by Education for Most Careers
Salary and Compensation Comparison By Gender / Financial Manager / Canada
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Financial Manager in Canada, the average difference between the salary of male and female employees is 4%.
| Male | 247,000 CAD | |
| Female | -4% | 236,000 CAD |
Salary Comparison By Gender in Canada for all Careers
Average Annual Salary Increment Percentage / Financial Manager / Canada
How much are annual salary increments in Canada for individuals working as Financial Manager? How often do employees get salary raises?
Individuals working as Financial Manager in Canada are likely to observe a salary increase of approximately 14% every 16 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.
Canada / All Professions
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency
Worldwide Salary Raises: All Countries and All Jobs
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Bonus and Incentive Rates / Financial Manager / Canada
How much and how often are bonuses being awarded?
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13% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 87% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.
| Received Bonus | 87% | |
| No Bonus | 13% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Average Hourly Wage / Financial Manager / Canada
120 CAD per hourThe average hourly wage (pay per hour) for individuals working as Financial Manager in Canada is 120 CAD.This is the rate they get paid for every worked hour.
About The Hourly Pay Rate
The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for people working as Financial Manager in Canada is 56 CAD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Accounting and Finance |  -100% | |
| Account Examiner | 60,900 CAD | -75% |
| Account Executive | 108,000 CAD | -55% |
| Accountant | 80,700 CAD | -67% |
| Accounting Analyst | 106,000 CAD | -56% |
| Accounting Assistant | 65,600 CAD | -73% |
| Accounting Associate | 63,500 CAD | -74% |
| Accounting Clerk | 51,300 CAD | -79% |
| Accounting Coordinator | 73,000 CAD | -70% |
| Accounting Head | 170,000 CAD | -30% |
| Accounting Manager | 178,000 CAD | -26% |
| Accounting Officer | 60,100 CAD | -75% |
| Accounting Specialist | 114,000 CAD | -53% |
| Accounting Supervisor | 119,000 CAD | -51% |
| Accounting Technician | 59,300 CAD | -75% |
| Accounting Unit Controller | 136,000 CAD | -44% |
| Accounts Executive | 111,000 CAD | -54% |
| Accounts Officer | 68,600 CAD | -72% |
| Accounts Payable and Receivable Specialist | 87,300 CAD | -64% |
| Accounts Payable Assistant | 66,300 CAD | -73% |
| Accounts Payable Associate | 75,500 CAD | -69% |
| Accounts Payable Clerk | 64,600 CAD | -73% |
| Accounts Payable Manager | 161,000 CAD | -33% |
| Accounts Receivable Administrator | 118,000 CAD | -51% |
| Accounts Receivable Clerk | 63,100 CAD | -74% |
| Accounts Receivable Financial Analyst | 115,000 CAD | -52% |
| Accounts Receivable Manager | 171,000 CAD | -29% |
| Accounts Receivable Team Leader | 124,000 CAD | -49% |
| Algorithmic Trading Specialist | 151,000 CAD | -37% |
| Assistant Accountant | 62,500 CAD | -74% |
| Assistant Accounting Manager | 166,000 CAD | -31% |
| Assistant Auditor | 80,700 CAD | -67% |
| Assistant Corporate Controller | 112,000 CAD | -54% |
| Assistant Finance Manager | 181,000 CAD | -25% |
| Assistant Financial Controller | 119,000 CAD | -51% |
| Audit Director | 193,000 CAD | -20% |
| Audit Supervisor | 159,000 CAD | -34% |
| Auditing Clerk | 68,600 CAD | -72% |
| Auditing Manager | 173,000 CAD | -28% |
| Billing Clerk | 61,700 CAD | -74% |
| Billing Coordinator | 76,600 CAD | -68% |
| Billing Specialist | 86,000 CAD | -64% |
| Billing Supervisor | 129,000 CAD | -47% |
| Bookkeeper | 57,700 CAD | -76% |
| Bookkeeping Specialist | 80,800 CAD | -67% |
| Budget Analyst | 142,000 CAD | -41% |
| Budget Manager | 176,000 CAD | -27% |
| Business Support Analyst | 91,000 CAD | -62% |
| Capital Markets Associate | 129,000 CAD | -47% |
| Cash Flow Analyst | 134,000 CAD | -44% |
| Cash Management Manager | 165,000 CAD | -32% |
| Cash Management Officer | 99,500 CAD | -59% |
| Cashbook Clerk | 58,600 CAD | -76% |
| Chartered Accountant | 104,000 CAD | -57% |
| Chief Accountant | 124,000 CAD | -49% |
| Chief Financial Technology Officer | 171,000 CAD | -29% |
| Collections Clerk | 54,600 CAD | -77% |
| Collections Representative | 73,500 CAD | -70% |
| Collections Specialist | 82,200 CAD | -66% |
| Corporate Controller | 132,000 CAD | -45% |
| Corporate Treasurer | 154,000 CAD | -36% |
| Cost Accountant | 82,900 CAD | -66% |
| Cost Accounting Manager | 167,000 CAD | -31% |
| Cost Accounting Supervisor | 142,000 CAD | -41% |
| Cost Analyst | 139,000 CAD | -42% |
| Credit and Collection Manager | 171,000 CAD | -29% |
| Credit and Collection Staff | 64,900 CAD | -73% |
| Credit and Loans Officer | 59,100 CAD | -76% |
| Credit Controller | 122,000 CAD | -49% |
| Credit Manager | 177,000 CAD | -27% |
| Debt Adviser | 137,000 CAD | -43% |
| Debt Collector | 69,500 CAD | -71% |
| Debtors Clerk | 58,000 CAD | -76% |
| Debtors Controller | 60,100 CAD | -75% |
| Deputy CFO | 229,000 CAD | -5% |
| Deputy Head of Finance | 223,000 CAD | -8% |
| Derivative Trader | 148,000 CAD | -39% |
| Director of Finance | 241,000 CAD | -0% |
| E-commerce Accountant | 84,900 CAD | -65% |
| Economist | 192,000 CAD | -20% |
| Equity Analyst | 144,000 CAD | -40% |
| Escrow Assistant | 78,800 CAD | -67% |
| Executive Accountant | 97,900 CAD | -59% |
| External Auditor | 121,000 CAD | -50% |
| Finance Administrator | 96,800 CAD | -60% |
| Finance Analyst | 156,000 CAD | -35% |
| Finance Associate | 75,000 CAD | -69% |
| Finance Data Analyst | 137,000 CAD | -43% |
| Finance Director | 239,000 CAD | -1% |
| Finance Executive | 184,000 CAD | -24% |
| Finance Licensing Clerk | 64,000 CAD | -73% |
| Finance Licensing Manager | 159,000 CAD | -34% |
| Finance Licensing Specialist | 93,800 CAD | -61% |
| Finance Manager | 236,000 CAD | -2% |
| Finance Officer | 79,700 CAD | -67% |
| Finance President | 256,000 CAD |  +6% |
| Finance Relationship Manager | 202,000 CAD | -16% |
| Finance Release Analyst | 101,000 CAD | -58% |
| Finance Specialist | 145,000 CAD | -40% |
| Finance Team Leader | 183,000 CAD | -24% |
| Financial Accountant | 80,700 CAD | -67% |
| Financial Actuary | 127,000 CAD | -47% |
| Financial Administrator | 147,000 CAD | -39% |
| Financial Advisor | 149,000 CAD | -38% |
| Financial Analyst | 160,000 CAD | -34% |
| Financial Applications Specialist | 105,000 CAD | -57% |
| Financial Assistant | 70,500 CAD | -71% |
| Financial Associate | 81,500 CAD | -66% |
| Financial Claims Analyst | 114,000 CAD | -53% |
| Financial Claims Manager | 157,000 CAD | -35% |
| Financial Claims Supervisor | 137,000 CAD | -43% |
| Financial Clerk | 67,100 CAD | -72% |
| Financial Commercial Analyst | 119,000 CAD | -51% |
| Financial Compliance Analyst | 141,000 CAD | -42% |
| Financial Compliance Officer | 139,000 CAD | -42% |
| Financial Consultant | 109,000 CAD | -55% |
| Financial Controller | 131,000 CAD | -46% |
| Financial Coordinator | 76,800 CAD | -68% |
| Financial Customer Service Manager | 161,000 CAD | -33% |
| Financial Data Scientist | 154,000 CAD | -36% |
| Financial Dealer and Broker | 92,400 CAD | -62% |
| Financial Director | 253,000 CAD | +5% |
| Financial Encoder | 68,700 CAD | -72% |
| Financial Manager | 226,000 CAD | -6% |
| Financial Modelling Analyst | 155,000 CAD | -36% |
| Financial Operations Manager | 223,000 CAD | -8% |
| Financial Policy Analyst | 133,000 CAD | -45% |
| Financial Project Manager | 173,000 CAD | -28% |
| Financial Quantitative Analyst | 142,000 CAD | -41% |
| Financial Reporting Consultant | 124,000 CAD | -49% |
| Financial Reporting Manager | 164,000 CAD | -32% |
| Financial Section Head | 159,000 CAD | -34% |
| Financial Services Manager | 206,000 CAD | -15% |
| Financial Services Sales Agent | 88,900 CAD | -63% |
| Financial Technology Consultant | 127,000 CAD | -47% |
| Financial Wellness Coach | 172,000 CAD | -29% |
| FinTech Analyst | 150,000 CAD | -38% |
| Fixed Assets Administrator | 91,200 CAD | -62% |
| Forensic Accountant | 102,000 CAD | -58% |
| Fraud Detection Supervisor | 102,000 CAD | -58% |
| Fraud Prevention Manager | 176,000 CAD | -27% |
| Fund Accountant | 77,400 CAD | -68% |
| Grants Coordinator | 65,400 CAD | -73% |
| Green Finance Analyst | 125,000 CAD | -48% |
| Group Financial Manager | 244,000 CAD | +1% |
| Internal Auditor | 109,000 CAD | -55% |
| Internal Control Adviser | 131,000 CAD | -46% |
| Internal Control Officer | 75,100 CAD | -69% |
| International Tax Director | 199,000 CAD | -18% |
| Inventory Accountant | 86,800 CAD | -64% |
| Investment Advisor | 225,000 CAD | -7% |
| Investment Analyst | 173,000 CAD | -28% |
| Investment Associate | 140,000 CAD | -42% |
| Investment Broker | 138,000 CAD | -43% |
| Investment Fund Manager | 193,000 CAD | -20% |
| Investment Operations Manager | 191,000 CAD | -21% |
| Investment Underwriter | 69,000 CAD | -71% |
| Investor | 111,000 CAD | -54% |
| Investor Relations Manager | 162,000 CAD | -33% |
| KYC Team Leader | 166,000 CAD | -31% |
| Loan Processor | 69,500 CAD | -71% |
| Management Accountant | 92,000 CAD | -62% |
| Management Economist | 188,000 CAD | -22% |
| Paymaster | 66,600 CAD | -72% |
| Payroll Administrator | 107,000 CAD | -56% |
| Payroll Benefits Coordinator | 92,500 CAD | -62% |
| Payroll Billing Manager | 159,000 CAD | -34% |
| Payroll Clerk | 73,700 CAD | -69% |
| Payroll Manager | 160,000 CAD | -34% |
| Payroll Officer | 71,100 CAD | -71% |
| Payroll Specialist | 88,400 CAD | -63% |
| Payroll Supervisor | 105,000 CAD | -57% |
| Pensions Administrator | 85,500 CAD | -65% |
| Personal Financial Advisor | 122,000 CAD | -49% |
| Pricing Analyst | 145,000 CAD | -40% |
| Private Equity Analyst | 148,000 CAD | -39% |
| Project Accountant | 91,100 CAD | -62% |
| Proposal Development Coordinator | 71,800 CAD | -70% |
| Quantitative Trader | 122,000 CAD | -49% |
| Receivables Accountant | 81,900 CAD | -66% |
| Regulatory Accountant | 96,800 CAD | -60% |
| Retirement Plan Analyst | 132,000 CAD | -45% |
| Revenue Management Specialist | 143,000 CAD | -41% |
| Revenue Recognition Analyst | 157,000 CAD | -35% |
| Risk Management Director | 209,000 CAD | -13% |
| Risk Management Supervisor | 161,000 CAD | -33% |
| Staff Accountant | 79,500 CAD | -67% |
| Tax Accountant | 79,800 CAD | -67% |
| Tax Administrator | 94,000 CAD | -61% |
| Tax Advisor | 125,000 CAD | -48% |
| Tax Analyst | 130,000 CAD | -46% |
| Tax Associate | 74,400 CAD | -69% |
| Tax Consultant | 140,000 CAD | -42% |
| Tax Director | 191,000 CAD | -21% |
| Tax Examiner | 89,800 CAD | -63% |
| Tax Manager | 173,000 CAD | -28% |
| Tax Research Manager | 180,000 CAD | -25% |
| Teller | 49,300 CAD | -80% |
| Treasury Accountant | 88,500 CAD | -63% |
| Treasury Analyst | 146,000 CAD | -40% |
| Underwriter | 58,800 CAD | -76% |
| Underwriting Assistant | 57,400 CAD | -76% |
| Vice President of Finance | 228,000 CAD | -6% |
Salary Comparison By State
| State | Average Salary |
| Alberta | 254,000 CAD |
| British Columbia | 256,000 CAD |
| Manitoba | 241,000 CAD |
| New Brunswick | 218,000 CAD |
| Newfoundland-Labrador | 215,000 CAD |
| Northwest Territories | 240,000 CAD |
| Nova Scotia | 227,000 CAD |
| Nunavut | 253,000 CAD |
| Ontario | 274,000 CAD |
| Prince Edward Island | 213,000 CAD |
| Quebec | 273,000 CAD |
| Saskatchewan | 240,000 CAD |
| Yukon | 222,000 CAD |
Government vs Private Sector Salary Comparison
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Canada is 4% on average across all career fields.
| Private Sector | 117,000 CAD | |
| Public Sector | +4% | 122,000 CAD |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Financial Manager in Canada?
A good and competitive compensation would range anywhere between 227,000 CAD and 260,000 CAD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
Base / Basic Salary
The base salary for a careers like Financial Manager in Canada ranges from 116,000 CAD to 185,000 CAD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
