How Much Do CPAs Make?
There are several reasons to consider a CPA designation. Many people choose it for its career versatility and job security, but the earning potential also appeals to many candidates. So, how much does a CPA earn in Ontario? And what’s the typical salary of an entry-level CPA?
Across the board, CPA salaries reflect the expertise and value that they bring to organizations.
In this post, we’re covering median salaries for different types of CPAs, where to find the highest-paying CPA roles, and what factors determine how much a CPA earns.
What is the median CPA salary?
In 2022, the median CPA salary in Ontario was $152,000. Keep in mind this number includes entry-level CPAs, top-earners and everyone in between.
When it comes to CPAs at the beginning of their career journey, the median starting salary was $102,000 (more than double the overall median income for Ontarians between 25-34 years old).
As CPAs continue their career development, gain experience and explore different industries, their salaries continue to grow and reflect the value that they bring to different organizations. For those with 25 years of experience, the median CPA salary was $200,000. This placed them in the top 2-5% of earners in Canada.
What are the highest paying CPA jobs?
The highest paid CPAs in Ontario are partners and business owners. In 2022, partners made a median of $320,000, CPAs who owned accounting firms earned a median of $250,000 and other business owners earned a median of $370,000. CPAs in executive management roles often earned a salary between $200,000-$300,000.
The five highest paying roles fall under the following categories:
- operations
- strategy and governance
- managing staff
- IT
- finance
Not sure which career path is the right fit for you? Explore 7 Career Paths for CPAs.
What factors impact CPA salaries?
Like any position, CPA salaries are impacted by number of years of experience, specialization, company size and industry. But rest assured, whatever your role, you’ll make a comfortable salary along your CPA career journey.
Here are examples of median CPA salaries for different industries in 2022:
- Technology/IT: $154,000
- Financial Services: $180,000
- Media, Communications, Publishing: $153,000
- Retail/Wholesale: $155,000
- Professional Services Firm – Public Practice : $155,000
- Not-for-profit: $135,000
Whatever interests and dreams you pursue in your CPA career, you can be assured that as a CPA you will earn a comfortable and rewarding salary. Compensation is just one of the many reasons to become a CPA. And, contrary to what people believe, accounting is a varied, growing and accessible career.
Learn about how to become a CPA as a student or current accountant.
