A Career in Business Management in Canada

MBAs and other management program graduates are faring well in today's economy according to statistics. In the most recent survey published by Human Resources Development Canada (HRDC), close to 90 percent of all MBA graduates were employed full-time, which was more than 10 percent higher than the average for all master's degree graduates combined.

University statistics for graduate employment were even more impressive for MBAs. Most Canadian universities reported an 80 to 90 percent employment rate for MBAs within 90 days of graduation. Several universities that tracked employment longer reported 100 percent employment for MBAs one year of graduation.

And satisfaction among graduates of business and specialized administration master's programs is high—over 90 percent for both. A high 85 percent of administration grads said they would choose the same program again even though more than 60 percent thought their training did not directly match their work and almost 50 percent thought they were overqualified for their jobs. But even those percentages are average or below average for graduates from all fields who feel their training didn't match or that they were overqualified.

Business graduates were spread throughout several career areas with most becoming auditors, accountants and investment professionals. Others worked in administration and regulatory occupations, retail management, legislative or policy jobs, research and consulting.

Management grad work prospects for 2001 were rated good by HRDC, noting that "the unemployment rate and earnings for these occupations are more favourable than for the economy as a whole." While the number of management program graduates is increasing, job openings seem to be increasing at the same rate. And the areas where MBAs work, particularly finance, insurance and real estate, wholesale trade and professional services industries, are expected to have above average growth compared to other fields.

Your business masters' degree will give you significantly higher earnings than others. HRDC's last published survey reported that average wages for MBAs were significantly higher than the average wage for all masters' level graduates combined.

Two years after graduation you'll probably be making 55 percent more than undergraduates from the same field—and a full 90 percent more than business graduates from community colleges.

And as an MBA that wage percentage gap will continue to increase over time. MBAs have a tendency to change jobs between their third and fifth year of work, moving between managerial and administrative positions. When you have been in the workforce for five years, you can expect to earn almost 30 percent more than the average master's graduate.

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Accounting & Finance Careers in Canada

Students planning on a career in finance or accounting often graduate from commerce or business program. Finance and accounting professionals work in auditing or accounting firms, government, banks or other financial institutions, investment companies or securities-related businesses such as stock brokerages or any corporate environment.

According to Human Resources Development Canada (HRDC) work prospects in these areas are fair to good. The most recent survey published by HRDC showed lower than average unemployment rates and higher than average earnings for people in these occupations.

HRDC advises that more than 90 percent of graduates from commerce and business programs were satisfied with their work, and more than 70 percent said they would make the same educational choice again. About 30 percent of graduates felt they were overqualified for their work, which is about average for all graduates, but almost 60 percent, slightly higher than average, thought their training directly matched the work they were doing.

Statistics showed that graduates in the area of auditing, accounting and investing did not change jobs frequently.

According to Canada's Best Career Guide, the number of accounting graduates is declining, which it suggests means there will be less competition for jobs. It also suggests, however, that large auditing/accounting firms are merging, which will result in the reduction of full-time employees. This said, the author Frank Feather -- reported to be Canada's leading business futurist -- still lists accountant/ auditor in the top 30 careers for 2000-2010, noting reasonably low (2 out of 5) stress levels and relatively high income (3 out of 5).

In the areas of banking and brokerage, Canada's Best Career Guide suggests that the old standard jobs, such as bank tellers and stock brokers, are disappearing. Automated services are eliminating jobs in those areas, which are being replaced by either broader skilled employees or more specialized positions.

Human Resources Development Canada seems to agree. HRDC noted that financial institutions are increasingly seeking professionals with a broad range of financial sector skills and that computerization increasingly affects these occupations: "With the re-engineering of the workplace, administrators with specialized skills in data or communications should be more successful in the labour market."

HRDC predicted that most of the increase in labour requirements in finance and accounting will occur in professional services, insurance and real estate and business service sectors.

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