Research analysts in Canada earn a good salary, with the average being around $68,000 per year. However, salaries can vary significantly depending on experience, industry, location, and other factors. Here is a closer look at research analyst salaries in Canada.
Average Salary
According to recent data from PayScale, the average salary for a research analyst in Canada is $68,269 per year. This includes base pay along with bonuses and profit sharing. Salaries generally range from $48,000 on the low end up to $100,000 for top earners.
Here are some more salary statistics for research analysts in Canada:
- 25th percentile – $54,000
- 50th percentile (median) – $66,000
- 75th percentile – $81,000
This data indicates that the middle 50% of research analysts earn between $54,000 and $81,000 annually.
By Experience
Salaries for research analysts tend to correlate strongly with experience level:
| Years of Experience | Average Salary |
|---|---|
| 0-5 years | $55,000 |
| 5-10 years | $72,000 |
| 10-20 years | $86,000 |
| 20+ years | $98,000 |
As shown, those just starting out as research analysts make an average of $55,000 per year. With 5-10 years of experience, salaries jump to around $72,000. For senior research analysts with over 20 years of experience, average pay reaches nearly $100,000.
By Industry
Salaries also differ substantially based on the specific industry that research analysts work in. Here is a breakdown of average salaries by industry:
| Industry | Average Salary |
|---|---|
| Software | $73,000 |
| Finance | $94,000 |
| Pharmaceuticals | $84,000 |
| Consulting | $77,000 |
| Healthcare | $70,000 |
Research analysts in the finance industry earn the highest salaries, averaging around $94,000 per year. Those working in software, pharmaceuticals, and consulting also make above-average incomes. In healthcare, salaries tend to be a bit lower than other industries.
By Location
Salaries also vary significantly depending on the province or city that a research analyst works in:
| Province | Average Salary |
|---|---|
| Ontario | $71,000 |
| Alberta | $74,000 |
| British Columbia | $66,000 |
| Quebec | $61,000 |
Research analysts in Alberta enjoy the highest provincial salaries, making $74,000 on average. Ontario and British Columbia are also relatively high paying at $71,000 and $66,000 respectively. In Quebec, average salaries dip to $61,000 annually.
Looking at specific cities:
| City | Average Salary |
|---|---|
| Calgary | $78,000 |
| Edmonton | $72,000 |
| Toronto | $74,000 |
| Ottawa | $68,000 |
| Montreal | $63,000 |
| Vancouver | $69,000 |
Calgary offers the highest salaries to research analysts, averaging $78,000 per year. Toronto and Edmonton also rank highly. Montreal and Vancouver pay below the national average.
Factors Affecting Research Analyst Salaries
What other factors impact how much research analysts get paid in Canada? Here are some of the key determinants:
- Education – Research analysts typically need at least a bachelor’s degree, with higher degrees like an MBA boosting earning potential.
- Certifications – Earning professional designations like the CFA can increase salaries.
- Specialized skills – Experience with technologies like Python and R can command higher pay.
- Company size – Research analysts at large firms tend to earn more than those at smaller companies.
- Reputation – Working for a top-tier, well-known firm or fund can increase pay.
- Performance – Strong job performance leading to profitable investments/trades increases bonuses.
Beyond the above factors, negotiation skills, connections, and sheer luck also play a role in determining salaries. But in general, research analysts with higher education, in-demand skills, and a track record of strong performance at reputable firms will earn the top pay packages.
Job Outlook
Beyond competitive salaries, the job outlook for research analysts in Canada also appears strong. According to the Government of Canada’s job bank, the role of research analyst is forecast to grow by about 9% between 2018 and 2028. This is faster than the average job growth rate, indicating healthy demand. Most job openings will result from the need to replace retiring analysts.
The industries expected to have the most research analyst job openings are:
- Professional, scientific and technical services
- Finance and insurance
- Manufacturing
- Public administration
Major metropolitan areas like Toronto, Montreal, Vancouver, Calgary, and Edmonton will offer the greatest number of job opportunities for research analysts.
Overall, the career outlook remains bright for qualified research analysts in Canada. Those interested in entering the field can look forward to competitive salaries and plenty of job openings in the coming years.
Conclusion
Research analysts in Canada earn an average salary of around $68,000 per year. However, salaries vary widely based on factors like experience, industry, location, education, certifications, skills, company reputation, and performance. The highest paid analysts can make over $100,000 annually.
Looking forward, strong job growth is expected for research analysts across multiple industries. Opportunities will be concentrated in major metropolitan areas. With the right qualifications and experience, research analysts can build rewarding, lucrative careers in Canada.
