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TORONTO, May 15, 2009 — Senior level chartered accountants in Canada expect fewer university and/or college graduates to be hired this year according to the most recent CICA/RBC Business Monitor (Q1 2009). Although half of the respondents indicated that their hiring levels were expected to be unchanged from a year ago, 17 per cent indicated that their company’s hiring levels would decrease. This is up sharply from eight per cent of respondents last year. Only six per cent of the respondents suggested that their company was planning to increase the number of graduates hired in 2009. Respondents indicating that they plan to hire fewer graduates compared with last year were most likely to cite the economic downturn in Canada (80%) or decreased sales (60%). Note: total exceeds 100 per cent because respondents were able to reference more than one factor. Other factors referenced included an economic slowdown in the United States or an economic slowdown in other markets. “The fact that the number of graduates hired may decrease this year is not a surprise,” said Kevin Dancey, FCA, President and CEO, Canadian Institute of Chartered Accountants (CICA). “Companies are making tough choices in these tough times. However, as we recently reported, these same chartered accountants expect Canada to experience economic growth by the end of the second quarter of 2010. Perhaps, those tough decisions will soon become a little easier to make.” The CICA/RBC Business Monitor is issued quarterly, based on a survey conducted by The Canadian Institute of Chartered Accountants. The report draws upon business insights of CAs in leadership positions in privately and publicly held companies across Canada. For this Q1 2009 report, emailed surveys were completed by 539 CAs of 3,724 identified by CICA as holding senior positions (CFOs, CEOs and COOs) in publicly or privately held companies in Canada. The response rate was 14 per cent, with a margin of error associated with this type of study at ± 4.2 per cent, with a confidence level of 95 per cent. The CICA/RBC Business Monitor (Q1 2009) is available online at www.cicarbcbusinessmonitor.com. The CICA/RBC Business Monitor (Q1 2009) is part of an international initiative. The American Institute of Certified Public Accountants (AICPA) in the United States and the Institute of Chartered Accountants in England and Wales (ICAEW) in the United Kingdom also undertake quarterly studies that tap the insights of members in senior positions to provide a barometer of economic activity in their nations and as a basis for future comparative analysis across countries. About CICA
The Canadian Institute of Chartered Accountants (CICA), together with the provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants, represents a membership of approximately 74,000 CAs and 10,000 students in Canada and Bermuda. The CICA conducts research into current business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. It issues guidance on control and governance, publishes professional literature, develops continuing education programs and represents the CA profession nationally and internationally. CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA). -30- Interviews can be arranged with Kevin Dancey, CICA President & CEO by contacting:
Tobin Lambie, CICA, (416) 204-3228 or c/o tobin.lambie@cica.ca
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