Job prospects Collections Department Manager in Prince Edward Island

Explore current and future job prospects for people working as a "collections department manager" in Prince Edward Island or across Canada.

Job opportunities in Prince Edward Island

These outlooks were updated on December 11, 2024.

Prospects over the next 3 years

The employment outlook will be moderate for Financial managers (NOC 10010) in Prince Edward Island for the 2024-2026 period.

The following factors contributed to this outlook:

• Employment growth will lead to a moderate number of new positions.
• A moderate number of positions will become available due to retirements.
• There are a moderate number of unemployed workers with recent experience in this occupation.

The demand for workers in this occupation is influenced by economic conditions and business activity. The Island economy is projected to expand at a respectable pace over the forecast period which should support employment growth in this occupation. This is based on the expectation that interest rates will continue to fall which will encourage more consumer spending and business investment. Population growth has been, and continues to be, a key economic driver. However, the announcement by the federal government to reduce immigration targets will mean a slowdown in the number of new consumers and labour force participants that come to the province. The impact this immigration measure will have on the Island's economy is at this time uncertain and remains a potential risk factor to employment prospects over the forecast period.

These managers are employed across various industries, but are mostly employed by banks, credit agencies, and investment firms. Many employers prefer individuals with a master's degree in a related discipline and/or with a financial professional designation, depending on the type of financial service operation; examples include Chartered Professional Accountant (CPA), Certified Financial Analyst (CFA), Certified Insurance Consultant, and the Canadian Securities Course.

Here are some key facts about Financial managers in Prince Edward Island:

• Approximately 250 people worked in this occupation in May 2021.
• Financial managers mainly work in the following sectors:
  • Federal government public administration (NAICS 911): 14%
  • Accounting, tax preparation, bookkeeping and payroll services (NAICS 5412): 13%
  • Social assistance (NAICS 624): 10%
  • Hospitals (NAICS 622): 9%
  • Other services (except public administration) (NAICS 81): 9%
• The distribution of full-time and part-time workers in this occupation is:
  • Full-time workers: 94% compared to 84% for all occupations
  • Part-time workers: 6% compared to 16% for all occupations
• 81% of financial managers work all year, while 19% work only part of the year, compared to 59% and 41% respectively among all occupations. Those who worked only part of the year did so for an average of 47 weeks compared to 41 weeks for all occupations.
• The gender distribution of people in this occupation is:
  • Men: 34% compared to 51% for all occupations
  • Women: 66% compared to 49% for all occupations
• The educational attainment of workers in this occupation is:
  • no high school diploma: less than 5% compared to 11% for all occupations
  • high school diploma or equivalent: less than 5% compared to 28% for all occupations
  • apprenticeship or trades certificate or diploma: less than 5% compared to 11% for all occupations
  • college certificate or diploma or university certificate below bachelor's: 31% compared to 25% for all occupations
  • bachelor's degree: 31% compared to 17% for all occupations
  • university certificate, degree or diploma above bachelor level: 28% compared to 8% for all occupations

Job prospects elsewhere in Canada

Explore current and future job prospects for people working as a "collections department manager" Financial managers (NOC 10010) or across Canada.

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