Introduction
Women represent 45% of the Canadian workforce but only 25% of senior finance roles. In accounting specifically, women earn 85% of what men earn for similar positions. Yet women in finance in Ottawa are breaking barriers, building successful practices, and reshaping the industry.
This article celebrates the women leading Ottawa’s financial sector and addresses the challenges and opportunities for women in finance.
Women in Canadian Accounting
Industry Statistics
- 60% of accounting graduates in Canada are women
- But only 30% of CPAs are women
- Women make up 35% of accounting firm partners
- Gender wage gap in accounting: 10-15%
The pipeline issue: Women graduate accounting programs at higher rates than men, but fewer pursue CPA designation and fewer advance to partnership.
Why the Leakage?
Research identifies key challenges:
1. Work-life balance: Accounting has intense busy seasons (tax time, year-end). Women more likely to step back during family formation years.
2. Partnership track: Accounting firms reward “face time” and billable hours. Inflexible schedules make partnership harder for women with family responsibilities.
3. Mentorship gap: Female role models in leadership are scarce, making women’s advancement paths less clear.
4. Pay equity: Women earn less at equivalent levels, reducing incentive to advance.
Ottawa’s Female Accounting Leaders
Ottawa has many accomplished female accountants and CPA leaders:
- Female partners at Big 4 firms (Deloitte, KPMG, PwC, EY)
- Women-led boutique accounting firms
- Female CFOs at major Ottawa companies
- Women in tax and audit leadership
These leaders are actively mentoring next generation of female accountants.
Women in Wealth Management & Investing
The Advisors Landscape
- 35% of financial advisors in Canada are women
- Women manage $1.5+ trillion in assets
- But women advisors earn 20-30% less than male counterparts (for same clients)
Women’s Investing Patterns
Research shows women investors:
- Save more consistently than men
- Take lower risk (appropriately matching time horizon)
- Have better long-term returns (due to lower trading frequency)
- Underestimate their investment knowledge
- Less likely to seek professional advice
Opportunity: Women wealth advisors often better understand female client needs and financial behaviors.
Challenges Women Face in Finance
Gender Pay Gap
The reality: Women in finance earn less than men.
- Entry level: 5-10% gap
- Mid-career: 10-20% gap
- Senior roles: 15-30% gap
Reasons cited:
- Negotiation differences (men negotiate more aggressively)
- Career interruptions (women more likely to take parental leave)
- Advancement patterns (women slower to senior roles)
Action: Ask for explicit pay reviews. Advocate for equal pay for equal work.
Harassment & Discrimination
Finance is historically male-dominated industry. Women report:
- Inappropriate comments and behavior
- Exclusion from informal networking (golf outings, “boys club” culture)
- Being overlooked for promotions or client relationships
- Double standards (assertiveness seen as “aggressive” in women, “confident” in men)
Resources:
- Canadian Human Rights Commission
- Your firm’s harassment hotline
- External mediation services
Work-Life Balance
Accounting and finance have intense seasons:
- Tax season (Jan-April) = 60+ hour weeks
- Year-end close = long hours
- Client emergencies = unpredictable demands
This is harder on women who typically carry more household/family responsibilities.
Solutions being implemented:
- Flexible work arrangements
- Part-time partnership tracks
- Parental leave policies
- Childcare support
Success Stories: Women in Ottawa Finance
Case Study: Female CPA Partner
- Started at Big 4, worked hard during busy seasons
- Grew client base, built reputation for tax expertise
- Made partner after 8 years (more than typical male partner track)
- Now mentor other women in firm
- Actively advocates for flexible work arrangements
Lesson: Success was possible but required deliberate effort and overcoming systemic barriers.
Case Study: Female-Led Boutique Firm
- Two women accountants left Big 4 to start own firm
- Focused on growing businesses and small business owner needs
- Built practice around flexibility (not “face time”)
- Attracted high-quality staff (both men and women)
- Grew to $5M+ revenue in 10 years
Lesson: Creating woman-friendly workplace is good business, not just nice-to-have.
Case Study: Female Financial Advisor
- Built successful wealth management practice focused on female clients
- Specialize in divorce financial planning (uniquely female need)
- Market specifically to women business owners
- Higher client retention and referral rates than male counterparts
Lesson: Understanding unique needs of female clients (underserved market) is business opportunity.
Advancement Strategies for Women in Finance
1. Build Your Personal Brand
- Write articles (for firm website, LinkedIn, industry publications)
- Speak at conferences and events
- Build visibility within industry
- Become go-to expert on specific topic (e.g., women and retirement planning)
Example: Write about crypto tax for women investors. Establish expertise. Attract clients.
2. Network Strategically
- Join women-focused finance networks (Financial Women Association)
- Attend industry conferences
- Find mentors (both male and female)
- Mentor younger women in your field
- Create accountability circles with peers
Avoid: Waiting for formal networking opportunities. Initiate connections.
3. Negotiate Deliberately
- Know your market rate (ask peers, check Glassdoor, ask recruiters)
- Document your accomplishments
- Come to negotiation with specific number in mind
- Don’t accept first offer
- Get it in writing
Example: “Based on my client book of $5M, I expect compensation of $180K” (vs. hoping for raise).
4. Specialize in High-Value Services
Instead of competing as generalist, build deep expertise:
- Women’s financial planning
- Divorce finance
- Crypto for women investors
- Female entrepreneurship planning
- Caregiving and family finance
Specialization commands higher fees and attracts ideal clients.
5. Create Flexibility Without Sacrificing Career
- Request part-time partnership (emerging option)
- Job share arrangements
- Flexible client meeting times
- Leverage technology (remote work)
- Take full parental leave without guilt
Key: Your career doesn’t have to follow traditional (male) path. Create path that works for you.
Resources for Women in Finance
Organizations
- Financial Women Association Canada – www.fwacanada.ca
- CPA Canada Women’s Initiative – www.cpaweb.ca
- Bay Street Women – www.baystreetwomen.com
- Women in Finance Canada – www.womeninfinancecanada.org
Mentorship
- Seek formal mentor (within and outside firm)
- Find peer mentors (accountability partners)
- Mentor other women (leadership development)
Education
- Leadership training programs
- Executive coaching
- Negotiation workshops
- Public speaking training
Call to Action
If you’re a woman in Ottawa finance:
1. Know your worth. Research market rate and advocate for fair compensation.
2. Build your brand. Don’t rely on others to recognize your value. Tell your story.
3. Network strategically. Build relationships with mentors, peers, and potential clients.
4. Mentor others. Help next generation of women succeed (makes your path easier too).
5. Create flexibility. Don’t sacrifice career for family. Create path that works for you.
6. Challenge the status quo. Speak up about pay equity, discrimination, and work-life balance.
Women in Ottawa finance have the opportunity to reshape the industry. By supporting each other, advocating for change, and building successful careers, we create opportunity for next generation.
Related Articles
- Article 2: RRSP Strategies for Tech Workers in Ottawa
- Article 15: Financial Recovery and Planning After Divorce
- Article 20: Complete Financial Literacy Guide for New Canadians
Sources & References
- Statistics Canada – Women in Finance
- CPA Canada – Women in Accounting
- Financial Women Association
- Bay Street Women
- Canadian Human Rights Commission
- Women in Finance Canada
- LinkedIn Women in Finance Report
- McKinsey Women in Finance Report
- Boston Consulting Group – Women in Finance
- Catalyst – Research on Women in Business
