Table of Contents
A career in accounting may be gratifying for individuals interested in mathematics, financial reporting, and company management. The need for credentials and expertise in accounting has grown due to the ongoing changes in business accounting standards. Most high-level positions require you to complete an internationally recognized accounting course, such as CPA Canada.
CPA Canada is a recognized professional credential that hiring managers seek when seeking financial expertise. Completing this would open up a new world of possibilities for you, mainly in Canada. Understanding the tasks and obligations of a CPA might help you determine whether or not you want to pursue this career.
In this post, we discuss the duties of a CPA Canada, the CPA Canada Requirements, and describe the processes to become one.
The CPA Canada, or Chartered Professional Accountant Canada, is a professional education program that originated from the merger of the three organizations listed below:
It is a credential given to registered accounting experts that offers up a world of prospects in corporate or public accounting. These professionals can also advance to higher levels of management in organizations, such as CFOs (Chief Financial Officers) or Financial controllers. While CPAs are most commonly associated with income tax preparation, these professionals can also specialize in bookkeeping, auditing, information technology, management accounting, and other areas.
Next, we will discuss all the major pointers of CPA Canada Requirements.
You must clear all the CPA Canada tests and modules in Canada. Therefore, if you intend to apply for CPA Canada as an overseas candidate, you must adhere to the most important CPA Canada Requirements, which is to have a valid visa to sit for these exams. To become a fully certified Canadian CPA, a candidate must pass three key exams:
CPA PEP is a two-year graduate-level curriculum designed to improve accounting professionals’ knowledge and skills. It is possible to pursue it part-time while working. To participate in the CPA PEP, CPA Canada Requirements are the following:
CPA PEP consists of six modules. You must pass each module before moving on to the next. Following are the names of the module:
You can take the CFE once you have passed every CPA PEP module. The CFE exam is a three-day case study-based test. Visit the CPA Canada website and look through the CPA Competency Map for further information on the CPA Canada Requirements for the exams. You are qualified for Canada CPA certification after completing the CFE and accumulating the required work experience.
After going through all the eligibility criteria for the CPA course, let’s further discuss the other aspects of CPA Canada Requirements.
Here are the several ways one can follow to become a CPA in Canada:
For New Students (Freshers)
If they achieve the required learning benchmarks outlined in the CPA Competency Map, students with undergraduate degrees in accounting are instantly qualified to enroll in the CPA PEP (CPA Professional Education Program). The CPA PEP is a two-year, part-time accounting curriculum with six modules for working professionals.
Assume you are an international candidate who does not have a bachelor’s degree in accounting. In such a scenario, you’ll need to take CPA PREP (CPA Preparatory Courses) to brush up on your financial and other skills. The CPA PREP is a 14-module course that is far more flexible than the CPA PEP. According to the CPA Canada Requirements, candidates must finish one module before proceeding to the next.
You can also have at least eight years of work experience in any of the following fields:
Students Undergoing a Transition
When you apply for the course, you will be moved to the appropriate CPA PEP program level if you have part-completed the CA, CMA, or CGA programs before amalgamating/merging with Canada CPA.
For Accounting professionals
You can easily switch to the CPA distinction if you already have the CA, CGA, or CMA designations and have finished any of these before September 2015. To discuss the CPA Canada Requirements and the procedure for taking the CPA exam, all you need to do is get in touch with your local CPA organization. If they pass the CPA Canada final exam, these individuals can obtain the CPA designation without taking the CPA PEP.
The Common Final Examination (CFE), often known as the CPA Canada exam, is an online examination administered at authorized testing facilities close to you. You must be proficient in English to take it, which consists of MCQs, writing skills, and simulation. You must receive a score on the CPA test of at least 75 to pass. The range of scores for each module is 0 to 99.
The four modules covered are as follows:
Canada CFE needs you to show the following throughout these three days:
The CPA Canada course fees for overseas students vary based on their eligibility and the modules they must take. Depending on your registration, the overall cost of completing the entire procedure, including the PEP and preparation courses, might be as high as INR 7.5 lakh. However, if you are a CA, CMA, or CGA, or if you had finished a part of the courses before they were integrated with CPA, you will need to enroll in separate PEP modules. CFE registration alone (Days 1, 2, and 3) would set you back INR 85,000.
CPA Canada course fee full structure(in US Dollars) is given in below table:
|Procedure||Fees(in US $)|
|Initial registration fee||$430|
|Annual Canada CPA dues||$1020|
|Prior experience recognition fee||$510 – $1020|
|Module fees||$1260 each|
|Common Final Examination fees||$650 – $1500|
Following the brief overview of CPA Canada Requirements, we will move on to the work opportunities and salary structure that a CPA certified can get.
After passing the CPA test, a world of options becomes available to you. You may be recruited by the government, people, businesses, and non-profit organizations, or you may start your own business. A CPA expert can choose from a variety of positions in finance-related industries, including accounting, taxes, and more, based on their preferences. Depending on their preferences, they can handle the organization’s financial records, carry out audits and provide financial reports for customers, or manage the assets, obligations, and taxes on behalf of their clients. Working professionals in the Canadian CPA field demand excellent pay packages as well as exceptional chances for personal development, rewards, and lifelong learning.
The following are some of CPA Canada’s job roles:
With a CPA qualification, you can start with better pay and more room for future advancement. In Canada, professional accountants receive an average salary of $141,000 across all industries, according to the CPA Profession Compensation Survey. Entry-level salaries begin at $60,250 per year, with the most experienced professionals earning up to $98,261 per year. CPA Canada professionals have the opportunity to advance to salaries in the mid-$90,000s after gaining ten years of experience. Candidates with CPA qualifications often earn between 50% and 60% more than non-CPA candidates.
One must keep in mind that there are various CPA positions that provide a high wage among the CPA job prospects. The compensation package of a CPA depends on a number of things such as Experience, Industry, Size of the company, and location. These are the characteristics that influence a CPA’s salary in every location where they work.
Both certifications come with the advantages of higher pay, greater employment prospects, job security, and respect in their respective nations. However, the time and money needed to obtain a CPA USA license are not as high as those needed to obtain a CPA certification in Canada. There is no difference between the US CPA and Canada CPA when comparing employment duties, expertise, and career paths. Both provide beneficial financial advisory services for a variety of industries. Moreover, the CPA Canada Requirements are limited to Canada; however, the CPA USA can be obtained from any country.
The Canada CPA is the way to go if you want to enter the distinctive world of finance and business in only Canada with a license that can open the door to a magnificent future. The CPA USA certificate, on the other hand, is the best option for you if you enjoy working with numbers, want to further your accounting profession, and now reside in or intend to relocate to the US or anywhere in the world. The CPA USA has more recognition and demand worldwide compared to the CPA Canada.
No, it’s not possible. Every state requires CPAs to have a Bachelor’s degree, and most of them also demand an accounting degree. However, in the following five states, you can become a CPA without a degree or major in accounting:
It’s crucial to remember that to offer services in the state where you operate, you must be satisfying all the CPA Canada Requirements. You might be able to transfer your license and work in another state under particular circumstances.
Now that you’ve learned about the CPA Canada Requirements and CPA USA certifications, the next step is to assess your prospects of becoming one and decide where to apply. After selecting the institute, the first and foremost thing is to pass the exam. If you are someone who wants to explore and enjoy a job with more global flexibility, then you must be searching for the CPA USA certification course.
Well! It is essential to plan your preparation and learn from seasoned mentors, which is why NorthStar Academy would be the best option. NSA offers real-time coaching to assist candidates in evaluating their possibilities and picking the best options. Using the precise and well-organized study material from NSA is strongly recommended since they contain complete knowledge to support CPA-specific learning. The live sessions and recorded lessons in their CPA USA certification course from renowned mentors like Mr. M Irfat.
If you have further inquiries regarding our courses, kindly contact us here. +918147470707CPA Canada Requirements