CPA Canada Course: Overview, Process, Top Colleges & Scope For Jobs

People often aspire to specialise in accounting, taxation, or auditing and work for globally recognised brands. However, many top-level organisations require you to complete a globally recognised accounting course, such as CA from ICAI or CPA Canada. 

CPA Canada is the national organisation representing the Canadian accounting profession. It is one of the largest organisations in the world, with over 200,000  Chartered Professional Accountants (CPAs) in Canada and internationally.

Completing these would open a world of opportunities for you, and you will no longer have to restrict yourself to organisations having a presence in your residing country. The course is similar to the one offered by AICPA (American Institute of Certified Public Accountants) for US and students worldwide. 

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Overview of CPA in Canada

The CPA Canada, or Chartered Professional Accountant Canada, is a professional education program that resulted from the unification of the following three bodies – 

• CIGA (Canadian Institute of Chartered Accountants)
• CMA Canada (Society of Management Accountants of Canada) &
• CGA-Canada (Certified General Accountants of Canada)

It is a designation allotted to licensed accounting professionals and opens a world of corporate or public accounting opportunities. These individuals can also take up higher positions in organisational management, such as that of CFOs (Chief Financial Officers) or controllers. 

Here is how AICPA defines the position of a CPA —

“A trusted financial advisor who helps individuals, businesses, and other organisations plan and reach their financial goals. Whatever those goals—saving for a new home, opening a new office, or planning a multi-billion dollar merger—CPAs can help.”

While CPAs are generally known for income tax handling, these professionals can specialise in bookkeeping, auditing, information technology, managerial accounting, and more. 

There are several other similar designations in countries that do not offer CPA, such as Chartered Accountant (CA) from ICAI (Institute of Chartered Accountants of India). 

CPA Canada Course Details

The CPA certification course guides the path to becoming a CPA in Canada. It combines the finest aspects of existing legacy programs to meet the needs of businesses, public practice, and government.

Here are some of the important terms related to CPA Canada that you should know:

1. CPA PREP (Chartered Professional Accountant Preparatory Courses)

CPA preparatory courses in Canada are designed for individuals who lack the necessary prerequisites to enter the CPA Professional Education Program (CPA PEP).  These preparatory courses provide students with the foundational knowledge required in accounting, auditing, tax, and business law. 

Completing these courses equips you with the foundational knowledge required for the CPA PEP exam. Currently, there are 14 different CPA PREP courses available. Each course covers specific skills and concludes with an exam.

The sequence in which you take the courses is important as some have prerequisites. These courses are offered part-time through a blend of self-study, distance learning, or in a classroom environment.

2. CPA PEP (CPA Professional Education Program)

The CPA PEP is a comprehensive program designed for accounting professionals who aspire to become CPA in Canada. This program is designed to develop the knowledge and skills that candidates need to be successful in the accounting profession.

It is a graduate-level program that usually takes two years to complete on a part-time basis. The program covers a wide range of topics, including financial accounting, management accounting, audit and assurance, taxation, finance, and strategy and governance.

In order to be eligible for the CPA PEP program, you must have a bachelor’s degree from an accredited university and meet the specific subject area coverage requirements as outlined by CPA Canada.

3. CPA CFE (CPA Common Final Examination)

The CPA CFE is the final step in the CPA qualification process. It assesses candidates ability to apply their knowledge, skills, and judgment in real-world scenarios.

The CFE is a three-day examination that includes case-based simulations and requires candidates to demonstrate their proficiency in various areas of accounting and business.

To be eligible to write the CFE, candidates must have successfully completed all of the PEP modules and met the experience requirements set by their provincial or territorial CPA body. Successful completion of the CFE leads to the award of the CPA designation.

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CPA Canada Eligibility Criteria

Here are the eligibility requirements for applying for the CPA Canada exam:

• A 4 years bachelor’s degree(120 credits) in a relevant field from any recognized Canadian university
• Have enrolled in the CPA PEP 
• Have completed 30 months of relevant accounting experience
• Have finished four education modules during full-time work experience
• Have passed the 3-day UE (Uniform Evaluation) exam
• You must have proficiency in the english language( A Minimum Canadian Language Benchmark of at least Level 8 is required).
• If you do not have a bachelor’s degree in the relevant field, you will have to provide proof of at least eight years of work experience in CPA technical competency-related areas

Here are the different paths for an individual to become a CPA in Canada :

For new students

Students who have an undergraduate degree in accounting are directly eligible to enrol for CPA PEP (CPA Professional Education Program) provided they meet the prerequisite learning benchmark defined in the CPA Competency Map. The CPA PEP is a 2-year part-time accounting program for working professionals with six modules (2 core modules, 2 electives, 1 Capstone integrative module, and a Capstone exam prep mode). 

Suppose you are an international applicant without a bachelor’s degree in accounting. In that case, you will have to sit for CPA PREP (CPA Preparatory Courses) to improve your knowledge in finance and other requisite domains. The CPA PREP is a 14-module course, much more flexible than the CPA PEP; applicants will have to complete the modules they need. 

Alternatively, you can have at least eight years of work experience in any of the following areas:

• Audit and Assurance
• Financial Reporting
• Management Accounting
• Finance and Taxation
• Strategy and Governance 

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For transitioning students

If you had partially completed CA, CMA, or CGA programs before they merged with Canada CPA, you would be shifted to the appropriate CPA PEP program level when you apply for the course. 

For accounting professionals 

If you are a CA, CGA, or CMA and have completed any of these before September 2015, you can seamlessly transition to the CPA designation. All you have to do is contact your local CPA body and discuss the process to sit for the CPA exam. Such professionals are eligible for exemption from appearing in CPA PEP, Capstone 1, and Capstone 2 and are only required to clear the final exam of CPA Canada to acquire the CPA designation.

CPA Canada Syllabus

The CPA Canada exam or the Common Final Examination (CFE) is a three-day examination divided into four modules that test the competencies and knowledge you require to be a CPA. It is an online exam conducted across designated test centres near you. It comprises MCQs, writing ability, and simulation, and you will need English proficiency for it. The score for each module ranges between 0 and 99, and you will have to score a minimum of 75 in sections of the CPA exam to pass.

Here are the four modules covered:

• Auditing and Attestation (AUD)
• Business Environment and Concepts (BEC)
• Financial Accounting and Reporting (FAR)
• Regulation (REG)

During these three days, Canada CFE requires you to demonstrate the following – 

• Ability to present your abilities according to the expectations of the CPA Competency Map
• Use the learnings from Capstone 1 to complete the exam

CPA Canada Exam Frequency

CPA exams are held twice a year. You can sit for the CFE exams during May or September. You are allowed to take the examination thrice, and if you fail to clear it, you will be expelled from the program. 

CPA Canada Course Fees

The CPA Canada course fees for international students varies depending on their eligibility and the modules they have to sit for. Depending on your registration, the total cost of completing the whole process can be upwards of INR 7.5 lakh, including the PEP and the preparatory courses. 

But if you are a CA, CMA, or CGA or have partially completed the courses before they were merged with CPA, you will have to register for individual PEP modules. Registering for CFE alone (Day 1, 2, and 3) will cost you INR 1.4L. 

Jobs and Recruitment 

CPAs have a wide range of job opportunities both in India and abroad. The global acceptance of the CPA certification ensures that you can work across borders and industries. The average salary for a CPA course in Canada is INR 1 Crore.

A CPA professional can take up roles depending on their preference across finance-related fields, such as accounting, taxation, and more. Depending on what they choose, they can take up management of organisational accounts, conduct the audit and prepare financial reports for clients, or manage records of assets, liabilities, and taxes on their client’s behalf. 

Completing the CPA exam opens a world of opportunities, and you can be hired by the government, individuals, business houses, non-profit organisations, or start a venture of your own. 

List of Colleges offering CPA Certification in Canada

Here is the list of colleges for pursuing CPA in Canada – 

• Brock University
• Carleton University
• McMaster University
• Queen’s University
• University of Saskatchewan
• Western University DAN Management and Organizational Studies
• Wilfrid Laurier University
• Western University Richard Ivey School of Business

Now that you understand the eligibility requirements and other aspects of the CPA exam, the next step is to gauge your chances of becoming one and choosing the best place to apply. With Canada offering several options, LeapScholar provides real-time mentoring to help applicants understand their chances and choose the options best suited for them.

Also Read: Top Universities for Accounting Courses In Canada

To Sum Up

The CPA designation is globally recognised and respected. As the demand for skilled accounting professionals continues to rise, obtaining a CPA designation can open doors to a rewarding career in accounting and finance. The CFE is a challenging exam, but passing it is essential for anyone who wants to work as a CPA in Canada. 

As per Glassdoor, CPA Canada salary ranges between INR 39L and INR 1.1 Cr. CPAs are highly sought-after professionals, and the designation can open doors to a wide range of career opportunities in accounting, finance, and business. With a CPA qualification, you’ll be qualified for positions in public accounting, corporate finance, tax advisory services, and more.

If you are aiming to become a CPA in Canada, then it is time to resolve all your doubts about the CPA Course in Canada. 

Reach out to our counsellors to know everything about CPA course in Canada. They will guide you all about the the process, eligibility requirements, and more from the beginning to end.

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