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

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

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. 

This article discusses CPA Canada course fees, eligibility, top colleges, jobs, salary, and more. 

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). 

Also read Top 10 Universities for Master’s in Accounting in Canada.

Eligibility Criteria of CPA Canada

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

• A bachelor’s degree 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
• 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

Become a CPA in Canada

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 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 

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.

Subjects and 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 85,000. 

Jobs and Recruitment 

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. 

Salary Expectations

As per Glassdoor, CPA Canada salary ranges between INR 39 lakh and INR 1.1 crore. 

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.

Frequently Asked Questions