Lana Oconnell
Becoming a Certified Professional Accountant (CPA) in Canada is a highly sought-after and globally recognized qualification. The CPA designation offers a wide range of benefits, including high earning potential, career advancement opportunities, and flexibility in career choices. International students aspiring to become CPAs in Canada can pursue different pathways depending on their educational background and work experience. The CPA Professional Education Program (PEP) is a graduate-level program that provides the necessary knowledge and skills in accounting, auditing, taxation, and business law. International students must meet specific requirements, including academic qualifications, transcript evaluations, and work experience, to enroll in the CPA PEP or explore alternative pathways.
| Characteristics | Values |
|---|---|
| CPA designation | Globally recognized symbol of excellence within the accounting profession |
| CPA qualification | Globally recognized |
| CPA salary in Canada | Median salary of $112,000 to $155,000 |
| CPA salary in Canada (as per payscale.com) | $81,622 per year |
| CPA course | Graduate-level program |
| CPA preparatory courses | 14 different courses |
| CPA preparatory courses topics | Introductory Financial Accounting, Economics, Business Law |
| CPA preparatory course settings | Part-time, self-study, distance learning, classroom settings |
| CPA certification program | 30 months of full-time relevant employment |
| CPA international students | Study permits required |
| CPA international students | Provincial Letter of Attestation (PAL) required |
| CPA international students | Enrolled in a designated learning institution (DLI) |
| CPA international students | No Post-Graduation Work Permit |
| CPA international students | International Credential Advantage Package (ICAP) evaluation required |
| CPA international students | Transcript assessment required |
| CPA international students | Bachelor's degree in a relevant concentration required |
| CPA international students | CPA preparatory courses available |
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What You'll Learn
CPA preparatory courses and exams
International students who do not have an undergraduate degree in a relevant concentration, such as a B.Comm with an accounting major, can enrol in CPA preparatory courses, also known as CPA PREP. There are 14 different courses to choose from, each covering specific skills and concluding with an exam. Course titles include "Introductory Financial Accounting," "Economics," and "Business Law." The courses are offered part-time through a blend of self-study, distance learning, or classroom settings.
International students who have an undergraduate degree in accounting but do not meet the prerequisite learning benchmarks defined in the CPA Competency Map can also enrol in the CPA PREP courses to gain the necessary knowledge to enter the CPA Professional Education Program (CPA PEP).
For internationally-trained accountants who do not have an undergraduate degree, it may still be possible to become a CPA through considerable relevant experience. Candidates need at least eight years of work in certain technical competency areas.
International students who are graduates of the CPA Certification Program but do not have the right of residence in Canada are not entitled to a Post-Graduation Work Permit. However, there are scholarships and financial assistance schemes available to international students studying the Certified Public Accountant program in Canada.
Before pursuing the CPA Canada certificate, international students should consider the availability of CPA jobs in Canada and the average CPA salary. Additionally, it is important to note that Canada CPA holders must engage in continuing education to keep their credentials active, with provincial CPA bodies requiring 120 hours every 3 years and a minimum of 20 hours per year.
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Work experience requirements
International students aspiring to become a Certified Public Accountant (CPA) in Canada must fulfil certain work experience requirements as part of the CPA certification program. This practical experience component is separate from the academic criteria and requires students to independently secure relevant work experience.
The work experience requirement includes 30 months of full-time, relevant employment or the equivalent in part-time work. This duration can be completed during or after the academic program. Students can apply up to 12 months of prior, relevant accounting experience towards this requirement. It is important to note that this work experience must be in accounting or a related field, supervised with regular progress reports, and accompanied by a mentor from the accounting profession.
For international students who do not possess an undergraduate degree, an alternative pathway exists. These candidates may still become CPAs by accumulating considerable relevant experience. Specifically, they need at least eight years of work in certain technical competency areas.
International students with an international education and experience can pursue a career as a CPA in Canada. However, they must ensure their credentials and education are recognized in Canada. This includes undergoing a course-by-course evaluation, such as the International Credential Advantage Package (ICAP) evaluation, to ensure the authenticity of international documents and determine their Canadian equivalency.
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Study permits and visas
International students who want to become a CPA in Canada will need to obtain a study permit and possibly a visa. Canadian study permits are required for all international students studying in Canada.
If you are an international student studying at a BC post-secondary institution, you will need a study permit and a work permit if you are not a Canadian citizen or permanent resident.
As of January 22, 2024, the Canadian federal government announced that study permit applications for most international students will require a Provincial Letter of Attestation (PAL). Starting November 8, 2024, international students must be enrolled in the designated learning institution (DLI) named on their study permit. This means that students can no longer change DLIs by updating their online account and must apply for a new study permit if they wish to change institutions. Obtaining a study permit can take up to 150 days.
Any questions related to immigration, study permits, or work visas should be directed to the federal department of Immigration, Refugees and Citizenship Canada (IRCC), as they are authorized to advise on the required Canadian study and work permits.
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CPA Professional Education Program (CPA PEP)
The CPA Professional Education Program (CPA PEP) is a pathway to becoming a Chartered Professional Accountant in Canada. It is a graduate-level program that enhances one's ability to apply professional knowledge, values, ethics, and attitudes in a professional context. The program covers basic accounting, auditing, taxation, and business law. It offers 14 different courses, each concluding with a test.
To be admitted to the CPA PEP, one must have an undergraduate degree and specific subject area coverage. However, even without an undergraduate degree, one may still be able to get into the program by fulfilling certain eligibility criteria. International students seeking a CPA designation in Canada are eligible for scholarships and financial assistance schemes.
The CPA PEP offers core modules and the optional TaxNEXT module, which builds a strong foundation in financial reporting and assurance, essential for understanding tax implications. During the program, students gain practical experience as licensed CPAs, possibly in tax-focused roles, exposing them to Canadian tax laws and practices.
For internationally trained accountants without an MRA, RMA, or MOU with CPA Canada, there is a pathway to advanced standing in the CPA PEP. This may include exemptions from prerequisite courses and completion of challenge exams for Core 1, Core 2, and two elective modules. Additionally, 30 months of prescribed work experience are required, with the option to apply for full or partial exemptions.
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Career opportunities and earning potential
The CPA designation is the world's most widely recognised and respected accounting qualification. It is a symbol of excellence within the accounting profession and is sought after by top employers across every sector. The CPA qualification offers numerous advantages to international students, including high earning potential, career advancement, flexibility, and international opportunities.
CPAs in Canada earn a median salary of $81,622 per year, with some CPAs earning as much as $112,000 to $155,000. This high earning potential is one of the main attractions of the CPA qualification. The CPA designation also offers career advancement opportunities, with CPAs going on to become chief executives, chief financial officers, and chief operating officers. The qualification provides the skills to lead in any organisation and industry, and it is a valuable asset when applying for jobs, helping candidates stand out from the competition.
The CPA qualification is globally recognised, allowing professionals to work and settle in foreign countries. Canada has mutual recognition agreements with several international accounting bodies, including those in the US, Australia, New Zealand, Hong Kong, and Ireland. These agreements allow CPAs to practice in these countries and provide a pathway to obtaining additional credentials, such as the US CPA qualification.
In addition to the financial and career benefits, the CPA qualification offers flexibility. CPAs can work in a variety of fields, including taxation, financial reporting, and assurance. The qualification provides a strong foundation in these areas and prepares individuals to work in any industry. The CPA programme also offers specialised modules, such as the TaxNEXT module, which provides specific knowledge and skills in tax, financial reporting, and assurance.
To summarise, the CPA qualification offers international students and graduates numerous career opportunities and earning potential. It is a highly respected and recognised qualification that can lead to successful and lucrative careers in accounting and related fields. The qualification provides a strong foundation of knowledge and skills that are valued by employers and open doors to exciting career paths.
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Frequently asked questions
You must have an undergraduate degree in a relevant concentration, such as a B.Comm with an accounting major. If your undergraduate degree isn't in accounting, you can enrol in CPA preparatory courses. If you don't have an undergraduate degree, you may still be able to become a CPA through considerable relevant experience.
First, you need to satisfy the requirements for enrolling in the CPA Professional Education Program (CPA PEP), which include submitting a transcript assessment via My CPA profile. Then, you can apply early to the CPA program as a conditional candidate. Once you're enrolled, you'll need to complete the academic portion of the CPA certification program and gain 30 months of relevant employment experience. Finally, you'll need to pass the CPA exam.
Becoming a CPA in Canada offers numerous benefits, including global recognition, high earning potential, career advancement opportunities, and flexibility to work in a variety of fields. CPAs in Canada earn a median salary of $112,000 to $155,000 and can work in various roles such as chief executive, chief financial officer, and chief operating officer.
One challenge is that international students are subject to an international transcript evaluation fee and may need to request an International Credential Advantage Package (ICAP) course-by-course evaluation to ensure the authenticity of their international documents. Additionally, international students are not entitled to a Post-Graduation Work Permit and must obtain study and work permits if they are not Canadian citizens or permanent residents.
