Chartered Professional Accountant

By: Jasleen Banga, Sharanjit Johal, Dilveer Dhaliwal

Have you ever wondered what an accountant really does? Accountants have a range of qualities and will usually always be good with numbers since it is with numbers that they are always working with. Alongside this they will also have strong skills that involve working with others.
Why become a CPA?

What do they do?

Accountants

  • focus on tax planning

  • help clients with choices that affect their taxation, aid with employee pay, show them how to protect assets, and they assess business values

  • audit

  • assist companies in deciding what is beneficial for them

  • relieve companies and individuals of tax returns, they do it for them

  • also help with strategic and financial planning

  • may end up move to managers, budget directors and some can even be chief financial officers or president of a company

Earnings

  • accountants can earn from about $35,000 to more than $125,000 a year

  • those at the executive level, such as chief financial officers, can earn a lot more and the median income is about $60,000 a year

  • Earnings in this field vary based on the experience, location, and employer and all affect income levels

  • large firms tend to pay more than small firms

  • Earnings vary by sector
  • For example those working in oil and gas make more on average than accountants in financial services
  • Pay depends on their level of education
  • someone with a master’s degree tend to make more than those with a bachelor’s degree
  • having a professional credential can also lead to higher pay
  • the earnings of self-employed accountants depend on the number of clients they can attract and the rates they charge for their services
  • Most full-time accountants get benefits along with a salary such as dental coverage, paid sick days, and may also have pension plans
  • Some people earn bonuses based on how well they perform
  • Self-employed accountants must provide their own benefits

Branches

  • Forensic Accounting: These types of accountants examine financial records in order to determine of any thefts and frauds.

  • Government: Accountants working for the government examine companies and employees as well as guide financial planning and provide financial analysis

  • Business and Industry: They give business and management leadership to companies although their duty reflects on their position in the company.

Career Paths

Become a Chartered Professional Accountant

Steps on becomming a CPA

  1. Meet the degree requirements:

  • An undergraduate degree in any discipline is your only entry requirement to a fulfilling career as a CPA

For example: a four year university accounting degree


2. Submit a transcript


  • Provide a complete transcript assessment with all post secondary transcripts



3. Register as a student to enroll in the program. Depending on the subject area and coverage of your post secondary study you will be enrolled in one of the two programs.


  • CPA Prerequisite Education Program (CPA PREP)

- CPA PREP educates you on the necessary prerequisites for admission to CPA program. PREP is delivered on a part time basis through online,self study and classroom learning. Part time PREP allows students to complete the prerequisites for the program and get time to do practical experience. Once you have completed PREP you can enroll for PEP



  • CPA Professional Education Program (CPA PEP)

- If you already have all the prerequsites for the PEP your can enroll

- The PEP program is a two year part time graduate level program that prepares yout to meet the need of industry, government and public. At the end of the program there is a final examination

* To become a CPA you also require 30 months of qualifying practical experience which you can complete during PEP.


4. Complete the CPA Certification Program


  • PEP program is split into Core 1+ 2 and electives 1+2. Once completing the Core and Electives there will be a final examination.
  • The Common Final Examination (CFE) is a three day examination that requires students to show their knowledge in one of financial reporting or management accounting, and one of assurance, finance, performance management or taxation.



5. Get a CPA designation

Final Examination

After finishing the PEP program there will be a final 3 day examination that you need to pass in order to get your CPA certificate. Once you have your certificate you can work in a CPA designation in sports, schools, companies, stores , banks and much much more.