The Chartered Professional Accountant (CPA) qualification in Canada is a recognized accounting credential that allows you to work as a professional accountant across all provinces. Become CPA in Canada if you’ve just completed graduation and want to study accounting, or if you’re an experienced professional aiming to advance your career and explore new opportunities in the Canadian job market.
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How to Become a CPA Canada?
All the exams and modules required to become CPA in Canada must be completed in Canada. So if you’re planning to pursue CPA Canada as an international applicant, you must have a valid visa to be able to give these exams. In order to be a fully qualified Canadian CPA, a candidate must clear three major stages –
1. Prerequisite education – CPA Prep
2.CPA Professional Educational Program – CPA PEP
3.The Common Final Examination – CFE
1. Eligibility Criteria
- A baccalaureate or bachelor’s degree
- Should have completed CPA Canada’s Professional Education Program (PEP) OR have a graduate programme at a CPA-accredited post-secondary institute accredited
Note – Legacy credential holders should have a baccalaureate or bachelor’s degree and should have completed the required education programme from the legacy body.
2. Pathways To Become CPA In Canada
If you are an international aspirant, you may either start from scratch by enrolling in a master’s programme in Canada and clearing three stages; or you may claim some exemptions based on your current qualifications and experience. There are two main possibilities for you to be able to claim these exemptions.
- Through an MoU
CPA Canada has a memorandum of understanding (MoU) with certain accounting bodies in the world. If you are a qualified Chartered Accountant or Public Accountant in a country with an MoU with CPA Canada, you may be able to claim an exemption and directly be eligible for the CFE. Since The Institute of Chartered Accountants of India (ICAI) also has an MoU with CPA Canada, Indian Chartered Accountants can directly appear for the CFE and skip the CPA Prep and CPA PEP stage. However, you still need to have a valid visa to enter Canada and give the exam. - Through an MRA
Another option for accounting professionals to become a CPA in Canada is if the concerned accounting body of their country has a mutual recognition agreement (MRA) with CPA Canada. To become CPA In India, the ICAI Chartered Accountancy, the most commonly pursued accounting qualification is that of an ACCA or that of a US CPA. If you are a US CPA, you may be able to get directly registered as a CPA Canada. However, there are certain additional requirements you may need to fulfil such as passing the Uniform CPA Examination and being in compliance with the Continuing Professional Education (CPE) requirements of your State Board. - Through the Undergraduate Route
If you do not fulfil any of the above requirements, you will become CPA in Canada by clearing all three stages after your undergraduate studies. The three stages of CPA Canada are described below. - CPA Prep
In order to qualify as a CPA PEP pre-requisite, a candidate must have completed a 4-year undergraduate degree or a graduate degree with at least 120-credit hours in Financial Accounting, Managerial Accounting, Accounting and Financial Fundamentals, Information Technology, and Economics. If a candidate did not study the above subjects during graduation, they may have to take these required preparatory courses before enrolling for CPA PEP. - CPA PEP
Once you have successfully completed the CPA Prep stage to become CPA in Canada, you are eligible to enrol for CPA PEP. Alternatively, if you have at least 8 years of relevant work experience in the field of accounting, you may be eligible to enrol for CPA PEP without the undergraduate degree requirement. This is a graduate-level programme and consists of 6 modules –
- Core 1 & 2 – Financial Reporting, Strategy and Governance, Management Accounting, Audit and Assurance, Finance, and Taxation
- Elective 1 & 2 – Any 2 out of Assurance, Performance Management, Taxation, and Finance
- Capstone 1 – Leadership Skills, Professional Skills, and Integration of Competencies
- Capstone 2 – Writing skills and preparation for CFE
Certain post-secondary institutions provide certification programmes like a Master of Accounting or a graduate diploma in accounting. Students who pursue the Master of Accounting programme can claim exemption from the CPA PEP stage and directly opt for the CFE.
3. CFE
The Common Final Examination is the final stage to be cleared in order to qualify as a CPA in Canada. It is a 3-day exam that covers all the subjects that you have learned in the PEP stages. The maximum duration for each of these exams has been listed below.
| Exam Day | Cases Covered | Max Duration |
| Day 1 | Case linked to Capstone 1 Module – This exam will test your understanding of the Capstone 1 module and assess skills such as professional judgement, critical thinking and decision-making. This exam is common to all and will test your knowledge of the core subjects. Candidates will also have access to the Capstone 1 case during this exam. |
4 hours |
| Day 2 | Role Case – This will test the Financial Reporting and Management Accounting competencies of a candidate in addition to one elective out of four. During this exam, the candidates will be provided with one case through which they will be required to demonstrate their depth in these subjects. There may also be elements pertaining to the Core or Entry Column competencies. |
5 hours |
| Day 3 | The Multi-Competencies Case – This exam will be common to all candidates and will expect candidates to have knowledge of the Core modules. On this day, candidates can expect 3 or 4 cases that test all of the 6 competency areas with an opportunity for assessment of Financial Reporting and Management Accounting. |
4 hours |
The Common Final Examination (CFE) Blueprint, which is available on the official website of CPA Canada, will give you the latest information about the CFE and the examination format.
Work Experience
In addition to completing all the modules and exams, CPA Canada requires you to have a minimum of 30 months of relevant accounting experience. This work experience should be supervised and must provide detailed reports that will be assessed thoroughly before being approved.
When is CPA Canada the right choice for you?
If you are a Canadian resident and are planning to work as an accounting professional in a Canadian organisation, getting a local CPA license in Canada is a preferable option. Even if you are an international professional but are planning to migrate to Canada for work, getting the CPA Canada qualification might help you in your career.
Who should not pursue CPA Canada?
If you are an international aspirant looking for global opportunities including but not exclusive to Canada, you may want to consider other public accounting qualifications. Students looking to explore opportunities abroad should first think about which qualification to pursue before thinking about how to become CPA in Canada. If you are currently in India, and you want to earn a global accounting qualification, we would recommend you pursue ACCA vs CPA because of the scope of the course.
If you would like to be eligible for work in the UK, Singapore, or UAE, ACCA might be a better choice for you! It is recognised in over 180 countries and has MRAs with several well-known accounting bodies of the world. If you are interested in ACCA and would like to know more, feel free to check out our ACCA Course.
Another factor that should be considered is the ease of giving the exams. You are required to have a valid work or study visa to be able to give the CPA Canada exams which can be quite tedious and expensive. Alternatively, US CPA can be taken from India itself and if you get the opportunity to work in Canada, US CPA can help you directly qualify for CPA Canada because of the existing MRA. The US CPA qualification is recognised worldwide and can open doors to opportunities in Europe, Asia and North America. If you are an accounting professional looking to boost your career or just curious to learn about the course, we suggest you check out our Certified Public Accountant (CPA) course to learn more.
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How to Become a CPA in Canada: The Beginner’s Guide
Exam Preparation Tips and Resources
Becoming a CPA in Canada requires strategic preparation and access to the right resources. Here are some tips to help you prepare effectively:
- Understand the Exam Structure: Review the CPA Canada competency map and familiarize yourself with the structure of CPA Prep, CPA PEP, and the Common Final Examination (CFE).
- Enroll in CPA Preparatory Courses: If you need to complete prerequisite courses, consider CPA Canada’s preparatory courses or similar accredited university programs.
- Leverage CPA Canada Learning Resources: CPA Canada provides online modules, practice questions, and case studies for each module of CPA PEP.
- Join a Study Group: Collaborate with fellow CPA aspirants to discuss concepts, solve case studies, and share notes.
- Practice Time Management: The CFE is a case-based exam that requires analytical skills under time constraints. Practice solving mock cases within the allotted time to enhance efficiency.
- Seek Professional Coaching: Some candidates opt for CPA coaching programs that offer guidance from experienced CPAs.
- Use CPA Canada’s Official Study Materials: CPA Canada provides candidate guides, blueprints, and mock exams to help candidates prepare thoroughly.
Cost and Financing Options for CPA Certification
The cost of becoming a CPA in Canada can be significant, but there are financing options available to make it more manageable.
Estimated Costs:
- CPA Preparatory Courses: $300 to $1,000 per course (if required)
- CPA PEP Enrollment Fee: $1,250 – $2,500 per year
- Module and Examination Fees: $600 – $1,200 per module
- CFE Examination Fee: Approximately $1,500
- Annual CPA Membership Fees: $400 – $1,000 (after qualification)
- Total Estimated Cost: $8,000 – $12,000 (varies by province and exemptions)
Financing Options:
- Employer Sponsorship: Many employers reimburse CPA costs as part of professional development programs.
- Government Grants and Student Loans: Certain provinces offer financial aid to CPA candidates.
- CPA Canada Payment Plans: Some provincial CPA bodies allow installment-based payment options.
- Personal Loans and Education Loans: Many banks in Canada provide loans for professional education.
- Scholarships and Bursaries: CPA Canada and affiliated institutions offer financial aid to eligible students.
Career Opportunities After Becoming a CPA in Canada
Once you earn your CPA designation, a wide range of career opportunities become available to you across industries.
Common Career Paths for CPAs in Canada:
- Public Accounting: Work in auditing, tax advisory, and financial consulting for top firms like Deloitte, PwC, KPMG, and EY.
- Corporate Finance: Take on roles such as financial analyst, controller, or Chief Financial Officer (CFO) in major corporations.
- Government and Public Sector: Serve as an auditor, policy analyst, or finance director for government agencies.
- Entrepreneurship and Consulting: Start your own accounting firm or provide independent financial consulting.
- Financial Services Industry: Work in investment banking, risk management, or compliance roles.
- Forensic Accounting: Specialize in fraud detection, financial investigations, and litigation support.
- Academia and Research: Teach accounting and finance at universities or contribute to research in the field.
With a CPA designation, professionals also have opportunities to work internationally due to various mutual recognition agreements (MRAs) with other accounting bodies.
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Conclusion and Next Steps
Becoming a CPA in Canada is a rewarding journey that opens doors to high-paying jobs and career growth. The path involves completing education prerequisites, passing CPA PEP modules and the CFE, and gaining relevant work experience. If you are planning to work in Canada as an accountant, CPA Canada is the right choice. However, if you are looking for broader international opportunities, you may consider alternatives like US CPA or ACCA.
To take the next step, visit CPA Canada’s official website, enroll in a preparatory course, and start your journey toward earning the CPA designation. If you need guidance, professional coaching, or financial assistance, explore available resources to help you succeed in achieving your CPA goals.
FAQs on How to Become CPA in Canada
What is better? CPA Canada or US CPA?
It depends on where you are giving the exam from. If you are exploring these options as an international aspirant, US CPA is preferable because it can be taken from India itself.
Can an Indian CS get exemptions in CPA Canada?
Unfortunately, CPA Canada does not offer any exemptions for Company Secretaries of ICSI members. You will have to complete all three stages of CPA Canada in this case.
Do you need work experience for CPA Canada?
CPA Canada requires candidates have a minimum of 30 months of work experience which will have to be verified by the accounting body. You can also enrol in pre-approved training programmes approved by CPA Canada that will give you the minimum practical experience required for the course.