Accountants have a great deal of responsibility towards their clients and the moral and ethical rules of the financial institutions they use. It is no surprise that individuals who hope to break into the field of accounting think that they need to go to university.
Believe it or not, you can be a chartered accountant without a degree. Becoming an accountant in Canada is not all about qualifications; individuals who want to pursue this rewarding career path can do so without going to university.
How to Be an Accountant in Canada Without University
There has been some confusion about the types of available accountancy jobs in recent years. When Canada combined three previously separate designations (Chartered Accountant (CA), Certified General Accountant (CGA), and Certified Management Accountant (CMA)), the confusion grew, especially for hopeful individuals who wanted to break into the industry.
All these professionals have joined forces and now coexist under the label of Chartered Professional Accountants (CPA). Now that we’ve cleared that up, we can look at the steps you need to take to join this exclusive group.
Is Accounting a Good Career in Canada?
If you are wondering how to become an accountant, you are probably thinking about your day-to-day tasks, as well as the average accountant salary in Canada. Every source says something different, but the consensus is that accountants in Canada earn an average of $58,500 per year, even without a degree!
It might take a few years to complete the training required to become a chartered accountant, but it is ultimately worth it. And if you do not complete a university degree, you will enter the field with far less debt than those who do. Ergo, you can enjoy the fruits of your labour.
Do I Need a University Degree to Become an Accountant in Canada?
It is a common misconception that chartered accountant roles are only available to people who have university degrees. This misconception is compounded by the difference between accountants and chartered accountants.
Accountants can perform all the typical functions of the role, but they cannot offer support in niche areas. Chartered accountants have extra qualifications and are part of well-known bodies such as CIMA (Chartered Institute of Management Accountants). In most cases, chartered accountants will have a university degree, whereas accountants will not.
As we have already discussed, this is not always the case. There are lots of people in Canada who fall under the umbrella term CPA without ever obtaining a degree.
Steps to Becoming an Accountant in Canada?
In general, most chartered accountants follow these steps:
- Obtain a university degree from a recognized university
- Enrol in the CPA Professional Education Program
- Have 30 months of accounting experience under their belts
- Complete four education modules while taking part in full-time work experience
- Pass the Uniform Evaluation (UE) exam
CPA PEP Explained
If you want to learn how to become an accountant in Canada, you need to learn all you can about the CPA PEP program.
This program is specifically designed to accommodate people who work full-time. It is a two-year, part-time course for people already working in accounting. It is comprised of the following:
- Two core modules – Choose two from six technical competencies: strategy and governance, finance and taxation, audit, management accounting, financial reporting, and assurance.
- Two elective modules – Choose from assurance, performance management, and tax and finance.
- One integrative module – allows participants to develop their networking and leadership skills.
- One exam prep module – This gives participants a chance to hone their skills before the final exam.
The important thing to remember here is that each module has an exam at the end. If you do not pass the module, you will not move on to the next one.
After completing all the modules, you must complete the Common Final Examination.
Common Final Examination
The Common Final Examination (CFE) is the final hurdle in the CPA PEP, lasting for three days.
During this exam, you will be tested against competencies on the CPA Canada Competency Map. This map outlines the skills and knowledge you need to become a Canadian CPA. You can find a link to the CFE overall exam blueprint on the website.
Before you start revising, take a look at the exam regulations.
How to Become an Accountant Without a University Degree?
It is normal for chartered accountants in Canada to have university degrees, but determined individuals can occupy the role without one.
You do not technically need a bachelor’s degree to be eligible for Canada CPA exams. If you do not have a degree, you need to:
- Provide evidence of at least eight years of work experience in CPA technical competency areas
- Complete the CPA PEP prerequisite courses
- Provide three letters of reference
- Provide a personal statement
As you can see, there are a few more steps. This does not mean that your dream career is out of reach; thousands of people who do not have a bachelor’s degree pass the exam every year. Focus on your studies, complete the modules, and work towards the CFE.
What If I’m Not Canadian?
If you are not Canadian, the process is more complicated. CPA Canada needs to assess the validity of your credentials before you can become a certified CPA.
Start Your New Accounting Career With AOLCC
Now you know how to be an accountant in Canada, you need the learning materials.
AOLCC is Canada’s largest career college network. Our Integrated Learning System is unique to us, providing learners from all over Canada with easy-to-follow teaching modules. Since we began teaching, learners have completed over one million courses.
Before delving into the accounting world, you must find reliable, accurate information. Our programs are designed to get you from point A to B quickly and seamlessly. Choose your province and find accounting programs in your local area.
Not sure where to start? Contact us to request more information.