Professional Development
Chartered Professional Accountant (CPA)
Basic Timeline
- Educational Requirements
- Undergraduate Degree: Most CPA candidates start with a bachelor’s degree in accounting or a related field. This typically takes four years.
- Additional Coursework: Completing additional coursework beyond a bachelor’s degree is sometimes required through a master’s program.
- Gaining Experience
- Work Experience: Candidates usually need 1-2 years of relevant work experience under the supervision of a licensed CPA. This experience can be gained through internships, entry-level positions, or other accounting roles.
- CPA Exam Preparation
- Study Period: Before taking the CPA exam, candidates typically spend several months preparing. This involves studying for four exam sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG).
- Taking the CPA Exam
- Exam Process: The CPA exam is a rigorous, four-part test. Candidates can take each section separately and must pass all four sections within an 18-month rolling period.
- Licensure
- Application: After passing the CPA exam and fulfilling the experience requirement, candidates apply for licensure in their place of residency. Note that there may be additional requirements depending on where you get your CPA. Some provinces/ states require additional testing.
- Continuing Professional Education (CPE)
- Ongoing Learning: Once licensed, CPAs must complete continuing education courses to maintain their license, ensuring they stay current with industry standards and regulations.
The Journey of Accounting Students
- Foundation in Education
- Students begin their journey by enrolling in an undergraduate program focused on accounting. During this time, they learn fundamental principles of accounting, finance, and business.
- Building Experience
- Many students participate in internships to gain practical experience and to start fulfilling work requirements. This hands-on experience is crucial for understanding real-world applications of their studies.
- Advanced Coursework
- To meet the 150-hour requirement, students often pursue additional classes or a master’s degree. These courses delve deeper into specialized areas of accounting and business law.
- Exam Preparation
- Students begin intensive preparation for the CPA exam, often using review courses and study groups. This period is demanding and requires strong time management and dedication.
- Taking the Exam
- Candidates schedule and take each section of the CPA exam. This step requires balancing work, study, and personal life effectively.
- Achieving Licensure
- After passing the exam and completing work requirements, candidates apply for their CPA license.
- Lifelong Learning
- CPAs commit to lifelong learning through continuing education, ensuring they remain knowledgeable and skilled in their field.
This timeline and journey highlight the dedication and effort required to become a Certified Public Accountant (CPA), a designation that opens doors to various career opportunities in the field of accounting and finance.
Sources – Links
https://www.cpaontario.ca/insights/blog/guide-becoming-cpa-for-students
https://www.efficientlearning.com/cpa/resources/cpa-exam-sections-explain/
https://rb.gy/anqkzp
Further Education
Graduate Diploma in Professional Accounting (GDipPA)
GDiPA (Graduate Diploma in Professional Accounting) is a 12-week summer program aimed to deepen students’ knowledge of accounting while completing the first four modules of the CPA PEP, advancing straight to Capstone 1. It also helps students relieve stress and better prepare for the Final Common Examination (FCE).
This program is offered to 4th years or recent graduates of Rotman’s Bachelor of Commerce (Accounting Specialist), it’s also available to:
- UTM Bachelor of Commerce (Accounting Specialist)
- UTSC Bachelor of Business Administration (Management & Accounting Specialist)
(Students not in these programs must refer to this link: https://www.rotman.utoronto.ca/Degrees/GDPA/GettingIn/Requirements for specific courses that must be taken to be considered.)
The program runs from May to the end of July, hours ranging from 15 to 20 hours a week. 5 half courses will be completed for 2.5 FCEs:
- RSM7201H: Advanced Financial Reporting
- RSM7202H: Advanced Taxation
- RSM7203H: Advanced Topics in Assurance and Control
- RSM7301H: Finance and Professional Practice
- RSM7204H: Integration and Analysis
Rotman Commerce Accounting Society 