Guidance for ACCA Students in Ontario, Canada
In a recent Reddit thread (link: https://np.reddit.com/r/Accounting/comments/1jbgx8x/cpa_ontario/), user u/PlaneAggressive7729 posed an important question:
“I have completed the ACCA advanced diploma in Accounting and finance, with 9 ACCA papers, but I don’t have a bachelor’s degree. Can I join CPA Ontario?”
Here’s my take:
I recommend a different approach than what you may typically hear! Even as a practicing CPA, I think it’s beneficial for you to continue your ACCA studies.
Keep in mind that by 2027, CPA Canada plans to abolish the verification of industry experience, which complicates matters. Many job postings now require both a CPA designation and an Accounting degree.
As you progress toward your degree, it’s essential to maintain strong academic performance, as this will enhance your chances of being accepted into a pre-approved training program offered by CPA-aligned employers.
Previous Designations: CA, CGA, CMA
Current Designation: CPA
Future Possibilities: CPA, ACCA, CFA
Here’s a step-by-step plan for you:
-
Inquire with ACCA: Check if you can temporarily withdraw as a student and re-enroll later.
-
Enroll in a Full-Time Canadian Accounting Diploma Program: This is equivalent to the first two years of a degree.
-
Secure an Entry-Level Accounting Position: This experience is crucial to your career development.
-
Pursue a Canadian Degree in Accounting: This can be done through full-time or part-time studies, depending on your situation.
-
Continue Gaining Accounting Experience: If you haven’t found a job yet, prioritize securing one.
-
Complete Remaining ACCA Exams: Finish the SBR, SBL, and two elective papers.
Only consider pursuing the Canadian CPA designation after you have obtained a job with a pre-approved employer post-Step 4.
One response
Your response provides some solid advice for someone in u/PlaneAggressive7729’s position. Here are a few additional points that might help to further clarify and strengthen your guidance:
Networking: Encourage the individual to network with professionals in the field. They can attend local CPA or ACCA events, webinars, or workshops. Building relationships can often lead to opportunities and insights about the industry.
Value of ACCA: While pursuing the CPA designation is a solid path, the ACCA qualification is also globally recognized and can open many doors. It might be beneficial to highlight how both designations can complement each other, potentially giving them an edge in certain markets.
Career Flexibility: Point out that having both ACCA and CPA designations allows for greater flexibility in career options. For example, they could look for opportunities that require international Accounting knowledge (ACCA) while also being eligible for roles specifically in Canada (CPA).
Part-time Opportunities: If they’re unable to secure an entry-level job immediately after their diploma, suggest looking into internships or volunteer positions. These can provide valuable experience and potentially lead to job offers.
Stay Informed: Advise them to keep an eye on changes in the Accounting landscape, especially with the evolving requirements for CPA Ontario. Regulations may continue to shift, and staying informed will help them navigate their options effectively.
Support Systems: Encourage them to look into study groups or forums for ACCA and CPA candidates. Connecting with others who are on a similar journey can provide motivation and useful study tips.
Overall, your structured approach lays out a clear pathway but don’t hesitate to encourage adaptability. The Accounting landscape can change, and remaining open to different opportunities will be invaluable.