2017-03-08 00:00:00BookkeepingEnglishLearn about the new CPA designation for professional accountants and how the merger of Canada's major accounting bodies benefits small...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/CPA-meets-with-business-client.jpghttps://quickbooks.intuit.com/ca/resources/bookkeeping/what-is-a-cpa/What Is a CPA?

What Is a CPA?

1 min read

CPA is the acronym for Chartered Professional Accountant, a designation that’s administered by CPA Canada. This name is the brainchild stemmed from the unification of Chartered Accountant (CA), Certified Management Accountant (CMA), or Certified General Accountant (CGA) in the mid 1900s.

What Is a CA?

A chartered accountant is a worldwide designation appointed to professionals in the following fields:

  • Financial accounting
  • Taxation
  • Applied finance
  • Management accounting
  • Financial accounting and reporting

It is considered to be a more exacting accounting level.

What Is a CMA?

According to Rasmussen College, these accountants focus on strategic management and financial accounting.

What Is a CGA?

CGA is a status awarded to public accountants, and they were the only ones who could audit public organizations in Ontario and Quebec until 2004.

How to Become a CPA

The required program to become a CPA is a two-year, part-time graduate program, so you first need a Bachelor’s degree to enlist in the CPA Professional Education Program(CPA PEP). You can take advantage of the CPA preparatory course (CPA PREP) if your degree isn’t in accounting to equip yourself properly for the curriculum.

The CPA PEP focuses on developing accounting and management skills with these required six modules:

  • Finance
  • Financial reporting
  • Taxation
  • Audit and assurance
  • Strategy and governance
  • Management accounting

Each model is completed with an exam. There are also two required electives, a capstone integrative module and a preparation module for the Common Final Examination.

What Are the Advantages of the CPA Organization

Within CPA Canada, accountants continue to receive professional development in the broader accounting industry, but they also have the opportunity to develop their own area of expertise. Business owners should have a more straightforward time identifying generalists for broad business needs or specialists for specific needs within one particular area, such as tax planning.

What Do CPAs Do?

CPAs possess a heightened knowledge of both accounting and executive skills. The institution of Chartered Professional Accountants Canada states that they can be found maintaining their own private practices or working within numerous non-profit, private, and governmental organizations. CPAs can hold many positions, and having this merit places you at an advantage for prestigious positions such as the vice president of finance and even the president or CEO of a company.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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