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10 Top Accounting Certifications in Canada

10 Top Accounting Certifications in Canada!

Acquiring a certification in accounting in Canada might be a great method to enter the accounting sector. With accounting certificates, career progress is possible.

Particularly in Canada, financial professionals can employ a multitude of accounting certificates to advance their professions, earn promotions, and increase their salaries.

Each accounting design is unique and has a broad professional emphasis. Hence, depending on your job objectives, some of these accounting credentials may be ideal while others may not be. Similarly, you may discover that possessing multiple of these qualifications is advantageous.

In this post, we’ve prepared a complete list of Top Accounting Certifications in Canada that will assist you in establishing a successful accounting career.

What are the Top Accounting Certifications in Canada?

A Canadian accounting certification is a certificate in accounting that is required to begin a profession in accounting in Canada. Depending on your desired area of specialization, you can get credentials in managerial accounting, payroll, and control.

During the process, you will learn how to evaluate and forecast financial facts, make intelligent judgments, and establish a solid financial strategy. In addition, you will learn how to properly interpret financial data and utilize this knowledge to make crucial business decisions.

Check also: 9 Major Business Certifications worth getting with reasons

How do I obtain Top Accounting Certifications in Canada?

To become a qualified or chartered accountant in Canada, various paths must be followed. Despite the fact that each accountant certification has its own standards and processes, there are fundamental procedures that you must follow by default. They consist of:

  • Get a bachelor’s degree in a related concentration from a Canadian university with accreditation.
  • Enroll in the Professional Education Program for Certified Public Accountants
  • Get thirty months of accounting experience
  • Completing four educational modules during full-time employment
  • Achieving a passing score on the three-day Uniform Evaluation (UE) exam, which measures accounting knowledge and competence

How Much Does it Cost to Get a CPA in Canada?

The Canada CPA’s associated costs differ from area to region. However, the Western School of Business (WSB) provides an online listing of normal CPA PEP administrative fees. In addition to the fees connected with CPA PREP if you must complete that program first, WSB reports the following costs:

  • $430 initial registration fee
  • Yearly Canada CPA dues: $1,020
  • Fee for prior experience recognition: $510
  • New candidate fees range from $510 to $1,010 annually.
  • $1,260 per module (for each Core 1, Core 2, Elective, and Capstone 1 and 2)
  • Common Final Exam prices range from $650 to $1,500.
  • Module registration: $310
  • Transcript assessment: $100

List of the Top Accounting Certifications in Canada

The following is a list of the Top Accounting Certifications in Canada:

  • Public Accountant Certification
  • Certified Management Accountant (CMA) Certification
  • Internal Auditor Certification (CIA)
  • Chartered Financial Analyst Certification
  • Enrolled Agent Certification
  • Chartered Financial Consultant (ChFC) Certification
  • Chartered Global Management Accountant (CGMA) Certification
  • Financial Planner (CFP) Certification
  • Chartered Alternative Investment Analyst (CAIA) Certification
  • Chartered Certified Accountant (ACCA) Certification

1. Public Accountant Certification

Offered: American Institute of Certified Public Accountants (AICPA)

Estimated cost: $2,000 to $3,000

Top Accounting Certifications in Canada

Public Accountant Certification is first on our list of Top Accounting Certifications in Canada. Whether you work for a large public corporation or a small to mid-sized business, these accounting certifications expand your opportunities to work with a variety of clients and increase your exposure to diverse business operations.

It is the most prestigious certification for public accounting. So, acquiring a CPA is required if you wish to pursue a career in accounting.

2. Certified Management Accountant (CMA) Certification

Offered: IMA

Estimated cost: $1,000 to $2,000

The Certified Management Accountant credential is among the most prestigious accounting credentials in Canada. This certification focuses on the accounting management of a business. This subject is not even covered on the CPA exam. This certification in accounting qualifies you for internal management and executive-level business positions. And you may also be qualified to serve as an outstanding COO or CFO.

This certification, however, is not ideal for public accounting. It does not prepare you to audit, report, or perform any tax-related duties. It focuses exclusively on management. If you wish to work as an executive-level officer for a Fortune 500 company, it would be prudent to obtain this certification.It is also one of the Top Accounting Certifications in Canada.

3. Internal Auditor Certification (CIA)

Offered: Institute of Internal Auditors (IIA)

Estimated cost: $1,500

The only internationally recognized certification for internal auditors is the Certified Internal Auditor (CIA). Individuals with this certification demonstrate proficiency in areas including risk and control, information technology, and working with internal and external clients.

You need this certificate if you wish to pursue a career in auditing and become a manager or chief audit executive. With this accounting certification, you may confidently execute audit procedures and provide assistance to independent auditors in larger organizations.

To obtain this certification, you must pass all three parts of the 6.5-hour-long CIA examination. In addition, you must possess a bachelor’s degree and two years of experience in internal auditing.This is also regarded as one of the Top Accounting Certifications in Canada.

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4. Chartered Financial Analyst Certification

Offered: CFA Institute, a nonprofit based in the U.S.

Estimated cost: $2,500

Following on our list of the top 10 Top Accounting Certifications in Canada is Certified Chartered Financial Analyst.

In Canada, Chartered Financial Analyst Certificates are the most prestigious accounting credentials for anyone seeking employment in the finance and investment industries. This certification demonstrates proficiency in portfolio management principles, investment analysis, economics, and professional and ethical standards.

Moreover, this accounting certification facilitates the development of analytical thinking skills in the areas of finance, investment, and business operations. CFA®s make outstanding controllers and chief financial officers.

In order to become a chartered financial analyst in Canada, you must pass the CFA exam, which is administered only one to two times each year. Depending on the level you are attempting, the CFA exam takes significantly longer to complete than the CPA exam. Indicate that you possess a bachelor’s degree and four years of experience in the field.

5. Enrolled Agent Certification

Top Accounting Certifications in Canada

This is another Canadian accounting credential required for enrolled agent candidates. The enrolled agent certification was developed by the IRS to demonstrate knowledge of the Canadian tax legislation and the ability to apply its concepts.

In essence, the EA designation does not teach you about finance, auditing, management, or other company difficulties because it focuses solely on the taxation of all entity types in Canada (including persons and businesses). This is for tax purposes only. If you have this, you are knowledgeable about taxes.

Yet, it is a great credential to have if you wish to work in tax preparation or corporate internal tax work. Note that all public accounting firms prefer CPAs over EAs, so if that is your goal, you should pursue the CPA credential.It is also on our list of Top Accounting Certifications in Canada.

6. Chartered Financial Consultant (ChFC) Certification

Next on our list of Top Accounting Certifications in Canada is Chartered Financial Consultant Certificates. Financial professionals are awarded the Certified Financial Consultant (ChFC) designation by the American College of Financial Services. The ChFC designation is intended to replace the CFP classification. Yet, it is less well-known than the CFP.

The ChFC offers a comprehensive treatment of a variety of financial planning subjects, including insurance, income tax, and retirement planning. The ChFC has exams at the conclusion of each course, whereas the CFP has a final exam at the conclusion of the program.

For the ChFC, there are eight mandatory courses and eight exams. The cost of earning your ChFC certification is $5,400, and the process typically takes between six and nine months.

7. Chartered Global Management Accountant (CGMA) Certification

The American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants created the Chartered Global Management Accountant (CGMA) credential together (CIMA).

It is one of the most prestigious accounting distinctions, a globally recognized accounting certification founded by two of the world’s oldest accounting organizations.

If you are a current CIMA member, you are immediately qualified for the CGMA, and if you are a current AICPA member with voting rights, you can take a shortcut to the designation.

Among the topics addressed by the CGMA are financial and management accounting, reporting, and strategy. The CGMA certification is comprised of three levels, each with three courses.

Each level of the CGMA is comprised of three courses and one exam. In addition, a case study test must be completed at the conclusion of each level. As a result, the CGMA consists of 12 tests.

The CGMA curriculum can be completed in three to four years and costs between $3,000 and $5,000, including the required AICPA membership.

This charge varies based on the amount of time required to finish the CGMA. The program charges a subscription fee for all resources, with the price increasing proportionately with membership term. First-time pass rates for the CGMA might range from 50 to 88 percent, depending on the examinations.It is also regarded as one of the Top Accounting Certifications in Canada.

8. Financial Planner (CFP) Certification

Consider acquiring the Certified Financial Planner (CFP) designation if you are interested in a career in investing or wealth management. This credential emphasizes financial planning for high-net-worth people and regular investors.

Although the CFP covers a broad variety of topics in wealth management, its restricted focus makes it less applicable to other finance professions. This certification in accounting is divided into two levels, each with two exams.

Level 1 certification from the Financial Planning Standards Council (FPSC) is required as part of the CFP process. This accreditation takes four years and costs approximately $2,000. The CFP has a pass rate of approximately 67%.It is also among the list of Top Accounting Certifications in Canada.

9. Chartered Alternative Investment Analyst (CAIA) Certification

Offered: The American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants

Estimated Cost: $3,000

The CAIA (Chartered Alternative Investment Analyst) is one of the Top Accounting Certifications in Canada. This certification is for individuals interested in asset management and hedge funds.

CAIA covers topics such as hedge funds, private equity, real estate, asset allocation, structured products, risk management, and ethics. Although not as comprehensive as other credentials, the CAIA is highly useful in specific areas of finance, especially the administration of alternative investments such as real estate.

The CAIA consists of two levels and two exams. The CAIA is approximately $3,000 and takes between one and two years to finish. CAI has a high rate of success.

The American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants created the Chartered Global Management Accountant (CGMA) credential together (CIMA).

It is a globally recognized accounting credential established by two of the world’s oldest accounting organizations. If you are a current CIMA member, you are immediately qualified for the CGMA, and if you are a current AICPA member with voting rights, you can take a shortcut to the designation.

Among the topics addressed by the CGMA are financial and management accounting, reporting, and strategy. Each level of the CGMA consists of three courses and a separate exam. In addition, a case study test must be completed at the conclusion of each level.

As a result, the CGMA consists of a total of 12 tests.

The CGMA curriculum can be completed in three to four years and costs between $3,000 and $5,000, including the required AICPA membership. This charge varies based on the amount of time required to finish the CGMA.

The program charges a subscription fee for all resources, with the price increasing proportionately with membership term. First-time pass rates for the CGMA might range from 50 to 88 percent, depending on the examinations.

Typically, students devote three to four months per exam and six to eight weeks per case study exam to preparation.

10. Chartered Certified Accountant (ACCA) Certification

Top Accounting Certifications in Canada

The Chartered Certified Accountant (ACCA) qualification is the last of the 10 Top Accounting Certifications in Canada. This globally recognized accounting certification covers, among other topics, financial management, reporting, taxation, auditing, leadership, and ethics.

Since ACCA focuses on IFRS rather than US GAAP, it is more internationally recognized and applicable than CPA. As a result of GAAP, ACCA is less applicable in the United States. Additionally, exemptions from the CPA exam are no longer valid.

The ACCA accounting designation consists of up to thirteen examinations and three levels (modules). The certification costs approximately $2,000 and requires approximately three years to complete. Given the number of ACCA tests, the pass rate can vary.

FAQs On Top Accounting Certifications in Canada

What is the highest accounting qualification in Canada?

The Chartered Professional Accountant (CPA) is the ultimate accounting designation in Canada now. Similar to the CPA designation in the United States, the CPA designation is the gold standard in Canada.

What accounting qualifications are accepted in Canada?

Chartered professional accountants, chartered accountants (CPA, CA) require a university degree and completion of a professional training program approved by a provincial Institute of Chartered Accountants and, depending on the province, either two years or 30 months of on-the-job training and membership in a ...

Is CA or ACCA better in Canada?

Commonly the CA course is considered to be harder than ACCA, considering the number of years, the number of papers, course levels and versatility of both courses. Finplan ACCA institute makes it easier to clear ACCA examination, over 1000+ ACCA students clear their examination with good marks.

Is Canada CPA easy?

CPA Canada has a pass percentage of around 80%, which perhaps tells us that it is not the most difficult course to clear. In addition, it offers enough legroom to the CPA candidates to ensure they are well prepared before they sit for the CFE.

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