I've got 3 weeks left of work, and then 3 months of studying, and if all goes well, I will be one by Christmas.
To become a CA, you need:
Step 1) a bunch of university level accounting and business courses (
http://www.casb.com/index.php?catid=60)
Step 2) get hired by an approved training office (usually public accounting firms, but there's a few non-public accounting firms you can train at too now I think, though you get a CA but not quite a full one. In my experience working at a big 4 CA firm, this is both a great and challenging place to work. The work is interesting, the people are fantastic, and a great stepping stone in your career. However, during audit season (Jan - May) be prepared to sell your soul for 60-80 hours a week, because there's a full years amount of work to get done and only 3 months to do it in. To be a CA, you need to meet some requirements, like 1000 audit hours, 100 tax hours, 30 months of experience etc.
Step 3) enroll with CASB (in western Canada) and complete 5 modules (each is essentially an accounting course on speed - got 3 weeks left in my 5th one now....ugh. The program is really good from a teaching you about business, accounting, finance etc.....but basically say goodbye to your personal life for the next year (I have a wife and baby girl - would NOT recommend the process for anyone with a family unless they are prepared to go through hell with you).
Step 4) once all the CASB courses are done, you take a summer off and study for the UFE - a 3 day exam (1 - 5 hour exam on day one and 2 four hour days with 3 questions each day). From what I've heard, this exam is meant to mess with your mind, and is a battle just to survive. This year, that is Sept 15,16,17....we'll see how that goes.
The pay, from my experience auditing CA's in industry, should be between $80-100K if you leave a CA firm with your CA and 3-5 years of experience. If you stay with the firm longer and reach manger role, expect to land a more senior position in industry (controller, maybe CFO for a smaller company) for 100-120ish. The sky is the limit, just depends on where you go and how ambitious you are (ie. do you work four 7 hour days at a jr. oil and gas company for $100K + options, or do you still keep up the CA pace and try for a senior financial reporting role in a bigger company)
Working for a CA firm (i have been for 3 years), my salary went from 1st year below $40K to ~$65K, and that is for a standard performer....there's lots of opportunities for those who decide they want to advance faster and can work more than 70 hours a week, or just happen to be really smart and efficient (key trait at a CA firm).
All-in-all, I highly recommend the designation (based on my experience with CA's and the process) - but know that it's a long 3-4 year post-university grind. I've seen many happy people finish their CA and are enjoying what they do now....I've seen many who either couldn't take the grind or just couldn't pass the courses / exams.
Hope that helps - let me know if you have any questions!
Cheers,
K1LLswitch