I was wondering if anyone on CP is a Chartered Accountant, if so, what will it take to become one? How well do you guys get paid? And if you have any advice for someone who wants to become one, what would it be? Thanks.
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!
That's kind of how it rolls....I suppose all it's like becoming a doctor only for numbers....and where people lose $$$ vs. their life when you fail. :-)
On a related note, does anyone know what it's like for a CPA qualified in China to make the transition to Canada. My soon-to-be wife is currently working at a big 4 firm and is in the process of becoming a qualified CPA. We plan on moving to Canada after a couple of years, and Canada gives preferential immigration status to accountants, but we're not really sure on how easy it would be for her to find work in Canada and be recognized. Her job is one of the most competitive accounting jobs to get in what is the financial capital of China and developing financial capital of the world, but we still don't know what opportunities that would give her in Canada.
Anyone had similar experience, or have advice to share?
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On a related note, does anyone know what it's like for a CPA qualified in China to make the transition to Canada. My soon-to-be wife is currently working at a big 4 firm and is in the process of becoming a qualified CPA. We plan on moving to Canada after a couple of years, and Canada gives preferential immigration status to accountants, but we're not really sure on how easy it would be for her to find work in Canada and be recognized. Her job is one of the most competitive accounting jobs to get in what is the financial capital of China and developing financial capital of the world, but we still don't know what opportunities that would give her in Canada.
Anyone had similar experience, or have advice to share?
Your finance might want to consider a CGA designation then. CGAs have all the same rights as CAs and CMAs but can complete their designations much quicker. Especially if they already have a foreign designation.
You can also start working on the designation before you complete university.
Here's a a bit about it from their website:
Quote:
Foreign Designated Accountants Fast Track to CGA
Members of foreign designated accounting organizations (CPA, CA, CMA, etc) that are part of the International Federation of Accountants (IFAC) are eligible for advanced standing in the CGA Program of Professional Studies. Advanced standing varies from one country to the next and is based on individual assessment of your academic and professional qualifications and experience.
You must be a resident of Alberta to apply to CGA Alberta and you must be eligible to work or study in Canada. To begin this process of admission follow the steps listed under How to Apply & Enroll.
On a related note, does anyone know what it's like for a CPA qualified in China to make the transition to Canada. My soon-to-be wife is currently working at a big 4 firm and is in the process of becoming a qualified CPA. We plan on moving to Canada after a couple of years, and Canada gives preferential immigration status to accountants, but we're not really sure on how easy it would be for her to find work in Canada and be recognized. Her job is one of the most competitive accounting jobs to get in what is the financial capital of China and developing financial capital of the world, but we still don't know what opportunities that would give her in Canada.
Anyone had similar experience, or have advice to share?
Like K1LLSwitch I am going to be writing the UFE this year so I have some experience around these things. Up until a couple of years ago, CPA's from other countries could come in and challenge the CA exam. Not anymore, they have to go through CASB like the rest of us. However, with having her CPA designation she would be able to move into a big 4 firm into a managing role.
Killswitch is right. As well, when you’re looking for that full-time or co-op/summer job, keep in mind that all of the recruiting done by CA firms starts in September and ends in October. Keep an eye out on your school’s career centre website for the events and various application deadlines.
The firms are likely not hiring as many people this year as they have the last few years, and while having a strong resume is important, make sure you attend as many of the info-sessions and events as possible so that the firms remember who you are. As well, it’s important for you to know which firms you’ll fit in the best at, so you can make that decision if you have to choose between two or more offers.
I recently passed the UFE, so if you have questions on that, feel free to send me a PM.
It's probably less time than that...4 year of undergrad just like everyone else, then, it took about 2.5 years to get through the program (give or take 6 months)...and the earnings potential beyond the 1-2 years after qualifying as a CA is much more than 80-100k.
As well, although it's a lot of work, it is manageable and you're able to have a life outside of it if you're diligent with time management. I didn't find the process that hellish.
I've heard that lawyers that make the big bucks work god-awful hours like 80-100+ hours per week and you are pretty much a slave for the first 5 years of your career. Also bet there are more lawyers that do not make $300k+ than do.
Ok fine. What I was really going to say but didnt want to come off as an arese is that I make the same amount with alot less schooling.
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Doctor's and Lawyers can make a lot of $$ but the hours are always garbage and it seems like you have to sacrifice a lot of other things in your life. Lawyers are in school for minimum 7 years. Doctors minimum 8 years (I think?).
Accounting, at least you're only in school for 4 years and then working while you pass the rest of your exams/accreditation. From the accountants I know - the successful ones (i.e moving fast up the ladder and getting steady pay increases) are working ridiculous hours, and the more average work-ethic ones are still working a fair bit of overtime but not advancing as fast.
If I were a male Prostitute Iwouldnt be making 80-100K a year.
You must have missed my mug in the picture thread
Well if you move to West End Vancouver, you could service enough guy's to be making $125-150 thousand a year See What I did there, I implied you are a homosexual prostitute!
Last edited by North East Goon; 06-09-2009 at 11:21 AM.
Anyone here a Chartered Accountant?
