The CPA
Certification
Program
Contents
The CPA Certification Program – An Overview .......................................................................... 2
Terminology ........................................................................................................................................................ 3
The CPA Competency Map: Defining the competencies of the newly qualified CPA ..... 4
Details of the Canadian CPA Certification Program .................................................................. 5
Prerequisites for Admission ......................................................................................................................... 5
The CPA Prerequisite Education Program (CPA PREP) ........................................................... 7
The CPA Professional Education Program (CPA PEP) ............................................................. 8
Accreditation of Post-Secondary Graduate Programs .................................................................... 8
CPA Evaluation ....................................................................................................................................9
Examples of Core and Elective Examination Questions .................................................................. 9
Qualifying Practical Experience ..................................................................................................... 11
Practical Experience Training Routes ......................................................................................................11
Experience requirements for transitioning candidates .................................................................. 13
Recognizing prior experience ................................................................................................................... 13
Experience competencies ........................................................................................................................... 13
Public Accounting ............................................................................................................................. 13
A Separate Program for Individuals Aspiring to a Career in Accounting Other than the
Canadian CPA .................................................................................................................................... 15
Implementation Timeline ................................................................................................................. 15
Frequently Asked Questions .......................................................................................................... 17
The New CPA Certification Program Overview .................................................................................17
The CPA Prerequisite Education Program (CPA PREP) ................................................................ 18
The CPA Professional Education Program (CPA PEP) .................................................................. 19
Examination .......................................................................................................................................................21
Practical Experience .......................................................................................................................................21
Public Accounting ..........................................................................................................................................22
Transitioning to the New CPA Certification Program ................................................................... 23
Separate Program ......................................................................................................................................... 23
Transitioning CGA Students ..................................................................................................................... 24
Transitioning CMA Students ..................................................................................................................... 25
Transitioning CA Students ..........................................................................................................................27
THE CPA CERTIFICATION PROGRAM – APRIL 2014
1
The CPA Certification Program – An Overview
The vision of the new CPA designation is to be “the pre-eminent
internationally recognized Canadian accounting and business credential
that best protects and serves the public interest.”
The new CPA certification program provides the foundation for that vision.
It builds on the best of existing education programs, creating a challenging and
rigorous certification process that meets the needs of business, public practice
and government.
The new CPA certification program will meet or exceed all International Federation
of Accountants (IFAC) standards for education, assessment and practical experience.
It will also meet or exceed the requirements of the leading global accounting bodies,
ensuring the new profession can maintain existing and establish new Mutual
Recognition Agreements (MRAs).
The new program will:
• be recognized as being at least as challenging as all current programs
• be a nationally developed program that will be delivered by the provincial (or in
some cases regional) bodies
• require an undergraduate degree and specific subject area coverage for
admission to the graduate-level CPA Professional Education Program
(CPA PEP)
• culminate in a comprehensive multi-day Common Final Examination
• include the CPA Prerequisite Education Program (CPA PREP), a part-time
accelerated bridging program designed to provide university graduates with
non-business degrees the ability to obtain the perquisite courses necessary for
entry into the CPA Professional Education Program (CPA PEP)
• appeal to employers for its development of accountancy and business skills in a
high-quality, cost-effective professional program
• meet or exceed the requirements of the leading global accounting bodies,
ensuring the new CPA profession can maintain existing, and establish, new
Mutual Recognition Agreements (MRAs) or Reciprocal Membership Agreements
(RMAs)
THE CPA CERTIFICATION PROGRAM – APRIL 2014
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The specific regulations and bylaws of the Provincial Bodies take precedence over
these general guidelines and requirements. CPA Students and Candidates are subject
to the specific regulations and bylaws of the Provincial Body with which they have
registered.
Terminology
For the purposes of this document, the following are the definitions of the terms CPA
candidate and CPA student.
CPA Candidate: Individuals who are registered with a provincial body and:
•
•
are enrolled in a CPA Professional Education Program, either through the
profession’s CPA PEP program or through an accredited graduate level
program offered by a post-secondary institution; or
have completed the CPA PEP and have yet to pass the Common Final
Examination, and/or their practical experience requirements
Note that the terms “candidate” or “student” may be used by provincial bodies,
depending on provincial regulation.
CPA Student: Individuals registered with a provincial body and working towards
prerequisites for admission to CPA PEP – either in CPA PREP or in recognized
courses and programs offered by post-secondary institutions.
Note that the term “student” may be used by provincial bodies to refer to CPA
Candidates, as defined above, depending on provincial regulation.
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The CPA Competency Map: Defining the competencies of the
newly qualified CPA
At qualification, CPAs will demonstrate the competencies expected of leading
professional accountants. Specifically, they will be required to demonstrate:
TECHNICAL COMPETENCIES in six competency areas core to the vision of the
new CPA:
•
•
•
•
•
•
financial reporting
strategy and governance
management accounting
audit and assurance
finance
taxation
While financial reporting and management accounting will be core to the program,
the CPA certification program will require the demonstration of proficiency in all six
competency areas.
ENABLING COMPETENCIES, grouped into five broad competency areas:
•
•
•
•
•
professionalism and ethical behavior
problem-solving and decision-making
communication
self-management
teamwork and leadership
The specific competency expectations of the new CPA are defined in The CPA
Competency Map, which describes the knowledge, skills and proficiency levels
expected of candidates at the point of qualification. The CPA competency map was
developed by a team of education experts, in consultation with accounting
academics, practitioners and employers to ensure the needs of public practice,
industry, and government would be met. It provides the basis for the development of
the CPA certification program, including education, examination, practical
experience, as well as standards for recognition of prerequisite requirements and for
the accreditation of post-secondary institutions to offer components of the
CPA Professional Education Program.
The CPA competency map does not specify course requirements required for
admission to the CPA program. Rather, it identifies requirements for specific subject
area coverage. A separate document, the CPA Competency Map Knowledge
Supplement, is available to help post-secondary institutions ensure their programs
meet these prerequisite requirements.
The CPA Competency Map
The CPA Competency Map Knowledge Supplement
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Details of the Canadian CPA Certification Program
The CPA certification program is designed to meet the needs of industry,
government and public practice by ensuring that all CPAs have the strong
foundation of knowledge and skill as professional accountants to succeed in
whatever role or position they take on. It recognizes that not all CPAs will be trained
to be auditors at the point of qualification, though that option is provided.
The CPA certification program consists of:
• academic prerequisites for admission to the
CPA Professional Education Program
• a graduate-level CPA Professional Education Program
• examinations, including a Common Final Examination
• relevant practical experience
Diagram of Implementation of CPA Professional Education Program
Prerequisites for Admission
An undergraduate degree is required for admission to the new CPA Professional
Education Program. The profession will also partner with Canadian colleges and
universities to offer non-degree holders the opportunity to obtain an undergraduate
degree while obtaining the required prerequisite courses. For a transition period,
legacy candidates will, however, be permitted to enter the program while completing
their undergraduate degrees. The degree must be completed before admission to
the capstone integrative module.
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In addition to an undergraduate degree, there will be specific subject area coverage
which all candidates will be required to complete. CPA provincial bodies are working
directly with the post-secondary institutions in their provinces to develop specific
course requirements.
Those candidates who did not acquire the prerequisite subject area coverage as part
of their undergraduate degree (for example, non-Bachelor of Commerce
(Accounting) graduates) will be able to do so through the new CPA Prerequisite
Education Program (CPA PREP), an accelerated bridging program, developed
nationally by the profession and delivered by the provincial (or in some cases
regional) bodies on a part-time basis through either distance learning or
in-class sessions.
There is no examination to enter the CPA Professional Education Program.
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The CPA Prerequisite Education Program (CPA PREP)
The CPA Prerequisite Education Program (CPA PREP) is an intensive accelerated
bridging program for those who have an undergraduate degree in a discipline other
than accounting, and lack some or all of the necessary prerequisite courses required
for admission to the CPA Professional Education Program.
A nationally developed program, delivered provincially (or in some cases regionally)
on a part-time basis to offer students maximum flexibility and accessibility, CPA
PREP uses a blend of online, self-study, and classroom learning. This is a modularized
program made up of 12 modules. Students only need to complete those modules
they require. Each module will end with an examination.
Modules 1 – 4:
All students must have either recognized academic credits or equivalent Module
credits for Modules 1 – 4 BEFORE proceeding with ANY of Modules 5 – 10.
• CPA PREP Modules 1 – 4 are currently under development and will be launched
in 2014. Until these modules are available, the current CMA foundation courses
(such as Quickstart and Fundamentals) and CGA foundation and advanced
education courses will be accepted as equivalents, as will recognized postsecondary institution courses covering the prescribed subject matter.
Modules 5 – 12:
The scheduling is arranged to allow students to complete Modules 5-12 as a
complete program within one year. Module 5 will be available in 2013; Modules 610 and Modules 11-12 will follow in the period from fall 2013 to summer 2014. The
sequence in which Modules 5-10 are taken is important as some modules are
prerequisites for others.
• Module 5, Intermediate and Advanced Financial Accounting, is a prerequisite for
Module 7, Audit and Assurance, Module 8, Tax, and Module 10, Strategy
and Governance
• Module 6, Corporate Finance, is a prerequisite for Module 9, Intermediate and
Advanced Management Accounting
• Modules 5 through 9 are prerequisites for Module 10, Strategy and Governance
• Modules 11, Business Law, and 12, Information Technology, both brief self-study
courses with no prerequisites, can be completed at any time
CPA PREP launched across Canada in summer 2013, with the exception of Quebec.
For more information on the CPA Prerequisite Education Program, including module
start dates, please contact your provincial body
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The CPA Professional Education Program (CPA PEP)
The CPA Professional Education Program (CPA PEP) is a graduate-level program
built on the new CPA competency map. CPA PEP comprises a series of modules that
focus primarily on enhancing CPA candidates’ ability to apply professional
knowledge, values, ethics and attitudes in a professional context. The modules also
include some knowledge acquisition beyond the academic prerequisite level. The
program will take candidates two years to complete on a part-time basis as they
work at relevant employment.
CPA PEP’s structure and content are being developed nationally and will be
delivered provincially/regionally.
The modularized program comprises:
• two common core modules which all CPA candidates must take, ensure the
development and demonstration of technical competencies in financial
reporting, strategy and governance, management accounting and certain
elements of audit and assurance, finance and taxation
• two elective modules which allow CPA candidates to develop deeper skills in
their areas of career interest; four electives will be offered: assurance,
performance management, tax and finance. All candidates must choose two.
Candidates pursuing careers in public accounting must choose assurance
and tax.
• a capstone integrative module* that focuses on the development of the enabling
competencies such as leadership and professional skills and the integration of
core competencies
*
• a capstone examination preparation module which prepares CPA candidates for
the Common Final Examination
While the program’s structure is modular, it should be viewed as a continuous build
of knowledge and skill over a two-year time frame. Moving from module to module
will allow for a change in the context or emphasis, as well as for checkpoints at which
progress can be evaluated; each module will end in an examination. Candidates must
pass each module examination to proceed to the next module.
Accreditation of Post-Secondary Graduate Programs
The CPA profession has developed national accreditation standards for postsecondary institutions interested in offering components of the CPA Professional
Education Program. Full-time, one-year graduate based programs whose learning
outcomes are assessed as being substantially equivalent to those of the professiondelivered program can be accredited. National accreditation standards were released
in fall 2013. Guidance documents will follow in 2014.
*
A “capstone” course is a culminating course where candidates demonstrate all that has been learned over the program
of study.
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CPA Evaluation
The CPA Professional Education Program includes individual examinations and teambased assessments throughout. All areas of the CPA Competency Map are subject
to examination.
• Each core and elective module will culminate in an examination which must be
successfully completed for admission to the next module. The core and elective
module examinations will be set nationally and include both objective format
questions and short cases.
• The capstone integrative module assessment will include presentations and
team-based assignments, and culminate in a business case completed as part of
a team.
• The Common Final Examination will be a three-day examination requiring
candidates to demonstrate depth and breadth of competency development in
accordance with the CPA Competency Map. Candidates prepare for the
Common Final Examination by completing the capstone examination
preparation module.
All module examinations, including the common final examination, will be nationally
developed and nationally marked.
Examples of Core and Elective Examination Questions
The nationally-set core and elective examinations will have a mix of objective format
questions and cases.
Objective format Questions:
The style of the objective format questions will vary, with many of them taking
traditional forms- four options, short answer, matching, true or false, etc. However,
new forms of objective format questions will be also be used.
Within the example of objective format questions you will find:
• Example of a Clinical Decision Making Case
This sample question from the Qualifying Part 1 examination of the Medical
Council of Canada uses the Key Features model of objective format testing.
• Example of a Task-Based Simulation:
This sample question from the American Institute of Certified Public
Accountants Inc.’s sample CPA examination uses the task-based simulation
model of objective format testing to simulate what candidate’s “do” at
entry-level.
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Core Cases:
Core cases must assess the cross-competency integration, problem-solving and
communication elements. The maximum length for an individual case will be
60 minutes.
Core 1 Example: Atomic Excellence Inc.
This example focuses on Financial Reporting and Assurance competencies, drawing
on entry-level learnings.
Core 2 Example: Fence Company Ltd.
This example requires candidates to assume the role of a business advisor, and tests
management accounting concepts in a small business environment.
Core 2 Example: Mamma Jill’s Pizza
This example draws on prerequisite, Core 1 and Core 2 competencies. This kind of
case would be used at the end of Core 2.
Elective Cases:
Elective cases are larger and more complex than core cases. They require a minimum
of 60 and a maximum of 120 minutes to complete. The assessment of professional
skill will continue in a multi-competency environment, always building on prior
learnings; however, more than 50% of assessment opportunities will be related to the
Elective area being examined.
Assurance Elective Example: Computer Bazaar Inc.
This example focuses on the Assurance Elective competencies, and builds on the
Core Financial Reporting competencies.
Finance Elective Example: Valair Ltd.
This example focuses heavily on the Finance Elective competencies, and includes
Core Financial Reporting and Strategy and Governance competencies. This case
illustrates the use of preloaded information and forms.
Tax Elective Example: Mandrake Construction Ltd.
This example focuses on competencies in Taxation Elective competencies and Core
Finance competencies.
Performance Management Example: Florad Industries.
This example focuses on the Performance Management competencies, and draws
heavily on Core Finance, Strategy and Financial Reporting competencies.
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Qualifying Practical Experience
In addition to formal education, the new CPA certification program requires
candidates to complete a term of relevant practical experience. The minimum
required term is 30 months of paid employment during which candidates
demonstrate that they have gained the professional knowledge, skills, values, ethics
and attitudes required for entry to the CPA profession. (The term for practical
experience in Quebec is 24 months.) This minimum 30-month employment period
includes allowances for time off (such as vacation, illness, and study leave), and
complies with IFAC standards for professional accounting bodies.
Practical experience requirements (for certification) are based on the following
principles:
1.
2.
3.
4.
5.
candidates must be provided with the opportunity to develop ethical behaviour
and professionalism
candidates must have opportunities for development in accordance with the CPA
competency map
candidates must demonstrate professional development in accordance with the
CPA competency map
candidates must be appropriately supervised and mentored
practical experience must be subject to oversight by the profession
These principles will be applied differently in different work environments and
training structures, depending upon the needs of the profession and of employers.
The standard for practical experience applies to certification for admission to the
profession only. Practical experience requirements for public accounting are being
set separately. Public Accounting Standards, and their dates of effective
implementation, are expected to be released in 2014. The existing standards of the
legacy bodies remain in place until the new CPA standards come into effect.
Practical Experience Training Routes
CPA Practical Experience Requirements, including transitional requirements, were
released in April 2014 and come into effect on September 1, 2014. Until that time,
qualifying practical experiences of legacy designations remain in effect and will
count towards the practical experience requirements for CPA. CPA
students/candidates who register with a provincial body and begin a period of
qualifying practical experience on or before August 31, 2014, can complete their
experience under the requirements of any legacy program, regardless of the
professional education program in which they are enrolled (a legacy professional
education program or CPA PEP). The deadline to satisfy the practical experience
requirements of a legacy program is September 1, 2018. CPA students/candidates
who have not satisfied the requirements of the legacy program at that date must
transition to the CPA requirements.
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Two training routes will be offered:
• Pre-Approved Program: Students/candidates gain relevant experience in
training positions pre-approved by the profession. Employers offering these
programs have had them approved by the profession in advance. The programs
have been designed to provide future CPAs all the required experience within
30 months (24 months in Quebec). As a result, less documentation is required
from students/candidates taking this path. Assessment by the profession
occurs when students/candidates complete the program.
The pre-approved program is expected to be appropriate for employers who
plan to train CPA candidates on an ongoing basis. These could include large or
small CPA firms, government or industry employers.
Experience Verification: This flexible route allows students/candidates to
demonstrate competence and have relevant experience recognized, as it is
gained, at an employer of choice. Students/candidates complete detailed
experience reports that are assessed by the profession at key milestones.
Supervisors review and attest to the accuracy of experience reports.
Experience verification is expected to be appropriate for organizations not
training substantial numbers of CPA students/candidates and would likely
appeal to many small and medium-sized businesses and departments of larger
organizations. This path allows employees to continue working in areas of
organizations that do not offer programs pre-approved by the profession, but
in positions that meet the profession’s requirements while they pursue their
CPA designation.
Five common requirements support both practical experience routes:
1.
Experience – CPA students/candidates must gain relevant paid employment that
is progressively challenging to develop as a professional accountant. The period
of practical experience cannot begin until CPA students/candidates have a
qualified CPA mentor.
2. Supervision – experience gained must be appropriately supervised by the person
to whom the CPA student/candidate reports.
• Pre-approved program positions – the supervisor assigns the work
specified in the pre-approved program, and provides feedback to the CPA
mentor
• Experience verification – the supervisor verifies that the experience of
CPA students/candidates is accurately reflected in the experience report
Supervisors do not need to be a designated accountant.
3. Experience reports and self-assessments – Detailed reports must be completed
at key milestones in the profession’s online practical experience reporting tool
(PERT). CPA students/candidates will use the report to:
• track experience
• record information about the employer
• record the duration of the experience, including time away from work
• self-assess the level of proficiency in technical and enabling competencies
4. CPA Mentorship – CPA students/candidates will meet with a qualified CPA
mentor at least twice a year to review their progress against set required
competencies.
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5. Assessment by the profession – At key milestones, the experience report must
be assessed by the provincial/regional body of the CPA student/candidate.
Equally demanding and challenging, the pre-approved and experience verification
routes are both designed to give students/candidates opportunities for
advancement, develop the required competencies, benefit from supervision and
mentorship, and ensure their experience is reviewed and evaluated consistently and
approved by the profession.
Experience requirements for transitioning candidates
Experience acquired through a legacy program will count towards CPA experience
requirements. Transitioning students/candidates who started employment and
registered with a provincial legacy body before September 1, 2014 will be able to
complete their practical experience requirements under that legacy system.
Transition information, including the specific date when all legacy
students/candidates will be required to meet the CPA practical experience
requirements, are available in the standards document.
Recognizing prior experience
The CPA profession recognizes that some students/candidates may register with the
profession having already obtained relevant work experience. Prior experience of a
minimum of three months to a maximum of 12 months may be recognized as
qualifying practical experience. To ensure prior experience is relevant, all experience
must be gained in positions that ended with the last seven years.
Experience competencies
Since competencies gained through practical experience differ from those developed
through education, refer to the CPA Practical Experience Competency Requirements
document for more information on the experience competencies and the required
proficiency levels.
Public Accounting
The new CPA program offers candidates considerable flexibility to pursue areas of
interest throughout the qualification process. Candidates pursuing careers in public
accounting will be required to follow a specific path within the CPA certification
program:
• Education: All CPA candidates are required to complete two of four elective
modules; public accounting candidates must choose and successfully complete
the assurance and taxation elective modules.
• Examination requirements: All candidates are required to pass the Common
Final Examination. To pass the Common Final Examination they must
demonstrate Depth in two competency areas, one of which must be either
financial reporting or management accounting, and Breadth in all remaining
THE CPA CERTIFICATION PROGRAM – APRIL 2014
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competency areas. Public accounting candidates must demonstrate depth in
financial reporting and assurance.
• Practical Experience: Practical experience requirements for public accounting
are regulated by provincial bodies or independent provincial regulatory
authorities. Standards outlining the specific experience requirements for public
accounting are currently under development by the CPA profession and will be
released in early 2014.
CPAs who do not qualify to practice public accounting at the time of certification will
have the opportunity to complete a post-certification public accounting program
along with the additional experience requirements as required by the CPA Profession
to meet the eligibility requirements to practice public accounting.
CPA public accounting standards, and their dates of effective implementation, are
expected to be released in early 2014. Legacy standards remain in place until the
effective date of new CPA standards.
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A Separate Program for Individuals Aspiring to a Career in
Accounting Other than the Canadian CPA
The new CPA certification program is designed to develop Canada’s pre-eminent
professional accountants. However, not all individuals interested in accounting will
become CPAs. The CPA profession is developing a separate program for individuals
who aspire to a career in accounting but not as a qualified CPA. This program will
have relevant entrance, education and assessment requirements to meet the market
need and the goals of the profession. Education/examination bridges to the
appropriate stage of the CPA certification program will also be developed. This new
program is expected to launch across Canada in fall 2014.
Implementation Timeline
One principle of unification is that the profession will evolve towards a new single
designation with a new CPA certification program. The legacy qualification programs
will not accept new entrants once the CPA certification program becomes available.
The CPA certification program timeline is as follows:
October 31, 2012: Release of the CPA Competency Map
Summer 2013: The CPA Prerequisite Education Program (CPA PREP), an
accelerated bridging program designed to prepare students
lacking specific subject area coverage for admission to the CPA
Professional Education Program, launched nationally, with the
exception of Quebec
Fall 2013: The new CPA Professional Education Program launched in
Western Canada; to be rolled out nationally in fall 2014
2014: CPA Professional Education Program launches across Canada
Fall 2014: CPA Practical Experience Requirements comes into effect
Fall 2015: The first CPA Common Final Examination will be offered
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Care will be taken to support a smooth transition to the new CPA Certification
Program. The process will be guided by these basic principles:
• There will be no legacy examinations offered after the first CPA Common Final
Examination is launched in September 2015.
• All CA, CMA and CGA candidates who have not successfully completed their
programs by September 2015 will be bridged to the new CPA Certification
Program via transitional programs.
• Failed attempts at CA, CMA and CGA examinations, including CMA Board
Report attempts, will not count against the permitted number of attempts on
the CPA Common Final Examination.
• All education and experience that meets the criteria of a legacy program will
count towards the CPA designation. No candidate transitioning from a legacy
program will be required to redo education or experience that was successfully
completed for their legacy program.
• Candidates who begin in a legacy program and finish in the CPA certification
program will require additional education, which will be provided by the
profession in specifically developed transitional programs. The CPA profession
will provide the support needed to prepare them to be successful.
As the profession is provincially regulated, this transition timing may be affected by
the timing of legislative change across the country.
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Frequently Asked Questions
The New CPA Certification Program Overview
How are the competencies of the legacy programs incorporated into the new
CPA competency map?
The new CPA competency map has been developed by all provincial bodies
negotiating merger agreements. It is based on the breadth and depth of the
competency maps of the existing legacy professional programs. The new CPA
competency map includes the knowledge and skills expected of the pre-eminent
Canadian accounting designation, and will ensure we can maintain and negotiate
Mutual Recognition Agreements (MRAs) with the world’s leading accounting bodies.
The new map meets or exceeds the requirements of regulators, global accounting
organizations and the Canadian business community for professional accountants
working in both public practice and industry.
What does the new CPA certification program consist of?
The nationally developed, regionally delivered CPA certification program will
consist of:
• Academic prerequisites, including an undergraduate degree and specific
subject area coverage, which is defined in the CPA competency map.
• Graduate-level CPA Professional Education Program (CPA PEP): Candidates
complete this program through the profession’s nationally developed, regionally
delivered two-year part-time program. Alternatively, post-secondary institute
programs can be accredited to deliver components of the program.
• Relevant practical experience: All CPA candidates must complete a period of
relevant, progressive, qualifying practical experience that is approved by the
CPA profession.
• CPA Practical Experience Requirements, including transitional requirements,
were released in April 2014. They will come into effect on September 2, 2014.
Until that time, qualifying practical experience of legacy designations remain in
effect and will count towards the practical experience requirements for CPAs.
Will the new CPA certification program be recognized internationally?
Yes. The new CPA certification program meets or exceeds all International
Federation of Accountants (IFAC) standards for education, assessment and practical
experience. It also meets or exceeds the requirements of the leading global
accounting bodies, ensuring the new profession can maintain existing, and establish
new, Mutual Recognition Agreements (MRAs).
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What are the benefits of taking the CPA certification program?
The CPA certification program will provide you with a breadth of highly valued
business and accounting skills plus hands-on experience that will ensure you are in
high demand by businesses and organizations of all sizes and across all sectors. It will
give you a competitive edge in the marketplace and create the foundation for a
prosperous and exciting career in Canada or abroad.
How does the CPA compare to other business designations or degrees such as
the MBA?
The CPA is much more than a business degree – it is a professional credential, similar
to that of a doctor, engineer or lawyer. The CPA certification program combines
education in business and in financial and management accounting with qualifying
practical experience, giving CPAs a competitive advantage in the job market. In
addition, CPAs must abide by a code of conduct, have a requirement for lifelong
professional development, and are subject to uniform standards of entry or exit from
the profession, all of which are valuable assets for employers and hallmarks of
professional designations.
Is the new CPA certification program flexible for different types of students?
Yes. The program will be flexible and accessible to many kinds of students, including
those entering directly from post-secondary education or the workforce, those with a
variety of education backgrounds, and internationally trained applicants. An
undergraduate degree and specific subject area coverage in business and
accountancy will be required for admission to the CPA Professional Education
Program. Those lacking the requisite academic credits can enter the CPA
Prerequisite Education Program (CPA PREP), an accelerated bridging program, as
preparation for entering CPA PEP.
The CPA Prerequisite Education Program (CPA PREP)
How can those with undergraduate degrees in areas other than accounting enter
the CPA Professional Education Program?
The CPA profession is offering the new CPA Prerequisite Education Program (CPA
PREP), an accelerated bridging program for those who have an undergraduate
degree in a discipline other than accounting, and lack some or all of the necessary
subject matter coverage required for admission to the CPA Professional Education
Program. Alternatively, subject matter coverage can be acquired through postsecondary institutions.
THE CPA CERTIFICATION PROGRAM – APRIL 2014
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The CPA Professional Education Program (CPA PEP)
What will the CPA Professional Education Program look like?
The nationally developed, regionally delivered CPA Professional Education Program
will consist of six modules:
• two common core modules, which all CPA candidates must take, focusing on
the development of competencies in management and financial accounting, and
the integration of the six core technical competency areas, which all CPAs
must have:
»
»
»
»
»
»
financial reporting
strategy and governance
management accounting
audit and assurance
finance
taxation
• two elective modules that allow CPA candidates to develop deeper skills in their
areas of career interest. Four electives will be offered: assurance, performance
management, tax and finance. All candidates must choose two. Note:
candidates pursuing careers in public accounting must choose assurance
and tax.
The electives will be developed to provide CPA candidates with the ability to
develop depth in two areas of most interest to them in their future careers. The
modules will not make you a “specialist.” They will, however, provide an
important foundation should you wish to specialize in these areas in the future.
• a capstone integrative module * that focuses on the development of the
enabling competencies such as leadership and professional skills and the
integration of core competencies.
*
• a capstone exam preparation module that prepares CPA candidates for the
Common Final Examination.
The CPA profession is also developing national accreditation standards for postsecondary institutions interested in offering components of the CPA Professional
Education Program.
When will the new CPA Professional Education Program launch?
The new nationally-developed, regionally-delivered CPA PEP will be available in parts
of Canada in the fall of 2013 and across Canada in the fall of 2014.
Is there an examination required to enter CPA PEP?
No. The admission requirements are an undergraduate degree and specific subject
area coverage. There will, however, be an examination after each CPA PEP module.
CPA candidates must be successful on each exam to proceed to the next module.
*
A “capstone” course is a culminating course where students demonstrate all that has been learned over the program
of study.
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How long does CPA PEP take to complete?
The nationally developed, regionally delivered program is designed to be delivered
on a part-time basis over two years, while you gain your practical experience.
Accredited full-time graduate programs are expected to take one year.
How will the modules be offered?
The modules will be delivered using a blended learning model, combining online
learning, self-study, classroom learning and teamwork to enable CPA candidates to
develop the competencies expected of Canada’s pre-eminent professional
accountant.
How long is each module?
The length of each module will be determined by the course developers to ensure
CPA candidates have the opportunity to develop the required competencies.
Will there be examinations after every module in the new CPA Professional
Education Program?
Yes. There will be an examination after every module. Candidates must pass the
examination to proceed to the next module. Examples of Core and Elective cases can
be found here.
How often will the modules be offered?
Ultimately, all modules will be offered at least twice each year.
Will the new CPA Professional Education Program be offered on a part-time
basis?
Yes, CPA PEP is a two-year program delivered part time while candidates gain
practical experience by working in relevant, progressive positions.
Will the CPA Professional Education Program also be available through
universities?
Yes. The CPA profession will develop national accreditation standards for postsecondary institutions interested in offering components of the CPA Professional
Education Program (CPA PEP). The CPA profession expects to accredit full-time
graduate education programs.
What are the entrance requirements to the new CPA Professional Education
Program?
To be admitted to the CPA PEP, you must have completed an undergraduate degree
and specific subject area coverage. The specific subject area coverage is defined in
the CPA Competency Map. CPA provincial bodies are working directly with the postsecondary institutions in their provinces to develop specific course requirements.
How do you assess international accounting credentials?
The process for determining equivalency is administered by the regional/provincial
education bodies. International credentials are compared to the competency
requirements of The CPA Competency Map.
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Examination
Will there be a Common Final Examination?
Yes. The CPA program will have a multi-day common examination. In addition, each
module will culminate in an examination. CPA candidates are required to successfully
complete each module before proceeding to the next.
What are team-based assessments?
Within the CPA Professional Education Program, candidates will have opportunities
to work in small groups, sharing the various competencies learned in the program’s
common and elective modules, and developing additional critical professional skills
such as team management and communication in a professional environment. At the
same time, for certification, candidates will be asked to demonstrate the required
competencies on an individual basis.
How often will the Common Final Examination be offered?
The first offering of the Common Final Examination will be in September 2015.
Beginning in 2016 it will be offered twice each year.
Practical Experience
What are the new practical experience training routes?
The new CPA certification program offers two experience routes:
• Pre-Approved Program: Students/candidates gain relevant experience in
training positions pre-approved by the profession. Employers offering these
programs have had them approved by the profession in advance. The programs
have been designed to provide future CPAs all the required experience within
30 months (24 months in Quebec). As a result, less documentation is required
from students/candidates taking this path. Assessment by the profession
occurs when students/candidates complete the program. The pre-approved
program is expected to be appropriate for employers who plan to train CPA
candidates on an ongoing basis. These could include large or small CPA firms,
government or industry employers.
• Experience Verification Model: This flexible route allows students/candidates to
demonstrate competence and have relevant experience recognized, as it is
gained, at an employer of choice. Students/candidates complete detailed
experience reports that are assessed by the profession at key milestones.
Supervisors review and attest to the accuracy of experience reports. Experience
verification is expected to be appropriate for organizations not training
substantial numbers of CPA candidates and would likely appeal to many small
and medium-sized businesses and departments of larger organizations. This
path allows employees to continue working in areas of organizations that do
not offer programs that have been pre-approved by the profession, but in
positions that meet the profession’s requirements while they pursue their CPA
designation.
Is one practical experience model easier than the other?
No. The two practical experience models will be equally demanding, ensuring
candidates develop the appropriate CPA competencies through relevant experience,
progression, and CPA mentoring.
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How will practical experience be verified as sufficient for certification?
The two models have the same requirement: to verify appropriate experience has
been obtained. Mechanisms will be in place to ensure both models can be adequately
and appropriately verified by the provincial CPA bodies.
CPA Practical Experience Requirements, including transitional requirements, were
released in April 2014. They will come into effect on September 1, 2014. Until that
time, qualifying practical experience of legacy designations remain in effect and will
count towards the practical experience requirements for CPA.
Public Accounting
Will there be a public accounting route within the CPA certification program?
What will it look like?
There will be a particular path for CPA candidates interested in practising public
accounting. This path is under development; details will be released as they become
available.
Will accountants who do not currently have the right to practice public
accounting receive that right through grand-parenting provisions?
No. Today, the requirements for practising in audit and assurance are regulated by
each accounting body and in many cases by provincial governments. There will be no
changes to any individual member’s right to practise in these restricted areas simply
by virtue of the merger. Any member who cannot perform public accounting premerger will not be able to do so post-merger. And, like today, those who wish to
begin to practise in a restricted field will be required to complete specific education,
examination and practical experience requirements.
Will all CPAs be eligible to practice public accounting when they earn the CPA
designation?
No. Only candidates who chose the path for public accounting will be eligible to
practise public accounting on earning their CPA designation. While all candidates will
undertake some training in assurance, those pursuing public accounting will be
required to complete specific elective modules in assurance and taxation in the CPA
Professional Education Program, as well as specific practical experience criteria.
CPAs who have not chosen this path can apply to practise public accounting after
qualification by meeting the public accounting requirements in their jurisdiction.
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Transitioning to the New CPA Certification Program
What will happen to those registered in one of the current professional
education programs? What will be the impact on their program?
Transition to the new CPA certification program will be guided by these basic principles:
• There will be no legacy examinations offered after the first CPA Common Final
Examination is launched in September 2015.
• All CA, CMA and CGA candidates who have not successfully completed their
programs by September 2015 will be bridged to the new CPA certification
program. The CPA profession will provide transitioning programs.
• Failed attempts at CA, CMA and CGA examinations, including CMA Board
Report attempts, will not count against the permitted number of attempts on
the CPA Common Final Examination.
• All education and experience that meet the criteria of a legacy program will
count towards the CPA designation. No candidate transitioning from a legacy
program will be required to redo education or experience that was successfully
completed for their legacy program.
• Candidates transitioning from a legacy program to the new CPA Prerequisite
Education Program or the CPA Professional Education Program will be
provided with the support they need to prepare them to be successful.
• Candidates who begin in a legacy program and finish in the CPA certification
program will require additional education, which will be provided by the
profession in specifically developed transitional programs. The CPA profession
will provide the support needed to prepare them to be successful.
Transitioning candidates should contact their provincial bodies for more information.
Separate Program
What is the separate program referred to in the program description? What kind
of education will students receive? What credentials will graduates earn?
The CPA certification program has been developed to produce Canada’s pre-eminent
professional accountant. Not all those interested in accounting careers will have the
interest, resources and/or need to achieve the full CPA designation. The CPA
profession is developing a separate program for individuals who aspire to careers in
accountancy, but not as qualified CPAs.
The separate program will:
•
•
•
•
have an appropriate entrance requirement
offer a separate, shorter professional education program
award a certificate of achievement to successful students
provide a path for holders of the separate program certificate to earn
a full CPA
This program is expected to be available in 2015.
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Transitioning CGA Students
Note: Legacy CGA students and candidates in Quebec can contact CPA Quebec for
more information on the following questions and answers.
Will three-year undergraduate degrees be accepted for admission to the CPA
PREP and CPA PEP programs?
Yes. For transitioning students in a legacy program, three-year domestic and
international undergraduate degrees will be accepted for admission to CPA PREP
and CPA PEP. Degrees must be from post-secondary institutions approved by the
appropriate ministry of advanced education and completed before admission to CPA
PEP Capstone Module 1. Going forward, the CPA profession will assess these degrees
to determine whether they meet recognition and accreditation standards for entry
into the CPA PREP and CPA PEP.
Must the undergraduate degree be completed by September 2015?
No. All CGA students have until September 1, 2018 to complete their undergraduate
degrees.
• Legacy CGA students who completed all CGA program course requirements,
and have only the degree requirement remaining will have until September 1,
2018 to complete the degree.
• Transitioning CGA students may enter the CPA PREP or CPA PEP programs at
the appropriate point, and have until September 1, 2018 to complete their
degrees. They must, however, complete their degrees before beginning the
CPA PEP Capstone 1 module. This means transitioning CGA students can enter
CPA PREP or CPA PEP and complete their degrees concurrently.
Will practical experience earned towards the CGA designation be accepted
towards the CPA designation?
Yes. All practical experience recognized for qualification for the CGA designation will
be recognized equally towards the CPA program. For example, if a CGA student
completed 14 months of professional experience that is recognized by the CGA
program, then the same 14 months would be accepted towards the CPA designation.
• Legacy CGA students completing the CGA program should continue to have
their experience evaluated using PERC online. These students will have until
September 1, 2018 to complete their professional experience required for
certification as a CGA.
• Transitioning CGA students will submit experience evaluation forms in
accordance with CPA requirements. All experience, both time and competency,
now recognized by the CGA program, will count equally toward CPA
experience evaluation.
Will CGA-approved transfer credits from post-secondary institutions be
recognized?
Yes. All CGA-approved transfer credits from post-secondary institutions (PSIs), as
well as all PSI equivalent courses taken in the CGA Program of Professional Studies,
will be recognized for admission to CPA PREP and CPA PEP.
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Do CGA Levels 1 – 4 meet all the prerequisite knowledge requirements for
admission to CPA Professional Education Program?
It is expected that CGA Levels 1-4 will adequately cover the prerequisite knowledge
requirements for admission to the CPA Professional Education Program. It is
expected, however, that all transitioning students – CGA, CMA and CA – will require
some bridging to prepare them for CPA PEP. Bridging material will be developed by
the CPA profession and provided to all transitioning candidates. Mapping of CGA
levels 1 to 4 to the CPA prerequisite requirements is now underway; more details on
specific transitioning requirements will be released this fall following the completion
of the mapping process.
How will candidates in the CGA Certification Program transfer to the CPA
Professional Education Program?
All CGA Students and Candidates currently enrolled in the CGA program who will not
complete all CGA legacy education requirements, including complete PACE
requirements, by September 2015 will be required to transition to the new CPA
Program. The CPA profession is committed to ensuring that education completed
towards a legacy designation will be recognized towards the CPA designation, and
these Students and Candidates will therefore transition to the appropriate point in
the CPA education programs – in either the CPA Prerequisite Education Program
(CPA PREP) or CPA Professional Education Program (CPA PEP). Upon completion of
the CPA program, including success on the common final examination, and the
passing of legislation in their jurisdiction, they will become CPAs.
Transitioning students who have completed CGA courses equivalent to CPA PREP or
CPA PEP modules will be exempted from taking the equivalent CPA PREP or CPA
PEP modules.
Transitioning CMA Students
How will candidates in the CMA Strategic Leadership Program (SLP) transition to
the CPA Professional Education Program?
An important principle of unification is that the education achieved in a legacy
program will be recognized towards the CPA program. By mapping the legacy CMA
education program to the CPA professional Education Program (CPA PEP),
knowledge gaps between the two programs were identified, and it was determined
that there are three key bridging categories in which transitioning CMA candidates
fall:
1.
Completion of the Strategic Leadership Program but either no attempt or
an unsuccessful attempt of the CMA Board Report. These candidates will be
exempt from CPA PEP Core 1, Core 2 and the Electives. They will be required
to take the following:
• Bridging modules in tax, audit, and finance if the necessary prerequisite
requirements in those topic areas have not been met
• Breadth coverage module that covers competency knowledge gaps in tax,
finance, and assurance between the CPA PEP Core 1 and Core 2 and the
CMA legacy program
• CPA PEP Capstone 1
• CPA PEP Capstone 2
• Common Final Examination
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2. Completion of Year 1 of the Strategic Leadership Program, and success on
the Case Exam: These candidates will be exempt from CPA PEP Core 2 and
will require:
• Bridging modules in tax, audit, and finance if the necessary prerequisite
requirements in those topic areas have not been met
• challenging the CPA PEP Core 1 examination (if unsuccessful on the Core 1
examination, candidates will be required to complete the Core 1 module)
• two CPA PEP electives: Candidates selecting the CPA PEP Performance
Management elective will be allowed to challenge the CPA PEP
Performance Management elective examination after taking the
Performance Management bridging module (if unsuccessful on the
Performance Management elective examination, candidates will be
required to complete the CPA PEP Performance Management module)
• CPA PEP Capstone 1
• CPA PEP Capstone 2
• Common Final Examination
3. Completion of Year 1 of the Strategic Leadership Program without
successful completion of the Case Exam: These candidates would require:
• Bridging modules in in tax, audit, and finance if the necessary prerequisite
requirements in those topic areas have not been met
• Challenging the Core 1 and Core 2 examinations (if unsuccessful on the
examination challenges, candidates will be required to complete the
relevant Core module)
• two CPA PEP electives modules
• CPA PEP Capstone Modules 1 and 2
• Common Final Exam
If I do not obtain my CMA designation before September 2015, how long will my
education be recognized by the CPA profession?
Transitioning CMA Candidates must enroll in the CPA PEP by March 2017 or in
Capstone 1 by June 2017. CMA legacy candidates who fail to enroll in the CPA PEP or
in Capstone 1 by these dates may lose their exemption status.
When will bridging modules be available?
To prepare transitioning students and candidates to the new CPA program, bridging
programs to cover the required prerequisite knowledge in Audit, Tax, and Finance
modules will be available in June 2014. Other bridging programs such as the breadth
module and Performance Management will be available in June 2015.
Do I have any options if I disagree with the knowledge gaps for my bridging
categories?
CMA transitioning candidates who completed Year 1 of the CMA Strategic Leadership
Program have the opportunity to challenge specific modules:
•
CMA Candidates who completed Year 1 and passed the Case Exam are allowed
to write challenge exams for Core1 and the Performance Management Elective
modules. Candidates selecting the CPA PEP Performance Management
elective will be allowed to challenge the CPA PEP Performance Management
elective examination after taking a top up of the Performance Management
bridging module (If unsuccessful on the Performance Management elective
THE CPA CERTIFICATION PROGRAM – APRIL 2014
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•
examination, candidates will be required to complete the CPA PEP
Performance Management module.)
CMA Candidates who completed Year 1 and failed the Case Exam are allowed
to write the challenge exams for the Core 1 and Core 2 modules.
All transitioning students are required to complete Capstone 1, Capstone 2, and the
Common Final Examination.
Will practical experience earned towards the CMA designation be accepted
towards the CPA designation?
Yes. All practical experience recognized for qualification for the CMA designation will
be recognized equally towards the CPA program. For example, if a CMA student
completed 14 months of professional experience that are recognized by the CMA
program, then the same 14 months will be accepted towards the CPA designation.
I have an MBA degree. Will I qualify for some exemption into the CPA PEP?
Please contact your provincial registration office about any exemption status for
MBA graduates.
Transitioning CA Students
CA candidates transitioning to the CPA program should contact their
provincial/regional body for details.
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