There are three types of recognized professional accountants in Canada. These are accountants with a designation who belong to a self-regulating professional body. The three designations are:
- Chartered accountant (CA)
- Certified general accountant (CGA)
- Certified management accountant (CMA)
Each is regulated by a different professional accounting body and requires a different combination of education and experience. No designation is better than another but each enables its members to perform different types of work and has its own rules of conduct.
Chartered Accountants (CAs) in Canada
The CA designation in Canada is regulated by the Canadian Institute of Chartered Accountants (CICA).Chartered Accountants require a combination or education, experience and evaluation. Education is a university degree with specific business course credits and the professional program for the province or territory. Work experience requires three years employment with a recognised CA Training Office and evaluation is through the three day Uniform Evaluation (UFE) which all candidates must pass to enter the profession.
Chartered Accountants in Canada work in four main areas of public practice, government industry and education. Around 40% of CAs work in public practice where they provide advice in areas like audits, business valuation, small business tax, personal financial planning and receivership. CAs are required in all levels of government and those in industry may be Treasurers or head of Finance or Controllers. Those in education teach future business leaders.
Certified General Accountants in Canada (CGAs)
The CGA designation is regulated by the Certified General Accountants Association of Canada, founded in 1908. A newly certified Certified General Accountant requires competencies in the areas of professionalism, leadership and professional knowledge. CGAs advise businesses throughout Canada and around the world in industry, commerce, finance, government, public practice and other areas that require accounting and financial management skills. Their clients range from major corporaions and industries to local entrepreneurs.
Their expertise is based on:
- Full-time on the job experience that begins as a CGA student
- Rigorous professional training with an emphasis on real-world business cases
- A minimum academic requirement of a bachelor's degree upon certification
- The highest standards of ethical conduct
- Ongoing professional development requirements
Certified General Accountants work all across Canada, as well as in Bermuda, the Caribbean, China and Hong Kong. In addition CGAs have expanded their opportunities through agreements with the Association of Chartered Certified Accountants (ACCA), which is the world's largest accounting body, and CPA Australia. Members of one body can become members of the other. For CGAs this means extending the portability of their skills to 170 countries.
Certified Management Accountants in Canada (CMAs)
The CMA designation is regulated by CMA Canada which has a partnership structure consisting of the CMA provincial, regional and national jurisdictions working together. The CMA accreditation process requires a sound academic business education, which is tested through a rigorous national Entrance Examination. The next step is the Strategic Leadership Program (SLP) which is a leading-edge professional development program, and relevant practical experience.
Certified Management Accountants in Canada often work as financial and strategic management professionals and can be found in a wide range of business functions, including sales and marketing, information technology, human resources, finance, and operations. They have a holistic view of business with a strong market focus.
Jo Jackson - Jo is an Australian writer with an MBA and a B.Sc.(Hons) in botany. She has wanted to write since she first discovered books and currently ...
Join the Conversation