Stunning views, open spaces, free basic healthcare, high-quality education, unemployment insurance, social welfare schemes and of course maple syrup! These are just a few reasons why the quality of life in Canada is rated amongst the best in the world. But this is not a piece by the immigration authorities trying to convince you to move. In this article, we at Orbit Institutes take a closer look at the Canadian CPA and why Indian should take advantage of it.
How are Indians allowed to Enrol for the Canadian CPA?
In 2018, the Institute of Chartered Accountants of India (ICAI) signed a Memorandum of Understanding (MOU) with the Chartered Professional Accountants of Canada (CPA Canada) regarding reciprocal membership arrangements. Apart from other things, this MOU opened up a number of employment opportunities for Indians choosing to qualify themselves to work in Canada. Further, CPA Canada has signed a number of MOUs with other countries as well. Therefore, someone with the CPA Canada qualification has the option to work globally.
But it will take Me Years to Go to Canada!
If that is the only thought holding you back, guess what you’re in luck! You can begin preparations for the Canada CPA from India itself. In fact you can do the entire course without crossing any borders. The only time you will need to visit Canada will be for the final 3 day CFE examination. On average most students take around 6 months to prepare for the CFE, so you will have plenty of time to plan your trip to Canada.
Even then, an International Trip is Expensive!
You’re right to be worried about the cost. But, the good news is you don’t need to spend all your time studying. While you prepare for the Canada CPA, you can continue working full-time! This will allow you to save for your trip. And remember, the Canada CPA will pay off in the long run.
Okay. What exactly does the Canada CPA Exam Entail?
For Canadian students, the CPA course requires them to complete two Capstones before attempting the final exam. These capstones involve a large case study and a few practice cases. Though Indians are exempt from these capstones, at Orbit Institutes our syllabus integrates alternative capstones, so you are up to speed with your Canadian counterparts.
The final exam is called the CFE or Common Final Exam. It is held twice a year, in May & September. This is the exam for which you will need to be present in Canada. It is a 3day process, where the exam duration varies from 4 to 5 hours per day. The paper on day 1 is evaluated separately. Day 2 & 3 papers have a combined evaluation.
The CFE covers are 6 technical areas including financial accounting, management accounting, auditing, tax, finance & governance. Off these parts of the financial accounting section & the section on Canadian tax will be much different from what you may have already learnt in India. With our expansive resources at Orbit Institutes, you should be able to easily pick-up these new topics.
Alright! So, how do I get started?
At this point the only course preparing students for the Canadian CPA in India is the one provided by us at Orbit Institutes. We have tied up with the Professional Accounting Supplementary School (PASS), an acclaimed CPA Review provider in Canada. To register for the course you need to log on to www.orbitinstitutes.com. Once registered, you will have unlimited access to a large library of technical videos along with a binder, practice cases and live online classes. You can watch these classes on schedule or even view their recordings at a later stage.
That Sounds Great, But isn’t It Difficult to Immigrate to Canada?
Actually, it’s not. The Canadian government has a special program called the FSW or Federal Skills Workers Stream. Under this Indian CAs or those who have passed the CFE have an express entry option which should take just around 7 months to process. Applicants do not need to have employment in Canada in order to apply for this express entry option.
The Canadian CPA is one of the world’s most respected designations. And with the MOU, Canadian CPAs are in great demand in areas such as Europe, Asia & the Caribbean. As you can see, the Canada CPA opens many doors of opportunity both for work & travel for the Indian accountant.