Would you like to migrate to Canada as an accountant if you wish to do so? In order to secure a better future and build a career, Canada is the ideal destination. With its highly educated and diverse workforce, advanced technology, world-class education and healthcare systems, and world-class education and healthcare systems, the country is a great opportunity for skilled professionals, including accountants. With its welcoming immigration policies and vibrant multicultural environment, Canada has become a popular destination for immigrants.
A career in accounting can be challenging and rewarding for both experienced accountants and recent graduates. Canada is a wonderful place for both types of individuals. The EE – (Express Entry Program) and the PNP – (Provincial Nominee Program) are two types of immigration programs. It can help you gain Canada’s PR. If you fulfill the required experience, qualifications, and skills.
Accountants looking to migrate to Canada can find information about the process in this article. In this article, we will discuss the most common immigration program, the requirements, and ways to make your application successful.
Migrate to Canada as an accountant – The main factors
Accounting students with an international education have an excellent opportunity to settle in Canada. The following arguments should be considered:
Canada pays higher salaries to an accountant
In Canada, accountants earn more money depending on their experience and where they live. However, there are careers in accounting and auditing that can earn individuals more money in this country. Financial accountants in Canada earn an average wage of $35.75 per hour. The average hourly salary for professional Chartered Accountants will be $60.
Demand for the accounting profession in Canada is high
High demand for accountants exists in a number of Canadian provinces, including Nova Scotia, Saskatchewan, Manitoba, and Quebec. Canada’s Job Bank projects demand for qualified accountants and financial auditors will increase through 2028, keeping up with supply.
Migrate to Canada as an internationally qualified accountant through these programs
Applicants with in-demand credentials are encouraged to apply for permanent residency (PR). You can choose from a number of PR programs if you wish to migrate to Canada as an accountant.
FSWP – Federal Skilled Workers Program
Under the Federal Skilled Worker Program under Express Entry, accountants with international qualifications can obtain permanent residency in Canada. A comprehensive ranking system is used instead of occupation to rank or select applicants in this program.
Age, educational attainment, and language competence are among the considerations evaluated while calculating the CRS score. An individual is more likely to be selected if he or she has a job offer, work experience in Canada, a nomination from a province, or academic credentials.
PNP – Provincial Nominee Program
Candidates who meet the necessary qualifications can apply for the PNP, through which Canadian provinces and territories nominate qualified PR candidates. This nomination will only be given to applicants who have the necessary training, and credentials. As well as experience to possibly fill the labor shortage gaps. With the exception of Nunavut and Quebec, practically all Canadian provinces and territories run through their own PNPs.
Additionally, individuals are chosen for the Express Entry PNP stream depending on their CRS results. However, additional PNP streams give provinces the chance to propose qualified personnel for a range of in-demand jobs or NOC codes. Furthermore, there may be a good probability that a province may nominate a certified financial accountant, auditor, or bookkeeper for the province.
RSWP – (Quebec Regular Skilled Workers Program)
The Province of Quebec encourages qualified, experienced, trained, and able people to work and live in the province. Under the Quebec Regular Skilled Worker Program, prospective applicants can register their interest no matter what their profession is. A broad range of criteria will determine whom the province chooses. These include experience, educational background, fluency in either English or French, and age. A Quebec Selection Certificate will be issued to those who are selected. As well as the IRCC will process permanent residency applications for them.
AIP – (Atlantic Immigration Pilot Program)
A qualified foreign worker or a foreign student who has finished their studies in Canada can live permanently in the Atlantic provinces. For example, New Brunswick, Prince Edward Island, Nova Scotia, Prince Edward Island, Newfoundland, and Labrador with the help of the Atlantic Immigration Program.
It is not the profession of an individual that determines whether or not they are selected by AIP. To qualify for AIP, applicants must have worked for at least a full year at a full-time job. Compensation must also have been provided for the internship. A full-time job offer from a business in Atlantic Canada and a cumulative 1,560 hours over the past five years is also required.
Is it necessary to have a CPA license in Canada to work as an accountant?
Accountants in Canada are required to hold the CPA – (Chartered Professional Accountant) position. You might start your career with a CPA designation if you are interested in senior accounting, finance, and business positions. Accounting is not a mandatory requirement in Canada for those with a CPA designation.
CPA designations are not required for several entry-level and mid-level jobs, including staff accountants, accounting technicians, receivables clerks, and bookkeepers. Canadian businesses often prefer candidates with BCom Accounting, BBA, or MBA. The Education Credentials Assessment (ECA) is required. If you graduated from a school outside of Canada and want to verify that your qualifications are comparable to those of Canadian graduates.
In accounting, finance, and auditing, CPAs are generally preferred by candidates. CPA candidates may be selected by some businesses for mid-level positions to advance their careers.
Despite not being a prerequisite for accountants, a CPA designation can offer you opportunities to advance and move into senior positions such as chief financial officer, treasurer, auditing manager, and comptroller.
Following these processes will enable accountants with overseas experience to become CPAs.
Getting a CPA as an accountant with international education will depend on your current credentials and certifications. If you are not a member of an international accounting body but have a relevant undergraduate or graduate degree, you must begin the CPA certification process from scratch in Canada. It is possible, however, to become eligible for a CPA certification earlier through a reciprocal agreement or memorandum of understanding if you have a CA or CPA designation from another country.
Canadian CPA designation without international CA or CPA credential
It is necessary to start the CPA certification process from scratch in Canada if you have earned a bachelor’s or master’s degree outside of Canada that is comparable to a Canadian university degree but do not belong to a professional accounting body or do not belong to a body that has an agreement with CPA Canada or an MOU. After completing the CPA PEP – (CPA Professional Education Program), acing the CFE – (Common Final Examination), and accruing relevant experience, you can become a certified CPA. In the following paragraphs, we provide an overview of how to become a CPA:
You need to register with your provincial CPA association
To get started, you must register with your provincial CPA organization as a student. Your transcript must be evaluated and a CPA PEP application must be submitted. Aside from offering information about CPA certification, the CPA Canada website also provides contact information for provincial CPA bodies. In most provinces, you can enroll in PEP and have your transcript evaluated prior to traveling.
Submit Credential assessment
It is necessary for you to submit copies of your academic credentials and professional credentials to the CPA body in the province or territory where you intend to migrate to Canada as an accountant and practice CPA. For how to submit your paperwork, each provincial CPA organization has its own guidelines.
Academic degrees from other countries cannot be accepted directly by CPA Ontario, for example. A course-by-course evaluation (WES) of the International Credential Advantage Package (ICAP) can be obtained from World Education Services instead. While the CPA bodies in Manitoba, Alberta, British Columbia, and Saskatchewan require the CPA Western School of Business to evaluate international transcripts.
Upon acceptance into the CPA Professional Education Program, the provincial CPA body will evaluate your transcript to determine whether you meet the academic standards required and whether you have satisfactorily completed the necessary subjects. The provincial authority will provide you with advice on how to fill up any gaps before beginning the program if you haven’t finished all of the requisite subject areas in your prior schooling.
Language skills
English proficiency is a requirement for enrolling in the CPA PEP program since it is offered in English. If all four skills are required-reading, writing, hearing, and comprehension. You will probably need CLB level 8 results regardless of the province’s specific requirements. Quebec requires you to demonstrate your French proficiency before you can enroll in a CPA program.
The CPA PEP – (CPA Professional Education Program) – An overview
A graduate-level professional education program known as the CPA PEP (IFAC) follows the requirements of the International Federation of Accountants for education, evaluation, and experience. Your provincial CPA authority must approve your registration before you can begin the CPA PEP.
As part of the CPA Professional Education Program, students enroll in six technical competency areas: financial reporting, taxation, audit & assurance, performance management, accounting management, and assurance are available as electives. Student CPAs, however, have less freedom when it comes to choosing between assurance and tax.
During the capstone modules, you synthesize the fundamental knowledge you acquired in the previous modules and acquire the competencies you have learned. When you work part-time, you will be able to complete the CPA PEP and work experience requirements in about two years.
The CFE – (Common Final Examination)
During the three days of the CPA PEP Common Final Examination, students must complete business case simulations and demonstrate proficiency in technical topics.
Gaining practical experience relevant to the field
To qualify for the CPA designation in Canada, you must have supervised, relevant, paid accounting experience for a minimum of 30 months. A CPA mentor can provide you with this practical experience during your CPA PEP program. The last seven years, if they meet level one proficiency in two CPA technical areas, can count up to 12 months of prior experience (8 months in Quebec).
Obtaining CPA designation
You will be able to begin using the Chartered Professional Accountant or CPA designation once you pass the Common Final Examination and have acquired the required practical experience. Continual Professional Development programs must be attended by CPA members, and you must abide by the rules and regulations.
Obtaining CPA designation from a partner country if you already hold a CA/CPA.
A reciprocal agreement or Memorandum of Understanding exists between some nations and the Chartered Professional Accountants Society of Canada, facilitating the certification process for foreign-trained CPAs. It is generally possible to categorize these agreements into three types:
MRA – (Mutual Recognition Agreement): Certified Public Accountants (CPAs) and Certified Professional Accountants (CPCs) licensed in the United States and Mexico may practice accounting in Canada as long as they are in good standing with their state board licenses and meet the requirements for education and experience. The Ordre des Experts-Comptables de France is another organization that is permitted to practice law in Quebec.
RMA – (Reciprocal Membership Agreement): To qualify for the CPA qualification in Canada, members are required to have strong ties to foreign accounting groups. Additionally, they must be able to meet the necessary educational and professional standards in nations. For example Hong Kong, South Africa, New Zealand, Zimbabwe, England and Wales, Ireland, and Scotland in order to be granted the designation.
MOU – (Memorandum of Understanding): Although not mandatory, completing the CPA Professional Education Program (CPA PEP) modules is highly recommended for members in good standing with the Institute of Chartered Accountants of India and Pakistan. However, they must still pass the Common Final Examination to obtain their Canadian CPA qualification, even if the modules are waived.
Required time duration to obtain Canada’s CPA
The CPA PEP is typically completed in at least two to three years. The CFE exam and becoming a Canadian CPA will also take place throughout these years. The time needed to finish an undergraduate degree is not included in this.
People who are already registered as CPAs or CAs with a partner nation can change their status to a CPA designation fast. It’s because the procedure is typically quick.
Migrate to Canada as an accountant to earn higher wages
The location, level of experience, and area of specialization all affect an accountant’s salary in Canada. As reported in the Job Bank of the Government of Canada, financial auditors and accountants make $35.75 per hour on average, with the Northwest Territories, Alberta, and Saskatchewan have the highest median wages ($51.37/hour), respectively. According to the 2019 CPA Member Compensation Survey, certified professional accountants (CPAs) often make a lot more money. And its median annual salary of $112,000 (or $53.85/hour).
In Canada, the average hourly compensation for accounting specialists and bookkeepers is $24.04. The three provinces with the highest median wages for this occupation are Alberta ($27/hour), the Northwest Territories ($42.82/hour), and Nunavut ($51.21/hour).
Migrate to Canada as an accountant – Ways to find accounting jobs in Canada
If you have an international educational background, you can start your job search for a position as an accountant in Canada before you arrive. You may find the following advice helpful in launching your accounting career:
Recognize the needs of the local labor market
Accounting employers in Canada may require candidates to fulfill different requirements than employers in your own country. A good way to gain a better understanding of the demands of the labor market. A review of job advertisements for accounting tasks at your level and identify desirable skills, experiences, and qualifications. Most entry-level and mid-level positions do not require a CPA. However, some employers prefer candidates who are studying to become certified.
It is possible to register with your provincial CPA body before coming to Canada. If you plan on earning the CPA designation. The 30-month requirement for CPA certification can also be satisfied by this professional experience, which will enhance your employment prospects.
Acquire additional skills and qualifications
Upon migration to Canada as an accountant, you should become familiar with the accounting standards commonly used there. For example, the Public Sector Accounting Board (PSAB) standards, Accounting Standards for Private Enterprises (ASPE), International Financial Reporting Standards (IFRS), and Accounting Standards for Not-for-Profit Organizations (ASNPO).
It may be beneficial to invest in certifications and upskilling courses. If you want to increase your chances of landing an accounting job in Canada. A Microsoft Excel certification, an ERP certification, a finance certification, and an analytics certification. Also, a report creation tool certification is useful in the Canadian job market. In addition, Quickbooks and Xero offer accounting and tax tools that may give you an edge over your competitors.
Create a resume in the Canadian accounting style
The most popular resume types in Canada are reverse chronological, functional, and hybrid. You should format your resume based on how much relevant accounting experience you have and whether or not you have gaps in your employment history.
As a way of narrowing down the resumes submitted to a company, many Canadian companies use ATSs (applicant tracking systems). By tailoring your CV for each position. And adding keywords from the job description, you can boost your chances of being chosen for interviews.
Connect with other professionals
Canadians value networking in their professional lives. The Canadian job market is enormous and untapped, so connections alone can give you access to it.
New accountants seeking information about the labor market may find it useful to connect with experts on LinkedIn. As well as at networking events, or through their provincial association. Having made first contact, spending one-on-one time with your new contact. Also keeping in touch via email or social media will help you expand your network. Your network can then provide you with information about hiring procedures, recommendations, and even job openings that aren’t advertised.
Process of hiring for accountant jobs in Canada
The majority of Canadian firms post job openings on their websites or on job portals. It is estimated that 65 to 80 percent of employment positions are filled without ever being advertised through the businesses’ networks.
An employer will review your resume and cover letter when you submit them to them. And determine whether or not they meet the requirements of the job. A screening interview will follow if the recruiter selects your resume for further consideration. During this, his or her credentials, experience, and interest in the position will be checked.
Once you are selected for an interview round. You need to show both technical and soft skills, such as a skills assessment. And an interview about how well you fit the company’s culture. You are required to pass several interview rounds after you are selected for an interview round. Accountants may be assessed based on technical questions or case studies. After a background and reference check. You will usually get a job offer, which you can negotiate if you are selected.
Conclusion
If you’re interested in furthering your accounting career in a new country, migrating to Canada can be a great option. The Canadian government offers a variety of immigration assistance programs in addition to the Express Entry Program and the Provincial Nominee Program. These are two programs run by the federal government. The benefits of working and living in Canada as an accountant are available to those who meet the requirements and complete the process successfully.
