If you’re an ACCA member and thinking about becoming a Canadian CPA, here’s what you need to know.
No more MRA, but there’s still a clear path
CPA Canada used to have a Mutual Recognition Agreement (MRA) with the ACCA, but that ended in 2021. So, there’s no longer a direct shortcut to transfer your ACCA to a Canadian CPA. However, being an ACCA member means your education and experience already meet the entry requirements for the CPA Canada program. So you won’t need to start from scratch. You’ll still have to go through exams and modules, but the path is shorter compared to someone who doesn’t have an accounting designation.
What the CPA PEP looks like
The CPA Professional Education Program (CPA PEP) is a graduate-level program made up of 6 modules and a final 3-day exam called the Common Final Examination (CFE).
Here’s a quick breakdown:
- Core 1: Focuses on Financial Reporting competency. Includes a module exam, made up of a 60-minute case and 75 multiple-choice questions.
- Core 2: Similar to Core 1, but it focuses on Management Accounting.
- Two electives: You choose two out of four electives (Finance, Performance Management (PM), Assurance, Tax). Choose the ones that fit your background, for most ACCA members, I recommend PM, Assurance or Finance.
- Capstone 1 and Capstone 2: Focused on teamwork and case writing, no exams for Capstone 2 and only a preparation in Capstone 1.
- CFE: A 3-day, computer-based exam that tests your depth and breadth across all CPA competencies. More details below.
Exam challenge option
If you have:
- At least 3 years of relevant experience and a degree, or
- 8 years of experience without a degree
…you can challenge the exams for Core 1, Core 2, and the two electives. This means you don’t take the full module but just write the exam.
From my experience tutoring many ACCA members, most succeed with the challenge option. The full module does provide prep materials, like practice cases and MCQs, but ACCA members often don’t need that to pass if they opt for private tutoring.
Practical experience requirement
Alongside the education part, you also need to report at least 30 months of qualifying practical experience. You’ll need to submit your work history and have it assessed to see if it meets CPA Canada’s standards. This is something I help candidates often, I can help to make sure your experience is documented properly and fits the CPA framework.
CFE: The final challenge
The CFE is a 3-day, back-to-back, computer-based exam. It’s focused on:
- Financial Reporting (both IFRS and ASPE)
- Management Accounting
- Deep knowledge of one area of your choice (Assurance, Performance Management, Finance, or Taxation). Tip: It’s best to choose the role to be one of your electives.
- Core knowledge of other non-role areas
Most ACCA members choose Assurance or Performance Management as their role. Regardless of your role, you need basic knowledge in all areas. More details on CFE are available here.
Next steps
If you’re ready to start, contact the provincial CPA body where you live or plan to move. Register, get your experience assessed, and plan out your PEP modules. Don’t hesitate to reach out to me for high-quality study resources, review courses, and support with your Canadian CPA journey.
