CPA Canada recently signed a new Memorandum of Understanding with ICAN Nigeria. If you’re a qualified ICAN member, the path to becoming a Canadian CPA is now much more direct. Many ICAN members have been reaching out with questions, so I want to walk through how this new process works and what you should focus on.
New ICAN-CPA Canada MOU
Before this agreement, ICAN members had to complete the CPA Canada Professional Education Program (PEP) with six modules before writing the final CPA exam. That requirement is now removed. You can go straight to the Common Final Exam, known as the CFE. Once you pass CFE, you receive your Canadian CPA designation.
CPA Canada recommends taking Capstone 1 and Capstone 2, but I don’t recommend them. Capstone 1 focuses on teamwork and presentations, which don’t appear on the CFE. Capstone 2 gives past exams with some feedback, but the feedback is usually generic. Most students get better results by practicing past exam cases and using focused study strategies.
Steps to CPA Canada for ICAN
Step 1: Confirm your eligibility
You must be a fully qualified ICAN member in good standing. You also need either:
- Recognized university degree, or
- At least 8 years of experience in any CPA competency area like Financial Reporting, Audit or Strategy.
You also must have obtained your ICAN designation while living outside Canada.
Step 2: Register for and pass the CFE
All ICAN members must pass the CFE. You get three attempts. If all three attempts are unsuccessful, your registration is cancelled and you would need to start over.
Most candidates study around 5–6 months. The CFE format is different from ICAN exams.
- Day 1 tests strategic writing
- Day 2 goes deep into your chosen role
- Day 3 tests breadth across all technical areas
The exam is case-based and very very time constrained. Cases are 4 to 5 hours long. You’ll write memos, analyze scenarios and explain your decisions. It’s less about calculations and more about judgment, time management and clear writing.
Key areas ICAN members need to study for CFE:
- Formatting your case responses clearly and effiienctly
- Canadian-specific standards like ASPE and Canadian tax
- Typing speed, because time pressure is high
Step 3: Meet the practical experience requirements
If you already have more than 2 years of post-designation ICAN experience, it’s accepted automatically. If you have less than 2 years, you’ll submit a detailed report for review. Your experience must come from your time as an ICAN student or member.
Getting your CPA doesn’t give you audit signing rights automatically. For that, you need a public accounting licence. That requires showing depth in Financial Reporting and Assurance on the CFE and completing your province’s licensing steps.
When choosing your CFE Day 2 role, you have Assurance, Performance Management, Tax or Finance. If you’re not sure which role to choose, Assurance is a flexible choice because it keeps pathways open in public practice. PM is also a good choice for ICAN members. You can reach out to me if you’re not sure which role to choose.
Step 4: Get study resources
CPA Canada provides the Learning Ebook and the optional Capstone modules. Most candidates also use private resources to prepare for CFE. Students in public practice firms like KPMG, PWC and EY all get extra support. Many MOU students do the same, because their academic background is rusty.
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