Accounting Designations

Many may be under the impression that accounting basically means recording transactions and doing taxes, however it is much more than that. There are three different types of accounting professions in Canada. Each designation has a distinct role and the ability to provide valuable information to help users make decisions. The designations in Canada are Chartered Accountant, Certified Management Accountant, and Certified General Accountant.

Chartered Accountant (CA)

Out of the three designations, the Chartered Accountant designation is the most internationally recognized. They provide accounting and business advice to individuals and businesses. Their advice aims to maximize success on behalf of their client or employer.

Their main activity typically includes auditing, where they review financial statements and make sure the statements are up to accounting standards. However, they can do many other things such as taxation and consulting. They are the only designation that can sign authority on an audit report in all provinces. CAs can have a wide range of other responsibilities, such as tax auditing, business improvement, and reducing exposure to risk.

They work in many different settings; the typical settings are government, industry and public practice. In public practice they are employed by a CA firm that provides services for other companies and individuals. Public practice experience also exposes candidates to a wide variety of clients and can help a candidate hone in on the particular field that they excel in. In the short-term, being a Chartered

Accountant is tough and requires long hours of rigorous work in the program but sticking with it can lead you to top level positions in major companies. The CA designation opens up better opportunities for training and practical opportunities. CAs can potentially acquire much greater earnings over the long term in comparison to the other designations.

To become a CA you have to complete a...