accounting financial news

Accounting designations get together –

This is an exerpt from Maclean’s Magazine news article from 2013. To read the entire article, please visit this webpage.

“In the past, three designations—chartered accountant, certified management accountant and certified general accountant—occupied their own comfortable niches within the profession. CAs were dedicated number crunchers who typically worked in public practice, performing corporate and government audits, and CAs generally aspired to jobs at major accounting firms like Deloitte and KPMG. CMAs were the corporate leaders: Their studies were akin to an M.B.A., focusing more on business management. More recently, the country has seen the explosive growth of CGAs, whose part-time, distance-education-style certification program was aimed at working professionals who wanted to advance their career by adding an accounting designation to their resumé. As the only accounting designation that didn’t require trainees to have a university degree when they started the program (though it requires one by the end), it also became the preferred route for new immigrants, college graduates and those who hadn’t gone to business school.”

“Over the years the designations began to blur. An increasing number of CAs have made their way into corporate offices, traditionally the domain of CMAs. Last year CGAs in all provinces finally won the right to do audits, traditionally reserved for CAs. Where once employers may have demanded specific designations for senior accounting jobs, now more will accept any kind of professional accounting designation.”

“Last year, a review by the Quebec government sought to merge all three professions under common regulations, prompting accounting bodies in other provinces to think about setting aside their historic differences.”

“Earlier this year the three were merged into a single entity to be known as a chartered professional accountant. With that will come a new certification program, which officials say will take the best of all three programs to create a more well-rounded professional.”

To read the entire Maclean’s article, please visit this webpage.