CPA and CFA

bhill020 Wrote:
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> CPA doesn’t seem to have the same reputatation in
> the U.S. that the CA has in Canada or even the ACA
> in the U.K. CPAs seem to be much more traditional
> accountants, not unlike the CGA in Canada. If
> that is the case, I would not disagree with Alpha.
>
>
> Not familiar with what it takes to obtain the CPA
> designation, but I know it varies by state and in
> some states the work experience req’t is a joke
> (e.g. you could be an AP clerk and that would
> count).
That is true. In some states you can be a licensed CPA with no experience. There are many bookkeepers who are CPA’s.
 
TheAliMan Wrote:
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> I hear CA is incredibly hard to get. Two-day exams
> and you actually have to *groan* work as an
> accountant. Not for me.
Yes, and don’t forget you have to be working at an approved office to be eligible to enroll in the program.
 
CA in western Canada requires university, then 6 professional exams over around 2 years while working followed by a final 3 day uniform final exam (written, no multiple choice here). People generally take around 6 weeks off the study for the final 3 day exam.
The work experience in the past has been tedious. It used to be 30 months in public practice (e.g. KPMG, PwC) with a minimum 1,250 hours of “audit” and something like 200 hours tax, the rest could be advisory (e.g. consulting or financial advisory).
Audit hours are no longer required, which is a huge change for the profession. The change is due to an effort to try and attract more students to become CAs. If someone can do corporate finance or even transaction services instead of audit, the theory is that they’re a lot more likely to go for the CA. The work experience is still fairly strict (has to be upwardly mobile and cover finance, accounting, tax, etc.) but there are many more options including working in industry with select approved large corps through structured CA training programs.
Still, overall, the starting pay is low (~$35K), work can be tedious, and hours long for the first few years. With that said, your pay escalates substantially every year. Most people complete the 2 to 3 years of articling and then use the CA as a launching pad into something more interesting.
 
in oz, we have CPA and CA. CA is notoriously harder and the CPA was always an easier multiple choice style exam. This is what ive heard but I trained with a CA firm so might have been continusly subject to bias! I know when the two bodies considered a merger in oz, the CAs voted a resounding no. That must say something??
re the CFA vs CPA I think its ignorant to say one is better than the other. They are far too different and one may be more relevant depending on your field. It would be a big call saying to the chief financial officer of a top 100 company (who would be a CPA/CA) that his qualification is useless in comparison to a CFA charterholder. I do however, agree with those that say CFA is tougher to pass – the work is no more difficult but as anyone on here knows the sheer volume of CFA (ive only studied lvl 1 as yet) far outweighs the work for a single CA/CPA subject.
Having worked in accounting/tax within ibanking for almost 8 years I know studying for the CFA was a welcome change for me, the same could apply vice versa (like yourself Ditch!).
I also believe, and this is especially applicable given the current climate that you are far more employable as an accountant vs CFA.
my 2 cents worth…
 
Does the US CPA have a service requirement?
For example I think you need like 3 years accounting experience with an authorised CA company to get awarded the CA
 
Does the US CPA have a service requirement?
For example I think you need like 3 years accounting experience with an authorised CA company to get awarded the CA
 
Does the US CPA have a service requirement?
For example I think you need like 3 years accounting experience with an authorised CA company to get awarded the CA
 
I have been thinking about getting a CPA as a hedge against market downturns. Do a search for “CPA” vs “CFA” on craigslist accounting/finance jobs in your area and you’ll see what I mean.
 
fxguy1234 Wrote:
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> I have been thinking about getting a CPA as a
> hedge against market downturns. Do a search for
> “CPA” vs “CFA” on craigslist accounting/finance
> jobs in your area and you’ll see what I mean.
Hence the stem of my question! Nearly all financial service jobs have ‘CPA Preferred’.
 
but, I would say more industry jobs that Financial Services jobs prefer CPA…. I think If you want to work for a corporation in finance CPA is the way to go.
I am currently in Industry and thinking about getting my CPA in addition to CPA just to give myself more options later down the road.
 
fxguy1234 Wrote:
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> I have been thinking about getting a CPA as a
> hedge against market downturns. Do a search for
> “CPA” vs “CFA” on craigslist accounting/finance
> jobs in your area and you’ll see what I mean.
same here, cpa and cga.
you still need an articiling position for a CA and they’re hard to comebuy, and both those designations will only amount to another year of studying tops. If I happen to get hired as midlevel student I can go through CASB and get the CA eventually anyway.
However, I make about as much as a newly qualified CA right now so losing that 20-25k a year for three years while I article will be a strain on my lifestyle.
 
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