Cross-border partnership creates Canadian CPA pathway

Profession

11 August 2023

Christine Chen

cross border partnership creates canadian cpa pathway

Need to know

An agreement between CIMA and CPA Canada fast-tracks reciprocal membership between the two bodies.

Local chartered accountants have a pathway to obtaining Canadian audit rights after the Chartered Institute of Management Accountants (CIMA) and CPA Canada signed a memorandum of understanding for facilitating two-way membership.

Under the agreement, CIMA members will now be able to obtain audit rights and Canadian CPA membership after passing Canada’s CPA exam. Likewise, CPA Canada members will gain CIMA membership upon passing its CGMA management accounting exam.

Membership of CIMA also comes with membership of the Association of International Certified Professional Accountants, a global association formed by the two bodies in 2017.

The association has over 5,000 members in the Australasian region and nearly 700,000 globally.

CEO of management accounting Andrew Harding said the agreement reflected both groups’ strong working relationship with each other.

“I am delighted that we have reached this agreement with the Chartered Professional Accountants of Canada,” he said.

“CIMA has a large global membership base, with a strong cohort in Canada. The agreement will mean that CIMA and CPA Canada members will now have a bigger range of employment opportunities and will be able to use their skills even more widely.”

Mr Harding also highlighted the value for accountants with both CPA and CGMA credentials looking for global employment opportunities.

“[It] shows a depth of accounting and finance knowledge that companies all over the world will be looking to acquire to enhance their competitive advantage,” he said.

CIMA’s partnership with CPA Canada comes after the UK-based accounting body renewed a similar arrangement with CPA Australia in 2018.

First agreed in 2009 and renewed twice since, the arrangement facilitates CPA accreditation for members between Australia, New Zealand and the US.

Last year, CIMA and AICPA also created an Australasian committee to increase the association’s local presence.

Speaking to Accountants Daily in September, committee chair Lauren Fenn, pictured, said reciprocal arrangements helped CIMA members make the most of their professional qualifications.

CPA Canada president and CEO Pamela Steer had similar hopes for the pathway between her organisation and CIMA.

“By establishing a clear pathway to achieving reciprocal membership, CIMA and CPA Canada will reduce challenges to accessing global career opportunities for our members, while addressing economic and market needs of domestic and international organisations,” she said.

“This agreement with CIMA is yet another example of the global recognition of the value of a Canadian CPA designation.”

About the author

Christine Chen

Christine Chen is a graduate journalist at Accountants Daily and Accounting Times, the leading sources of news, insight, and educational content for professionals in the accounting sector. Previously, Christine has written for City Hub, the South Sydney Herald and Honi Soit. She has also produced online content for LegalVision and completed internships at EY and Deloitte. Christine has a commerce degree from the University of Western Australia and is studying a Juris Doctor degree at the University of Sydney.