ACCA from Uk/Canada

[isookvi]

Hi all,

This is my first post here. And I m sure that this question has been asked a million times before but I have searched around and they are quite old. So, I thought I should post a new one. I really need your advice. I m thinking of doing my rest of ACCA from uk. Af this december sitting I INSHALLAH will clear my fundamentals skills module.
Now the thing is I have everything ready for the visa(uk)requirements, college fees etc. just need to make the final move. But I m having second thoughts. The only reason I want to go there is that I think I will be exposed to more opportunities, different experiences which shape a person in one way or another. Because London is supposed to be the financial capital of the world. As I have never been to a university I dont wanna left behind on personal grooming skills like communication skills etc. I hope you are getting what point I am trying to make here.
Anyways I just want to know if one can get into a good firm. How to get a work permit? Is that very difficult to get? Moreover, I plan on doing CA(ICAEW) or CFA after ACCA. Will going to UK help in this matter or not? I have heared its very difficult to get a training contract for CA(ICAEW), nearly impossible. What is your take on that?
I will be applying my visa on my canadian passport for UK. Will that help in any way?
Also my brother lives in Canada. So, I can live more easily in canada as I have citizenship. So, Can ACCA be done in Canada? If I complete rest of my exams in Canada and then go for CA(CICA). Will that be a good choice? One thing I have a confusion with is that whether the exemptions offered to ACCA by CICA are for affiliates or for full members?

Please guys I need your advice esp. guys from uk and canada( Mr.Torontoboy)and I need it fast. Your advice can make or break my decision.

Looking forward to your replies.

Thankyou.

[Odyssee]

As far as i know CICA does not offer any exemptions to ACCA Affiliates or members.

CGA-Canada has a Mutual Recognition Agreement with ACCA. Only ACCA members can benefit from this MRA.
http//www.cga-canada.org/en-ca/International/StrategicAlliances/MraAccaCga/Pages/ca_mra_acca_cga.aspx

"The MRA provides a route for qualified members of either body to become a member of the other body and enjoy the benefits which both designations can offer. This includes providing members with increased international recognition and mobility. <b>The MRA is not applicable to students or ACCA affiliates</b>."
http//www.cga-canada.org/en-ca/International/StrategicAlliances/MraAccaCga/Pages/ca_mra_faq_acca.aspx#2

[isookvi]

yes you are right. I miss read it, it was something like you will get exempted from 16 out of the 17 university courses and then go for CA(CICA). Anyways given my current situation, what do you think I should do if I want to move to canada for CA or CFA. Will I get any exemptions from CGA on the exams I have passed of ACCA. Get CGA and then go for CA or CFA. Moving to Canada is not much of a problem for me. What about ACCA in Canada from stoufville college?

Plz answer my queries in this and above post.Looking forward for your replies.


Thanku

[isookvi]

bump

[Odyssee]

You can get info about the exemptions offered to ACCA students by CGA-Canada, by contacting them through the following email address
[email protected]

Your questions about career choices and opportunities in Canada after ACCA, could be best answered by someone who resides in Canada.

[isookvi]

Thank you for your reply. I will definitely email them. I really hope Mr. Toronto_Boy responds to my post as he is residing in Canada and is quite well informed as well. What I have in mind is to go to canada, finish off my rest of ACCA there which will atleast take an year. In the mean time I shall be eligible for study loan and then apply to a college or self study for CFA which I really wanna do. The thing that worries me the most is that if I wont fulfill PER after ACCA and unable to complete CFA then it can become a huge problem right? Can one get training for CFA after level 1? If yes, will that count for my ACCA as well?

I m sorry for asking too many questions at a time guys but I m a real mess now.

Thankyou.

[Toronto_Boy]

Dear isookvi

Have some patience my friend. I was away on this long weekend so couldn’t reply you earlier. Any way here are my two cents, assuming that you are located in Pakistan or in a country where ACCA resources are available in abundance.

Though it is your own decision, but if I would be in your shoes with Canadian passport in pocket, Canada would be my natural destination rather than UK. In my opinion, you may stay in Pakistan for another 2 or 3 years. Complete your ACCA courses in Pakistan, degree, and satisfy experience requirement with any job in Pakistan which you may start soon, and then 3 years later come to Canada. After that, transfer your ACCA courses for CGA. CGA gives paper to paper exemptions for ACCA courses. If you would be ACCA member after 3 years then you may get CGA directly, otherwise you would have to complete few final level CGA courses, after having paper to paper exemption.

Remember all 3 Canadian designations (i.e. CGA, CMA, and CA) require a degree, which you don’t have right now. If you go for degree in Canada, you would have to wait for study loan for a year, and you would easily end-up with more than Cad$40K-$50K loan for 3 or 4 years degree. <b>Stoufville college is kind of small private college and quite expensive. You would have to pay college tuition in addition to ACCA fees.</b> Generally speaking, employers do not ask for ACCA but need Canadian designations, so it would affect your employability if you study for ACCA here unless you transfer into CGA or some other Canadian designation.

CICA has other complex requirements and needs a degree to be enrolled with. It requires 30 or 36 months training in pre-approved training offices (ATOs). Securing a job in ATOs is quite difficult task. However, after CGA you only need to take final UFE exam (of CICA) to become CA, and experience requirement would also likely be shortened. Though CICA is a good option, but the main hurdle for immigrants is first getting a job in ATOs. Usually ATOs pick fresh and sharp students directly from Canadian university campuses or through personal networks, which usually immigrants lack. So, if you are ready for study accounting from Canadian universities, maintain good GPA to be picked by ATOs, required grades for CICA, alongwith about $40K-$50K loan and personal hardship in life, then go for that.

After CGA, you may directly go for CFA here any time, if you don’t wanna go for CA (CICA). Moreover, with ACCA membership, you may be CA(ICAEW) after 5 years automatically through CCAB, but save your efforts and do CFA. Thus 5 years after ACCA membership you might be ACCA, CA(ICAEW), CGA, and CFA. The real beauty is, actually you would have to work only for ACCA in Pakistan and CFA anywhere in Pakistan or in Canada. You would get CA(ICAEW) and CGA through MRAs (i.e. almost negligible efforts).

Therefore, students of ACCA in Pakistan may go directly for CFA after their ACCA. This combination would open many doors for them with maximum possible diversification, stability and earning potential. Generally speaking, jobs in accounting (i.e. with ACCA/ CA(ICAEW)/ CGA) are more stable and jobs in finance (i.e. with CFA) gives great earning potential. With ACCA membership one may get CGA membership, Canadian citizenship, passport and experience, with Canadian Citizenship move to USA to work as CFA (or one may get CPA too), one may go to Europe (with ACCA and CA(ICAEW)) any time or to Australia with ACCA CA(ICAEW) and CGA, and use all 4 in Middle East if someone moves there. Even with these 4 designations, international experience and passport, if one could not get a good job in Pakistan then oska aur Pakistan dono ka phir Allah Hafiz.

Therefore, you may groom personal skills in Canada 3 years later on more sound grounds with ACCA, CGA, university degree and experience. It would save you from study loan burden (at-least $40K), too many distractions, part time work besides full time study load. It would certainly be a long and hectic chase if you move to Canada now. As you already have Canadian passport, you should not be in hurry. I assume you are quite young and live with your parents in Pakistan. Life can be quite difficult when you would be at your own here. Further, you may also visit to Canada about 12 months before than you actually intend to move here, to have your bank account, medical card, driver’s license etc. to start your residency here from 1 year waiting time for study loan point of view, and then go back and finish rest of your ACCA membership requirements. After 12 months, when you permanently come here, you may get study loan for preparatory courses for CFA (if these courses are eligible for OSAP Loan).

I hope it helps. However, above are my views with which anyone can disagree. I have written these paras in Canadian perspective. Someone from UK may help you regarding questions about UK.

Best Wishes

[isookvi]

Thank you very much for your reply. It is very informative and you have summed up everything. You said I can get CA(ICAEW), 5 yrs after ACCA but if I never live in UK will I still be able to get it? because I have heared you need to have a sponsor who is also an ICAEW and know/working with you for at least 3 years or something like that. Is there any way around this?

Anyhow thanks a million for your reply once again. You have been a great help.

[Toronto_Boy]

Don't worry about finding a sponsor at this stage of your life. Once you would be qualified professional, most likely you would be working with other professionals like you. If you would be in Canada, you would have a chance to work with accountants of various backgrounds and countries. CAs(of ICAEW) would be among them.

Moreover, if you would be in Canada and still interested in CA, after ACCA and CGA instead of CFA, then most likely your aim would be CA(CICA) rather than CA(ICAEW).

I hope it helps.

[isookvi]

Thank you a lot Mr. Toronto Boy. Well, do you think that working in an audit firm will also count the experience towards CFA?

Anyways, I have based my decision on your opinions above and decided to stay in Pakistan for a couple of years to come, at least.

Thankyou very much for your help once again.

GOD BLESS.

[Toronto_Boy]

Dear

It depends on nature of job responsibilities in audit firm. I think after recent changes in CFA experience requirements, core audit or tax experience would not count for CFA experience.

However, as you are also interested in ACCA and CA, public accounting experience in audit firm would be helpful for your future in accounting roles.

Regards

[ziqbal_2000]

Hi Toronto_Boy,

I would like to take this opportunity to ask couple of questions about Canadian accountancy Job market from you.
I am in UK at the moment (Pakistani origin) and due to get British Citizenship within next couple of months. I am studying for final three professional level papers of ACCA. I have already worked over five years in Pakistan to satisfy PER of ACCA to be ACCA member once I pass all the papers. I applied for Canadian Immigration before coming to UK and recently my application has been approved. What are the job prospects in Canada if I get CGA membership based on my ACCA membership.
I have been in UK since last four and half years but never been able to secure a job in finance and I know a lot of people from Indian and Pakistan origin who are ACCA qualified but without relevant jobs here.
What is the situation in Canada. Once you are CGA member how hard it is to get an accountancy role?

I would appreciate an early response please

[Toronto_Boy]

Dear ziqbal_2000

You know that in western countries experience plays more important role than designation. Canadian designation and Canadian experience both are two important ingredients of success here. At-least you would have designation (i.e. CGA), but please consider that you would lack Canadian experience, even you lack UK's experience to write on your resume. Dear, I don't wanna be rude to you but you know your condition more better than me or anyone else.

Canadian job market is quite competitive due to several reasons, however, after some difficulties even immigrant students (from China and others) of CGA or CMA Canada with foreign accent get relevant jobs somehow somewhere. I give you an example, I personally know an ACCA member from HongKong with age, very strong accent and without attractive personality, after initial efforts eventually found professional job basis of his CGA.

You know finding a job in new country depends upon many factors like age, communication skills specially oral command over language, personality, and most important is luck etc. etc.

Most important thing to me is, if you could not get a relevant job in last 4 years in UK, then perhaps after UKs citizenship, it would be time for you to migrate somewhere else like perhaps Canada to find your luck and "rizq". It is said that "safar" i.e. travel opens "rizq" livelihood. So, personally speaking, I would say, check your luck here in Canada. Perhaps, this would be the right place for you.

Decision is always yours.

Best Wishes

[ziqbal_2000]

Your answer remind me of a person (Sufi) who said that if you think that doors are closing for you at one place, move from that place in search of prosperity.

Thanks a lot for writing this again and reminding me that I should not let my hopes die. Since the time I came here is UK I have been doing all supervisory jobs like Duty Controllers, Team Leader etc but it's just my luck that I couldn't find anything relevent.

I will inshallah go ahead for Canadian option after I get my citizenship in next couple of months.

Many thanks

[ACCAite]

I would like to add one thing that i think toronto boy forgot to mention.

you mentioned if the dude wants to get CGA exemptions, he needs to haev a degree....CGA website says the BSc honors in applied accounting that he can get himself qutie easily after passing his findamentals...would save all the hassle.

look up their website....or email them and make sure.

here you go....read up question number 10 in the FAQs

http//www.cga-canada.org/en-ca/International/StrategicAlliances/MraAccaCga/Pages/ca_mra_faq_acca.aspx#2

god bless.