Canadian Immigration and ACCA, CIMA, CFA or CMA

[Savak]

Hey Toronto Boy

Its been a while. I sent my academic documents to the ICAO for preliminary evaluations towards the Minimum 17 Credit hour courses. They took 9 months to evaluate me, but in the end they ended up giving me credit for 6 courses i.e.

1) Introductory Accounting 1
2) Introductory Accounting 2
3) Cost Accounting 1
4) Cost Accounting 2
5) Economics
6) Financial Management

But i have to do these courses from a university in Toronto

1) Intermediate Financial Accounting 1
2) Intermediate Financial Accounting 2
3) Advanced Financial Accounting
4) Advanced Accounting Elective
5) Taxation 1
6) Taxation 2
7) Auditing 1
8) Auditing 2
9) Auditing and IT
10) Canadian Business Law
11) Business Information Systems

I applied to both Wilfrid Laurier University and York University to take these courses and Mashallah i have been admitted to both the programs. Btw my family also applied for Canadian Immigration in 2009, we had our medicals done in July 2011 and we are expecting some good news on that front by Feb 2012. I received my ICAO evaluation in Nov 2011 so i had to apply urgently to the universities for admission, its pretty surprising they offered me admission on Short notice for Winter 2012, but this admission has only been intimated via email, the offer letter will take time to get to me as its being sent via normal postage.

So right now i have requested the unis to deffer my admission to next Semmester in May (Spring) 2012 by which time i should hopefully inshallah receive the residency visa. I actually wanted some advice, I was always led to believe that York University is a much higher ranked University compared to Wilfrid Laurier but some people i have run into say WLU is a better option than York. I would like to add Cost, travelling is not such a big deal but i would like some insight which University is a better choice to go in terms of reputation, alumni etc.

[Toronto_Boy]

Gimvie

I have no idea about immigration related questions... Ask from program coordinator directly or from any immigration lawyer.

However, you may transfer your study to any other suitable program (that could help you for PR) once you are here and after discussing options with any lawyer here etc.

In any case, you have to hire an immigration lawyer once you are here.

I hope it helps.

[Toronto_Boy]

Savak

Both are good universities. If ICAO has also accepted your degree toward CA requirement than you may only take remaining required courses from any ICAO acceptable university. University does not matter much for individual courses. However, if you are considering to do a complete degree (including those remaining courses) than program/university may matter. Still it is your choice. To me both are good. However universities in Toronto (U of T, York, or Ryerson) might be first choice if you would be staying with your family in Toronto.

[gimvie]

Savak,
In whichg course of University of Toronto you applied, and what was their admission requirements ?
As I am very much keen to go in 2 years Masters from Good Univ

[Ilango]

hough many points of this post have already been mentioned in another thread, but I think it is important to mention these again in totally separate and dedicated thread. The objective of this post is to provide some guidance for career planning to aspiring students and other interested people from immigration to Canada or Australlia point of view, and particularly NOT to start CA vs ACCA debate. Reasoning provided is based on personal Canadian experience and observations spreaded over almost a decade.

First I just wanna say that I am not against Pakistani CA or CMA designations, but the point here is that a student should also see future aspects of designation from working in foreign countries point of view or for immigration purposes. Though Pakistani designations are very well respected in back home but in Canada, UK, USA, or Australlia these designations are not recognized and do not provide much benefits/exemptions. Though with Pakistani designations, a person can get immigration to a western country, but chances to get a good job are really bleak as each country accepts its own designations. Atleast this is true in Canada.

ACCA, CIMA (UK), CFA, and CMA(IMA) are the designations that can be taken in Pakistan and provide very important advantage over Pakistani CA/CMA, as these have mutual recognition agreements with Canadian designations (i.e. CGA, CMA). CIMA(UK)has MRA with Candian CMA. ICAEW CA has MRA with Canadian CA. ACCA has MRA with CGA. CFA is truly global, without any other competing local designation in any country, 100% accepted and highly respected in Canada.

ACCA has mutual recognition agreement (MRA) with CGA (one of 3 Canadian designations) as well as CPA (Australlia). It means if a student in Pakistan gets ACCA then he/she can very easily (infact with minimal efforts) get Canadian CGA or Australlian CPA. So that student can get immigration to Canada or Australlia. And I tell you that if a person enters into Canada or Australlia with CGA or CPA (which are their own designations), would not find difficulty in these countries in finding jobs. Canada is a country that attracts about 300,000 highly skilled and professional immigrants each year from all over the world that includes Pakistani accountants too. Some parts of Canada like Montreal are dominantly French speaking, which is 2nd official language besides English. So, Pakistani professionals don't find work in those parts just because of not knowing French. Thus, their job market shrinks to English speaking cities/provinces. Also, each of 3 Canadian accounting associations (i.e. CGA, CMA, CA) has more than 50,000 members (total more than 150,000). Accounting graduates of Canadian universities and colleges (who are educated and broughtup here and get the big chunk of jobs as they know the system better than new Pakistani immigrants and had more opportunities to enter job market), as well as members of other global accounting bodies like US CPA, CMA(IMA), ACCA, ICAEW, Indian/Chinese CAs are over and above 150,000 Canadian designated accountants, thus, make the situation worse. Also, Canada's population is about 30,000,000 (3 Karor only). Further, Canadian employers require and prefer Canadian designations and Canadian work experience. Thus, job market is highly competitive and Pakistani designations holders find difficulties in finding good jobs quickly that are at same level of their previous jobs. Means they don't find the same level of good jobs they have been doing in Pakistan or Middle East previously before immigration. Age, family and financial responsibilities further increase obstacles after immigration. I have seen many Pakistani CAs and CMAs, with very good accounting experiences, struggling in finding even low paying jobs in Canada and eventually applying for exemptions for Canadian designations and then studying again for years to get Canadian designations or working for US CPA/ CMA. With their families, full time work and age, people find very difficult to take expensive courses and fulfill required experience. So it becomes hard to finish designation in new country. It takes years of endurance and commitment. The reason of telling all this is NOT to scare you people, but a fact realization and to ask for PLAN AHEAD and do some career planning in early life. It would save your time, energies, resources, and efforts later. Just a side note: With all difficulties, Pakistanies are flourishing in all fields and every sphere of Canadian society. They are Member of Parliment (MPs), advisor to Prime Minister, MPPs, Counsilors, Lawyers, accountants, doctors, engineers, in govt. jobs, armed forces, police, foreign services etc. Infact, Pakistan ranks 5th in terms of Canadian immigration and almost 10,000 Pakistanis immigrate to Canada each year. Canada requires 3 years (actually, 1080 days) to live on Canadian soil before applying for citizenship, that usually takes less than a year. So, an immigrant becomes Canadian citizen in less then 4 years.

So prospective students and interested people in Pakistan should plan ahead. In my view, if a person in Pakistan can afford to do ACCA and wants to move to EU, Australlia, Canada, and eventually to USA, should do ACCA. Its also an indirect way to move to USA (in long run) and so many Pakistani, Indians, Chinese and other nationals opt this way. With ACCA, get Canadian immigration and citizenship in 4 years (3 plus 1 year waiting for oath), get Canadian CGA through MRA with ACCA, get a good job and Canadian experience, and after 4 years move to USA. During these 4 years one can get US CPA or CMA (IMA), or even without US CPA or CMA, just get a job in USA and move after 4 years based on Canadian experience and designation. Canadian designations are legally acceptable to get a job and TN visa in USA. I have seen designated accountants from asian countries including Pakistan who worked in Middle East and due to several reasons eventually moved to Canada, found diffilties in finding jobs here. What is the benefit if a student spend money, time and endless efforts in getting Pakistani designations and 10 years down the road realizes to immigrate to western countries, starts studies again at the age of 40 in new country. Rather than this way, save time, efforts, and money, do ACCA in Pakistan (in your home when dad is paying), get new country's designation through mutual recognition agreement (MRA), get immigration and citizenship, and get a job. Even that student can complete remaining courses of ACCA in new country if he/she moves before completing ACCA as ACCA courses can be taken in any country including Canada, Australlia, USA, and Middle East, and then get new country's designation using MRA.

Moreover, remember Pakistani CA or CMA results are highly market demand related. See how many members they have as of today, which means only limited number of fortunate people could successfully finish Pakistani CA or CMA. All others only did articleship or some papers or levels. What is the benefit if a student with all necessary efforts does not pass or doesn't get certificate or charter. I am quite sure many of the students of Pakistani CA or CMA are quite capable of completing ACCA, CMA (IMA), or CFA, as even with low passing rates, these designations usually do not fail a student just to restrict market supply of graduates.