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My Experience in pursuing the CPA Designation in Canada and thinking of a change now

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  • Jun 4th, 2022 12:54 pm
Sr. Member
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Feb 26, 2008
541 posts
114 upvotes
This is what I hate about the new CPA designation. It's using the old CGA advertising approach to lure unsuspecting students like OP into an expensive program without tangible prospect of a job afterwards. It's an exit strategy for those who could not get into the CA program.

The truth is, OP, without public practice experience, your chances of moving up in the corporate ladder in industry is lower than those who had. Most of the management level people in bigger companies who I deal with are ex public practice. I think you really need to think long and hard about what you want to. Yes, the first few years in a public practice firm is going to suck. But at the same time it will open many doors for you. But DO NOT go through the entire PEP program and write the CFE without getting an employer who will back you up. You will just end up wasting your money and time. Good luck.
Newbie
Jul 18, 2016
8 posts
1 upvote
Corner3 wrote:
chuchurocket wrote: OP, just some honest word of advice. Your chance at an Ivy MBA is low regardless of your GMAT score. Candidates with 3+ years of Fortune 500 work experience + designation(s) + Ivy league undergrad degree is the norm among the top MBA applicants. Having a 700+ GMAT means you meet just 1 of the many criteria of a competitive candidate; your Canadian work experience as described will add nothing to your appeal, and might end up LOWERING your odd of getting in. Top biz school admission can smell desperation like sharks smelling blood in water, and any slight indications of "I wish to get an MBA so I can exit chronic under-employment" will get your app into the recycling bin. But please don't let this discourage you from applying, I am merely give you the facts based on the available info, you could've been some amazing concert pianist or taekwondo champion or have some other equally impressive achievements that could bolster your applications, it's up to you to highlight those on your application.

My advice: DO move to the states, find employment in a reputable company, doesn't have to be some fancy senior strategic consultant or whatever position, give yourself a couple hours a day for GMAT/application prep, and try applying in 1-2 years. If you don't get into top 5-10 Ivy League, settle for anything in the US top 100.

Another route to consider: stay in Canada, get back into the banking sector and complete your CFA II and III. Start at retail banking if you have to, work your way up to something like your previous job as relationship manager. At that point you can should be able to find a position that will allow you to fulfill the CFA experience requirement.

However, whatever you decide to end up doing, please, please please DO NOT consider any Canadian MBA as an alternative in the short term. Getting a MBA from any Canadian Univ with your current work history means you are essentially gambling with your tuition money, the chance of you getting absolutely nothing out of it is about equal or greater than the chance of you getting a boost in career/income post MBA.
Excellent post. Though we'll both probably be attacked by the UWO and Schulich and Rottman alumni here for the honesty. But everyone else will appreciate the honest advice.

A few things to clarify for the OP though, there aren't "5-10" top ivy league schools, there are only 8 ivy league schools. Also, it is true you'll be better off at any Top 100 US school. Really, any major school in a metropolitan area will do the job better than a Canadian MBA program. Not sure if these are even top 100, but schools like UC-Irvine, UCSD, University of Houston, A&M, SUNY, San Jose State would be good for MBA programs. They're near big cities, they attract a affluent students, have rich alumni bases, companies are always there.

On top of chuchurocket's suggestions, I would also suggest volunteering as a route. Like we both mentioned, you're going to have a tough time getting into an elite program if you haven't done something amazing (tae kwon do champ, concert pianist, college sports, getting into sundance). They aren't about going after dudes with a lot of time on their hand with perfect test scores who have spend their lives in school so they attract a bunch of other paper chasers to fill seats at York. What have you done that is distinct or signifigant? U.S. schools are all about brands. Do they want to attach their school name to you? If they send you to Microsoft, Google, Exxon, AT&T, Nike, Under Armour, Bank of America, will that make those companies come back to hire more? Will you rise up there?

A lot of Ivy Leaguers I know spent a lot of time volunteering. When they say "I want to help kids with HIVs in Africa", they're not speaking hypothetically or in the future. They've done it, have proof of their volunteering stint, and would probably do it again. Those are the types of students those schools attach their name to.
This is an excellent suggestion. I totally agree with it. I will definately look at volunteering and adding extra curriculars. But i will appreciate any suggestions for very popular volunteering and extra curricular activities.
Newbie
Jul 18, 2016
8 posts
1 upvote
q0192837465 wrote: This is what I hate about the new CPA designation. It's using the old CGA advertising approach to lure unsuspecting students like OP into an expensive program without tangible prospect of a job afterwards. It's an exit strategy for those who could not get into the CA program.

The truth is, OP, without public practice experience, your chances of moving up in the corporate ladder in industry is lower than those who had. Most of the management level people in bigger companies who I deal with are ex public practice. I think you really need to think long and hard about what you want to. Yes, the first few years in a public practice firm is going to suck. But at the same time it will open many doors for you. But DO NOT go through the entire PEP program and write the CFE without getting an employer who will back you up. You will just end up wasting your money and time. Good luck.
Well it is important to clarify that when we talk about public practice experience, we are talking strictly about the Big 4 here or firms like BDO, Grant Thorton and MNP. Small firm experience or mid sized firm experience will not really help someone to get into Industry unless you have some crazy connections in the private company.

The problem i am facing is that in most of my experiences in accounting right now, i am just not running into accounting firms where they are willing to properly train me up in terms of technical skills. When your technical skills are top notch and when you know what you are doing with respect to each and every accounting issue you encounter, only then will you be able to meet the expectations of a corporate tax return, notice to reader file must be completed from start to finish flawlessly with very minimal review notes, with every issue clarified with the client, CRA, every account balance supported by a client provided document, top notch referencing within 6 hours and any time above that requires a serious and justified explanation. Perhaps the Big 4, BDO, MNP, Grant Thorton provide this kind of training and environment. I know a friend of mine who had 2 bad experiences with small accounting firm before he ran into a one partner firm where the partner lovingly trained him up gradually and did not put any pressure on him with respect to budgets and he was able to get fully trained up there, complete and clear his CPA exams and obtain the designation. He keeps reminding me that it is all about running into this kind of an accounting firm but if i continue to have bad luck where i remain unemployed for long or just run into the wrong firms where i fail to survive and can't mention them on my resume, then i need to be realistic and cut my losses and get into something else. I personally dont mind working long hours as long as i am being treated well and am learning and enjoying.

Accounting is not the only field in the world. There are other fields out there as well where you can make more money than accounting and work less hours.
Newbie
Jul 18, 2016
8 posts
1 upvote
chuchurocket wrote: OP, just some honest word of advice. Your chance at an Ivy MBA is low regardless of your GMAT score. Candidates with 3+ years of Fortune 500 work experience + designation(s) + Ivy league undergrad degree is the norm among the top MBA applicants. Having a 700+ GMAT means you meet just 1 of the many criteria of a competitive candidate; your Canadian work experience as described will add nothing to your appeal, and might end up LOWERING your odd of getting in. Top biz school admission can smell desperation like sharks smelling blood in water, and any slight indications of "I wish to get an MBA so I can exit chronic under-employment" will get your app into the recycling bin. But please don't let this discourage you from applying, I am merely give you the facts based on the available info, you could've been some amazing concert pianist or taekwondo champion or have some other equally impressive achievements that could bolster your applications, it's up to you to highlight those on your application.

My advice: DO move to the states, find employment in a reputable company, doesn't have to be some fancy senior strategic consultant or whatever position, give yourself a couple hours a day for GMAT/application prep, and try applying in 1-2 years. If you don't get into top 5-10 Ivy League, settle for anything in the US top 100.

Another route to consider: stay in Canada, get back into the banking sector and complete your CFA II and III. Start at retail banking if you have to, work your way up to something like your previous job as relationship manager. At that point you can should be able to find a position that will allow you to fulfill the CFA experience requirement.

However, whatever you decide to end up doing, please, please please DO NOT consider any Canadian MBA as an alternative in the short term. Getting a MBA from any Canadian Univ with your current work history means you are essentially gambling with your tuition money, the chance of you getting absolutely nothing out of it is about equal or greater than the chance of you getting a boost in career/income post MBA.
I appreciate the feedback. While i am not setting my expectations high, i understand my essays, letters of recommendation and resume will also be a factor in the application process. But i don't completely agree that every candidate has to have Fortune 500 work experience. I know tons of people from Pakistan, Bangladesh, India where they worked in their own home countries but were still accepted into Harvard. It would be discrimination if they only accepted candidates from Fortune 500 companies.

I am even debating going back to my home country and try to work for 1-2 years in a professional field which is a better option than remaining unemployed or under employed in Canada. Will figure out something regarding the extra curricular activities.
Newbie
Feb 27, 2012
68 posts
78 upvotes
VICTORIA
FiraasB892886 wrote:
I appreciate the feedback. While i am not setting my expectations high, i understand my essays, letters of recommendation and resume will also be a factor in the application process. But i don't completely agree that every candidate has to have Fortune 500 work experience. I know tons of people from Pakistan, Bangladesh, India where they worked in their own home countries but were still accepted into Harvard. It would be discrimination if they only accepted candidates from Fortune 500 companies.

I am even debating going back to my home country and try to work for 1-2 years in a professional field which is a better option than remaining unemployed or under employed in Canada. Will figure out something regarding the extra curricular activities.
Do apply to Harvard, Stanford, or whatever school of your choice, it is definitely not impossible. The fortune 500 football captain 700+ GMAT guy is the typical biz school wetdream. At the end of the day, getting in as a 1st round clear admit vs getting in as 2nd round waitlist means little at graduation day.

Moving back is another option as well. The chances of you landing a job with a multi-national/fortune 500 anywhere outside of Canada is simply way higher than within Canada.

Another cold, hard, uncomfortable fact. Top schools do in fact HARDCORE DISCRIMINATE against particular groups of ppl. I don't want to offend anyone so I will let you do your own research on that.
Banned
User avatar
Nov 19, 2014
910 posts
248 upvotes
FiraasB892886 wrote:
chuchurocket wrote: OP, just some honest word of advice. Your chance at an Ivy MBA is low regardless of your GMAT score. Candidates with 3+ years of Fortune 500 work experience + designation(s) + Ivy league undergrad degree is the norm among the top MBA applicants. Having a 700+ GMAT means you meet just 1 of the many criteria of a competitive candidate; your Canadian work experience as described will add nothing to your appeal, and might end up LOWERING your odd of getting in. Top biz school admission can smell desperation like sharks smelling blood in water, and any slight indications of "I wish to get an MBA so I can exit chronic under-employment" will get your app into the recycling bin. But please don't let this discourage you from applying, I am merely give you the facts based on the available info, you could've been some amazing concert pianist or taekwondo champion or have some other equally impressive achievements that could bolster your applications, it's up to you to highlight those on your application.

My advice: DO move to the states, find employment in a reputable company, doesn't have to be some fancy senior strategic consultant or whatever position, give yourself a couple hours a day for GMAT/application prep, and try applying in 1-2 years. If you don't get into top 5-10 Ivy League, settle for anything in the US top 100.

Another route to consider: stay in Canada, get back into the banking sector and complete your CFA II and III. Start at retail banking if you have to, work your way up to something like your previous job as relationship manager. At that point you can should be able to find a position that will allow you to fulfill the CFA experience requirement.

However, whatever you decide to end up doing, please, please please DO NOT consider any Canadian MBA as an alternative in the short term. Getting a MBA from any Canadian Univ with your current work history means you are essentially gambling with your tuition money, the chance of you getting absolutely nothing out of it is about equal or greater than the chance of you getting a boost in career/income post MBA.
I appreciate the feedback. While i am not setting my expectations high, i understand my essays, letters of recommendation and resume will also be a factor in the application process. But i don't completely agree that every candidate has to have Fortune 500 work experience. I know tons of people from Pakistan, Bangladesh, India where they worked in their own home countries but were still accepted into Harvard. It would be discrimination if they only accepted candidates from Fortune 500 companies.

I am even debating going back to my home country and try to work for 1-2 years in a professional field which is a better option than remaining unemployed or under employed in Canada. Will figure out something regarding the extra curricular activities.
Not not always Fortune 500, but what admissions would consider good companies, or that they were doing interesting work or accomplishing impressive things pre-MBA. All the Harvard MBAs I met were already successful by most definitions before going to the MBA program.

You can check LinkedIn. After a minute search, one of the candidates in the MBA program at Harvard from South Asia that didn't work for a big name company in their home country, is a female that graduated out of IIT. She did a volunteering stint at an HIV clinic, as well as a list of other impressive volunteering positions. Also, that's just what we know of her on paper, she's probably great in interviews, and has other stuff on her application not listed (possible alumni relatives, athletics, music, hardships she's faced in South Asia).

As for volunteering suggestions, think of something very difficult that shows character, something that other people think is too rough. Something where if we suggested it you would go, "No, that's too much. I don't want to do that, that's a rough environment." That's what you want to do, because that's what applicants will do. You might want to see a college admissions consultant on this, as they'd know better than I (I worked at a well-known multi-national company and also a Fortune 100 company before I applied to grad school so I wasn't too worried overall, plus I write top-notch admission essays).

The whole "I know people that made it when they didn't do this or that" is a great way to get rejected by good U.S. schools. It's why you see so many angry kids at UofT or UWO MBA going, "Well I had a higher GPA than Michael, but Michael got into NYU...that's not fair! Whatever, I'd rather stay in Canada anyways [cue excuses about liestyle and family that was never a problem prior to rejection, and crying noises]." People often times aren't being completely honest with you because they have no incentive to, or like I said are very humble with their achievements. If you met Gideon Yu at a bar, "I went to Stanford, Harvard, and was the CEO of the San Francisco 49ers and the CFO of Facebook" probably wouldn't come up in conversation. Doesn't mean it didn't happen.
I'm At The W, But I Can't Meet You In The Lobby, Girl I Gotta Watch My Back, Cuz I'm Not Just Anybody, I Seen Em' Stand In Line, Just To Get Beside Her, That's When We Disappear, You Need GPS To Find Her, Oh That Was Your Girl? I Thought I Recognized Her."
Jr. Member
Jul 21, 2016
171 posts
8 upvotes
FiraasB892886 wrote:
chuchurocket wrote: OP, just some honest word of advice. Your chance at an Ivy MBA is low regardless of your GMAT score. Candidates with 3+ years of Fortune 500 work experience + designation(s) + Ivy league undergrad degree is the norm among the top MBA applicants. Having a 700+ GMAT means you meet just 1 of the many criteria of a competitive candidate; your Canadian work experience as described will add nothing to your appeal, and might end up LOWERING your odd of getting in. Top biz school admission can smell desperation like sharks smelling blood in water, and any slight indications of "I wish to get an MBA so I can exit chronic under-employment" will get your app into the recycling bin. But please don't let this discourage you from applying, I am merely give you the facts based on the available info, you could've been some amazing concert pianist or taekwondo champion or have some other equally impressive achievements that could bolster your applications, it's up to you to highlight those on your application.

My advice: DO move to the states, find employment in a reputable company, doesn't have to be some fancy senior strategic consultant or whatever position, give yourself a couple hours a day for GMAT/application prep, and try applying in 1-2 years. If you don't get into top 5-10 Ivy League, settle for anything in the US top 100.

Another route to consider: stay in Canada, get back into the banking sector and complete your CFA II and III. Start at retail banking if you have to, work your way up to something like your previous job as relationship manager. At that point you can should be able to find a position that will allow you to fulfill the CFA experience requirement.

However, whatever you decide to end up doing, please, please please DO NOT consider any Canadian MBA as an alternative in the short term. Getting a MBA from any Canadian Univ with your current work history means you are essentially gambling with your tuition money, the chance of you getting absolutely nothing out of it is about equal or greater than the chance of you getting a boost in career/income post MBA.
I appreciate the feedback. While i am not setting my expectations high, i understand my essays, letters of recommendation and resume will also be a factor in the application process. But i don't completely agree that every candidate has to have Fortune 500 work experience. I know tons of people from Pakistan, Bangladesh, India where they worked in their own home countries but were still accepted into Harvard. It would be discrimination if they only accepted candidates from Fortune 500 companies.

I am even debating going back to my home country and try to work for 1-2 years in a professional field which is a better option than remaining unemployed or under employed in Canada. Will figure out something regarding the extra curricular activities.

Why dont you work for one of the Big4 in your home country ? then get your CA in your home country (pakistan?) then once you have your CA just write the reciprocity exam and become a CPA in canada? (or the states) ??
Newbie
Jul 18, 2016
8 posts
1 upvote
Istillwanttodoit wrote:
FiraasB892886 wrote:
chuchurocket wrote: OP, just some honest word of advice. Your chance at an Ivy MBA is low regardless of your GMAT score. Candidates with 3+ years of Fortune 500 work experience + designation(s) + Ivy league undergrad degree is the norm among the top MBA applicants. Having a 700+ GMAT means you meet just 1 of the many criteria of a competitive candidate; your Canadian work experience as described will add nothing to your appeal, and might end up LOWERING your odd of getting in. Top biz school admission can smell desperation like sharks smelling blood in water, and any slight indications of "I wish to get an MBA so I can exit chronic under-employment" will get your app into the recycling bin. But please don't let this discourage you from applying, I am merely give you the facts based on the available info, you could've been some amazing concert pianist or taekwondo champion or have some other equally impressive achievements that could bolster your applications, it's up to you to highlight those on your application.

My advice: DO move to the states, find employment in a reputable company, doesn't have to be some fancy senior strategic consultant or whatever position, give yourself a couple hours a day for GMAT/application prep, and try applying in 1-2 years. If you don't get into top 5-10 Ivy League, settle for anything in the US top 100.

Another route to consider: stay in Canada, get back into the banking sector and complete your CFA II and III. Start at retail banking if you have to, work your way up to something like your previous job as relationship manager. At that point you can should be able to find a position that will allow you to fulfill the CFA experience requirement.

However, whatever you decide to end up doing, please, please please DO NOT consider any Canadian MBA as an alternative in the short term. Getting a MBA from any Canadian Univ with your current work history means you are essentially gambling with your tuition money, the chance of you getting absolutely nothing out of it is about equal or greater than the chance of you getting a boost in career/income post MBA.
I appreciate the feedback. While i am not setting my expectations high, i understand my essays, letters of recommendation and resume will also be a factor in the application process. But i don't completely agree that every candidate has to have Fortune 500 work experience. I know tons of people from Pakistan, Bangladesh, India where they worked in their own home countries but were still accepted into Harvard. It would be discrimination if they only accepted candidates from Fortune 500 companies.

I am even debating going back to my home country and try to work for 1-2 years in a professional field which is a better option than remaining unemployed or under employed in Canada. Will figure out something regarding the extra curricular activities.

Why dont you work for one of the Big4 in your home country ? then get your CA in your home country (pakistan?) then once you have your CA just write the reciprocity exam and become a CPA in canada? (or the states) ??
It doesn't work that way. I know many CA's from Pakistan with Big 4 experience in Pakistan and Middle East, they still had to take certain Canadian Courses and start from scratch. In any case, my passion and interest in the accounting field has waned. I no longer have a desire to pursue the accounting designation anymore especially given the fact i don't have a desire to work in a Public Accounting firm
Sr. Member
Feb 15, 2010
702 posts
700 upvotes
Surrey
That sucks OP, I can't fully relate to what you have gone through, but I can appreciate and understand it.

When I was in high school/college everyone (not the CA Institute) always promoted accounting, especially with a (CA) designation, as a stable field with high potential. With average salaries of $40K for new CA students, $60K upon designation, and $100K within five years of designation. This is all very true. However, what is not disclosed appropriately is the number of available positions compared to new college graduates. I believe after the 2008 recession/pre CPA conversion there was a mad rush to get one of these great stable positions. Which caused a huge influx of people to go into the accounting field, not out of passion (which I did because I did like doing accounting in high school), but just to get a good job that just saturated the market and gave employers significant choices and control.

In my personal experience when I was looking for an accounting job while I was in college to try and get work experience to better stand out prior to applying for a CA position. I was simply unable to find an accounting job in my early 20s that had reasonable expectations even while I had already earned a diploma. Many entry level/bookkeeping positions required something like 3 years minimum full cycle accounting experience with experience in several accounting software suites and would offer to pay $10-12 an hour. I knew that was ridiculous because I was making more part time as a cashier at Safeway, and I know even though I did not have the experience of actually doing fully cycle accounting that I could easily do it.

Having no luck by my third year I decided to enroll in my college's program co-op program where the school tries to link candidates with different employers. I had several interviews during the next year but was always unable to land a job (it gets progressively more demoralizing as time continues). Sometimes the reasons for not hiring me were just ridiculous as well Eg.

Employer: "We were looking for someone with more experience"
My thoughts: Where did I lie on my resume about my lack of work experience? Are you unaware of how this co-op situation works? You get cheap labour in exchange for providing us experience.

During this time I was also going through CA recruit, and thought I made good connections. I even completed a challenge with one mid size firm where they asked weekly accounting questions, I was the only person to nail each one. But for this whole process I did not even receive a single interview. I felt the same as you did, I just wasted the past several years getting this degree and I am not even going to be able to do anything with it. For every person I knew who got a CA position, I knew 2-3 didn't.

However, my co-op facilitator never gave up on me as she couldn't believe I kept getting turned down. She made me apply to a newly reorganized small CA firm (20ish employees) for a co-op position, and fortunately got the position. The people at this firm were super nice and willing to train. Of course deadlines are always an issue and stress can arise it never was the main factor. I did excel there, because I worked extremely hard knowing this was likely my last opportunity, so by the time my contract was to expire they offered my a full-time CA position for $36K, though under the average, I gladly accepted (this was in 2012). I earned my CA designation January 2015 with a salary of $56K. As of this month I am now at $71K (same firm) so I'm well within the averages promoted.

Though the my firm is pretty great with the people and the desire to make sure everything is doing well I know other firms are not as such. As I mentioned above the firm I joined reorganized because it used to be several location but split apart due certain differences in culture. Similar to your first Toronto position, one of the branches apparently was just awful with how it treated staff and each other. I am also aware of the variation that can occur at big 4 firms. I know of several individuals who enjoyed working at certain big firms but transitioned to another one and just despised it due to the culture. I also imagine that location is a major factor here. Being from BC my understanding is that it is more relaxed here and collaborative where the Toronto area can be a little hellish.

For example, I'm pretty sure with your work experience and education over here would nearly certainly get you a CPA position at a big 4 firm out here. And if you still wanted to pursue a CPA designation and get an MBA (although not Ivy league) you could do the MPAcc program and get both at once. Though if you really intend to moving to the US this may not be as desirable for you. Just make sure you pursue the career you want to be the best at, not the one you wish to be the best at.

To lighten the mood lets all enjoy some accounting tumblr posts: http://howshouldweaccountforme.tumblr.com/
Jr. Member
Jul 21, 2016
171 posts
8 upvotes
It doesn't work that way. I know many CA's from Pakistan with Big 4 experience in Pakistan and Middle East, they still had to take certain Canadian Courses and start from scratch. In any case, my passion and interest in the accounting field has waned. I no longer have a desire to pursue the accounting designation anymore especially given the fact i don't have a desire to work in a Public Accounting firm
[/quote]

Strange. I know Indian CA's just have to write a reciprocity exam, and I knew an Egyptian fellow who had an egyptian CA, and he wrote the reciprocity and became a Canadian CA...

Are you sure you are aware of the reciprocity rules?

Are you sure you want to quit, after all the time, tears, money and effort invested?
Newbie
Jul 18, 2016
8 posts
1 upvote
Istillwanttodoit wrote: It doesn't work that way. I know many CA's from Pakistan with Big 4 experience in Pakistan and Middle East, they still had to take certain Canadian Courses and start from scratch. In any case, my passion and interest in the accounting field has waned. I no longer have a desire to pursue the accounting designation anymore especially given the fact i don't have a desire to work in a Public Accounting firm
Strange. I know Indian CA's just have to write a reciprocity exam, and I knew an Egyptian fellow who had an egyptian CA, and he wrote the reciprocity and became a Canadian CA...

Are you sure you are aware of the reciprocity rules?

Are you sure you want to quit, after all the time, tears, money and effort invested?
[/quote]

Hmm. I wouldn't exactly call it quitting. There are some personal circumstances as well. There is a girl outside Canada i want to get engaged and married too. It will be much easier for this to happen if i was in the same country as here but much harder if i continued to remain in Canada struggling, unemployed or employed at minimum wage. The thing is i only decided to pursue accounting as a career in Canada only for the first time, back in my home country i was an MBA from the top business school and had worked in the top most private owned bank in that country. My earning potential and career prospects are far brighter back in my home country as oppossed to staying and living in Canada. I have also lost my drive and desire to pursue Accounting full time as a career, i will just be happy with any job in a privately owned firm where the work is closely related to my education, skills, knowledge, the pay is very decent, the working hours are 9 to 5 Monday to Friday. Had i been 23-24 years old, yes i would have continued struggling but at 31 given that i am going to have more and more responsibilities in the near future, i need to make smarter decisions for myself.

My plan right now is to go back to home country now that i have my Canadian Passport, work in my field for 1-2 years, earn decently, build my confidence up, enjoy life a little, catch up with old friends, excercise, go to the gym after work and get back into shape, prepare for my Gmat, Prepare for my CFA Level 2, Level 3, try and pursue this girl that i really like in my home country and then once my mom, dad, sister who are green card holders move to the US in 2 years time, i can then apply to an IVY league MBA and if i am lucky enough to land a job in the US, i will try to do this MBA during evening hours.

I think this is a better plan rather than struggle unnecessarily trying to get a CPA designation which has no real value if not accompanied by Big 4 experience.
Member
Mar 8, 2015
204 posts
61 upvotes
Sorry to hear about your experience OP. The business world is harsh, especially in today's market where employers have a lot of control due to over saturation of accounting graduates. 2 questions though:

1. you mentioned you were in commercial banking in your home country, why didn't you ever try to pursue that career path here??? It is fairly solid career in Canada and as far as finance goes, the work life balance is not bad once you're a bit more established in your career. While it's not sexy like I-banking, It is still an area of banking that is desireable to many and opens up a lot of opportunities outside of banking.

2. After such an experience with the CPA, why are you doing your CFA without any sense of direction??? I'm not trying to sound rude, but the CFA is very specialized and seems to only add any value if you're working in asset management/trading jobs. Ever since I graduated most "industry" jobs seem to favour an accounting designation...i've seen too many times where a kid with no work experience jumps on the CFA band wagon with the mentality that it instantly lands them a 6-figure job, it doesn't work that way. People who actually make use of these 3 letters do the course to further their careers, not break into them. Experience and networking trumps all.
Member
Aug 12, 2016
269 posts
67 upvotes
allchooedup wrote: Sorry to hear about your experience OP. The business world is harsh, especially in today's market where employers have a lot of control due to over saturation of accounting graduates. 2 questions though:

1. you mentioned you were in commercial banking in your home country, why didn't you ever try to pursue that career path here??? It is fairly solid career in Canada and as far as finance goes, the work life balance is not bad once you're a bit more established in your career. While it's not sexy like I-banking, It is still an area of banking that is desireable to many and opens up a lot of opportunities outside of banking.

2. After such an experience with the CPA, why are you doing your CFA without any sense of direction??? I'm not trying to sound rude, but the CFA is very specialized and seems to only add any value if you're working in asset management/trading jobs. Ever since I graduated most "industry" jobs seem to favour an accounting designation...i've seen too many times where a kid with no work experience jumps on the CFA band wagon with the mentality that it instantly lands them a 6-figure job, it doesn't work that way. People who actually make use of these 3 letters do the course to further their careers, not break into them. Experience and networking trumps all.
Back in my home country, even in Commercial Banking my role was to primarily market and get deposits. Even though i managed to hold my own and barely meet my targets, but i didn't feel naturally very comfortable in the role, it was a pure Sales job and i didn't see myself doing this in the long run. I guess i perhaps made a mistake by choosing Accounting but i did speak to a few CPA's, relatives and other individuals and most of them kept commenting about how Accounting, the CPA designation is such a powerful designation which opens massive doors. I fell for CPA Ontario's Salary Advertisements. I don't mind working in Banking but i have a strong fear of the Deposit/Liabilities side of things where you will be given massive Targets to Achieve, i just believe those kind of roles are strictly for extroverts, people who just have a passion to network and make connections.

I know about the prospects of CFA which is why i didn't really focus on it in the last 4 years. I know CFA designation or FRM alone is useless in Canada if not supplemented by solid work experience. Its about understanding the designation too, in the US and Canada i believe people understand that the designation means something for Investment Banking, Asset Management, Stock and Equity Research, Financial Analyst type roles.

But life outside Canada is very different. In my home country, there was no indepth understanding of the CFA designation, it was just generally felt that people who had the CFA designations are very smart, accomplished. people with the CFA designations are given preference over those individuals who do not have the designation. In the Middle East, CFA charter holders have a big advantage over those with the designation. This is why people pursue the CFA designation. I know a lot of students who when they were going through the grind of training for CA, kept the CFA as a back up plan.
Member
Mar 8, 2015
204 posts
61 upvotes
Savak2015 wrote:
allchooedup wrote: Sorry to hear about your experience OP. The business world is harsh, especially in today's market where employers have a lot of control due to over saturation of accounting graduates. 2 questions though:

1. you mentioned you were in commercial banking in your home country, why didn't you ever try to pursue that career path here??? It is fairly solid career in Canada and as far as finance goes, the work life balance is not bad once you're a bit more established in your career. While it's not sexy like I-banking, It is still an area of banking that is desireable to many and opens up a lot of opportunities outside of banking.

2. After such an experience with the CPA, why are you doing your CFA without any sense of direction??? I'm not trying to sound rude, but the CFA is very specialized and seems to only add any value if you're working in asset management/trading jobs. Ever since I graduated most "industry" jobs seem to favour an accounting designation...i've seen too many times where a kid with no work experience jumps on the CFA band wagon with the mentality that it instantly lands them a 6-figure job, it doesn't work that way. People who actually make use of these 3 letters do the course to further their careers, not break into them. Experience and networking trumps all.
Back in my home country, even in Commercial Banking my role was to primarily market and get deposits. Even though i managed to hold my own and barely meet my targets, but i didn't feel naturally very comfortable in the role, it was a pure Sales job and i didn't see myself doing this in the long run. I guess i perhaps made a mistake by choosing Accounting but i did speak to a few CPA's, relatives and other individuals and most of them kept commenting about how Accounting, the CPA designation is such a powerful designation which opens massive doors. I fell for CPA Ontario's Salary Advertisements. I don't mind working in Banking but i have a strong fear of the Deposit/Liabilities side of things where you will be given massive Targets to Achieve, i just believe those kind of roles are strictly for extroverts, people who just have a passion to network and make connections.

I know about the prospects of CFA which is why i didn't really focus on it in the last 4 years. I know CFA designation or FRM alone is useless in Canada if not supplemented by solid work experience. Its about understanding the designation too, in the US and Canada i believe people understand that the designation means something for Investment Banking, Asset Management, Stock and Equity Research, Financial Analyst type roles.

But life outside Canada is very different. In my home country, there was no indepth understanding of the CFA designation, it was just generally felt that people who had the CFA designations are very smart, accomplished. people with the CFA designations are given preference over those individuals who do not have the designation. In the Middle East, CFA charter holders have a big advantage over those with the designation. This is why people pursue the CFA designation. I know a lot of students who when they were going through the grind of training for CA, kept the CFA as a back up plan.
Fair enough. In Canada though commercial banking is both a sales and analysis job, as an account/relationship manager you're right, the focus is on sales (new loans and deposits) but good relationship managers have solid analysis skills. I think it's a nice solid area to make a career in once someone gets more established. The work life balance is a bit better than most other areas of finance and you can make a fairly solid living( 6 figure all in compensation) if you're successful at it. Wealth management though in Canada, that is nothing but sales.
Member
Aug 12, 2016
269 posts
67 upvotes
Fingers crossed. Got a one month trial opportunity in a one person owned accounting firm. After the end of September, the partner will decide to keep me on full time or just let me go. Not ideal but better than nothing. Will have to give it my all.
Newbie
Aug 25, 2016
2 posts
1 upvote
Edmonton
CPA firms are not the same as working in management. Management is all about politics, firms are all about pumping out numbers like your pants are on fire. There are a lot of MBA's who get paid over $100,000 a year who couldn't cut it for one hour in an accounting firm!
Newbie
Oct 4, 2008
51 posts
5 upvotes
Damn mate! Mad respect for you! I salute you! I am not an accountant but been in the industry for 9 years and honestly it is not you it really is the canadian market size. Even a small country like Singapore has more opportunities than we do in Canada. To add to that we have boat load of highly skilled immigrants coming to Canada and it is just going downhill from there. But now that you have seen the full shit show I am curious to know your next step.
Deal Addict
May 18, 2015
1803 posts
851 upvotes
Ottawa,Ont
Savak2015 wrote: Fingers crossed. Got a one month trial opportunity in a one person owned accounting firm. After the end of September, the partner will decide to keep me on full time or just let me go. Not ideal but better than nothing. Will have to give it my all.
How did it turn out?
Member
Jun 25, 2011
336 posts
117 upvotes
Alberta
CarAddict676 wrote: Update please
I think he went back to Pakistan which in my opinion is not a bad move. Accounting field over here is really competitive and it is not easy to get into the field. Getting designation is becoming minimum requirement these days and in my PEP class lots of people working in a small and mid-size firm. I was of the same age as him when I graduated from a college in an accounting program and was an immigrant as well. I agree that Big 4 is a fad and they only hire kids primarily 25 years of age. They will not tell you straight no but you will be very unlikely to even called for interview. I applied for the co-op when I was in university and was able to get one year co-op. It is always hard to get your first meaningful job and I was able to work in small size accounting field where I was really lucky to have some good experience.

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