Accounting

Frequently Asked Questions (FAQ)

• What qualifications do I need to become an accountant?

  The minimum educational requirement to become an accountant is a bachelor’s degree. You can pursue any type of bachelor’s degree to obtain a chartered professional accountant (CPA) designation later, but completing a relevant program may better prepare you for an accounting job. Programs such as accounting, business, or finance are aligned with what you will need to acquire an understanding of accounting processes and procedures.

  Once you have your bachelor’s degree, you can apply for the CPA professional education program with the CPA in your province or an approved graduate school.

• What skills are needed to become an accountant?

  If you’re aiming to become an accountant, a strong grasp of numbers and technology is essential. This means being comfortable with digital tools, having a solid understanding of economics, business management, finance, business law, and knowing how to measure performance.

  Accountants rely on advanced software for tasks like financial analysis and reporting, which goes beyond the simpler programs used by bookkeepers for transaction tracking and record-keeping. As artificial intelligence continues to reshape the field, those who know how to use AI for routine tasks will have an edge.

  Accounting isn’t just about numbers; it’s also about communicating what the numbers mean. Strong verbal and written communication skills help you break down complex financial information for people who may not have a financial background.

  Other essential skills? Attention to detail, a knack for problem-solving, and the ability to interpret numbers and explain them to stakeholders. The job can sometimes be high-pressure, especially when collaborating with teams across different parts of a company – but it’s all part of the challenge.

• What’s the difference between an accountant and a bookkeeper?

  In a nutshell, accountants and bookkeepers focus on different layers of a business’s financial health. Accountants generally have more education, which helps them analyze reports and assess a business’s overall financial well-being. Bookkeepers, on the other hand, focus more on daily transactions, keeping the financial records accurate and up-to-date.

  Many accountants start out as bookkeepers to build a solid foundation in record-keeping while they work toward their accounting qualifications. Once they’re fully trained, accountants tackle tasks like preparing tax returns, analyzing financial statements, and auditing to ensure everything’s up to standard. In other words, accountants take on more strategic tasks, including analyzing financial data and offering tax planning advice, compared to the day-to-day maintenance operations a bookkeeper oversees.

  If you become an accountant, you’ll have a lot of career flexibility. You might work in-house for a company, run your own practice, or specialize in areas like tax accounting, law, insurance, health, or small business finance. Accountants generally have more opportunities for career advancement than bookkeepers, who often stick with similar roles throughout their careers.

• What's the difference between an accountant and a CPA?

  The main difference between a chartered professional accountant (CPA) and an accountant is the achievement of a CPA certification.

  Earning the CPA designation requires candidates to complete a bachelor’s degree in accounting or a related area, such as math, economics or business. This degree serves as a prerequisite qualification for anyone interested in the CPA training programs and certifications.

  The greater experience and education of a CPA can make them more qualified for high-level responsibilities such as tax accounting, internal audits, budget consultations and account maintenance.