So, you’re considering different career pathways and you’ve arrived at the big question: Should I become an accountant? Welcome to the world of accounting, where numbers tell the story of businesses, and financial insights pave the way for strategic decisions. If you’re an aspiring accounting student in Alberta, Canada, this guide is tailored for you. At NowCPA, an innovative accounting firm based in Medicine Hat, we understand the importance of making informed decisions about your future career. With insights from our CPA’s, CPA Alberta and the Canada Revenue Agency (CRA), we’ve compiled a thorough, user-friendly guide to help you navigate your journey to becoming an accountant.

Should I Become an Accountant?

The Pros of an Accounting Career

Diverse Opportunities: Accounting opens doors to various industries, from finance and healthcare to technology and entertainment. Whether you’re interested in auditing, tax preparation, or corporate finance, there’s a niche for you.
Job Stability: Accountants are always in demand. Businesses, non-profits, and government agencies need accountants to manage their finances, ensure regulatory compliance, and provide financial planning. You can also work anywhere in the world with a CPA designation.
Competitive Salary: According to the latest data from CPA Alberta, the average salary for CPAs in Alberta is well above the national average. Entry-level positions start strong, and with experience, your earning potential grows significantly.
Professional Growth: The accounting profession offers continuous learning opportunities. With various certifications and specializations, you can keep enhancing your skills and advancing your career.

Considerations to Keep in Mind

Rigorous Education and Certification: Becoming an accountant requires dedication to education and certification. This includes undergraduate studies, professional programs, and passing the CPA exams.
Attention to Detail: Accounting involves meticulous attention to detail and a high level of accuracy. If you enjoy working with numbers and have a knack for precision, this could be a great fit.
Ethics and Integrity: Accountants handle sensitive financial information. Ethical standards and integrity are paramount in this profession.

What is a Career in Accounting Like?

Day-to-Day Responsibilities

A career in accounting can vary greatly depending on your specialization and the type of organization you work for. However, some common responsibilities include:

Financial Reporting: Preparing financial statements and reports.
Auditing: Examining financial records to ensure accuracy and compliance with regulations.
Tax Preparation: Preparing and filing tax returns for individuals and businesses.
Consulting: Providing strategic financial advice to help businesses make informed decisions.
Budgeting: Developing and managing budgets to optimize financial performance.

Work Environment

Accountants typically work in office settings, though remote work is becoming more common. Public accountants often work longer hours during tax season (however, some modern firms, such as NowCPA, are recognizing the importance of work-life balance), while corporate accountants might have more predictable schedules.

Career Advancement

With experience, accountants can move into higher positions such as senior accountant, finance manager, controller, or CFO. Specialized certifications, breadth of experience, and continuous professional development further enhance career prospects.

Specific Example: The Role of a Forensic Accountant

Forensic accountants combine accounting with investigative skills to examine financial records for legal proceedings. For example, a forensic accountant might be hired to uncover financial fraud within a corporation. This role often involves working closely with law enforcement and legal teams, requiring both technical accounting skills, and strong analytical abilities. It will likely also require a specialized certificate in forensic accounting.

How Do I Become an Accountant in Alberta?

Educational Pathway

High School: Focus on courses in mathematics, business, and economics to build your foundational understanding and skills. Strong analytical and problem-solving skills are crucial. For those in high school asking “should I become an accountant?’ – only if you are good at, and at least somewhat enjoy, math and business studies.
Undergraduate Degree: Enroll in a bachelor’s program with a major in accounting or a related field. Ensure the program is accredited and meets the prerequisites for the CPA Professional Education Program (PEP). For those entering postsecondary asking “should I become an accountant?’ – again, only if you have a good head for numbers and business, and if you an dedicate yourself to completing a four-year undergraduate degree.
Obtaining Prerequisites (PREP): If you did not obtain all your prerequisites with your bachelor’s degree, you can enroll in preparatory (PREP) courses offered by CPA Alberta. All prerequisites must be met to qualify for CPA PEP (the next step). Entrance requirements for PREP courses and further details on courses offered can be found here. This step is not needed for those who obtained all prerequisites through their undergraduate degree.
Professional Education Program (PEP): After your degree, you need to complete the CPA PEP, which includes six modules covering various aspects of accounting and business. This program is designed to develop advanced competencies required for the profession. For those who have completed postsecondary asking “should I become an accountant?’ – well, now that we know you have a good head for numbers and business, AND you’ve got a degree, the answer is: only if you’re willing to go a little bit farther. You’ve got to complete CPA PEP, get experience, and pass your CPA test.

PREP vs PEP:

Some people get confused about the difference between these two. PREP consists of preparatory courses and is only required for those who do not meet the requirements for CPA PEP after university, whereas CPA PEP is an essential , mandatory step in the CPA process which comes after all undergraduate education is complete and prerequisites are obtained.

Visual Flow Chart of Becoming a CPA in Alberta

High School Diploma
- Focus: Math, Business, Economics
Undergraduate Degree
- Duration: 4 years
- Degree: Bachelor’s in Accounting or Related Field
PREP (if applicable)
- Prerequisites: Students complete required courses
CPA PEP (Professional Education Program)
- Core Modules (2)
- Elective Modules (2 out of 4 options)
- Capstone Integrative Module
- Capstone Exam Preparation Module
Practical Experience
- Minimum: 30 months
- Supervised by CPA
Common Final Examination (CFE)
- Duration: 3 days
- Comprehensive knowledge assessment
CPA Designation
- Ongoing CPD (Continuous Professional Development)

Gaining Experience

To become a CPA, you must complete a minimum of 30 months of relevant practical experience. This experience should be gained under the supervision of a CPA and must cover specific competencies outlined by CPA Alberta.

The CPA Exam

The final step is passing the Common Final Examination (CFE), a rigorous three-day exam that tests your knowledge and skills comprehensively on all six core competency areas: financial reporting, management accounting, audit and assurance, strategy and governance, taxation, and finance. Preparing for the CFE requires dedication and a thorough understanding of all CPA competencies. So, if you’re still asking: should I become an accountant? Only if you’re able and willing to pass the CPA exam.

Day-by-Day Breakdown of the Common Final Examination (CFE)

Day 1: Focuses on application of critical thinking skills, decision-making skills, professional judgment, and integration. Day 1 is common to all candidates and therefore draws upon the common knowledge (Core plus Entry columns).
Day 2: Involves one major case study, focusing on depth in specific competencies such as financial reporting, audit and assurance, and taxation.
Day 3: Consists of multiple shorter cases, testing a broad range of competencies and the ability to apply knowledge quickly and accurately.

Continuous Professional Development

Even after obtaining your CPA designation, continuous professional development (CPD) is essential. CPAs must complete ongoing education to maintain their designation and stay current with changes in the profession.

How Long Does It Take to Become an Accountant in Alberta?

Timeline Breakdown

Undergraduate Degree (and PREP, if applicable): Typically 4 years.
CPA PEP: Approximately 2 years, which can be done concurrently with practical experience.
Practical Experience: Minimum 30 months.
CPA Exam Preparation and Completion: Around 6 months.

In total, becoming a CPA can take approximately 7-8 years from the start of your undergraduate degree to achieving your designation. The question remains: Should I become an accountant? Only if you’ve got a few years to dedicate to it. We can tell you from experience – it’s certainly worth it.

What Can I Expect From a Career in Accounting?

Real-World Impact

As a CPA, you’ll play a crucial role in the financial health and strategic direction of organizations. For instance, you might work as a financial analyst in a tech company, providing insights that drive product development and market expansion. Alternatively, you could serve as an auditor for a public accounting firm, ensuring that clients comply with financial regulations and standards.

Work-Life Balance

While accounting can be demanding, especially during peak periods like tax season, many CPAs enjoy a balanced lifestyle with opportunities for remote work and flexible hours. Companies are increasingly recognizing the importance of work-life balance (such as NowCPA), providing benefits that support personal well-being.

Continuous Learning

The accounting profession is dynamic, with new regulations, technologies, and methodologies emerging regularly. CPAs engage in continuous learning through CPD programs, workshops, and industry conferences. This commitment to ongoing education ensures that you stay at the forefront of the profession. Should I become an accountant? If you like to learn, absolutely (it’s basically a requirement!).

Specific Example: A Day in the Life of a Corporate Accountant

Imagine starting your day with a team meeting to review the month-end closing process. You then analyze financial reports, identifying trends and variances that inform management decisions. In the afternoon, you might collaborate with colleagues from different departments to develop a budget for a new project. This blend of routine tasks and strategic planning makes for a varied and engaging workday.

How Do I Master the CPA Exam/CFE?

All CPAs go from asking themselves “Should I become an accountant?” to “How do master the CPA exam?”, it’s all part of the journey. Passing the CPA exam in Alberta is a significant milestone requiring rigorous preparation, a deep understanding of accounting principles, and strategic planning. At NowCPA, we are committed to guiding aspiring CPAs through this challenging process. This article provides an in-depth look at how to successfully pass the CPA exam in Alberta, leveraging the most up-to-date information from CPA Alberta and incorporating tips, tricks, and study methods from experienced CPAs.

Understanding the CPA Exam Structure

The CPA exam in Canada consists of the Common Final Examination (CFE), which is the culmination of the CPA Professional Education Program (PEP). Here’s a breakdown of the CPA pathway:

Core Modules (2)
- Core 1 and Core 2 cover the fundamental aspects of accounting, finance, and business. These modules provide the foundational knowledge required for the advanced stages of the CPA program.
Elective Modules (2)
- You can choose from four elective modules: Assurance, Performance Management, Taxation, and Finance. Select two that align with your career goals. These modules delve deeper into specialized areas of accounting.
Capstone Integrative Module
- This module integrates knowledge from the core and elective modules, focusing on the application of skills in real-world scenarios through case studies.
Capstone Exam Preparation Module
- This module is designed to prepare you for the CFE with intensive practice and review sessions.
Common Final Examination (CFE)
- The CFE is a three-day exam that assesses your knowledge and skills comprehensively.
Day-by-Day Breakdown of the CFE

Day 1: A comprehensive, multi-disciplinary case study requiring strategic analysis and integration of knowledge from all modules.
Day 2: A major case study, focusing on depth in specific competencies such as financial reporting, audit and assurance, and taxation.
Day 3: Consists of shorter cases, testing a broad range of competencies and the ability to apply knowledge quickly and accurately.

Tips and Tricks for Passing the CPA Exam/CFE

1. Understand the Exam Format

Familiarize yourself with the structure, types of questions, and timing of the exam. This knowledge helps in managing your time effectively during the exam.

Resource: CPA Canada provides detailed blueprints and practice exams to help you understand the exam format.

2. Develop a Study Schedule

Create a detailed study plan that covers all the topics you need to review. Allocate more time to areas where you feel less confident and dedicate at least a couple hours each day to study.

Tip: Use a study planner or app to keep track of your progress and ensure you stay on schedule.

3. Use Multiple Study Resources

Leverage a variety of study materials including textbooks, online courses, study groups, and practice exams.

Recommended Resources:

CPA Canada Learning Centre: Offers a range of study materials and practice exams.
Densmore Consulting Services: Provides CFE prep courses and practice cases.
Becker CPA Review: Known for comprehensive review courses and practice questions.
UWorld CPA Review: Engaging lectures and innovative learning tools for test prep.

4. Join Study Groups & Use Mobile Apps

Studying with peers can provide motivation, support, and different perspectives on complex topics. Join study groups or forums where you can discuss difficult concepts and share study materials. Mobile apps like this one from Becker help with studying on-the-go.

5. Focus on Practice Cases

The CFE heavily relies on case-based questions. Practicing with past exam cases helps you develop the skills to analyze and respond effectively.

Resource: CPA Alberta and CPA Canada provide access to past CFE cases and suggested solutions.

6. Develop Strong Time Management Skills

Time management is crucial during the exam. Practice answering questions within the allocated time to get a sense of the pace you need to maintain.

Tip: During practice sessions, simulate exam conditions by timing yourself and limiting breaks.

7. Focus on High-Yield Topics

Identify and prioritize high-yield topics that are frequently tested. This strategic approach ensures you cover the most important material.

High-Yield Topics Include:

Financial Reporting
Taxation
Assurance and Audit
Management Accounting

8. Take Care of Your Well-Being

Maintaining a healthy study-life balance is essential. Ensure you get enough sleep, exercise regularly, and take breaks to avoid burnout. Prioritize study time and self-care during this time and don’t sign up for any new or time-consuming commitments.

Tip: Use relaxation techniques such as deep breathing or meditation to manage stress. You can even relax while you study and improve your focus with music such as this classical background study music or these binaural beats for focus. Experiment until you find something that works for you.

9. Seek Feedback

If possible, get feedback on your practice cases from instructors or peers. Constructive feedback can help you identify and improve on weak areas.

10. Stay Updated

Stay informed about any changes in the CPA program or exam format by regularly checking updates from CPA Alberta.

Resource: Subscribe to CPA Alberta’s newsletters and updates for the latest information.

Tried and True Study Methods from Experienced CPAs

Method 1: The Pomodoro Technique

This time management method involves studying for 25 minutes followed by a 5-minute break. After four cycles, take a longer break (15-30 minutes). This technique helps maintain focus and prevents burnout.

Method 2: Active Recall and Spaced Repetition

Actively recalling information and spacing out your review sessions are proven to enhance long-term retention. Use flashcards and spaced repetition software like Anki to implement this method.

Method 3: Mind Mapping

Create mind maps to visually organize and connect key concepts. This technique helps in understanding complex topics and retaining information more effectively.

Method 4: Teaching Others

Explaining concepts to others is a powerful way to reinforce your understanding. Join a study group or find a study buddy to teach each other different topics.

Method 5: Past Exam Analysis

Regularly practice with past exams and analyze your performance. Identify patterns in the types of questions asked and focus on areas where you consistently struggle.

Specific CPA Test Examples & Resources

Example 1: Tackling Day 1 of the CFE

Day 1 involves a comprehensive case study requiring strategic analysis. To prepare, practice with multi-disciplinary cases from past CFEs. Focus on integrating knowledge across different subjects and developing a coherent strategy.

Resource: The CPA Canada Case Writing Guide provides detailed instructions on how to approach case studies.

Example 2: Excelling in Day 2 Depth Cases

Day 2 tests your depth in specific competencies. For instance, if you choose the Assurance elective, ensure you thoroughly understand auditing standards and practice with relevant cases.

Resource: Densmore Consulting Services offers specialized courses for each elective, including detailed case practice and feedback.

Example 3: Speed and Accuracy for Day 3

Day 3 involves shorter cases that test a broad range of competencies. Practice with past day 3 cases to improve your speed and accuracy.

Resource: CPA Canada’s repository of past CFE cases is an invaluable tool for this preparation.

Additional Tips for Success

Leverage Technology: Use technology to your advantage. Apps like Quizlet for flashcards, Trello for organizing your study schedule, and Google Docs for collaborative study groups can streamline your preparation process.

Attend CPA PEP Workshops: CPA Alberta offers workshops and seminars that provide insights into the CPA PEP modules and exam preparation. Attending these can give you an edge in understanding the expectations and best practices for the CFE.

Seek Mentorship: Connect with CPAs who have recently passed the CFE. Their experiences and advice can provide valuable insights and moral support.

Stay Organized: Keep all your study materials, notes, and resources well-organized. A clutter-free study environment enhances focus and efficiency.

Celebrate Small Wins: Acknowledge and celebrate your progress. Completing a difficult module or successfully tackling a practice case deserves recognition. This positive reinforcement keeps you motivated.

But Really… Should I Become an Accountant?

Embarking on a career in accounting is a rewarding journey that offers diverse opportunities, job stability, and the potential for significant professional growth. At NowCPA, we’re dedicated to providing aspiring accounting students in Alberta with the knowledge and resources they need to succeed because we get it, we’ve been there! Whether you’re just starting your educational journey or preparing for the CPA exam, we hope this guide has answered your questions and provided valuable insights.

If you have further questions or need personalized advice, don’t hesitate to reach out to us at NowCPA or check out our blog. We’re here to support you every step of the way as you navigate your path to becoming a successful accountant in Alberta.

Should I Become an Accountant? NowCPA Answers 6 Top Questions (+ Our Best CPA Exam Tips)