As we all are aware of the fact that Canada is the Second most competitive nation on earth, as the first spot goes to USA. What it means for accountants,being an employee here in Canada that you have ability, training and competencey to perform the job at the Level required and expected.
Most occupations in Canada are well regulated and the accountancy field is in fact the most tightly regulated and any serious mistake or lack of competency may lead to expulsion from the profession, and even can put us behind bars, if the our employer is eager enough to pursue the complaint againt us. All the designations CMA, CGA or CA each is regulated by well organized accounting bodies that set standards for their members and help accountants to get proper training regularly to help maintain our skills up-to-date according to the dynamic standards of the Canadian market, which is affected by changing regulations and laws controlling accounting and reporting practices.
There are two clear benefits of holding a designation from the certified accounting body in Canada. Firstly, the accounting bodies help us maintain the Expected level of competency and provide us continuous training and guidance in case of any professional issue we have on job, which is actually the only logical protection we accountants can have in Canada, instead of paying for the heavy professional insurance as an individual and pursuing the legal course.Second benefit is the designation provides assurance to employers that the candidate is adequately qualified in terms of training and upgrading. Infact in Canada, some employers only hire either a certified accountants at accounting positions or provides on job incentives for entry level accountants to seek designations.
Designation place both accountants and employers on the same page of expectancy and provide equity, for us accountants the understanding the required competancy that provides better pay scale and for employers well regulated accountants, that maintain proper books according to standards . This relationship understanding is helpful for us in highly competitive and regulated market of Canada.
By Zafar Khan
