Best Master’s and Graduate Programs for the CPA in Canada
This article aims to build on the previous article: CPA PEP vs. Master’s or Graduate Program wherein the key differences, benefits, and drawbacks of pursuing either path were discussed. This article is intended to highlight the programs which stand out for those students looking to enroll in either a master’s or graduate program as opposed to CPA Canada’s PEP (Professional Education Program).
CPA-Accredited Master’s and Graduate Programs
All prospective students should look deeply into the master’s and graduate level programs offered across Canada to help achieve your CPA and career goals. A full list of CPA Canada accredited programs can be found in PDF form on CPA Canada’s website here.
Note that many university programs are only open to internal candidates (those students who obtained their undergraduate degree from the same institution). However, there are a handful of strong programs that are open to external students as well which can be very appealing to someone looking to kickstart their career. My personal top choices for external students are highlighted below.
Note that the key difference is that some programs are designed to only assist candidates part-way through the CPA PEP process. Typically, this means through some of the Core, Elective, or Capstone modules, but not all the way to the CFE. Some programs on the other hand offer a seamless path all the way to the CFE. For this reason, I’ve separated my top choices into the two groups, Partial and Full PEP.
Partial PEP Programs
Smith School of Business at Queen’s University (Graduate Diploma Accounting / GDA)
The Smith School of Business at Queen’s University is one of Canada’s top business schools with the undergraduate Commerce program being especially strong. Smith has a proven track record of attracting top employers from across the country as well as internationally, making this a particularly strong choice for students who have just recently graduated from a different university and are looking to bolster their resume and tap into a great branding, alumni, and student/career resource opportunity. Smith is known for placing undergraduate students into not just the Big 4 accounting firms but also into top Canadian and global banks for lucrative finance positions as well as top consulting firms, which means it is a great school to attend if you wish to keep your options open beyond just the accounting world.
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The Graduate Diploma in Accounting offered by the Smith School of Business at Queen’s University runs for a 13-week period of full-time study, covering CPA PEP up to Capstone 1.
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The GDA program begins in May and concludes at the end of July each year.
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Note that the Smith GDA only covers the Audit and Taxation electives. Students cannot complete the Finance or Performance Management electives through this program.
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Note that this program is relatively short at only 13 weeks in length and runs through one summer, thereby not inherently allowing for a formal internship period between studies.
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The Smith GDA tuition fees vary for domestic and international students as follows:
Domestic $10,700
International: $16,500
Given the Smith GDA’s short length, limited selection of electives, and lack of formal opportunity for internships, this path is likely best suited for those with employment lined up for after the program simply wishing to experience a top-tier Canadian business school and bolster their resume. That’s not to say that this program could not be leveraged to tap into the Smith student resources and alumni network as described above.
Full PEP Programs
Desautels Faculty of Management at McGill University (Graduate Certficiate in Professional Accounting / GCPA)
The Desautels Faculty of Management at McGill University offers not only one of Canada’s top Commerce programs but is additionally one of Canada’s top-ranking universities on the global scale. Similarly to Smith, the Desautels program has a strong reputation for helping students achieve their business goals not just in accounting but in any field within the business world. The university’s global recognition and reputation may lend itself particularly helpful to those students with an inclination to at some point pursue a career beyond the borders of Canada.
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The Graduate Certificate in Professional Accounting offered by Desautels at McGill University runs for a 3-semester period, covering CPA PEP up to Capstone 1.
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The program at Desautels takes 16 months to complete with courses offered lock-step over three terms: summer, fall, and summer. The program requires students to attend full-time in the two summer terms. In the fall term students normally attend school part-time; no courses are taken in the winter term. During the fall and winter terms students usually work as part of the training period required to meet the requirements of the CPA designation.
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Note that the Desautels GCPA only covers the Audit and Taxation electives.
Students wishing to complete the Finance or Performance Management electives may enroll in the McGill GCPA (outside of Desautels).
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While the program does not offer a formal internship or co-op program, students are only expected to study part time in the fall semester and are not enrolled at all during the winter semester, allowing students time to undertake internships during the busiest times of the year for public accounting firms.
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Desautels GCPA tuition varies by the students’ origin:
Quebec: $2.2K
Canada (non-QC): $7.0K
International: $21.6K
Where the Desautels GCPA program shines is its practicability. The program is structured such that students leave the classroom after the final summer semester and directly into the CFE in September. Further, having the flexibility over the fall and especially winter semesters means that students are able to work when firms need them most (busy season), allowing students to gain experience and progress their careers while focusing on the CPA PEP during down periods at work. Lastly, the program’s tuition is incredibly cheap for Quebec residents and is entirely fair for non-Quebec Canadians as well, meaning this program offers incredible value.
Schulich School of Business at York University (Master of Accounting / MAcc)
The Schulich School of Business at York University is well-known for producting business leaders with strong undergraduate and master’s-level business programs.
While Schulich is known as a top school across all business disciplines, it is particulary well-known for attracting top students wishing to enter the field of accounting in the Greater Toronto Area. For this reason, the Schulich MAcc can capitalize on this reputation and existing connections with employers through on-campus recruitment and successful alumni who had attended the school.
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The Schulich MAcc is as short as 8 months for Schulich BBA graduates or 12 months for graduates from other Canadian universities. The MAcc is a full-time study program.
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The Schulich MAcc begins in September and runs for 12 months allowing students to directly write the CFE the following September.
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The Schulich MAcc allows students to select any 3 electives out of the four options, meaning students can pursue any combination of Audit, Taxation, Finance, or Performance Management.
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The program is one year of full-time study thereby not allowing for an internship or co-op semester.
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The Schulich MAcc tuition fees differ betwen domestic (Canadian) and international students.
Domestic: $27.0K
International: $62.5K
Schulich differentiates itself from the two programs above by offering a full master’s degree in accounting which generally is going to be better recognized credential than a graduate diploma or certificate. Given the school’s domestic reputation and proven track record of attracting top employers to recruit Schulich students, this option can certainly be appealing to a student looking to obtain arguably the strongest credential (master’s) while studying near the job market capital of Canada: Toronto. Unfortunately these perks come at a cost, namely the comparatively high tuition costs as well as the lack of co-op or internship opportunity given the 12-month straight study period.
In summary, the three options above are the ones I would personally select as my top choices in the country, balancing the school reputation, resources, tuition costs, and program offerings. One thing students should keep in mind is that if they wish to work in a certain geographic location (ex. Ontario vs. British Columbia), it is likely beneficial to study in that same location as the locals will be familiar with the local schools.
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