Effective September 1, 2016, the CPA profession will be making changes to the CPA Prerequisite Education Program (CPA PREP). These changes are being made to provide greater flexibility when deciding whether to pursue the CPA designation by enrolling in the CPA PEP, or the certificate program offered through CPA ACAF.
The key changes are as follows:
- Effective May 30, 2016, the name for the CPA Prerequisite Education Program (CPA PREP) and its modules will change to CPA preparatory courses. In addition, the prerequisite sequencing of courses has changed.
- The Economics and Statistics courses are still required for admission to the CPA Professional Education Program (CPA PEP); however, for courses starting after September 1, 2016, they will no longer be prerequisites for the Core courses. Introductory Financial Accounting and Introductory Management Accounting are still prerequisites for the Core courses.
- Effective for courses starting after September 1, 2016, students will no longer require a degree to be eligible to take CPA preparatory courses. Instead, to be eligible for enrolment, students must have successfully completed one of the following:
- One year (30 credit hours) of post-secondary study, which may be in any discipline in a diploma or degree program, and offered by any recognized post-secondary institution
- Three years of relevant work experience, which includes exposure to accounting and/or finance functions
The new admission criteria are effective for courses starting after September 1, 2016. Transcript evaluations for the new criteria will begin on August 1, 2016 in time for the course registration period that opens on August 15, 2016.
Note: Entry requirements to the CPA Professional Education Program (PEP) remain unchanged and continue to be successful completion of prerequisite courses and an undergraduate degree, 120 credit hours or equivalent of education.
With the removal of the degree requirement for the CPA preparatory courses, those interested in pursuing the CPA Advanced Certificate in Accounting and Finance can now take the ACAF Entry and Technical Courses through either a post-secondary institution, or through the CPA preparatory course offerings.