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+--- Thread: Canadian Immigration and ACCA, CIMA, CFA or CMA (/showthread.php?tid=5192)
- 1337 - 04-05-2009
Dear All,
I am about to complete my MBA-Finance in six months from one of the best bschools in pakistan. I am planning to do a one-year MS program from US, preferably in Accounting and Finance. I'd like to know whether its a good decison to go for MS while having an MBA in finance. Will i be able to secure a job in US?
Moreover, considering the current hype about CFA and its market value, i can't make up my mind about whether i should write CFA here, as in before going for MS Program. Is an MS (Finance or accountancy) useless if i undertake CFA?
HELPPP!
- Toronto_Boy - 04-06-2009
Dear 1337
Going for MS is not a bad idea. Besides MS you would get exposure too. If you get a visa and admission in good accounting/ finance program, then you may try for that before CFA. Otherwise you can do CFA anytime.
Regards
- 1337 - 04-07-2009
Thanks Toronto_Boy! This thread is very useful. But a basic doubt remains in my mind.
Accountancy has always been a stable profession. There are hardly any MAJOR shifts in the demand/supply of accounting guys. Finance, on the other hand, is in turmoil. Considering the current scenario and future prospects, a mix of Accountancy & Finance seems a better idea.
Furthermore, getting a degree from US is worthless if the university doesn't come in the global ranking. Wouldn't it be advisable to apply for the universities in Top 50 rankings in US?
- Toronto_Boy - 04-08-2009
Dear 1337
You are correct in saying accounting is more stable profession. However, monetary benefits with future prospects in Finance are much more. Yes, a mix of accounting and finance is a better option.
You have mentioned that you are completing MBA Finance, so you have base in finance to prepare for CFA. Now, there could be at-least following three options.
Option 1 Get admission in MS Accounting in US, and after getting degree, apply for jobs in US in CPA firms, and then complete CPA. After CPA, if you want, you can do CFA too. It would be little longer option, but certainly provide you vast exposure, experience, and qualification.
Option 2 Get another MS Finance from US, try to get jobs there, also write CFA either in USA or in Pakistan. One major demerit of both option 1 & 2 is, you may become tired and stuck-up with other things like job experience, immigration status, saving money, marriage, family liabilities etc. and many other distractions which push you away from studies. Eventually you would end-up without getting CFA.
Option 3 Discard any MS option from USA, leave any opportunity to go there and get exposure, but save energies and time. Just start CFA in Pakistan and complete it. Straight forward option. This alone should be enough for success in life.
There are many other relevant factors that you would have to consider in all above options like what is you age now, when you would be able to actually start MS program in USA and in what age you would finish that. Would you be married by that time. What are the financial resources you have for MS options or how would you complete and finance your MS programs there i.e. by doing part time jobs with studies or by financing from your parents etc. Would you and your parents be able to delay your marriage by the time you achieve those objectives/ studies. There are many other considerations too.
It is not necessary that if someone only has a degree from very reputable school then he/she can get the job. Securing a job also depends upon what sort of contacts you have. In my personal opinion, your own luck is the biggest factor. Your knowledge, presentation in interview and resume, turn-out, communication skills, mobility among States, number of jobs applied are some other factors too. After all, graduates of less than top 50 schools also get professional jobs. Off-course you should try to get admission in best US schools, but still less than top 50 may work too. I believe if you already have good GPA and get good GMAT/ GRE etc. scores than you may get admission in top 50 schools.
In short, CFA should be your top priority, in my personal view. If you can go for MS in USA, without sacrificing CFA in long run, then you may try MS before CFA. Otherwise if you calculate that you would not be able to do CFA if you go for MS, then perhaps you should try CFA first.
I hope it helps.
Regards
- 1337 - 04-14-2009
Its indeed very helpful! )
I am thoroughly considering the last two options, although i've already started working on CFA exam. Getting into a good uni in US requires a great deal of work plus sufficient finances. Would u suggest getting some work experience, say for 1 year, in banking/Securities here in Pakistan?
Thanks, once again!
- Toronto_Boy - 04-14-2009
Dear 1337
Its always good to have experience, but CFA can become out of reach. Think job experience, then admission in good program after good GMAT scores, visa clearances etc. then completing degree there, and at the end CFA. You would see too many distractions, and eventually may end-up without having CFA. As I said earlier, in any case, CFA should be top priority. You can try for that in Pakistan first with related job, and after completing CFA, if you would have some energies and time, you may still go to States for some degree if you want.
I hope it helps.
Regards
- 1337 - 04-17-2009
Yes, i think that's the best option with regards to the cost-benefit analysis. so are you CFA charterholder urself? Any guidelines for the Level 1 exam? Ive met some CFA candidates and they all say that Schweser notes are sufficient to crack the L1 exam.
- Toronto_Boy - 04-17-2009
No, I am not. I heared the same for Schweser notes, and believe so.
- 1337 - 04-18-2009
Alright. Thanks once again man!
- akb110 - 05-16-2009
Dear Toronto Boy
I am planning to migrate to Canada next year. I have done Bcom/MBA and have 10 years of retail banking experience.
I am thinking of doing CPA or CMA(US) before moving to Canada. I belive either degree will give me advance standing for CMA(Canada) or CGA and allow me to compelete in lesser time period.
What is your opinion on the same on the above path. what is your suggestion for any other course.
Thanking you in advance.
- Toronto_Boy - 05-17-2009
Dear akb 110
Perhaps after CPA, CGA or CMA Canada may give you advance standing but I don't know about any such arrangement by CGA or CMA(Canada) for CMA(IMA). You may write an email directly to CMA Canada or CGA about CMA(IMA) and their advance standing.
ACCA also has MRA with CGA, or individual ACCA courses are acceptable for CGA advance credit. CIA or CFA can also be other considerations.
Further, CPA exams are only conducted in USA, so you would have to go to USA to write 4 CPA exams.
I hope it helps.
Best Wishes
- akb110 - 05-17-2009
Toronto_Boy
Thank you for your thoughts. I have visa for travel to USA. However my worry is about non accounting experience. Most states require audit work for license.ACCA requires 3 yrs experience. What is your opinion, does retail banking experience accepable for ACCA.
Another question regarding CMA(Canada) 2 years SLP along with work expeirence. What kind of work designation is expected and is it normallly available to PR. I have heard that most immigrant PR take CGA route. Any particular reason for doing the same.
Also any other course which will useful for Canada.
- Toronto_Boy - 05-18-2009
Some States are two tier states, means give certificate only after passing exams but require experience for license to practice. Search CPANet for two tier states that may give you certificate without experience.
For ACCA experience, check with people arround you from your banking experience point of view. I have no idea about acceptance.
CMA Canada SLP requires work experience alongwith study. They usually accept general accounting, management, banking or other relevant experience concurrent with studies.
CGA suits immigrants situation more than other two associations. Usually immigrants do not have formal white collar job in initial period. So, they enroll themselve for CGA course, and put the name of CGAs and this enrollment on their resume. CGAs name brings more reputation for employers, thus improves employability of immigrant. Other two associations usually do not work this way.
Computerize accounting courses like quickbook and others, and advance microsoft excel may also help you. SAP may be beneficial too.
Regards
- seesamad - 05-29-2009
Toronto boy , very healthier discussion there. My case is just in line. i am MBA and ACCA and planned to be on CGA status after immi. i have arround 5yrs of experience in acctg,fin, internal audits,sox.lso worked in Oracle financials,SAP&quickbooks. Does it be worthwhile as i dont wanna to do odd jobs ,interested only in career related. Pls advise
- Toronto_Boy - 05-29-2009
Dear
You may get CGA just before immigration (lets say 4 months before landing) or right after that, however, getting a career job in this part of the world depends upon your luck, efforts, and several other factors that I have mentioned earlier. CGA would increase probability of getting a professional job early. You are already qualified, experienced enough, and seem to have right ingredients to apply for jobs here. I would say check your luck, if you have some apetite to take risks. Check job requirements and your experience compatibility with them on following job websites.
http//jobsearch.monster.ca/?WT.srch=1&WT.mc_n=olmsrchcatm
http//www.workopolis.com/work.aspx?action=Transfer&View=Content/Common/WorkLoginView&lang=EN&theme=work
Best Wishes