08-05-2009, 02:15 AM
Dear isookvi
Have some patience my friend. I was away on this long weekend so couldnât reply you earlier. Any way here are my two cents, assuming that you are located in Pakistan or in a country where ACCA resources are available in abundance.
Though it is your own decision, but if I would be in your shoes with Canadian passport in pocket, Canada would be my natural destination rather than UK. In my opinion, you may stay in Pakistan for another 2 or 3 years. Complete your ACCA courses in Pakistan, degree, and satisfy experience requirement with any job in Pakistan which you may start soon, and then 3 years later come to Canada. After that, transfer your ACCA courses for CGA. CGA gives paper to paper exemptions for ACCA courses. If you would be ACCA member after 3 years then you may get CGA directly, otherwise you would have to complete few final level CGA courses, after having paper to paper exemption.
Remember all 3 Canadian designations (i.e. CGA, CMA, and CA) require a degree, which you donât have right now. If you go for degree in Canada, you would have to wait for study loan for a year, and you would easily end-up with more than Cad$40K-$50K loan for 3 or 4 years degree. <b>Stoufville college is kind of small private college and quite expensive. You would have to pay college tuition in addition to ACCA fees.</b> Generally speaking, employers do not ask for ACCA but need Canadian designations, so it would affect your employability if you study for ACCA here unless you transfer into CGA or some other Canadian designation.
CICA has other complex requirements and needs a degree to be enrolled with. It requires 30 or 36 months training in pre-approved training offices (ATOs). Securing a job in ATOs is quite difficult task. However, after CGA you only need to take final UFE exam (of CICA) to become CA, and experience requirement would also likely be shortened. Though CICA is a good option, but the main hurdle for immigrants is first getting a job in ATOs. Usually ATOs pick fresh and sharp students directly from Canadian university campuses or through personal networks, which usually immigrants lack. So, if you are ready for study accounting from Canadian universities, maintain good GPA to be picked by ATOs, required grades for CICA, alongwith about $40K-$50K loan and personal hardship in life, then go for that.
After CGA, you may directly go for CFA here any time, if you donât wanna go for CA (CICA). Moreover, with ACCA membership, you may be CA(ICAEW) after 5 years automatically through CCAB, but save your efforts and do CFA. Thus 5 years after ACCA membership you might be ACCA, CA(ICAEW), CGA, and CFA. The real beauty is, actually you would have to work only for ACCA in Pakistan and CFA anywhere in Pakistan or in Canada. You would get CA(ICAEW) and CGA through MRAs (i.e. almost negligible efforts).
Therefore, students of ACCA in Pakistan may go directly for CFA after their ACCA. This combination would open many doors for them with maximum possible diversification, stability and earning potential. Generally speaking, jobs in accounting (i.e. with ACCA/ CA(ICAEW)/ CGA) are more stable and jobs in finance (i.e. with CFA) gives great earning potential. With ACCA membership one may get CGA membership, Canadian citizenship, passport and experience, with Canadian Citizenship move to USA to work as CFA (or one may get CPA too), one may go to Europe (with ACCA and CA(ICAEW)) any time or to Australia with ACCA CA(ICAEW) and CGA, and use all 4 in Middle East if someone moves there. Even with these 4 designations, international experience and passport, if one could not get a good job in Pakistan then oska aur Pakistan dono ka phir Allah Hafiz.
Therefore, you may groom personal skills in Canada 3 years later on more sound grounds with ACCA, CGA, university degree and experience. It would save you from study loan burden (at-least $40K), too many distractions, part time work besides full time study load. It would certainly be a long and hectic chase if you move to Canada now. As you already have Canadian passport, you should not be in hurry. I assume you are quite young and live with your parents in Pakistan. Life can be quite difficult when you would be at your own here. Further, you may also visit to Canada about 12 months before than you actually intend to move here, to have your bank account, medical card, driverâs license etc. to start your residency here from 1 year waiting time for study loan point of view, and then go back and finish rest of your ACCA membership requirements. After 12 months, when you permanently come here, you may get study loan for preparatory courses for CFA (if these courses are eligible for OSAP Loan).
I hope it helps. However, above are my views with which anyone can disagree. I have written these paras in Canadian perspective. Someone from UK may help you regarding questions about UK.
Best Wishes
Have some patience my friend. I was away on this long weekend so couldnât reply you earlier. Any way here are my two cents, assuming that you are located in Pakistan or in a country where ACCA resources are available in abundance.
Though it is your own decision, but if I would be in your shoes with Canadian passport in pocket, Canada would be my natural destination rather than UK. In my opinion, you may stay in Pakistan for another 2 or 3 years. Complete your ACCA courses in Pakistan, degree, and satisfy experience requirement with any job in Pakistan which you may start soon, and then 3 years later come to Canada. After that, transfer your ACCA courses for CGA. CGA gives paper to paper exemptions for ACCA courses. If you would be ACCA member after 3 years then you may get CGA directly, otherwise you would have to complete few final level CGA courses, after having paper to paper exemption.
Remember all 3 Canadian designations (i.e. CGA, CMA, and CA) require a degree, which you donât have right now. If you go for degree in Canada, you would have to wait for study loan for a year, and you would easily end-up with more than Cad$40K-$50K loan for 3 or 4 years degree. <b>Stoufville college is kind of small private college and quite expensive. You would have to pay college tuition in addition to ACCA fees.</b> Generally speaking, employers do not ask for ACCA but need Canadian designations, so it would affect your employability if you study for ACCA here unless you transfer into CGA or some other Canadian designation.
CICA has other complex requirements and needs a degree to be enrolled with. It requires 30 or 36 months training in pre-approved training offices (ATOs). Securing a job in ATOs is quite difficult task. However, after CGA you only need to take final UFE exam (of CICA) to become CA, and experience requirement would also likely be shortened. Though CICA is a good option, but the main hurdle for immigrants is first getting a job in ATOs. Usually ATOs pick fresh and sharp students directly from Canadian university campuses or through personal networks, which usually immigrants lack. So, if you are ready for study accounting from Canadian universities, maintain good GPA to be picked by ATOs, required grades for CICA, alongwith about $40K-$50K loan and personal hardship in life, then go for that.
After CGA, you may directly go for CFA here any time, if you donât wanna go for CA (CICA). Moreover, with ACCA membership, you may be CA(ICAEW) after 5 years automatically through CCAB, but save your efforts and do CFA. Thus 5 years after ACCA membership you might be ACCA, CA(ICAEW), CGA, and CFA. The real beauty is, actually you would have to work only for ACCA in Pakistan and CFA anywhere in Pakistan or in Canada. You would get CA(ICAEW) and CGA through MRAs (i.e. almost negligible efforts).
Therefore, students of ACCA in Pakistan may go directly for CFA after their ACCA. This combination would open many doors for them with maximum possible diversification, stability and earning potential. Generally speaking, jobs in accounting (i.e. with ACCA/ CA(ICAEW)/ CGA) are more stable and jobs in finance (i.e. with CFA) gives great earning potential. With ACCA membership one may get CGA membership, Canadian citizenship, passport and experience, with Canadian Citizenship move to USA to work as CFA (or one may get CPA too), one may go to Europe (with ACCA and CA(ICAEW)) any time or to Australia with ACCA CA(ICAEW) and CGA, and use all 4 in Middle East if someone moves there. Even with these 4 designations, international experience and passport, if one could not get a good job in Pakistan then oska aur Pakistan dono ka phir Allah Hafiz.
Therefore, you may groom personal skills in Canada 3 years later on more sound grounds with ACCA, CGA, university degree and experience. It would save you from study loan burden (at-least $40K), too many distractions, part time work besides full time study load. It would certainly be a long and hectic chase if you move to Canada now. As you already have Canadian passport, you should not be in hurry. I assume you are quite young and live with your parents in Pakistan. Life can be quite difficult when you would be at your own here. Further, you may also visit to Canada about 12 months before than you actually intend to move here, to have your bank account, medical card, driverâs license etc. to start your residency here from 1 year waiting time for study loan point of view, and then go back and finish rest of your ACCA membership requirements. After 12 months, when you permanently come here, you may get study loan for preparatory courses for CFA (if these courses are eligible for OSAP Loan).
I hope it helps. However, above are my views with which anyone can disagree. I have written these paras in Canadian perspective. Someone from UK may help you regarding questions about UK.
Best Wishes