Effective Elective Planning: Part 3

1. What is “licensure”? 

Licensure is a sub-set of the CPA designation, allowing someone to sign off on various assurance and/or taxation engagements.

Candidates can complete their education licensure requirements while completing their CPA PEP studies. To do so, they must pass both the assurance and taxation modules, write their CFE Day 2 in the Assurance role, and achieve depth in Financial Reporting at the CFE. Note, there are also work requirements a candidate must attain. Questions regarding the work experience required for licensure must be directed to your provincial CPA body.

2. If I completed CPA PEP without licensure, is it possible to get it after?

Yes! It is possible to become licensed once you become a CPA. This is referred to as “Post-Designation Public Accounting” or PDPA. Depending on what type of licensure activities you want to pursue and which province you would like to work in, the steps to get there will vary. For more information, visit PDPA licensure requirements.

Bonus content: a word of advice

It is normal to want to do things “just in case” – we are accountants and therefore want to reduce what we perceive as risk. Here is a scenario I come across a few times per year with candidates:

What if I want to become a partner of a firm and become a CPA without licensure - Should I complete the licensure requirements “just in case” I want to be a partner of a firm later?

Short answer:No. Don’t do it. Many of us think we want to become partners one day and decide not to pursue that path, and I can speak to this from personal experience.

Attack your elective modules

Now go on, attack your elective modules with confidence knowing that you are where you need to be now. You have done so by utilizing effective elective decision-making. See you in the next post!