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Content Strategy Manager | Updated On - May 31, 2024
Masters in Accounting in Canada Highlights
- Salary: Accounting in Canada offers a strong financial incentive with an average salary exceeding $74,360 and the potential to reach over $124,800 with experience.
- Requirements: You need a bachelor’s in accounting with at least a 65% score and a minimum IELTS score of 7.5 to pursue an MS in Accounting in Canada.
- Tuition Fee: You can get a Master's degree in Accounting in Canada with a tuition fee of INR 9 Lakhs to 38 Lakhs.
- Employment Opportunities: The employment opportunities for Masters in Accounting in Canada graduates are expected to increase by around 10%.
- Career Paths: With your Master's degree, you'll be qualified to work in public, corporate, government, and management accounting.
MS in Accounting in Canada: The accounting field in Canada offers a rewarding career path for individuals with a knack for numbers and a keen eye for detail. Masters in Accounting in Canada is a 2-year postgraduate degree program offered to individuals with a bachelor's degree in accounting, business, or finance. Master of Accounting in Canada is also offered as Master of Applied Accounting, MA Accounting, MS Accounting, and Master of Accounting and Finance in Canada.
- For admission to MSc Accounting in Canada, you need a minimum aggregate of 65% to 75%.
- The average cost of pursuing a Masters in Accounting in Canada ranges from CAD 15,000 to 62,000 (INR 9 to 38 lakhs) per annum.
- After completing a Masters in Accounting from a Canadian university, you can pursue your career in roles such as Accountant, Finance Analyst, or Senior Accountant.
There is diverse job scope after MSc in Accounting in Canada with potential annual salaries averaging around CAD 75,000 (INR 46 lakhs). You can specialize in taxation, forensic accounting, or management accounting, catering to diverse interests. The top recruiters for MS in Accounting graduates in Canada include PWC, KPMG, Walmart, and Citco. Chartered Professional Accountants (CPAs) are in high demand across consulting and management industries in Canada.
Best Universities in Canada for Masters in Accounting
Canada is home to more than 20 top universities offering Masters in Accounting in Canada for international students. Some of the best universities for Masters in Accounting in Canada are -
QS World University Rank 2024 | University | Program | Application Deadline | Tuition Fees (CAD) |
---|---|---|---|---|
21 | University of Toronto | Master of Accounting and Finance | 31 March 2024 | 41,550 |
111 | University of Alberta | Master of Accounting | 15 January 2024 | 25,704 |
209 | Queen’s University | MS Management- Accounting | 15 January 2024 | 15,200 |
345 | University of Saskatchewan | Master of Professional Accounting | Rolling Basis | 27,150 |
353 | York University | Master of Accounting | 28 February 2024 | 62,400 |
671-680 | Carleton University | Master of Accounting | 31 January 2024 | 34,000 |
1201-1400 | Brock University | M.S Accountancy | Rolling Basis | 32,413 |
Accounting programs by universities in Canada for masters in accounting and finance are designed to meet the rigorous standards set by the Canadian Institute of Chartered Professional Accountants (CICP). The Canadian Institute of Chartered Professional Accountants (CICP) projects continued job growth for accountants (over 10% by 2028).
Check: Top Accounting Universities in Canada
What is Masters in Accounting in Canada?
A Masters in Accounting in Canada is a graduate-level business degree. It helps students gain the skills and knowledge to pass the CPA exam i.e. Certified Public Accountant exam. This exam is required to get the license to become a CPA and work in Canada. After completing your degree from Canadian universities, you can advance to high-level positions such as COO, CFO or CEO of a corporation.
Masters in Accounting in Canada Specializations and Syllabus
The curriculum delves into various sub-disciplines within accounting such as -
- Strategic performance management
- Integration and team management
- Taxation
- Corporate finance
- Financial statement analysis
- Corporate governance
- Accounting for non-profit organizations
- Information technology & systems
- Project Management
- Accounting and Business Strategy
Popular Degrees for Masters in Accounting in Canada
Canadian universities offer a variety of Master's degrees in Accounting, catering to your specific needs:
- MBA in Accounting
- Master of Accountancy (MAcc)
- MSc in Accounting
- Graduate Diploma in Accounting
Many MSc in Accounting in Canada programs integrate internships or co-op placements, providing valuable work experience (an average of 4-8 months) and building connections with potential employers. Canada has a 90.5% employment rate for graduates within six months of completing a Master's degree, making it appealing for Masters in Accounting programs.
Check: Why Is Studying in Canada Better than Studying in USA?
Admission to Masters in Accounting in Canada
The admission process for Masters in Accounting takes place in 3 intakes in Canada: fall, spring, and winter. Checking the eligibility criteria for the shortlisted institution is a good practice before applying for a Master in Accounting and Finance in Canada. Here are the overall entry requirements for the same:
Parameter | Score |
Academic Qualification |
|
Proof of English Proficiency |
|
Standardized Test Scores* |
|
**Standardized test scores are often not required if you have completed a bachelor's in Economics. However, submitting a GRE score can add value to your application.
Masters in Accounting in Canada: Admission Requirements
As the entry requirements vary with the institution, here are the university-specific admission requirements for Masters in Accounting in Canada for international students.
University | IELTS | TOEFL |
---|---|---|
University of Alberta | 6.5 (with at least 6.0 in each band) | 90 |
The University of Toronto | 6.5 (with at least 6.0 in each band) | 100 |
University of Saskatchewan | 6.5 (with at least 6.0 in each band) | 97 |
York University, Schulich School of Business | 7.0 (with at least 6.5 in each band) | 100 |
Brock University | 7.5 (with at least 7.0 in each band) | 105 |
Carleton University | 6.5 (with at least 6.0 in each band) | 86 |
Masters in Accounting in Canada without GMAT
While the GMAT is a common requirement for many Master's programs, some universities in Canada offer Master's in Accounting (MAcc) programs without a GMAT requirement. Some of these universities are -
- University of Alberta
- University of British Columbia
- Lakehead University
- Thompson Rivers University
- Queen's University
These universities may have other requirements in place of the GMAT, such as a minimum GPA, work experience, or successful completion of specific prerequisite courses. Some universities might offer GMAT waivers on a case-by-case basis.
Some tips for applying to Master's in Accounting programs without a GMAT score are:
- Focus on your GPA: Maintain a strong academic record in your undergraduate studies, particularly in accounting courses.
- Gain relevant work experience: Internships or work experience in accounting can strengthen your application.
- Highlight your quantitative skills: Showcase your proficiency in math, statistics, and data analysis.
- Prepare a strong personal statement: Explain your career goals and how the MAcc program aligns with your aspirations.
A Student’s Guide to Applying for a Masters in Accounting in CanadaPriya Kapoor, a student from Mumbai, India, is halfway through her Master of Accountancy (MAcc) program at McGill University in Montreal. Drawn to Canada's reputation for high-quality education and its thriving accounting sector, Priya started this journey to gain the expertise needed for a successful career. "The admission process for the MAcc program was quite thorough," Priya explains. "It involved submitting official transcripts from my undergraduate degree in commerce, along with a certified copy of the original documents." She adds, "While I didn't have extensive work experience, showcasing my internship with a local accounting firm strengthened my application." Canadian universities require documents for international students applying to Masters programs in Accounting. These typically include:
Priya emphasizes the importance of preparing well for the application process. "Researching the program requirements, gathering all the documents well in advance, and crafting a compelling SOP took time and effort, but seeing it pay off with my acceptance has been incredibly rewarding." With its world-class education, promising career opportunities, and welcoming environment, Canada offers an attractive pathway for those seeking to excel in the dynamic accounting field. |
Master in Accounting in Canada Fees
The average annual tuition fees for a Master in Accounting and Finance in Canada range from CAD 23,504 to 62,400.
University | Tuition Fees (CAD) | Equivalent Fee (INR) |
---|---|---|
University of Toronto | 41,550 | 25.23 Lakhs |
University of Alberta | 28,847 | 17.50 Lakhs |
Queen’s University | 25,800 | 15.65 Lakhs |
University of Saskatchewan | 33,750 | 20.48 Lakhs |
York University | 62,400 | 37.89 Lakhs |
Carleton University | 32,037 | 19.44 Lakhs |
Brock University | 23,504 | 14.26 Lakhs |
Cost of living in Canada
The cost of living in Canada depends on various factors. Some of the decisive factors include the province of study, accommodation type, lifestyle, etc. Given below is a table detailing the expense of living in the country while studying MSc Accounting in Canada:
Expense Type | Average Cost (CAD) | Cost Equivalent (INR) |
---|---|---|
Accommodation | 2,000 | 1.23 lakhs |
Food | 370 | 22,700 |
Transport | 100 | 6,100 |
Internet | 86 | 5,200 |
Books and Supplies | 163 | 10,000 |
Miscellaneous | 350 | 21,500 |
Masters in Accounting in Canada Scholarships
International students willing to pursue Masters in Accounts in Canada are eligible to apply for various scholarships. Some of these popular scholarships in Canada are mentioned below in the table.
Scholarships | Eligibility | Award (CAD) |
---|---|---|
International Entrance Scholarships | High academic qualification (85% and 6.5+ IELTS Score) | 2,000 for first two semesters |
KPMG Jim Walker Memorial Scholarship in Accounting | Minimum GPA 3.5 to enter University of Alberta | 2,000 |
English Proficiency Entrance Scholarship |
|
|
Alberta Graduate Excellence Scholarship | Enrolled in any graduate degree at University of Alberta, Academic excellence | 15,000 |
Ontario Graduate Scholarship | Enrolled full-time at University of Toronto and Carleton University | 15,000-30,000 |
Masters in Accounting in Canada Placements
Individuals may expect to earn an annual income ranging from CAD 39,000 to CAD 241,000 (INR 23.6 Lakhs to INR 1.45 Crore). Some of the popular job profiles in Canada to choose from after pursuing a Master in Accounting are tabulated as follows:
Job Title | Average Salary (CAD) | Average Salary (INR) |
---|---|---|
Accountant | 54,861 | 34 lakhs |
Financial Controller | 83,265 | 51 lakhs |
Financial Analyst | 68,053 | 42 lakhs |
Accounting Manager | 72,168 | 44 lakhs |
Intermediate Accountant | 54,981 | 34 lakhs |
Staff Accountant | 46,140 | 28 lakhs |
Finance Manager | 80,632 | 50 lakhs |
Certified Public Accountant (CPA) | 68,691 | 42 lakhs |
Forensic Accountant | 82,966 | 51 lakhs |
Tax Manager | 86,780 | 53 lakhs |
Masters in Accounting in Canada for international students opens up the door to new opportunities in the field of Accountancy and Finance related work. Individuals become Chief Financial Officers and can help earn an enormous package of up to CAD 241,000 (INR 1.49 Crore) per year.
MBA in Accounting vs Masters in Accounting
Feature | MBA in Accounting | Master of Accounting (MAcc) |
---|---|---|
Focus | Broader business knowledge with a specialization in accounting | Deep specialization in accounting principles and practices |
Curriculum | Covers core business areas (marketing, finance, management) with accounting electives | Primarily focused on accounting courses (financial accounting, auditing, taxation) |
Target Audience | Professionals with business backgrounds seeking to advance in accounting | Recent graduates or career changers seeking a strong foundation in accounting |
Average Salary (CAD) | $120,000+ (with experience) | $80,000+ (with experience) |
Job Opportunities | Wider range of opportunities in various business functions (CFO, controller, financial analyst) | More specialized roles in public accounting (auditing, tax), corporate accounting (financial reporting) |
CPA Eligibility | May fulfill some CPA education requirements, but additional courses and exams needed | Fulfills most CPA education requirements in Canada |
A Master's degree from a Canadian university is valued worldwide, opening doors to international career opportunities with potentially higher salaries.
FAQs
Ques: How much does a master in accounting cost in Canada?
Ans: The average cost of pursuing a Masters in Accounting in Canada ranges from 15,000-62,000 CAD (9 to 38 lakhs INR) per annum. The tuition fee in some of the top universities is given below:
University | Tuition Fees (CAD) | Tuition Fees (INR) |
---|---|---|
University of Toronto | 41,550 | 25 lakhs |
University of Saskatchewan | 27,150 | 16 lakhs |
University of Alberta | 25,704 | 15 lakhs |
Queen’s University | 15,200 | 9 lakhs |
York University | 62,400 | 38 lakhs |
Ques: How many years is a Masters in Accounting in Canada?
Ans: Masters in Accounting in Canada is a 2-year postgraduate degree program offered to individuals who hold a bachelor's degree in accounting, business, finance, or a related field.
Ques: Is a Master in Accounting worth it in Canada?
Ans: Yes, pursuing a Master in Accounting in Canada is a great option for aspirants of accountancy and financial management. Canada stands among the most popular study abroad destinations along with the USA, UK, Australia, etc.
Additionally, there are 6 universities ranked under the top 100 worldwide institutions, as per the QS World Subject Rankings 2023 for Accounting and Finance. Some of them are:
University | QS World University Ranking |
---|---|
University of Toronto | 15 |
University of British Columbia | 29 |
McGill University | 55 |
Ques: Who is eligible for Masters in Accounting in Canada?
Ans: Checking the eligibility criteria for the shortlisted institution is a good practice prior to applying for a Master in Accounting in Canada. Here are the overall entry requirements for the same:
- Qualification: Bachelor’s degree in Accountancy or a relevant stream with a minimum aggregate of 65%.
- Proof of English Proficiency:
- IELTS: Overall score of 6.5 to 7.5
- TOEFL iBT: 90 to 105
- Standardized Test Scores: A GRE score of 305 (160 in Verbal and 155 in Quantitative Reasoning) or a minimum GMAT score of 600 is also acceptable.
Apart from satisfying the eligibility criteria, candidates are required to submit a number of documents during and after the applications, such as:-
- Official transcripts or certified copies of original transcripts
- Proof of prior experience
- Copy of valid passport
- Proof of English Proficiency
- A statement of purpose (SOP)
- Letter of Recommendation (LOR)
- CV/ Resume
- Canada Student Visa
Ques: Is getting a job easy after a Masters in Accounting in Canada?
Ans: Even after pursuing a Master's in Accounting in Canada, it is difficult for candidates to get the first job. Most of the companies require experience in Accountancy in order to hire individuals, which one can only gather after working somewhere. Some of the popular job profiles in Canada to choose from after pursuing a Master in Accounting are tabulated as follows:
Job Title | Average Salary (CAD) | Average Salary (INR) |
---|---|---|
Accountant | 54,861 | 34 lakhs |
Financial Controller | 83,265 | 51 lakhs |
Financial Analyst | 68,053 | 42 lakhs |
Finance Manager | 80,632 | 50 lakhs |
Certified Public Accountant (CPA) | 68,691 | 42 lakhs |
Tax Manager | 86,780 | 53 lakhs |
Ques. Are there any 1 year course for Masters in accounting in Canada?
Ans. While finding a 1-year Master's of Accounting program in Canada is challenging, there are a few options that can be completed in an expedited timeframe compared to the standard 1.5-2 year programs. Here's what to consider:
University of Alberta: The Master of Science in Accounting (MSc Accounting) program can be finished in 12-16 months for students with a strong accounting background.
Ques. What is the difference between MBA and Master’s in accounting?
Ans. Both MBA and Master's in Accounting programs in Canada offer exciting career prospects, but cater to distinct goals. Here's a breakdown of the key differences to help you make an informed decision:
Feature | MBA | Master's in Accounting (MAcc) |
Focus | Broad business administration | Specialized accounting theory and practice |
---|---|---|
Curriculum | Broader range of business courses (finance, marketing, strategy) | In-depth accounting courses (financial accounting, auditing, taxation) |
Career Paths | Diverse business leadership roles (management, consulting) | Accounting-specific roles (auditor, tax accountant, financial analyst) |
Admission Requirements | Business background preferred, GMAT/GRE often required | Accounting background preferred, GMAT/GRE may or may not be required |
Program Length | Typically 1.5-2 years | Typically 1-2 years |
Ques. What are the best Master’s in Accounting specialisations offered in Canada?
Ans. Canada boasts a strong selection of Master's in Accounting programs with various specializations to cater to your specific interests and career goals. Here are some of the most popular and rewarding specializations to consider:
- Taxation: Deepen your knowledge of tax laws, regulations, and planning strategies. Become a tax specialist, advising individuals and businesses on optimizing their tax positions. This specialization is highly sought-after due to its complexity and constant evolution.
- Forensic Accounting: Develop investigative and analytical skills to uncover financial fraud and irregularities. Pursue a career in forensic accounting, assisting law enforcement, government agencies, or private corporations in fraud detection and litigation support.
- Management Accounting: Gain expertise in financial analysis, cost management, and budgeting. Management accountants play a vital role within organizations, providing financial insights to support strategic decision-making. This specialization offers strong career prospects across various industries.
- Auditing: Master the art of auditing financial statements and ensuring their accuracy and compliance with accounting standards. Auditors are in high demand, working in public accounting firms or internal audit departments of organizations.
- Data Analytics in Accounting: This emerging specialization combines accounting expertise with data analysis skills. You'll learn to leverage data to identify trends, assess risks, and optimize financial processes. This specialization positions you for success in the data-driven future of accounting.
Ques. Which province in Canada is best to study Master’s in Accounting?
Ans. While there are strong accounting programs across Canada, Alberta is currently considered to have the best courses for international students pursuing a Master's in Accounting. This is due to the offered program, faculty expertise, and potential job opportunities for graduates in the province.
Ques. What is the difference between a Master’s of Accounting and a Master’s of Finance?
Ans. The differences between Masters of Accounting and Masters of Finance in Canada are -
Feature | Master's of Accounting (MAcc) | Master's of Finance (MFin) |
---|---|---|
Focus | In-depth accounting principles | Broader financial theory and analysis |
Career Paths | Public accounting (auditing, tax), corporate accounting (financial controller, internal audit), forensic accounting, government accounting. | Investment banking, commercial banking, wealth management, financial analyst, risk management, corporate finance. |
Ques. Can I work as a CPA in Canada after pursuing a Master’s in Accounting?
Ans. Yes, a Master's in Accounting can put you on a strong path to becoming a CPA in Canada, but it typically isn't the only step. To become a CPA in Canada, you'll need to meet the requirements set by CPA Canada, the national organization. These requirements may include -
- Completing the CPA Professional Education Program (CPA PEP), which combines coursework and practical experience.
- Having at least 30 months of relevant accounting work experience.
Certain Master's programs accredited by CPA Canada can exempt you from some parts of the CPA PEP program. This can save you time and money.
Ques. Which are the top accounting courses in Canada for international students?
Ans. Choosing a Masters in Accounting program in Canada can be overwhelming. Let us look at the top 5 courses for MS in Accounting in Canada opted by most international students -
Program Name (University) | Acceptance Rate | Avg. Base Salary (CAD) | Top Recruiters | Avg. GPA Requirement |
---|---|---|---|---|
Master of Accounting (MAcc) - Schulich School of Business (York University) | Competitive (30-40%) | $85,000 | PwC, KPMG, EY, Deloitte, RBC, Scotiabank | 3.5+ |
Master of Accounting (MAcc) - Smith School of Business (Queen's University) | Competitive (35-45%) | $80,000 | PwC, KPMG, EY, Deloitte, BDO Canada, National Bank Financial | 3.6+ |
Master of Management & Professional Accounting (MMPA) - John Molson School of Business (Concordia University) | Moderate (45-55%) | $78,000 | PwC, KPMG, EY, Deloitte, TD Bank, CGI | 3.3+ |
Master of Science in Accounting (MSc Accounting) - University of Alberta School of Business | Moderate (50-60%) | $75,000 | Deloitte, ATB Financial, Cenovus Energy | 3.2+ |
Master of Accounting (M.Acc) - Sauder School of Business (University of British Columbia) | Competitive (25-35%) | $82,000 | KPMG, EY, Deloitte, Amazon, Microsoft Canada | 3.7+ |
Masters in Accounting in Canada integrates internships or co-op placements which can help you gain relevant experience and build connections with potential employers.
Ques. What is a Master's in Forensic Accounting?
Ans. A Master's in Forensic Accounting is a specialized program that equips you with the knowledge and skills to investigate financial crimes and misconduct. You'll learn about fraud examination, forensic accounting techniques, anti-money laundering, and legal aspects related to financial investigations.
According to the Robert Half Accountemps Salary Guide, forensic accountants with 1-3 years of experience can earn an average base salary of $80,000 CAD.
Ques. What is a Master's in Professional Accounting (MPA)?
Ans. A Master's in Professional Accounting (MPA) is a program designed to provide students with the advanced accounting knowledge and skills needed for professional practice. It typically covers financial accounting, auditing, taxation, management accounting, and other accounting specializations.
The Canadian Bureau of Labour Market Information (BLMI) projects a positive job outlook for accountants and auditors with a projected employment growth of 11% from 2020 to 2030 (faster than average). According to Indeed, the average salary for an entry-level accountant in Canada is $58,000 CAD/year.
Ques. Are there any cheap Master's in Accounting in Canada?
Ans. Tuition fees for Master's in Accounting programs in Canada can vary widely depending on the university, program duration, and delivery mode (full-time vs. part-time).
- Public Universities: $20,000 CAD - $40,000 CAD per year
- Private Universities: $30,000 CAD - $50,000 CAD per year
Consider public universities, which generally have lower tuition fees than private universities.
Ques. Which are the universities offering master's in accounting programs in Ontario?
Ans. Some universities in Ontario offering Master's in Accounting programs are -
- University of Toronto - Master of Accounting
- York University - Master of Professional Accounting
- University of Ottawa - Master of Accounting (MAcc)
- Wilfrid Laurier University - Master of Accounting (MAcc)
- Queen's University - Master of Accounting (MAcc)
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