Newfoundland and Labrador offers excellent opportunities for aspiring accountants, with a growing economy driven by the oil and gas sector, natural resources, and expanding professional services. This comprehensive guide will walk you through the step-by-step process to become a certified accountant in Canada’s easternmost province.
Quick Navigation: Jump to any section below to find specific information about becoming an accountant in Newfoundland and Labrador.
- Step 1: Complete Education Requirements
- Step 2: Choose Your Professional Designation
- Step 3: Gain Required Experience
- Step 4: Complete Certification Process
- Step 5: Salary and Career Outlook
- Career Opportunities and Top Employers
- Continuing Education Requirements
- Frequently Asked Questions
Step 1: Complete Education Requirements
The first step to becoming an accountant in Newfoundland and Labrador is completing your undergraduate education. Here’s what you need to know:
Bachelor’s Degree Requirements
To become a certified public accountant (CPA), you must complete a bachelor’s degree from an accredited institution. While the degree doesn’t have to be in accounting, it must include specific prerequisite courses.
Universities in Newfoundland and Labrador
The province offers several excellent options for accounting education:
Memorial University of Newfoundland is the province’s flagship institution, offering comprehensive accounting degree programs that align with CPA Canada requirements.
Prerequisites for CPA Designation
CPA Canada requires completion of specific competency areas through your undergraduate studies:
- Financial Accounting and Reporting (minimum 12 credit hours)
- Management Accounting (minimum 6 credit hours)
- Audit and Assurance (minimum 3 credit hours)
- Taxation (minimum 3 credit hours)
- Finance (minimum 3 credit hours)
- Information Technology (minimum 3 credit hours)
Step 2: Choose Your Professional Designation
In Canada, the accounting profession unified under the CPA designation in 2013. However, understanding the legacy designations helps clarify different career paths:
CPA (Chartered Professional Accountant)
The CPA designation is the unified professional accounting designation in Canada, combining the former CA, CGA, and CMA designations.
CPA Atlantic (Regional Body)
Newfoundland and Labrador accountants are governed by CPA Atlantic, which serves the four Atlantic provinces. This regional body ensures consistency in standards while addressing local needs.
Step 3: Gain Required Experience
The CPA designation requires practical experience in addition to education. Here’s what you need to know:
Experience Requirements
- Duration: 30 months of relevant practical experience
- Timing: Can be completed before, during, or after the CPA Professional Education Program (PEP)
- Mentorship: Must be supervised by a CPA mentor
- Competencies: Must demonstrate specific technical and enabling competencies
Approved Experience Areas
Experience must be gained in roles that allow you to develop CPA competencies:
- Public accounting firms
- Corporate accounting departments
- Government agencies
- Non-profit organizations
- Financial institutions
- Consulting firms
Step 4: Complete Certification Process
The path to CPA certification involves several stages:
CPA Professional Education Program (PEP)
The PEP is a graduate-level program consisting of:
- Core 1: Financial Reporting
- Core 2: Management Accounting
- Electives: Choose 2 from 4 available modules
- Capstone 1: Integrative approach to accounting
- Capstone 2: Multi-competency case study
Common Final Examination (CFE)
The CFE is a three-day examination that tests your ability to integrate knowledge and apply professional judgment. It’s typically taken after completing the PEP.
Timeline to CPA Designation
Step 5: Salary and Career Outlook
Newfoundland and Labrador offers competitive compensation for accounting professionals, with salaries varying based on experience, designation, and industry.
Entry-Level Accountant Salaries
Based on current market data, entry-level accountants in Newfoundland and Labrador can expect:
- Starting salary: $42,000 – $48,000 annually
- With CPA designation: $55,000 – $65,000 annually
- Senior level: $70,000 – $85,000 annually
- Management positions: $85,000 – $120,000+ annually
Industry Salary Variations
Note: These figures are estimates based on Canadian market data and may vary based on specific qualifications, experience, and employer.
Career Opportunities and Top Employers
Newfoundland and Labrador’s diverse economy provides numerous opportunities for accounting professionals across various sectors.
Major Employers
Public Accounting Firms
- Deloitte LLP – Big Four firm with offices in St. John’s
- Grant Thornton LLP – International firm serving local and regional clients
- BDO Canada LLP – Full-service accounting firm with Corner Brook office
- MNP LLP – National firm with strong Atlantic presence
Oil and Gas Companies
- Suncor Energy – Major oil sands producer with NL operations
- ExxonMobil Canada – Significant offshore oil production
- Equinor Canada – Leading offshore oil and gas company
- Hibernia Management and Development Company – Local oil field operator
Government Opportunities
- Province of Newfoundland and Labrador – Various departmental positions
- Government of Canada – Federal positions including CRA
- Memorial University – Academic and administrative roles
- Newfoundland and Labrador Hydro – Crown corporation opportunities
Job Market Outlook
The accounting profession in Newfoundland and Labrador shows positive growth trends:
- Job growth: 5-7% annually over the next five years
- Retirement opportunities: Significant number of retiring accountants creating openings
- Economic diversification: Growing technology and service sectors
- Infrastructure projects: Major developments requiring accounting expertise
Continuing Education Requirements
Maintaining your CPA designation requires ongoing professional development:
Continuing Professional Development (CPD)
- Annual requirement: 20 hours of professional development
- Three-year cycle: 120 hours total with specific distributions
- Verifiable learning: Minimum 60 hours must be verifiable
- Unverifiable learning: Up to 60 hours can be unverifiable
Acceptable CPD Activities
- Formal courses and seminars
- Professional conferences
- Self-study programs
- Teaching and instruction
- Research and writing
- Committee participation
Frequently Asked Questions
Can I become an accountant without a degree?
No, a bachelor’s degree is required for CPA designation in Canada. However, some bookkeeping and accounting technician roles may be available with college diplomas.
How long does it take to become a CPA in Newfoundland and Labrador?
Typically 5-7 years total: 4 years for your bachelor’s degree, 2-3 years for the CPA PEP, and 30 months of practical experience (which can overlap with education).
Do I need to be a Canadian citizen to work as an accountant in NL?
No, but you need legal work authorization in Canada. International credentials may require assessment through CPA Canada’s International Credential Assessment Service.
What’s the difference between a CPA and other accounting designations?
CPA is the unified professional accounting designation in Canada, replacing the former CA, CGA, and CMA designations. It’s the only pathway to become a licensed professional accountant in Canada.
Can I work in other provinces with a Newfoundland and Labrador CPA?
Yes, the CPA designation is recognized across Canada, allowing for mobility between provinces with proper registration transfers.
What are the most in-demand accounting specializations in NL?
Forensic accounting, oil and gas accounting, government accounting, and environmental accounting are particularly in-demand due to the province’s economy.
How much does it cost to become a CPA in Newfoundland and Labrador?
Total costs typically range from $30,000-$80,000 including education, CPA PEP fees, examination costs, and professional development requirements.
Are there scholarship opportunities for accounting students in NL?
Yes, Memorial University, CPA Atlantic, and various professional organizations offer scholarships and bursaries for accounting students.
May 2024 Bureau of Labor Statistics salary data for Accountants and Auditors reflect state and national data, not school-specific information. Conditions in your area may vary. Data accessed June 2025.
