Glossary
A
Advanced: This refers to courses in Level 4 of the CGA program. The courses include:
- Advanced Management Accounting (MA2)
- Accounting Theory & Contemporary Issues (AT1)
- Financial Accounting: Consolidations and Advanced Issues (FA4)
- CGA’s Public Practise Audit Case (BC2)
- Personal and Corporate Taxation (TX1)
- External Auditing (AU1)
Exemptions may be granted for comparable senior level courses taken at recognized post-secondary institutions or through selected professional accounting bodies.
You can get more information about these courses under the Education section of the CGA Program Tab above.
Advanced Standing: Exemption from one or more of CGA’s course requirements as a result of direct transfer credits or block recognition of an external qualification, such as a bachelor’s degree (see also Exemption).
Associations (Affiliates): There are 13 affiliate associations in Canada, including CGA-Canada. Internationally, there are CGA associations in Bermuda, Hong Kong and the Caribbean, and representation offices in China. Prospective CGAs should contact the association in the region where they plan to reside.
B
Bachelor’s Degree: Also known as an undergraduate or first degree, it is typically issued by a university or other recognized tertiary institution following four years of post-secondary studies (after at least 12 years of primary and secondary education). Three-year degrees from some jurisdictions may be equivalent or acceptable. See additional information under FAQs.
C
Challenge Examination (Challenge Privilege): In some cases, students are deemed to have completed studies similar to a CGA requirement and are only granted an exemption from the course component. A challenge exam (challenge privilege) enables the student to attempt the final exam without enrolling in the full course, completing associated assignments or other requirements.
Credential Evaluation Service: An agency responsible for verifying authenticity of foreign qualifications and interpreting how they equate to the Canadian education system. These services may also recommend grade equivalencies.
D
Degree Standard: All CGA students are required to have earned a bachelor’s (or higher) degree from a recognized university or equivalent institution of higher learning. Degrees earned outside Canada will be assessed to ensure they are comparable to Canadian standards. See additional information under FAQs.
Designation: The title or qualification name used by a fully qualified member of a professional association such as CGA.
E
Exemption: A waiver of a CGA requirement. CGA does not require students to take an alternative course in place of an exempted course. In some cases a challenge examination is required, while enrolment in the full course is optional (see also Advanced Standing).
F
Foundation: Levels 1-3 of the CGA program (explained under Education in the CGA Program Tab above). The courses in the Foundation levels include:
- the first three levels of Financial Accounting (FA1, FA2, FA3)
- Business Quantitative Methods (QU1)
- Micro & Macro Economics (EC1)
- Business Law (LW1)
- Business Communication (CM1)
- Introductory Management Accounting (MA1)
- Managing Information Systems (MS1)
- Corporate Finance Fundamentals (FN1)
- CGA’s Accounting Business Case (BC1)
Exemptions may be granted for comparable courses taken at recognized post-secondary institutions or through many professional accounting bodies.
Formal (official) Assessment: The procedures by which a CGA Association reviews official documentation submitted on behalf of an applicant and determines eligibility for Advanced Standing (transfer credit/exemptions).
L
M
Mark: Student performance on most CGA courses and exams are reported in marks out of 100 (percentage grading). These are considered the students’ grade results. PA1 and PA2 results are reported as pass/fail.
MRA (Mutual Recognition Agreement): Mutual Recognition Agreements are legal agreements between selected professional accounting associations that encourage joint enterprise and enable members from each organization to become a member and use the designation of the other. For accountants, holding a designation in two different regulatory jurisdictions will often give access to a broader market for their services.
O
Official Transcript: Official transcripts are typically printed on tamper-proof paper, include the institution’s seal and Registrar’s signature, and are mailed directly to the relevant CGA Association or credential evaluation service from the university. In some cases, a CGA Association may accept “attested” copies of documents (for example, mark sheets and credentials earned) sent directly from a national higher education authority, or an EU official Diploma Supplements sent directly from the university.
P
PACE: Professional Applications and Competency Assessment (PACE) is the certification level of the CGA program, which consists of the final courses and exams. See PACE under the CGA Program tab above.
Post-Secondary Institution: This term refers to universities, colleges and similar institutions of tertiary education. In Canada these are generally open to individuals who have completed 12 years of formal primary (elementary) and secondary (junior and senior high) schooling.
Professional (practical work) Experience: A requirement for certification as a CGA. Professional Work Experience must be completed according to a CGA Association’s policies and procedures for reporting, verification and assessment. See Professional Experience under the CGA Program tab.
S
T
