Accounting professionals focus primarily on taxation and recordkeeping, and the majority practise in corporate or institutional environments. There are three designations for accountants: Chartered Accountant (CA), Certified General Accountant (CGA), and Certified Management Accountant (CMA). CMAs and CGAs work almost exclusively in the corporate/institutional environment, while some CAs may take personal finance training and then go on to specialize in this area.
Investment advisers
• Chartered Financial Analyst (CFA)
This international designation is issued by the CFA Institute upon completion of graduate-level courses and examinations in accounting, economics, ethics, money management and security analysis. CFA candidates must have three years' prior working experience and a bachelor's degree.
• Canadian Investment Manager (CIM)
This designation is bestowed by the Canadian Securities Institute (CSI) upon completion of the Institute's courses on investment and portfolio management. Advisers with the CIM designation can sell mutual funds.
• Fellow of the Canadian Securities Institute (FCSI)
This is the highest designation conferred by the Canadian Securities Institute. FCSIs must have a minimum of five years' experience in the securities industry.
• Financial Management Adviser (FMA)
This designation is granted by the Canadian Securities Institute to graduates of its FMA program, which is geared to providing advanced financial planning and wealth management advice to high-net-worth investors.
• Retirement specialist
In recent years, a number of new designations have been introduced denoting specialized retirement knowledge. These are really add-ons for professionals who are already otherwise accredited, as the training courses are quite short. Knowledge of money matters may be limited, for example, if the person has no other credentials.
• Professional Retirement Planner (PRP)
This designation is conferred by the Retirement Planning Association of Canada (RPAC) on members who meet certain educational requirements and are approved by a committee of peers in the retirement planning field, including financial advisers, health care professionals and career transition consultants.
• Certified Senior Advisor (CSA)
This designation is bestowed by the Canadian Academy of Senior Advisors (CASA) on completion of a 3-1⁄2-day program followed by a multiple-choice exam. "CSAs have supplemented their... credentials and education with knowledge about aging and working with seniors," CASA's website says, adding: "The CSA designation does not imply expertise in financial, health or social matters."
• Elder Planning Counselor (EPC)
This designation is bestowed, on completion of a five-day program (23 chapters of a three-volume desk reference) and exam, by the Canadian Initiative for Elder Planning Studies.
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