A Renewed Designation: The rising value of the Registered Professional Accountant (RPA) in Canadian accounting

James (Jim) Green, RPA is owner and general manager of Green & Company, Registered Professional Accountants in Cambridge, Ontario, and secretary of the Society of Professional Accountants of Canada.

IN THE complex and evolving economic landscape of Canada, small and medium-sized enterprises (SMEs) form the backbone of the economy. These businesses, which comprise the majority of Canadian enterprises, face unique financial challenges, particularly in the realm of accounting services. The need for competent, accessible, and affordable accounting expertise is more crucial than ever, especially as the country grapples with a significant shortage of qualified accountants. Against this backdrop, the re-introduction of the Registered Professional Accountant (RPA) designation by the Society of Professional Accountants of Canada (SPAC) is a timely and positive development for the profession that addresses this gap head-on.

It is a re-introduction because, although the SPAC has been in existence since 1978 and its predecessor organization, the Canadian Institute of Accredited Public Accountants (CIAPA), since 1938, the academic program that leads to an RPA designation has undergone substantial change beginning in 2019. It has been modernized to a point where you could think of it as a renewed designation and an alternative offering intended to complement other designations available on the Canadian market. 

In terms of a definition and scope of work, an RPA is a small business-focused Canadian accountant designated by the Society of Professional Accountants of Canada. They serve the public as accounting practitioners, performing functions like bookkeeping, taxation, advisory, and are qualified to sign compilation engagement reports on financial statements. They also work in government, not-for-profits and local businesses as management accountants or controllers, among other roles.  They undergo a training program and entrance exams that lead to designation, are required to participate in ongoing professional development, and are subject to ethical guidelines and discipline similar to how other professional bodies operate.

The RPA designation stands out by offering flexible pathways for various individuals interested in pursuing a career in accounting. This includes students from both college and university backgrounds, seasoned practitioners seeking formal recognition, and professionals from international accounting backgrounds needing to adapt their credentials to Canadian standards. Moreover, it extends attainable pathways to those making a career change into accounting, or running their own accounting or bookkeeping practices without prior formal designation.

The inclusivity of the RPA program is particularly noteworthy. It is designed not just for fresh graduates but also for mature individuals with substantial practical experience who may not have had the opportunity to earn a formal designation earlier in their careers. This approach not only diversifies the accounting profession but also enhances the quality of accounting services available to SMEs.

To achieve this outcome, the RPA designation is structured to be accessible while upholding high standards of professional knowledge, ethical conduct, and critical thinking, crucial for handling the sophisticated needs of today’s businesses​​.

This broadening of access to accounting credentials comes at an important time. With the phasing out of older designations with varied training programs like CGA, and CMA, the RPA serves as a vital new pathway that can help replenish the diminishing pool of accounting professionals​​ by including individuals who may otherwise not become designated. By facilitating access to the accounting profession in a streamlined program that focuses on the relevant knowledge for its target market, the RPA designation helps ensure a steady supply of well-trained accountants ready to serve the expansive needs of SMEs.

The impact on the Canadian economy is positive. By increasing the number of qualified accountants, the RPA designation helps increase the accessibility of accounting services to SME’s, thereby allowing more businesses to access essential financial expertise​​. This in turn supports business growth, sustainability, and compliance with financial regulations, fostering a healthier economic environment across Canada.

Overall, the RPA designation represents a significant advancement in the field of accounting in Canada, especially beneficial for SMEs. It provides a pragmatic solution to the current shortage of accounting professionals and creates a more inclusive and comprehensive framework for nurturing competent accountants. As such, it is a positive step towards strengthening Canada's economic fabric by ensuring that more businesses can access high-quality accounting services, ultimately enhancing their capacity to contribute to the economic wellbeing of Canada.

James (Jim) Green, RPA is owner and general manager of Green & Company, Registered Professional Accountants in Cambridge, Ontario, and secretary of the Society of Professional Accountants of Canada.