Students must develop both technical and enabling competencies through their term of qualifying practical experience. Technical competencies fall into six competency areas; future CPAs must develop a range of these competencies in accordance with four requirements: core, depth, breadth, and progression. Enabling competencies fall into five areas; future CPAs must develop all enabling competencies.
Each competency area comprises three or four competency sub-areas. Students must achieve a minimum number of competency sub-areas to achieve the core, depth and breadth requirements. Competency sub-areas are developed over time based on the student demonstrating competency statements that make up each sub-area. Learn more about the practical experience requirements.
In order to achieve a level 2 proficiency in the taxation sub-competency areas, the firm must provide students with a minimum of 20% of their time working in each specific competency - this includes tax research, tax compliance and tax planning. For programs with corporate tax work, 17% (425 hours or 5 months) of tax work must have underlying financial statements that are audited or reviewed, providing comfort that students will have exposure to financial statements of sufficient complexity in order to achieve a level 2 usually mapped under Financial Reporting. If 17% is not attainable, then we work with firms to determine what other avenues might be possible such as a rotation to Assurance or Controllership duties.
Students must be exposed to diverse tax clients within several industries – a minimum of 50% of client chargeable hours should be diverse in order to adequately develop a breadth within financial reporting, coupled with their depth in taxation. Employers are expected to provide 1,000 chargeable hours per student, per year.