As a student in the upper years of the Commerce program, you have total control over how and when you schedule the accounting courses which count toward the entrance requirements of the professional designation you are pursuing. The Laurentian Accounting Association understands that scheduling courses is sometimes difficult and that it helps to see how (and why) others have planned their courses the way that they have.
Below you can find specific courses which we think you can strategically schedule to maximize the effectiveness of your university studies. However, the choice is ultimately yours to make. For more information, you can also consult with your academic advisor, or the professor who coordinates with the designation you are interested in pursuing.[1] Good luck with your endeavours!
COMM 3016/3017 – Intermediate Accounting I & II
Some students choose to take these courses before core year (after completing COMM 1107) or during the spring intersession immediately following the completion of core year. While some students do not have any difficulty with this approach, please recognize that there is a lot of new material in both COMM 3016 and COMM 3017. The spring intersession classes are highly condensed and move through the material very quickly.
Your chances of understanding and retaining the material greatly increase if you first take these courses during the regular academic term following core year (i.e., September through April). A strong foundation in intermediate accounting topics will ultimately help you when you move onto the advanced financial accounting courses (i.e., COMM 4136 and 4137) and further on in your career when you begin writing the professional examinations for one of the accounting designations.
COMM 4116/4117 – Personal and Corporate Taxation
Each of the three Canadian designations require a specific level of competency in your ability to address an organization’s taxation issues. For example, taxation-related questions comprise 15% of the Core Knowledge Exam, which is the first CA exam you must complete if you are pursuing this designation. The CMA Entrance Exam also includes taxation issues, and according to the 2009 CMA Competency Map Entrance Requirements, you are expected to know the current tax legislation if the legislation change occurred more than one year prior to the examination (pg. 34). The PACE level of the CGA program also includes taxation-related issues.
Given this, and the fact that tax laws often change or new ones are introduced when the federal and provincial governments announce their annual budgets, we strongly recommended that you schedule your taxation courses during your final year of study. By doing so, you minimize the amount of potential changes that you will have to learn prior to attempting the professional examinations of your designation choice. Tax laws also tend to be complex, so the fresher the legislation is in your mind, the better your familiarity and retention of the material will be!
COMM 4177 – External Auditing II
If you are pursuing the CA or CGA designation, External Auditing II is a required course. While many students choose to take both external auditing courses following core year, some students may benefit from taking the second part of the course the year following their completion of External Auditing I.
If you plan to work in an accounting firm in the summer following your completion of External Auditing I, you may find this scheduling approach worthwhile to consider. You will have been introduced to auditing through the introductory course, and the time delay then provides you with the opportunity to see auditing in action. The end result is that you are more likely to understand and appreciate the material covered in External Auditing II.
Footnotes
[1] Professor contact for the CA designation – Valorie Leonard – vleonard@laurentian.ca
Professor contact for the CMA designation – Sheila McGillis – smcgillis@laurentian.ca
Professor contact for the CGA designation – Yves Robichaud – yrobichaud@laurentian.ca
