Accounting is an information system designed to gather, measure, interpret and communicate financial information in order to facilitate decision making. Decision makers may be internal or external to the organisation and include equity investors, lenders, creditors and managers.
At the Faculty of Business Administration, theory and practice are integrated to expand your understanding of the creation, uses, and limitations of accounting information. Courses are continually updated to reflect changes in technical standards and general theories in order to enhance and encourage a focus on both.
Career Opportunities in Accounting
While stereotypes continue to persist about accountants, professional accountants are highly skilled professionals that enjoy rewarding careers and above average compensation. Here are three main reasons why you should seriously consider accounting as a profession.
Challenging, Exciting and Diverse
Accounting is considered to be one of the most challenging business disciplines and attracts competent students. Professional accountants are multi-talented individuals who combine a mixture of specialized knowledge with professional experience. Accountants are normally required to have a working knowledge of financial reporting, management accounting, auditing, taxation, finance and information technology. Recent trends in globalization along with the widespread adoption of International Financial Reporting Standards have increased opportunities for accountants to travel and work internationally.
An accounting major provides you with the foundational skills and knowledge required to become a professional. Graduates of accounting programs pursue accounting designations, along with designations in finance (e.g., Chartered Business Valuator and Chartered Financial Analysts) or various other speciality areas (e.g., Certified Fraud Examiner).
Accounting offers many rewarding careers. Accountants can find rewarding careers in professional practice, private businesses, non-profit organizations, government agencies or work independently as their own boss. Obtaining a professional designation is a great way to set yourself apart from many other university graduates, and helps you climb the corporate ladder to become an executive.
Accountants can also pursue a career in academia. Currently, there is a shortage of academically and professionally trained accountants and the demand for faculty members at colleges and universities is consistently high. Accountants in academia are able to perform cutting edge research, teach the future generation, and develop high quality programs.
Rewarding and Secure
After finding their passion, many individuals consider compensation when selecting a career path. Accountants are in high demand. As a result, professional accountants enjoy high levels of job security and above average compensation. According to the Chartered Professional Accountants (CPA) Profession Compensation Survey, the 2013 mean average compensation of Canada’s professional accountants in all working sectors, age, ranges and regions in the country was $141,000 per annum.
Professional Certifications Available After Graduation
Our Faculty has a long, established history of providing a high quality educational experience for accounting students. The Honours Bachelor of Commerce Program - Accounting Major was accredited by the Certified Management Accountants (CMA) and Certified General Accountants (CGA), and offered all Institute of Chartered Accountants (CA) of Ontario (ICAO) prerequisite courses.
In Canada, a major recent development is the unification of the CA, CMA and CGA legacy professional bodies under the banner of the Chartered Professional Accountant (CPA). Currently, our program is being redesigned to ensure that students are provided coverage of the CPA Competency Map. Accordingly, accounting majors take a number of courses across the six technical competency areas of financial reporting, management accounting, audit and assurance, taxation, finance, and strategy and governance. All of our courses seek to develop student’s professional and ethical competencies as well as promote and develop reasoning and critical thinking.
Requirements for Accounting Major
Please see the Honours Bachelor of Commerce (Accounting Major) listing in the Lakehead University Course Calendar: http://navigator.lakeheadu.ca/~/Catalog/ViewCatalog.aspx?pageid=viewcatalog&catalogid=20&topicgroupid=9951
There is also a Minor in Accounting available to Honours Bachelor of Commerce students.
Accounting Discipline Members
Full Time Accounting Professors
Sessional Accounting Faculty
Brian MacIvor, LLB
Brent Maranzan, CPA, CA, MPA
Patricia Meredith. PhD, FCPA, FCA
Student Success Stories
Lakehead accounting students are very much involved in a wide variety of activities outside of the classroom. Here are some examples of student successes based on extra-curricular activities.
Lakehead accounting students has historically competed in various case competitions, including, Queen’s ICBC, Asper’s GAAPS, Ryerson’s Achieve, ICAO’s CA$H Competition, and CMA’s Case Competition. The following is a summary of recent student successes in case competitions.
Queen’s Inter-Collegiate Business Competition
- 2015 – Finalists (Top 6) - Mitch Fillman and Rachel Labate
- 2014 – Finalists (Top 6) - Taylor Hosanna and Shannon Lane. LU Media Release
- 2013 – Finalists (Top 6) – Tim Harris and Jesse Young. LU Media Release
- 2011 – 2nd Place – Angela Pratola and John Blanchette. LU Media Release
- 2010 – 3rd Place – Elena Harding and Mark Clements. LU Media Release
- 2008 – Finalists (Top 6) – Kathryn McCarthy and Marie Le
University of Manitoba’s Gathering of Accounting Academics, Practitioners, and Students
- 2014: 1st Place: Taylor Hosanna, Nick Dzikowski, Lucas Bauer and Ben Anderson: LU Media Release
- 2013: 2nd Place: Taylor Hosanna, Nick Dzikowski, Lucas Bauer and Ben Anderson. LU Media Release
- 2011: 1st Place - John Blanchette, Michael Iorianni, Angela Pratola and Jessica Tolone. LU Media Release
ICAO’s CA$H Competition
ICAO / CPA Ontario Rule the Tube Contest
Richard Jagielowicz won first place in the first ever Rule the Tube CA video competition. Richard Jagielowicz won in the University student category for “CA Rockstar”. Richard wrote and composed his own song to explain why CAs rock. Guitar shredding was very much included.
CRA Community Volunteer Income Tax Program
Lakehead accounting and finance students often host the community volunteer income tax program, providing free tax service to Lakehead students.
Lakehead University President’s Award Winners
Lakehead accounting students are often selected for the Prestigious President’s Award which displays their dedication to academics, volunteerism, and service to the Faculty.