Accounting and Business Knowledge Requirement

For Students Enrolled in the CPA Preparatory Courses

Last updated on Jun 03, 2026

All applicants are required to demonstrate accounting and business knowledge. One way to meet this requirement is by completing all 14 of the CPA preparatory courses or equivalent courses and entering the CPA Professional Program by December 31, 2028.

  • IFA: Introductory Financial Accounting
  • IMA: Introductory Management Accounting
  • ECO: Economics
  • STA: Statistics
  • IF1: Intermediate Financial Reporting 1
  • IF2: Intermediate Financial Reporting 2
  • AFR: Advanced Financial Reporting
  • COF: Corporate Finance
  • AUA: Audit and Assurance
  • TAX: Taxation
  • MAA: Intermediate Management Accounting
  • PMA: Performance Management
  • BUL: Business Law
  • ITE: Information Technology

What Happens If You Do Not Complete CPA Preparatory Courses?

If you have not completed all 14 CPA preparatory courses (or the equivalent courses) and will not be starting the new CPA Professional Program by December 31, 2028, then you must meet the requirements for the new program as outlined below. CPA preparatory courses will continue to be recognized for possible credit toward the new program.

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At least 21 of the 45 credit hours must cover the six required topic areas. The following CPA preparatory courses can be used to meet the required topic areas (21 credit hours) for the Knowledge Assessment exemption. Each CPA preparatory course listed below is the equivalent of 3 credit hours.

Required Topic Area

CPA Preparatory Courses

Intermediate Financial Reporting

IF2 (3)

Advanced Financial Reporting

AFR (3)

Finance

COF (3)

Assurance

AUA (3)

Taxation

TAX (3)

Management Accounting

MAA (3) + PMA (3)

Total Credit Hours

21-credit-hour equivalent

These courses were evaluated upon completion of a transcript assessment for admission to CPA PEP. The CPA PEP assessment is an accurate representation of which required topic areas each student has outstanding. 

To meet the remaining 24 credit hours of accounting or business-related courses, the following CPA preparatory courses will count towards this requirement for the Knowledge Assessment exemption. Each CPA preparatory course listed below is the equivalent of 3 credit hours. You will need at least one additional course (3 credit hours minimum) from a post-secondary institution (excluding career colleges) to meet the 24-credit-hour requirement.

CPA Preparatory Courses

IFA (3)

IMA (3)

ECO (3)

IF1 (3)

STA (3)

BUL (3)

ITE (3)

Additional course from a post-secondary institution (excludes career colleges) (3 credit hours)

24-credit-hour equivalent

Apart from the list above, additional accounting and business courses that were not assessed under CPA PEP may be eligible for credit toward the CPA Professional Program. An assessment framework for these courses is being developed and is expected to be available by the end of Summer 2026. Until then, students should focus on completing the 21 credit hours in the required topic areas.

The Accounting and Business Knowledge Requirement is one of several admission requirements for the CPA Professional Program. For a full list of all admission requirements, please visit the admission requirements webpage.