Walking His Own Path: Rick Morano’s Journey to Success

Becoming a Fellow (FCPA) is the highest distinction that can be bestowed upon a CPA, representing leadership, professional stewardship, and community service.

From CEOs who have led globally recognized brands through transformation, to national public accounting leaders who leveraged their expertise to take the lead in emerging areas like AI and sustainability reporting, each FCPA has taken their own path to the designation—and distinction.

One of those FCPAs with a truly unique journey is Rick Morano, FCPA, FCMA, CAFM, the CFO of the Chippewas of Rama First Nation.

Rick played a leading role in expanding Casino Rama from the first licensed casino on First Nations land into one of Ontario’s prized resort destinations. In 1996, one year before he joined as CFO, Rama had $3 million in revenue, with about 30 to 40 employees and 2 businesses. Today, the community has $60 million in revenues, more than 450 employees, 9 businesses and over $175 million invested.

Rick’s work with Rama over 27 years has taught him the importance of mentorship, cultural empathy, and collaboration, while providing him with first-hand experience of the impact that responsible financial management can have on a First Nations community.

“CPAs have the power to help build businesses and empower communities,” said Rick when he addressed the successful CFE writers at CPA Ontario’s 2023 Convocation. “Let’s pay it forward by mentoring others, sharing our knowledge, and lifting each other up.”

Discovering Opportunity in Unexpected Places

Rick’s path to the designation was not a straight one. Until his mid-twenties, he had been working factory jobs.

After three years at Wonder Bread, he enrolled in a bookkeeping course to earn a management certificate and a college credit to apply for lead hand of a new third shift. When the shift was cut, Rick moved to General Tire. When their employees went on strike, he decided to enroll at the Georgian College Orillia Campus to earn a business degree.

“When I moved to General Tire, I had been thinking about going to college a lot, but being married with one child at the time, the idea of leaving work to go back to school was a major barrier,” Rick tells CPA Ontario. “When the strike hit, I had some savings, I knew this was my moment and I had to take the leap, or I wouldn’t get another chance.”

Rick didn’t pursue the CPA designation until his third year— “my toughest one,” he says, as his class reduced from about 30 students in the first year to 10, requiring a move to Georgian College’s Barrie campus. He credits his instructors for providing him with the guidance and discipline he needed to complete his educational journey.

“Between dwindling savings, the loans I’d taken out, the 20 hours a week I was working at Mother’s Pizza in between classes—by now I had two kids—I knew I had to prioritize my career goals,” Rick says. “If I’ve already spent three years at college, made many sacrifices and was losing a wage, I really had focus on the subjects that would secure and advance my path.”

After graduating in 1986, Rick started at BDO and signed up for the CPA program, and after four years of attending night school, he received his designation.

“I was walking on cloud nine for a month,” he continues. “I couldn’t believe I had achieved what I had set out to do back when I was working at Wonder Bread and General Tire.”

Making An Impact

While at BDO and pursuing his CPA, Rick set a high standard of integrity for himself and his clients. His experience also taught him the importance of mentorship – a lesson that he would take with him throughout his career.

When he joined Rama, Rick was able to draw on his formative experience and network to bring innovative solutions to his new position, particularly as he oversaw the $200-million financing of the Casino Rama Expansion and monthly reporting to Ontario Lottery and Gaming (OLG) and Penn National Gaming.

While Rick does not identify as Indigenous, he is a Certified Aboriginal Financial Manager (CAFM) with deep ties to the Rama community. And the Indigenous learning principle of passing knowledge on to future generations is helping him navigate the next leg of his journey as he contemplates both his and Rama’s future.

Mentorship plays a key role in his work with the Aboriginal Financial Officers Association of Canada (AFOA) and as he prepares to pass the torch on to his successor, Kirstin Shilling. As Rama’s Finance Accountant and an Indigenous aspiring CPA enrolled in preparatory courses at McMaster University, Kirstin has Rick’s full confidence in her ability to take on the challenge when the time comes.

“I had help along the path to becoming a CPA, but if there’s moral to my story, it’s that you can’t give up,” Rick says. “I believe that it’s not about how many times you get knocked down, it’s about getting back up and moving forward—with purpose.”

As a CPA, Rick’s impact extends beyond his organization to an entire First Nations community. As CFO, he gave Rama financial control, ensuring they continue down a path of sustainable growth. And the profession has recognized Rick's impressive achievement by making him a Fellow.

“Remember the profession you have chosen is a symbol of commitment to excellence, integrity, and service,” Rick told newly designated CPAs. “How you choose to use that symbol, and the impact you decide to make, is up to you.”