CPA Canada allows candidates to attempt the Core 1 three times. At each unsuccessful attempt, candidates can ask for re-marking. After 3 unsuccessful attempts and unsuccessful remarkings, candidates will automatically be de-registered from the CPA PEP program. If you’re in this situation, here are some options to consider.
1. Re-register to get 4th attempt.
Officially, you have 3 attempts at Core 1. However, it’s possible to write it for the 4th time.
When you fail Core 1 three times, you will be automatically de-registered from the CPA Canada PEP program. You can re-register and get the 4th attempt by explaining to CPA Canada that you had a situation that was extraordinary, outside of your control, that caused you to fail one or more of prior attempts.
I have consulted many candidates and successfully got them the 4th attempt.
Update 2025: Due to popular demand, I now offer a dedicated mini-course to help you prepare a strong 4th attempt case and timeline extension requests. Click on the image below to learn more:
2. Wait until 2027
As you may know, PEP and CFE are being changed from 2027. The new CPA certification program will not have Core 1/2, electives, MCQs, nor CFE. It will not focus on technicals, but rather on case writing and decision making. At the time of writing this article, we don’t have official details on the new program structure, however you can choose to wait until 2027 and register into the new program.
3. Take the U.S. CPA.
To take the US CPA exams, you don’t have to be a US citizen or go to the US. You can apply online and study from Canada. US CPA costs less than the Canadian CPA and there are only MCQs and short-form answers in the exam. I wrote a detailed post comparing both designations here.
4. Get ACCA
Another solid option is pursuing the ACCA designation. The ACCA, or Association of Chartered Certified Accountants, is globally recognized and well-respected in regions like the UK, Asia, and Europe. It’s also gaining strong recognition in Canada. Canadians can register for the program from within the country, complete the coursework online, and write the exams at approved local exam centres.
5. Pursue the CFA designation.
Holding the CFA (Chartered Financial Analyst) title can be beneficial for advancement in Financial Planning and Analysis (FP&A) roles. CFA is a strong alternative, especially if you’re focused on financial modeling, forecasting, budgeting, or investment analysis.
6. Pursue Masters in Accounting degree.
Masters in Accounting (MAcc) program is fast and instructor-lead, which appeals to many students. The major downside of MAcc is that schools require full-time studies, so you will need to quit your work to complete it. You can read more about MAcc program here.
7. Become a Registered Professional Accountant (RPA)
The Registered Professional Accountant (RPA) designation is another good option to consider. RPA is a recognized accounting designation in Canada and it allows members to perform a range of accounting services, including tax preparation and compilations (CSRS 4200). The RPA has existed since 1938, but few have heard of it due to its lower profile compared to the CPA. RPA designation is a great alternative to the CPA designation because it allows you to open a tax preparation service and complete income taxes and perform compilation engagements. To become an RPA, you have to pass a few exams and obtain 2 years of accounting experience. Since 2020, the RPA designation has been getting traction as an alternative to the CPA designation due to its practical focus and growing recognition among employers in Canada.
8. Focus on your career.
Having CPA or other certifications is not the only way to succeed in finance and accounting roles. Instead, gaining extensive work experience and developing strong networking skills can also make you a valuable asset to employers. Additionally, building a strong personal brand by networking, attending career events and staying up-to-date with the latest technologies can give you an edge in the hiring process, even over candidates with CPA titles.
Conclusion
It’s important to evaluate your professional goals. If your primary motivation for pursuing a CPA certification is career growth and high earning potential, it may be worth exploring other career paths or trying to get the 4th attempt. Consider enrolling in my new 4th Attempt & CPA Extensions course to learn more.
