CPA EXAM COACHING
On the CPA Canada PEP and CFE exam results days, there is no better sound than hearing my students say: “I passed!”. I am grateful for my students who have provided honest testimonials on their experience with Gevorg CPA review courses.
Thanks to all my students for your continued support and congratulations on your promising future as CPAs!
Shraddha is an international accountant who started her CPA Canada journey during the pandemic. She found the CPA Canada modules and exams different from her past experiences, resulting in a few unsuccessful attempts. She reached out to me for coaching and after a few changes to her study style, case writing , and time management methods, she passed her exams. I’m now coaching her for the CFE exam, after which Shraddha can apply for the Canadian CPA designation.
If you are looking for help with your CPA Canada PEP and CFE exams, reach out to me for a quick phone consultation.
The process of getting the Canadian CPA can be an overwhelming journey. With multiple pathways to consider and exams to navigate, it’s often difficult to know where exactly to start. Below information on how to become a CPA in Canada will help you plan your designation in more manageable steps.
To get the Canadian CPA designation, you must complete the “Four E’s”:
There are different pathways to entering the CPA program, depending on your educational background.
If you have obtained a Canadian degree in a subject other than accounting, you will be required to begin your CPA journey through the CPA preparatory courses (formerly CPA PREP). PREP will help you gain the necessary accounting technical knowledge. After you’ve complete the required credit hours in PREP, you can then enter the CPA Professional Education Program (PEP), discussed in Step 2. For differences between CPA PREP and PEP, check out our detailed article.
If you have obtained a Canadian undergraduate degree in accounting, you will meet the necessary subject area coverage to enter directly into the CPA Professional Education Program (CPA PEP). PEP is designed to further develop technical depth in specific accounting areas.
If you have a Master of Management & Professional Accounting (MMPA) that is accredited by CPA Canada, it will allow you to enter directly into the last module of PEP, Capstone 2, and onto the Common Final Exam (CFE). Most MMPA programs are offered in 1 or 2 year terms, usually attended full-time. For more information about the Masters program, check out our Masers in Accounting (MAcc) to CPA article.
If you have international credentials, such as an international CA, you’ll be provided streamlined programs to help you obtain your education and examination requirements. Bridging pathways are offered to take you right to the last modules (Capstone 1 and 2) and unto the CFE. For more information on international accounting bodies, refer to International CPA Guide and our article on passing the CPA Canada CFE for international Indian accountants.
The educational requirements begin at the CPA PEP program. PEP is designed around technical topics and focuses on depth of knowledge. There are 6 PEP modules and you’ll start with Core 1.
Image source: CPA Canada
The purpose of these modules are to build the foundation for and refine your technical understanding, introduce you to case writing responses, and to further develop your studying habits. Details about the PEP program are available in our article here.
To complete the CPA certification program, you will be assessed on your knowledge and skills in key competency areas. These competencies are summarized in the CPA Canada Competency Map.
In both the PREP and PEP pathways, you will participate in modules with weekly assignments in the structure of formatted objective questions and short cases. At the end of each module, you must successfully complete the module exam to be admitted to the next module.
After completing core and elective courses in PEP, you will enroll in Capstone 1, which includes presentations and an 8-week team-based assignment in the form of an integrated business case. This will help you prepare for Day 1 of the Common Final Exam (CFE). After Capstone 1, you will begin the Capstone 2 module, which is designed to refine your case writing responses to lead you directly into CFE.
Image source: CPA Canada
The Common Final Examination (CFE) is a three-day exam that evaluates your depth and breadth of all competency development. To pass the CFE, you must pass all three days. Day 1 will be marked separately, and Days 2 and 3 will be assessed as a separate entity. Check out Gevorg’s CFE breakdown (YouTube) to learn more.
As examination and module dates are set to certain times of the year, candidates should review CPA academic calendars in advance to plan their program completion.
Aside from educational requirements, to complete the CPA program you will need to capture your professional experience in the online practical experience reporting tool (PERT). This should be done simultaneously as you go through the stages of PEP onwards.
CPA Canada requires a minimum of 30 months (or 24 months in Quebec) of paid employment experience, with the allowance of up to 12-months from prior work experience. The purpose is to demonstrate your professional knowledge, and also how you uphold the CPA Way in your values and ethics towards various situations.
Your experience must be supervised, you must regularly record detailed reports, you must meet with your CPA mentor at least semi-annually, and your experience will be assessed by CPA Canada. For more information on specific requirements, check out Gevorg’s PERT video (YouTube) and CRC Resources for CPA practical experience requirements.
There are two paths for obtaining your work-related experience, they are: Pre-Approved Route (PPR) and the Experience Verification Route (EVR).
The major difference between the two is that PPR is for programs within an employer that have already been reviewed and approved by CPA to meet the requirements. Because of this, the reporting process is more streamlined with technical competency areas prepopulated. You will still need to fill-in the required enabling competencies. Your employer will also arrange for you to be matched with a CPA mentor to monitor your progress.
As part of the EVR stream, you will be required to self-assess your level of technical and enabling proficiencies, and to outline specifics on the employer and job duties. Candidates will need to seek out their own CPE mentor.
The purpose of your CPA mentor and supervisor is to ensure your experience is accurately reflected in your experience report and you are on the right path to embodying the qualities of a CPA. If you need help with PERT, Gevorg’s PERT coaching program provides sample reports and writing lessons.
The combination of post-secondary and PREP/PEP education, successfully passing the module exams/CFE, and meeting the professional work experience requirements will result in you completion your CPA certification and obtaining your CPA. While each individual may have their own journey, it is about finding the right CPA path for you!
If you need support along the way, get in touch with our professional CPA coaching team.
In Part 1 of my PEP vs MAcc blog series, I discussed Masters in Accounting (MAcc) and how it can benefit CPA Canada candidates.
Here in Part 2, I will compare obtaining the CPA Canada designation through MAcc vs PEP, define the key criteria, discuss pros/cons of each, and provide recommendations on which pathway best suits for each type of candidate.
First, let’s look at the two pathways.
Both pathways lead CPA candidates into the Common Final Examination (CFE), so let’s look at the timelines to see how quickly you can reach the CFE.
As an example, let’s say you want to write the CFE in September 2023. Here’s what the timelines look like:
This means the MAcc pathway is faster (8 months vs 16-17 months).
Costs can get very detailed, so I’ll keep it simple; all prices are in CAD.
The cost for writing the CFE is approx. $1,500 and it’s applicable to both pathways so it is disregarded.
Overall, MAcc costs more than PEP ($13K+ vs $10K ).
This is different from timeline discussed above because this is the total time commitment for each pathway.
This means both take approximately the same amount of time commitment.
Here’s a summary:
| CPA PEP | MAcc | |
| Timeline | Pro: Can be done while working, which will allow the candidate to earn salary while studying. Will also allow the candidate to contribute to their 30-month experience requirement.
Con: Length is approx. 16-17 months. |
Pro: Significantly shorter timeframe to reach CFE (8 months), compared to CPA PEP (16-17 months).
Pro: Allows you to focus 100% on studies, and not worry about work. Con: Does not allow you to work full-time (with a full course load). However, part-time may be possible. This will halt your ability to contribute towards the 30-month work experience criteria. |
| Cost | Pro: PEP is cheaper than MAcc, due to cost savings on relocation. If you can save on relocation costs for MAcc, then costs are comparable between the two programs.
Con: Despite program costs being similar, there is far better support provided in MAcc compared with CPA PEP. MAcc is offline and good resources are available on-demand (ie, live professors). |
Pro: Program costs can be reimbursed as was the case for me (I work at Canada Revenue Agency).
Con: Can be substantially more expensive than CPA PEP (relocation costs). |
| Hours | Similar. | Similar. |
Before concluding, here are some additional benefits of the MAcc route:
If you’re someone working full-time, CPA PEP is the better choice. From cost savings and ability to earn a salary, it’s makes the most sense. However, if costs and ability to take time off are not obstacles for you, then I recommend going for MAcc, given the extra benefits and better support.
If you’re a non-working candidates who is still in school, MAcc is the better option, as they can save time. You can also start straight after your undergrad, retaining much of your technical knowledge. MAcc is also a good option for you if who can’t manage both work and studies simultaneously.
Choosing your CPA pathway is an important decision. Consider all the pros/cons, including costs and time commitment, before making your final choice. Your decision is further impacted by the type of MAcc program you choose, as some cover only parts of CPA PEP. Make sure to explore all your options and don’t limit yourself to just CPA PEP!
Author: Abhimanu Goyal, Successful CFE writer and MAcc
As you transition from CPA Canada preparation courses (PREP) to the professional education program (PEP), you may wonder what are some of the differences and what can be expected as you embark on the next phase in your CPA journey. Here is my breakdown of the two programs.
PREP courses are fundamentally based on providing specific subject coverage to those with non-undergraduate and non-accounting degrees. Since the program requires 30 credit hours or 10 courses, there is much more technical breadth. The courses contain core and non-core components, designed to give you exposure to various subjects included in an accounting degree.
PEP is designed to dive deeper into technical topics, so it focuses on depth. There are 6 PEP modules and you’ll start with Core 1.
Image source: CPA Canada
Core 1 and Core 2 are mandatory, then you can select 2 of 4 elective modules: Tax, Assurance, Performance Management (PM), Finance.
Once you finish these modules, you take Capstone 1, Capstone 2 and the Common Final Exam (CFE). PEP is designed to lead you into the CFE with no breaks between Capstone 1, 2 and the CFE exam.
Image source: CPA Canada
Both PREP and PEP use the online D2L platform to provide study materials, assignments, connect you with peers and facilitators. Just like PREP, PEP offers 8-week course structure of approximately 20-hours a week of study. PEP also offers extended courses which last 20-weeks, instead of 8 weeks. Your study habits and time management for submitting assignments in PREP would have effectively prepared you for PEP. Writing case-based exams will be your biggest challenge in PEP.
During PREP, each course is focused on one topic entirely. For example, Intermediate Financial Reporting 1, Corporate Finance, Audit, and Taxation are separate testable topics. In PEP, several technical topics are tested in one module, requiring you to identify and analyze several issues together. For example, Core 1 module tests on Financial Reporting, Audit, Tax, and Finance, at the same time.
PREP is not centered around case writing. Instead, it focuses on understanding correct calculations and treatment of accounts. Unlike PREP, PEP focuses on case writing techniques, including how to format responses using the CPA Way. You will be provided case scenarios where you will be required to identify the issue in a practice setting, and provide an analysis. This analysis will involve judgment and interpretation of the CPA Canada Handbook to provide final recommendations, as opposed to more technical responses in PREP. PEP also focuses on company strategies, overarching issues and themes throughout a case.
Sample PEP case.
This requires lots of practice and effective study strategies to succeed.
To successfully pass PREP, you’re required to have 65% cumulative average (60% for all core courses and 50% for non-core courses). PEP requires a 75% grade and this is to get to the exam. This threshold is based on practice cases and integrative problems, which are part of your weekly assignments. Both PREP and PEP have a final examinations. PEP module exams are based on average performance (“curved”).
PEP also has mandatory module workshops. These are once per module, at the start. Core 1 is the only module with two workshops: it has an orientation workshop at the beginning and module workshop in the middle. At the start of Core 1, you’ll also be granted access to the Professional Experience Reporting Tool (PERT), which is one of the requirements to graduate from the CPA certification program. Gevorg’s PER Review provides sample PERT reports.
PREP has 5 semesters per year, while PEP has 4 semesters, classified by seasons (winter, spring, summer and fall). Not all PEP modules are offered each semester, so more planning and coordination will be required to achieve your target CFE date. Module calendars are posted a year in advance for both PREP and PEP so you can plan in advance.
Overall, PREP is a great foundation for technical issues, time management, and self management with studies. PEP is geared more towards refining your technical in real-world case scenarios and developing your communication skills through written analysis and recommendations. As with PREP, CPA Canada’s PEP will offer several resources to assist you in your success during the modules.
When I got my Indian CA degree – being one of the toughest exams – it made me feel so proud and led me to believe that I could conquer it all. I was so happy to know that ICAI has an MOU with CPA Canada. With MOU, we do not have to go through the entire CPA Canada journey and instead give the CFE directly. Within one year of moving to Canada, I was super stoked to clear my CFE on my first attempt! I will share here my tips of what helped me pass the CFE.
CFE was an altogether different experience. Definitely being an Indian CA, the conceptual knowledge is strong but you realize there are so many differences. To start with:
We hadn’t studied IFRS nor ASPE back home, hence this was new. I wouldn’t say it was tough, but embracing that change and understanding how it goes felt different. I suggest that you give it a lot of time. Read the CPA Canada Handbook, the Learning E-book, and other notes helps immensely to strengthen IFRS and ASPE concepts.
The format is very challenging because we are not used to case-based exams. You must understand the format and this takes a while. Study the way you need to approach the paper, the case-based exams, and the kind of answers expected by CPA Canada markers. You need to allot a lot of time at first just on understanding how to approach the exam. I wrote more than 70+ cases to get familiar with this format.
As it’s a laptop-based exam, not handwritten, both your typing speed and the time you spend seeing the screen matters. You need to practice many cases just to get comfortable with the screen usage. It can still get too much when you give the three day CFE exam. It can be really challenging as the exam is for 4-5 hours each day. It can be pretty exhausting when this is the first subjective professional exam on screen that you will be giving.
We at ICAI have always focused on getting the right answer. The Canadian CFE focuses on hitting the right steps. It’s about the right time allotted to the Assessment Opportunities (AOs) and not always focusing on the right answer. Otherwise, you can be doing an AO right, but might lead you to not being able to complete the paper, which will cause you to be unsuccessful at the CFE. Hence balancing the questions in the right way is important. Remember: time management > right answer.
In the Canadian CPA CFE exam, the Handbook is available. We may not have been exposed to that kind of exam in the past, so it’s helpful to study the sections of the Handbook which are important (eg Financial Reporting). In case you are tested on a topic that you don’t know, you need to know where to look for it. It can be overwhelming at first, hence getting used to the CPA Handbook early and familiarizing with the content in advance is important.
In summary, I suggest Indian CAs taking the Canadian CFE:
This CPA exam is overall amazing and you learn a lot. It’s designed in such a beautiful way to be exposed to the Canadian systems that you only come out much more future ready in Canada!
Good luck!
CFE study resources are available at the CFE Review.
Author: Leela Pai, ICAI and successful CFE writer from Sep 2021
For most CPA Canada students, the greatest challenge with the exams is finding the time to study. Between full time jobs, family commitments and other priorities, most of your spare available time is spent studying. Here are some helpful tips to make this process smoother and optimize your balance with work and study.
In order to begin to know how to manage your time best, you have to first determine what is important to you. For example, let’s say you’re taking CPA Tax and Assurance electives but you know Tax is your weaker subject so it’ll be important to spend more time on this. Or let’s say you have family events every Friday evening. If this is important to maintain, plan your study schedule around this day of the week. Identifying your priorities during a demanding time will help you determine what items can be sacrificed and what cannot.
Once you have established your goals and priorities, you can begin to organize these accordingly. This would include mapping out hard timelines, such as CPA module deadlines for cases, appointments, work events, etc. As you highlight these important dates, you become more aware of your workload and the value in managing your time efficiently. Make sure you’re being flexible with your schedule too, and avoiding late minute cramming or overworking yourself on certain days. Ensure you’re making time for the critical materials: case writing (uninterrupted), debriefing, and technical overviews.
Staying disciplined with your study schedule will eventually become a habit. This will help you feel more in control and at ease with balancing your study, work and personal commitments. Find the best time of day for you to study and be consistent with it daily.
To ensure you’re maximizing all your time, short intervals of studying such as on the commute home or on a lunch break at work prove to be productive. Taking even a small step towards your goal of passing the CPA exams makes a difference if work consumes most of your day. Also, find opportunities to carve time out for yourself, including relaxing, socializing, and exercising on a regular basis. This will make your study time more productive because you’re less burnt out.
Establish what resources are available to you and how they can best target your studying. This may include your facilitator, D2L forums, study buddies, peer study groups, courses, video tutorials, extra cases, etc. Mapping out what resources you can utilize each step of your study schedule will ensure you are studying the material in the detail required.
While it can be difficult to find motivation to study in CPA Canada’s PREP and PEP programs on top of working several hours, keep your mind set focused that this is temporary until you successfully pass the CPA exams. If you need support or coaching, get in touch with Gevorg for a free consultation call.
This Finance Elective coaching program teaches the core concepts of Finance and Management Accounting (MA) for CPA Canada’s Finance module in a clear, simple and structured way. You’ll receive a break-down of the technical areas you need to understand, how to think through Finance problems, and exam strategies on time management, outlining, formatting, and overall exam technique. This coaching program will help you build strong skills and confidence in applying Finance concepts under exam conditions.
This Tax Elective coaching program teaches the core concepts of CPA Canada’s Tax module in a clear, simple and structured way. You’ll receive a break-down of the technical areas you need to understand for Tax, how to think through Tax scenarios, and exam strategies on time management, outlining, formatting, and overall exam technique. This tutoring program will help you build strong skills and confidence to pass Tax concepts under exam conditions
Update: 2022 pass rates are now released. Please see the updated post here.
CPA Canada has now released the 2021 PEP and CFE pass rates.
Below are the official pass rates as reported by CPA Canada:
|
CFE Offering |
Cumulative Pass Rates |
||
|
First Attempt |
Second Attempt |
Third Attempt |
|
|
May and September 2021 |
73.6% |
n/a |
n/a |
|
September 2020 |
75.8% |
n/a |
n/a |
|
September 2019 |
76.3% |
87.4% |
n/a |
|
September 2018 |
77.6% |
87.5% |
90.8% |
|
September 2017 |
77.6% |
88.1% |
90.6% |
|
September 2016 |
76.8% |
88.6% |
91.4% |
|
May 2016 |
68.7% |
75.4% |
79.9% |
|
September 2015 |
82.9% |
94.6% |
96.6% |
In 2021, there were two offerings of the CFE. The 73.6% pass rate is the combined average on both the May and September 2021 CFEs. Overall, there is a decrease of 1%-2% year over year, with an average of 75% rate.
|
CPA PEP Module |
2021 Pass Rate |
2020 Pass Rate |
2019 Pass Rate |
|
Core 1 |
77.1% |
81.9% |
79.4% |
|
Core 2 |
85.3% |
86.2% |
84.3% |
|
Taxation |
88.1% |
88.0% |
88.1% |
|
Assurance |
90.5% |
89.1% |
89.2% |
|
PM |
90.9% |
90.7% |
90.6% |
|
Finance |
89.1% |
89.0% |
89.9% |
There are marginal decrease overall in the PEP (Core 1, Core 2) while other modules have stayed flat.
My name is Gevorg. I’m an instructor and a CPA exam coach. If you need helping passing your CPA exams, contact me for consultation or check out my courses.