Author: Gevorg

Update: CPA Canada cancels the May 2021 CFE in Ontario and Quebec. The updated articled is here.

CPA Canada has announced that the May 2020 Common Final Exam (CFE) will be cancelled and all registered candidates will automatically roll their exam date to September 2020 CFEs. You can now choose from the following cases for Day 1 of the CFE:

September 2020 CFE:

• Marmani Inc. (Marmani) v2
• Distinct Hotels Corporation (DHC) v1

May 2021 CFE:

• Waste Disposal Incorporated (WDI) v1
• Distinct Hotels Corporation (DHC) v2

Sep 2021 CFE:

• Creative Toys Incorporated case (CTI) v1
• Distinct Hotels Corporation (DHC) v3

HOW DOES THIS AFFECT ME?

If you are a repeat writer from the September 2019 CFE, you can now re-write Marmani case only in September 2020 CFE. Previously, you could re-write it in May 2020 CFE. Similarly, you for Days 2 and 3, you will need to wait until September 2020 to write the exam. If you are a re-writer or a new writer in 2020, you should take the extra time to prepare and practice. Make sure you are well-prepared and have a solid strategy.

Pass the CPA Canada CFE Exam

I’m Gevorg. I’m an instructor and a CPA exam coach. I’ve been featured on CBC News and Google News as a CPA exam expert. If you want coaching with me, sign up for my CPA CFE Review Course, for a comprehensive prep package.

I chatted with Matt, an Honour Roll student from CPA CFE 2019. Below is the partial interview and transcript.

PARTIAL INTERVIEW

PARTIAL INTERVIEW TRANSCRIPT

Why don’t you tell us a little about yourself and your background?
I did my undergrad in accounting then I went on to do the masters degree in Tax, actually, then I’ve been going through the CPA PEP process for couple of years and I wrote the CFE in September 2019 and I wrote the Tax elective

What was it that made you want to take Tax?
Most people [do] take Assurance, that’s obviously the most common [role]. Even some of the people I know that work in Tax take Assurance for some reason. But I think for me my decision was easy, it’s just what I felt most comfortable with, I wasn’t going to jump on another bandwagon just because everybody else was.

When you reached the CFE, was there anything that surprised you or was it as you expected and prepared?
Not really. So I think for the most part, most of the AOs [Assessment Opportunities] were consistent with what was in prior years. There were couple areas that were a little lighter or little heavier, but I think for the most part it was very fair in terms of what they asked for.

When I read about Honor Roll students finding out they are on that list, I always read that they were surprised that they made the Honour Roll. Their reaction to the news is: Wow, I can’t believe it was me. Did you feel the same way when you find out?
I think a little bit. So I was doing well in the practice exams [cases], so I knew I was a competent student, but you know, when you write the exam, hundred things go through your mind, like oh, did I miss this, did I miss that. I was surprised but not shocked, I’ll put it that way.

Which of the CFE days – Day 1, 2 or 3 – did you find most challenging and least challenging?
In my prep, I always thought Day 3 was the toughest just because of time constraint, not necessarily because of technical material. I think on this particular year CFE, I think it was fairly easy and manageable from time perspective, so that’s what I was most worried about, but it was okay.

Do you use a case outline, and if so, is it computer-based or paper-based outline?
I did usually prepare an outline, but I’d say it was, you know, less detailed than maybe 90% of other writers, if not more. I kind of just wanted to make sure I had, you know, what’s the required, and if I noticed something that was a bit later in the case, that I would otherwise forget, I would jot in down, but for the most part I didn’t spend a ton of time outlining.

Any advice for future CFE writers?
I would say, you have to figure out what works for you. A lot of people try to develop this method of writing the CFE, and I don’t think it’s a one-size-fits-all approach, everyone has their own idiosyncrasies, so you have to do what works for you and you have to be confident with that. If it’s working for you on the practice cases, I think they’re pretty indicative of what the exam’s likely to be like. I think that’s the best approach

How do you write Day 2 and 3 cases?
First thing I’d do is …
* * *

FULL INTERVIEW

The full interview is 30-minutes and covers how to outline and write Day 2 and Day3 cases, how to budget your time, structure quants, how to remember the APSE and IFRS criteria, a live Day 2/3 case demo, and much more. Sign up for the newest CPA CFE Review Course for a comprehensive prep package.

 You can choose from the following cases for Day 1 of the CFE. For the September 2025 CFE, the following Day 1 cases:

• Amuzu Parks Inc. (API) v2
• Meadowlark Entertainment Inc. (MEI) v1

For the May 2026 CFE, the following Day 1 cases:

• New case TBD
• Viviana’s Trattoria Ltd. (VTL) v2

For the September 2026 CFE, the following Day 1 cases:

• New case TBD
• Meadowlark Entertainment Inc. (MEI) v2

Which case should I write?

If you are a new writer in 2025, then you will write the case that you learned in Capstone 1, which is Viviana’s Trattoria Ltd. (VTL) v1 for May 2025 and Meadowlark Entertainment Inc. (MEI) v1 for September 2025.

If you are an experienced writer, you can choose either v1 or v2 from above for your CFE. I recommend the version 1 cases for experienced writers for the reasons outlined here.

Before writing the Day 1 case in the coming CFE, make sure you practice with mock exam cases and are well-prepared.

Extra Resources

I’m Gevorg, I’m an instructor and a CPA exam coach. If you want coaching with me, sign up for my CPA CFE Review Course for a comprehensive prep package.

I chatted with a candidate who passed CPA CFE 2019 with Honour Roll – and she has never worked in public practice. About 80% of all Honour Roll students come from the public practice. How did she do it? Here is my commentary, the interview transcript and the 6 key takeways.

INTERVIEW COMMENTARY

PARTIAL INTERVIEW TRANSCRIPT

What was your CFE prep schedule like?
I booked off the entirety of capstone 2, but retrospectively think this was too much time. I carried over 3 weeks of vacation from last year and used 3 weeks in the current year, so 6 weeks in total. My performance peaked at week 5. I studied 8hrs a day and took evenings/weekends off.

How did you practice writing cases?
I printed out most cases to simulate the exam setting. I used a tracking sheet that split up requireds by category (FR, MA, tax, etc.). For any NCs and RCs, I made notes on how I could take my response to the C level. This helped to identify any recurring mistakes I was making. I used to debrief D3 cases the same day and D2 cases the next day.

How did you feel about the CFE?
D1/3 were fine. D2 had strange FR AOs and also had MA AOs, which, while not unheard of, were unexpected.

Which Day was the hardest?
D2 was the hardest. D1 is the least technical so it could be considered the easiest. While D3 was time constrained I didn’t find it too bad, the FR on D2 was difficult. I felt better about D3 and thought that management accounting would pull me through level 2. The module exams were way easier in comparison.
I was definitely not aiming for honour roll, I just wanted to pass! I was just trying to accumulate as many C’s as possible. I don’t think aiming for CD is a good strategy – any time you spend perfecting one AO is time taken away from another AO, and a CD is worth no more points than a C.

Do you use an outline, and if so, computer or paper-based?
Yes, computer. But I make margin notes on the case itself and write down key facts and a timeline for a visual reminder.

Did you write intro in your case?
No intros – just go right into requireds.

Any tips on “pacing” for three days of case writing on CFE?
Rest for sure! I didn’t look at anything after the exam. I also avoided discussing what I wrote and reading anything about the CFE online until after the results were out.

How do you approach the Day 1 case?
Situational analysis – have the headings ready and fill them in as you’re reading the case. Only write down factors that you will use in the issue analysis.

Issue analysis – make sure you integrate the situational analysis into the analysis of issues; make sure you have both quant and qual analysis; conclude for each issue.

Conclusion – have an overall conclusion to summarize your recommendations.

Any advice for future CFE writers?
Don’t get discouraged if you get a lot of NCs/RCs at first – as long as you understand why you got NC and how to bring them up to C, you will be fine!

Speaking about that, as you were going through Cap 2, were you already at C/CD level or did you gradually improve?
It was a gradual process for sure, but that’s why debriefing properly is so important.
* * *

6 KEY TAKEWAYS:

1. Take 4-5 weeks off and study 8 hours a day
2. Print the cases to stimulate the exam setting
3. Outline on the computer and make margin notes
4. For NC and RC grades, make notes to yourself to identify recurring mistakes
5. Give yourself time, it takes few weeks before you reach the C level
6. Day 2 is likely going to be the most challenging, be prepared for it.

FULL INTERVIEW TRANSCRIPT

The full interview transcript covers how to outline and write Day 2 and Day3 cases, how to budget your time, structure quants, how to remember the APSE and IFRS criteria, and much more. Sign up for the newest CPA CFE 2020 Review Course for a comprehensive prep package.

When you start CPA studies, you learn concepts such as Required, Issue, Depth and Breadth. Becoming familiar with these terms and understanding the difference between a Required and an Issue is key to passing CPA exams, including the CFE (Common Final Exam). Understanding this terminology and writing cases on time are the two major mistakes I see in candidates.

ASK THE RIGHT QUESTIONS

To write cases on time, ask yourself: Can this be divided into smaller parts? Once you’ve done that, you will be able to analyze cases more thoroughly and achieve depth.

Watch the video below for explanation:

PASS THE CPA CANADA CFE EXAM

Sign up for the newest CPA CFE Review Course. Learn case writing skills, technicals, strategies and much more. Click the image below to learn more.

One of the most frequently asked questions from my CPA students is how to write cases on time. Most students go over the time limit by several minutes, even hours. This is especially true if you are in CPA’s PEP Core 1 program.

HOW TO WRITE ON TIME?

Follow this strategy: rank requireds, budget your time and stick to your time budget.

First rank your requireds by impact and importance. Then time budget your requireds based on your writing speed and level of Depth. Lastly, stay true to your time budgets – no matter what. If you do this for all requireds, you will consistently finish on time.

Watch the video below for details, examples and additional case writing strategies:

PASS THE CPA CANADA CFE EXAM

Sign up for the newest CPA CFE 2020 Review Course. Learn case writing skills, technicals, strategies and much more. Click the image below to learn more.