Author: Gevorg CPA

Congrats! You made it to Core 2. Unlike Core 1, you have a higher statistical chance of passing, there are less topics to learn and you have an exam writing experience under your belt. That’s not to say that Core 2 is easy, however.

CPA candidates struggle with Core 2. A lot. From my experience, the main reasons come down to:

1. Weak Management Accounting (MA)
   
2. No excel templates in mind
   
3. Time management issues
   
4. Bad case writing skills

As much Core 1 focuses on Financial Reporting (FR), so does Core 2 focus on MA. In fact, according to CPA Canada blueprint, 50-70% of the exam is going to be MA.

It’s All About Management Accounting

Here are some common MA topics that you need to know for the Core 2 module exam:

• Budgets
• Variance analysis
• Relevant costing
• Break-even analysis
• Contribution margin analysis
• Cost-volume-profit (CVP) analysis
• Transfer pricing

The secret to getting good at these topics is to write as many cases as possible. With every case attempt, you learn a new MA format, a new approach, and improve your case writing skills.

CPA Canada provides eight (8) cases in Core 2. These are helpful, but at times they are repetitive. Most candidates who took Core 2 say that the exam had different AOs compared to practice cases. They suggest to get more cases and practice more.

Where can you get more Core 2 cases?

I provide six (6) original CPA Core 2 cases that are representative of the exam, in both format and content. They cover a range of AOs, including:

• Special order analysis
• Buy vs. lease decisions
• Business environment evaluation
• Responsibility centres
• Contribution margin (CM) with constrained resource
• Profitability calculation
• Financing sources
• Break-even analysis
• Variance analysis
  
• Transfer pricing

Head over to the cases section of my website to learn more. Some of the above topics are not covered in the Core 2 module, but they come up on the exam over and over. If you have any questions  or need additional help, I’m here for email support.

Where can you get more Core 2 MCQs?

With the April 2022 change in the exam format, I have added 75 mock exam MCQs to my cases.

Core 2 Practice cases and Solutions

Preview and purchase the supplementary mock exam cases to improve your case writing skills and take on Core 2.

Update: Please see the new blog posts with September 2021, May 2022 and September 2022 exam case download links:

• September 2021 CFE download
• May 2022 CFE download
• September 2022 CFE download

CPA Canada released the September 202

0 CFE exam cases (without solutions) in November 2020. These are the original exam cases for Day 1, Day 2, and Day 3. You can download the copies below.

September 2020 CFE Day 1:

• Distinct Hotels Corporation (DHC) v1 (PDF)
• Marmani v2 (PDF)
  

September 2020 CFE Day 2:

• EnviroCab Inc. (ECI) (PDF)

September 2020 CFE Day 3:

• Download PDF here, includes all three cases:
  • Jump Inc.
  • Festival Inc.
  • Dreamy Donuts Co.

How do I prepare for the CFE?

There are several steps to preparing for the CFE. Generally, these 10 steps are necessary in your strategy:

1. Create a study plan
   
2. Find a study location
   
3. Find a study partner
   
4. Obtain study materials (through Capstone 2 or through a prep program)
5. Learn technicals
6. Understand case writing
7. Study and practice Day 1 cases
8. Practice Day 2 cases
9. Practice Day 3 cases
10. Final Review

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.

Update: You can download the May 2022 CFE cases here. September 2022 cases are here.

Similar to prior Common Final Exams (CFEs), the May 2021 CFE had Day 1, 2 and 3 cases. The following Day 1 cases were tested:

May 2021 CFE:

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

The following Day 2 and Day 3 cases were tested in May 2021 CFE:

• Day 2 (download):
  • RMZ Pharmaceuticals Inc. (RMZ) (300 minutes)
• Day 3 (download):
  • Sally’s Good Furniture (SGF) (85 minutes)
  • Kitchen Apparel Inc. (KAI) (85 minutes)
  • Wicked Water Sarnia Inc. (WWS) (85 minutes)

Note: September 2021 CFE will have these Day 1 cases:

• Waste Disposal Incorporated (WDI) v2
• Distinct Hotels Corporation (DHC) v3

Where can I get these cases?

You can download by clicking on the hyperlinks above.  If you are registered for the Capstone 2 module for Winter 2022, you will also receive these cases at the module. If you are someone challenging the exam, such as an internationally trained accountant applying under MRA/MOU, you can download using the links above.

Where can I get the solutions?

I have written my version of the solutions to May 2021 CFE cases, which you can get from here. The official solutions will be released in February, 2022, per CPA Canada’s announcement. 

How do I prepare for the CFE?

There are several prep methods for the CFE. You will need to focus on these three items:

1. Technical knowledge
2. Case writing skills
3. Strategy

I speak a lot about these items on my YouTube channel and webinars. You can check out my latest webinar.

Technicals:

• Know the key topics on each of the competencies
• Distinguish depth from breadth
• Debrief

Case writing skills:

• It’s all about following the CPA Way
• Know your case inside out
• Integrate throughout the case

Strategy:

• Prepare a study plan
• Obtain study materials
• Get support and resources

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.

It’s no secret that Core 1 is one of the most challenging modules in the CPA Canada’s PEP program. In fact, it has the highest failure rate among all modules. The main reasons are:

1. Self-lead studies
2. Wide range of topics
3. Time constrained exam
4. Challenging cases

Like with all problems, adopting a proper strategy and plan will help you win:

1. Create a study plan for Core 1
   
2. Focus on the blueprint, not the competency map
3. Study in advance
4. Practice case writing

Just write more cases

The majority of candidates who don’t pass Core 1 struggle with the case portion. You will face several Financial Reporting (FR) AOs mixed with one or more competencies (Assurance, Tax, Finance). You can guess on MCQs, but you can’t guess your way out of a case.

The solution is to write as many cases as possible. With every case attempt, you learn a new scenario, a new approach, and improve your case writing skills (speed, formatting, time management).

CPA Canada provides eight (8) cases in Core 1. These are helpful but at times they are repetitive. Most candidates who took Core 1 say that the exam was different than the practice cases, especially the AOs. You will want to get more cases and practice more.

Where can you get more Core 1 cases?

I provide supplemental CPA Core 1 cases that are representative of the exam, in both format and content. These are original CPA cases that I have authored. My mock exam cases cover a wide range of AOs, including:

• Revenue recognition (IFRS 15, ASPE 3400)
• Leases (IFRS 16)
• Liabilities
• Government assistance
• NPO
• PP&E and betterment
• Onerous contract
• Taxes payable
• Special engagements

My Core 1 value-pack edition contains even more cases that test you on complex IFRS issues, all of which are examinable at Core 1, including:

• Business combinations (IFRS 3, 10)
• Joint arrangements (IFRS 11)
• Financial instruments (IFRS 9, IAS 32)
• Financial instruments – Hedge accounting (IFRS 9)
• Share based payments (IFRS 2)
• Investment properties (IAS 40)
• Employee benefits (IAS 19)
• Income taxes (IAS 12)

Head over to the cases section of my website to learn more. Most of the above topics are not covered in the Core 1 module, but they come up on the exam over and over.  If you have any questions  or need additional help, I’m here for email support.

Where can you get more Core 1 MCQs?

With the April 2022 change in the exam format, I have added a set of 75 mock exam MCQs to the above cases.

Core 1 Success Program

My Core 1 Review program includes ten (10) mock exam cases, 75 MCQs, and a full coverage for Core 1. You’ll get:

• Review of technicals
• Case writing strategies
• Memory aids
• Advanced case writing lessons
• Mock exam practice cases
• Efficient outlining strategies
• Time management exercises
• Technical formats
• Study plan
• Live coaching with me
  

Personalized Core 1 Coaching

Sign up for the Core 1 Review program to get full coaching and take on the challenging Core 1.

I had a chat with CBC News about this year’s CPA exam hotel room format and the level of difficulty.  Full article below:
https://www.cbc.ca/news/canada/toronto/thousands-of-accounting-students-are-checking-in-at-hotels-across-canada-and-no-it-s-not-for-a-vacation-1.5719704

NEED CFE COACHING?

Sign up for the newest CPA CFE Review Course. Learn case writing skills, technicals, strategies and more. Preview free lessons here.

Majority of candidates writing the CPA exams look for supplemental resources. The materials provided by CPA Canada are abundant, but understanding the tough technicals and building a solid exam strategy is challenging.  Some seek mentors, study partners and the majority sign up for a a prep or a coaching program. Here are 5 free supplemental resources that you can use to prepare for your exam:

1. Reddit

Reddit’s r/Accounting is a community of accountants who actively discuss their school and career lives. You can use this resource to ask help with exam questions and discuss exam strategies. Head over to the sub-Reddit, search your question or make a new post. If you make a new post, make sure to use [CAN] tags, as both US and Canadian accountants post there.

2. YouTube

Filled with technical videos and exam reviews, YouTube is a great resource to prepare for the CPA exams. My YouTube channel regularly publishes videos and webinars tailored for CPA students. Search for exam strategies and technical problems to better understand the concepts you’re struggling with.

3. CPA Canada website

CPA Canada has Certification Resource Centre (CRC) with mock exams, exam reference schedules, and CFE reports. Use it to understand the exam structure and practise past exams.

4. Study partner portal

CPA Western School of Business (CPAWSB) has a Peer Study portals that lets you connect with a study buddy. Use it to connect with a like-minded peer to share resources and mark each others’ cases.

5. HTKAcademy

HTKAcademy is a website with free CPA study notes. I find HTK’s notes to be easy to read and tailored towards the CPA exam writers. Head over there and look up ASPE or IFRS standards that you find difficult to understand.

More resources

For extra exam resources and tutoring, check out my CPA PEP, CFE and PERT courses. I cover case writing skills, technicals, exam strategies, PERT reporting and more. Preview free lessons here.

Please see the updated blog post here: https://gevorgcpa.com/how-to-become-a-cpa-in-canada-4-steps/

Dear Candidates,

I would like to invite you to my upcoming free webinar How to Succeed at the CFE: September 2020. This 1-hour webinar will cover the following topics:

1. Structure of the CFE
2. Passing profile
3. What to expect this year
4. Study strategies
5. Key technicals
6. Efficient case writing
7. Why candidates succeed or fail
8. Q&A

Register now >

Additionally, I’m excited to announce the release of my new CPA CFE 2020 course: CFE Review: The Honour Roll Prep Program. This is a comprehensive prep and coaching course for CPA Canada’s September 2020 Common Final Exam (CFE).

What is the CFE Review course?

CFE Review is a supplementary coaching program that teaches approach, case writing skills and strategies towards the CPA Canada’s Common Final Exam (CFE) Days 1, 2 and 3, based on Honour Roll methods. The course includes:

• Case writing walkthroughs
• Efficient outlining strategies
• Quant analysis templates
• Time management methods
• Memory aids
  
• Qual formats and templates
• Technical study notes
• Access to 8-hours of engaging video lessons
• Historical CFE AO data (bonus)
• Honour Roll student interviews (bonus)

Learn more >

What support do I receive?

The program offers you a 360-coverage of the CFE and includes the following learning materials:

• Video lessons (unlimited access until you pass)
• Free 30-minute coaching consultation
• Step-by-step breakdown of a Day 1, 2 and 3 case
• Sample answers
• Supplemental practice drills
• Case writing templates
• Quant templates
• Study plan for September 2020 CFE
• Case checklist
• Technical review checklist
• Immersive video lessons as opposed to voice-over audio lectures
• Access to 1.5hrs of exclusive CPA Honour Roll technical interviews

Course preview >

Learn more and sign up at my course platform.

Warm regards,
Gevorg, CPA
Instructor & CPA Coach

This practice CPA Common Final Exam (CFE) Day 3 case focuses on Financial Reporting (FR) and Assurance (A) competencies.

Download SF CFE Day 3 Practice Case (PDF)

Please sign up for the CFE Review course for the solution.