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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.

Pathway

First, let’s look at the two pathways.

• CPA PEP: This is the CPA Professional Education Program (CPA PEP) which is usually taken after a candidate completes an undergraduate degree in accounting or PREP courses. PEP is completed almost entirely remotely (online), with one in-person weekend workshop per module (Saturday and Sunday). This program is designed for both full-time and part-time working candidates.
• MAcc: Discussed in-depth in Part 1 of my series,  MAcc is a type of program that is accredited by CPA Canada; it’s designed to deliver part or all of the PEP program, usually full-time. For the sake of this comparison, we will look at a MAcc program that delivers the entire CPA PEP program (not part of it).

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.

Timeline

As an example, let’s say you want to write the CFE in September 2023. Here’s what the timelines look like:

• CPA PEP: In order to write the September 2023 CFE, you need to enroll in Core 1 in Spring 2022 (April 30 to June 24, 2022). This will allow you to finish Capstone 2 in Summer of 2023 (mid July to early Sept 2023), before writing the CFE in September 2023.
• MAcc: Let’s look at Brock University’s MAcc located in St. Catherine’s, Ontario. Brock University MAcc begins in January 2023 and will finish around mid July 2023 (continuous 7-8 month stretch), leaving the student the remainder of time to study for the September 2023 CFE

This means the MAcc pathway is faster (8 months vs 16-17 months).

Cost

Costs can get very detailed, so I’ll keep it simple; all prices are in CAD.

• CPA PEP: Cost is approx. $10,000 and it is often reimbursed by companies where being a CPA is considered an asset.
• MAcc: Cost of the program itself is approx. $10,000. Textbooks are approx. $1,000-$1,500. Reimbursements for this may vary company to company (provided candidate is working). There is also a cost of living, as the candidate will likely be attending the program full time, so may need to relocate if not currently residing on campus. Cost of living includes rent, food, fuel for travel etc. These additional relocation costs are an important distinction of the two pathways.

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 ).

Hours

This is different from timeline discussed above because this is the total time commitment for each pathway.

• CPA PEP: Provided the candidate is working, they will need to spend an additional 15-20 hours on top of a normal working week (37-40 hours) = 55-60 hours per week.
• MAcc: Each term consists of 5 classes. Lectures are approx. 15-20 hours per week, which requires an additional 35-40 hours of studying each week, due to the intensive nature of the program, and requirement to maintain a 70% average = 50-60 hours per week.

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.

Extra benefits

Before concluding, here are some additional benefits of the MAcc route:

• MAcc can earn you a Masters in Accounting which will add to your resume and may assist in future teaching opportunities (especially at the institute you received the Masters from)
• Good networking opportunities with professors and other students (more face-to-face interaction compared with PEP)
• Capstone 1 is done in-person
• Some MAcc have good co-op/internship placements built into the program if opted for
• If you’ve been unsuccessful at CPA PEP and were de-registered from the program, you can switch to MAcc and skip the PEP modules you’re struggling with.

Conclusion

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.

Course Structure

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.

Course content

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.

Course Success!

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:

IFRS and ASPE

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 CFE format

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.

Computer-based CPA exam

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.

The right answer

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.

Open book CPA exam

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:

• Make sure to allot time to understand the new standards and focus on writing answers in the right format.
• Technicals are important but they must be adapted to the case.
• You should get used to writing your cases on the laptop and solve as many cases you can because that’s a fantastic way to brush up your technical knowledge.
• Don’t focus on hitting the right answer, especially in quantitative subjects like MA and Finance, instead focus on applying case facts and recommending to the users.
• Ensure you take advantage of the open CPA Handbook but only for areas you believe you need to focus on because time management is key and you can’t waste a lot of time searching for answers.
• Be mentally prepared for the back-to-back three days of 4-5 hour exams, that can be overwhelming.

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!

Extra resources

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.

1. Define your priorities

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.

2. Create a study plan and schedule

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.

3. Get into a routine

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.

4. Make use of your free time

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.

5. Consider available resources

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.

Conclusion

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. 

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.

2021 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.

2021 PEP Pass Rates

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.

PEP and CFE Exam Coaching

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.

 

Sticking to CPA studies during the busy season is tough. If you work in public practice, whether Big 4, mid-size or smaller firms, you know the audit and tax seasons are grueling. In the industry, the year-end closure and audits are not much fun.

Here are 5 tips from Leela Pai, successful CFE writer from Sep 2021, to help you align yourself with your study schedule and not stress over the busy season.

1. Use a Planner

Set out your priorities for the week. Be it work related, study or personal time. Ensure you mention all things you need to complete for the week so as to be able to complete your work within the deadlines and at the same time ensuring your CFE studies are not affected. 

There will be days you won’t progress due to road blocks – don’t bog yourself down. You can always make adjustments to the schedules and that’s the beauty of a planner – quantifying all you have to do in the week, while being flexible. Here’s a sample study plan you can use:

2. List down the topics

Make a list of all those topics which you believe are challenging and those that you believe are easy. Jot them down and make the schedule in a way so that on hectic days you work on easy topics. Otherwise, you’ll feel like you haven’t studied for CFE – that guilt leads to more anxiety which would result in reduced productivity.

3. Take breaks and stay active

Ensure you take breaks.  Too much work combined with studies may burn you out way too early. It’s important to feel refreshed, especially when we read technical books or debrief cases, your mind should be fresh so as to retain all those concepts.

4. Write in your own words

Even though you may have summaries from mentors/classmates etc., I advise students to make their own notes as they are comfortable with their own way of writing. These notes should be as brief as possible so that you can revisit them during quick work breaks or when you have a couple minutes before bed, personal breaks etc. These personal notes work like flash cards and when it’s in your own writing, you tend to relate to them and remember much better

5. Make up your mind

Last but not least, it’s important to mentally prepare yourself. If you decided to write the May CFE, then there is no looking back. You might have to put in extra hours due to the busy season but this will allow you to enjoy your summer, compared with students who chose September CFE. The September CFE writers  will give up their summer to be able to prep for CFE. Take some time off, remember to breathe and decide if you plan to take it up – then abide by the saying “YOU CAN, YOU WILL, YOU MUST!”

Conclusion

Studying for the CFE during the busy season is challenging. If you need support or coaching, get in touch with Gevorg for a free consultation call. 

If you have selected Assurance as an elective in your CPA Canada PEP, or it’s your role for the CFE, writing an effective audit planning memo will be the key to achieving multiple competent grades. Let’s walk through the 4 steps of writing an effecting audit planning memo: Risks, Approach, Materiality, Procedures (abbreviated as RAMP).

1. Identifying Overall Financial Statement Level (OFSL) Risk 

Your first step in writing an audit planning memo will be to assess the overall financial statement level risks (OFSL). OFSL represents the risk of an audit engagement and risk of material misstatements (RMM). This assessment will be the foundation of determining what approach should be used to gather the appropriate evidence, the level of materiality we should accept, and the procedures required to form an audit opinion. 

It’s important to analyze case facts for factors that either increase or decrease the level of risk. A well-rounded risk response will contribute some form of a balanced response between the two. As you read the case initially, mark factors you can refer back to for this assessment opportunity.

For example, in the case below, the second paragraph says: “We’re growing at an incredible pace and we can’t keep up.” This is a trigger that increases the audit risk.

 

 

 

 

 

 

 

 

When writing your response, using bullets is a great strategy to use time effectively. Each bullet should discuss what the risk is and why the impact increases or reduces overall risk. Students who don’t achieve “Competent” are often the result of not having a sufficient amount of risks, or lacking depth in the risk impact. Be sure to only discuss new risk factors for this year.

Some common risk factors include:

• Bank will be relying on bank covenants imposed on Company ABC. This increases OFSL risk as there is a risk of management bias to ensure financials meet the covenant.
• There are several F/S errors present. This increases OFSL risk that there are additional accounting errors that have yet to be identified.
• We have audited Company ABC for several years. This decreases OFSL risk as we are familiar with the business and their processes.
• Company ABC has implemented a new software this year. This increases OFSL risk as we are unfamiliar with the controls surrounding the new software and this could be resulting in errors in the financial statements.

Be sure to conclude if the OFSL is high, moderate or low, and why (i.e. high because factors increasing risk outweigh factors that decrease risk). The vast majority of the time you’ll conclude the OFSL risk as high due to the nature of CPA exams.

For example, here is an effective way to write the risks and conclude:

 

2. Identifying the Audit Approach

To determine the overall approach for gathering audit evidence, assess the control risk on an overall basis. If controls can be relied on, typically a combined approach will be used. If controls are determined to be weak, a substantive approach is concluded. To conclude on this, identify case facts related to the control environment, the nature of the business, and explain the impact of these items on the audit. 

Some common considerations include:

• New systems and processes. Will increase control risk as these processes have not been relied on before and auditors are unfamiliar with them. 
• Company ABC has multiple locations. This will make it difficult for auditors to visit and apply a substantive approach on all locations. 

For example, here’s how the approach was written for this mock exam case:

3. Determining Materiality

Materiality is a product of user needs, not audit risk. Therefore, you must identify the key users of the F/S and what their needs are. For example, potential investors may be concerned with overall profitability, but the Bank could be more interested in debt and equity based on covenants. Understanding these user needs will provide support for your chosen materiality base. Calculate materiality where possible on revised F/S (after corrections). 

Performance Materiality (PM) is based on the auditor’s professional judgment, and is associated with the risk of the engagement. This serves to mitigate errors that may not be detected during the testing phase. You should get in the habit of being able to include both overall and PM in your CPA case answers.

For example, here’s a complete materiality section:

4. Preparing Procedures

Procedures should be written for high risk transactions, accounts or assertions. When writing audit planning memo in CPA cases, it’s often written for all Financial Reporting (FR) issues. You should identify the specific risk, the related assertion and then the procedure. For this reason, procedures are often abbreviated to “RAP” (risk, assertion, procedure). Here’s an example of a risk: “Company ABC has pressure to meet a debt to equity covenant from the bank. There is a risk that due to management bias, the accounts payable account for what is owed is not complete”. Then write the assertion, which would be completeness.

Below are all the audit assertions:

Transactions/Events (Income statement): Completeness, Occurrence, Cut-off, Classification, Accuracy (“COCCA”)

Balances (Balance sheet): Completeness, Existence, Rights & Obligation, Valuation/Allocation (“CERV”)

Presentation and Disclosure: Occurrence, Rights/Obligations, Completeness, Classification/Understandability, Accuracy/Valuation

In CPA cases, we most often use the Income Statement and Balance Sheet assertions. You can remember them with the saying: IS COCCA CCERV’d in BoSton. There are more clever memory aids in my technical summary notes.

Assertions should have the GL accounts next to them. For example, Completeness (A/P) shows the assertion and account. This is not necessary when you write the RAP with FR issues though (see example below).  

Audit procedures should be specific and detailed by demonstrating a step-by-step process. To be specific, you can use case facts such as referencing specific documents, accounts or procedures outlined for this company. The procedure should address how the risk can be looked into and how evidence will be acquired. You should also make sure their procedures are practical and realistic and avoid general statements. It also helps to write the procedures below the FR issues, as opposed to combining them at the end, because they are closely related to FR issues and you can reference FR as you write.

For example, here’s an FR issues with the audit procedure below it:

Some common procedures include:

• Obtain copy of all materials related to R&D and review in accordance to above criteria to determine if costs should be capitalized
• Obtain confirmation from management that ABC CO. plans to proceed with the R&D project to ensure the recognition criteria have been met
• Discuss with management and corroborate their responses with the R&D team, as to whether the asset is likely to be fully developed and ready for market soon, and as to the progress made on the development.
• Inquire and review if ABC Co. has complied with all terms of the agreement to determine if there are any additional unknown costs to include with the POC% calculation
• Vouch a sample of the contract to the supporting contracts and any revisions made to these supporting contracts. Check for the date, contract amount, and any unusual terms.

Conclusion

Applying this structure for audit planning memo (APM) will ensure your assessment is complete and in-depth to achieve C (competent) grade. Practice the WHY and HOW of the impact for each step of the APM to make sure to hit depth.

For many CPA candidates, sticking to the allotted case time is one of the major challenges in case writing. Being able to dedicate your time to the conditions being marked will be critical in achieving overall competency success.

1. Use common abbreviations

Time spent typing out full names of accounts, financial statements, company name, users’ names, etc. can be used alternatively towards further analysis with the use of abbreviations. However, be careful in only using common abbreviations that are well known in the CPA world. These will include terms you often see abbreviated in the modules, Knotia and practice cases. For example, you can use abbreviations such as P&L (Profit and Loss Statement), ABC method (Activity Based Costing method), A/R (Accounts Receivable), IRR (Internal Rate of Return), HB (Handbook), IFRS, ASPE, Quant (quantitative), Qual (qualitative), F/S (Financial Statement), AO(Assessment Opportunity) etc. Avoid using your own created abbreviations to eliminate potential confusion from the reader.

As a workaround, you can define your own abbreviation at the start of your memo in brackets, then use it throughout. For example, “Company ABC is interested in investing in buy-one-get-one (BOGO) products. The benefits of BOGO products are that…On the other hand, BOGO products have risks such as…” 

2. Don’t quote entire Handbook sections

Be sure when copying and pasting HB sections, that you only copy what is relevant. In other words, only the few sentences that you plan on analyzing and concluding on with case facts. Copying the entire HB section will not earn marks, and may in fact lead you to discussions that do not hit the key points. The HB section should be interpreted, as how you use the standards will be the main focus of your assessment grade. 

Debriefing your cases and keeping a summary of the relevant HB paragraphs and sections for reference will help provide ease when writing cases.

3. Only write what is necessary

When writing your AO analysis, it’s important to avoid the temptation to focus on the quantity of what you write and instead focus on being concise. Avoid long introductions for issues, and instead address the issue in a single sentence. Do not reiterate general case facts. Instead, your introduction could look like: “Susan is considered if revenue related to the sale of concert tickets have been recorded correctly”. This will leave you more time to get to the details of the task.

The same logic applies to your analysis. Condensing your analysis/conclusions of each point to 3 to 4 sentences should be enough to get the point across. If you are hitting the word limit on your assignments, you likely have some room to improve your ability to be brief. Take time when debriefing your cases to focus on what could have been removed / what was critical to include.

4. Apply formats for the specific analysis

Much of improving speed with case writing comes from knowing how to format specific AOs. By reviewing and templating these AOs during your debriefing process, you can eliminate some of the work upfront by already knowing how to set up your qualitative analysis or your Excel spreadsheet. As you do more cases, you will notice many AOs repeating over and over again.

Keeping track of how these are commonly answered and assessed on the Feedback Guide will allow you to spend more time on your actual answer, instead of formatting. For example, for a control weakness, get in the habit of setting up a WIR (Weakness, Implication and Recommendation) format. Or for Special Reports, practice laying out your response with the reports, assurance level, pros/cons etc. Additionally, you should consider whether using a table, paragraph or pros/cons is the optimal analysis.

5. Improve your typing speed

Time is driven by speed and distance. The above tips will help you reduce your distance (ie, you’ll write less). But how can you increase your speed? Most CPA candidates have an average typing speed of 40-45 words-per-minutes (WPM). By increasing the typing speed to 50-60 WPM, you can put more things down in shorter amount of time, thus earning more marks. Most students practice their typing 1-2 times a week using online tools. However, these tools use words and phrases that are irrelevant to CPA cases. SpeedType, on the other hand,  is tailored for CPA Canada candidates. It’s a typing training and time management tool that helps you type faster through lessons that cover all CPA Canada competencies. Practicing 2-3 times a week will ensure you’re typing faster and learning how to manage your time. Check out SpeedType here for free. 

Conclusion

Practicing these skills over the course of modules and capstones is the best way for CPA candidates to improve their time management and overall case-writing skills. Consider implementing this review as part of your case debriefing process.

While many of us have studied independently throughout our education career, studying for CPA Canada PEP and CFE exams offers a unique opportunity to stay disciplined during the exam process. The following article provides several benefits to having a study buddy, while considering some limitations to overcome when selecting your study partner.

Benefits

1. Holds you accountable: Since you will be creating a study schedule together, there is someone to hold you accountable to stay on track of timelines, case deadlines, case time constraints, etc. You’ll likely be meeting each other at set dates, so this forces you to finish your part before the meeting, thus helping you meet deadlines.
2. Helps with your weaknesses: Your study partner could bring a unique CPA study skillset to the table to balance some of your weaknesses. This provides the opportunity to discuss complex topics and bounce ideas off of each other. This could also be helpful in learning from each other for creating a case plan and identifying case triggers.
3. Supports with debriefs: Your study partner provides additional support for debriefing your CPA cases objectively. While CPA / facilitators will conduct marking still, it allows you to discuss competencies with someone, as opposed to only reading the feedback guide.
4. Gives new insights: Reading and marking someone else’s cases gives you a unique insight into a new thought process and structure for cases that you may find helpful to adapt.
5. Helps with learning: For technical review, there is the opportunity to split up difficult technical material between you two. You can each summarize the topics and teach them to each other. Explaining the information to someone else is a great way to test your understanding on the topic.
6. Provides encouragement: Your study buddy offers you support and encouragement during the process. While you may have others in your life you can rely on, your study buddy is easily able to identify with your CPA journey.
   

Drawbacks and other considerations

1. Different schedule: Your study partner may have a different working schedule, and studying alone would give you more flexibility. It would be beneficial to find a partner within your work or school to mitigate this. A virtual study partner could be just as effective as an in-person partner.
2. Different expectations: Your study partner may not have the same expectations, work ethics, or skill set as you. This could hold you back from focusing on your main areas of concern. Finding a partner you know and trust as well as someone in the same CPA elective as you would be effective. A study partner who took a different elective can also help as they will have a better understanding of the competencies that you’re weak at.
3. Time consuming process: Finding a study partner can often be a time consuming process. If you don’t know anyone in the program with you, there are several online resources to find a partner in your area. You can find a study partner at Gevorg CPA’s Facebook and WhatsApp groups here.

Overall, having a study buddy can be an asset but also an added variable to consider in your study plan. The shared motivation between study partners help foster a positive and confident study environment to ensure you both continue to push through the challenging times.

Find a CPA study partner

If you need helping finding a study partner, join my CPA PEP, CPA CFE Review and CPA PER Review courses where I will help you connect with like-minded students and ensure both of you succeed.

Update: Please see these updated posts for May and September 2022 CFE exam cases download:

• May 2022 CFE download
• September 2022 CFE download

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

September 2021 CFE:

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

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

• Day 2 (download):
  • Farm Fresh to You Inc. (FFTY) (300 minutes)
• Day 3 (download):
  • FenceCo (FenceCo) (90 minutes)
  • HSE Inc. (HSE) (80 minutes)
  • Amped Transit Ltd. (Amped) (70 minutes)

For the September 2022 CFE, the following Day 1 cases will be tested:

• Waste Disposal Inc. case (WDI) v3
• CanDo Fitness (CFL) v1

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 Summer 2022, you will receive these cases at the module. You can also simply download using the links above. If you are someone challenging the exam, such as an internationally trained accountant applying under MRA/MOU, also download using the links above.

Where can I get the solutions?

I have written my version of the solutions to September 2021 CFE cases, which you can get from here. The official solutions will be released in May, 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. If you want coaching with me, sign up for my CPA CFE Review Course, for a comprehensive prep package.