If you find yourself wondering whether to order a Performance Analysis Report (PAR) after you receive your Common Final Exam (CFE) results – particularly if it arrives late – the answer depends on your circumstances and when you’re planning to re-write the CFE. Using the May CFE as an example, if you order PAR after September CFE results, you’ll receive the PAR at the start of May, which gives you just 3-4 weeks to analyze and learn lessons from it. Let’s dive deeper on what is PAR, whether it’s worth buying it, and whether it’s worth buying it if you’re gonna get it only a few weeks before CFE.
What is CPA PAR?
PAR means Performance Analysis Report. If you don’t succeed on the CFE, whether partially or entirely, you have the option to ask for a re-marking and/or a PAR. The PAR gives detailed insights and feedback on the AOs where you didn’t meet the minimum standard, along with guidance on how to improve your performance. It also shows areas where you did well. So it’s like a Feedback Guide, but a bit less helpful because it doesn’t show the grade breakdown, which we call MPIs (minimum proficiency indicators), instead it gives general comments per AO.
PAR is useful because it helps you see where you made mistakes so you can understand why you didn’t pass and where to improve in your next attempt.
PAR is not free. The price ranges from $400-$1,100, depending on your province and the type of PAR you order. You can find CPA Ontario’s PAR fees here.
Here are sample PARs for Day 1 and Days 2/3 of CFE:
Day 1 CFE PAR & AFR
For CFE Day 1, there is Automatic Feedback Report (AFR) and Performance Analysis Report (PAR). Only Day 1 has this, Days 2/3 have only PAR, but no AFR.
What is AFR? To provide more prompt feedback to unsuccessful Day 1 candidates, the Board of Examiners (BOE) recently started to issue this AFRs for Day 1 . This report is automatically generated based on the candidate’s specific responses and it’s free. It aims to highlight your main shortcomings in the Day 1, thus helping you decide whether to request the comprehensive PAR for a fee.
A lot of students ask me whether the AFR is personalized or generic. It’s both personalized and non-personalized. Here’s what I mean. The AFR shows where you personally made mistakes. For example, it’ll show that you made mistakes in Strategic issue #1 quants, Strategic issue #2 qual, big picture issue and so on. In this way, it’s personalized to your performance, others will not get the same exact report. However, the commentary inside your report, like: “You didn’t do well in Strategic issue #1 quants due to incorrect quants tool…”, this comment is generic, everyone who made a mistake in this part of the exam will get that same comment.
Here’s what the AFR looks like:
AFR is free and everyone who didn’t pass Day 1 can download it from their CPA portal.
Days 2/3 CFE PAR
Days 2/3 PAR is more comprehensive and gives a breakdown for each case and each AO. You’ll find information such as:
- Where are your specific mistakes
- Example of how to write it better (in 1-2 sentences)
- How you performed on your role
- Assessment by competency area (ie, how did you do in each of 6 technical competencies)
- CPA Enabling skills (how did you follow the CPA Way)
- General findings such as:
- Did the response appear balanced?
- Was the response easy to read and understand?
- Was the response well organized with a logical flow?
- Did the candidate understand their role?
- Did the candidate focus their response on the appropriate issues?
Here’s an example of Days 2/3 PAR.
Should you order PAR?
I did a detailed analysis and walkthrough of PARs in this blog post, please review to see if it’s worth it.
Is PAR worth it if it arrives late?
For Day 1, I recommend to first thoroughly review your AFR. It gives you good information what areas you didn’t pass. If you’re still not clear why you didn’t pass Day 1, then I recommend to order the full PAR. Yes it is worth ordering it even if it arrives late. The reason is that, unlike Days 2/3 PAR, it’s only about 13 pages. You can easily review, learn lessons and optimize your strategy in the 3-4 weeks before your CFE.
For Days 2/3, I recommend to order PAR, even if it arrives late, if:
- Your transcript shows you failed in many areas, such as Level 1, Level 2, and Level 3
- You’re on your 2nd or 3rd attempt
- You have the entire May off work to study for CFE and you have time to review your PAR
Make sure to take the time to thoroughly review it and summarize the key takeaways in your own words. I analyze PARs for my students in my CFE tutoring course, you can consider signing up to take advantage of this support.
Conclusion
In conclusion, deciding whether to order a PAR depends on your individual circumstances and preparation timeline. For most students, I recommend ordering PAR, even if it arrives late. The PAR provides valuable insights and guidance for improving your performance. Thoroughly reviewing the feedback, whether through AFR or PAR, is essential for identifying areas of improvement and optimizing your strategy for your next CFE attempt.
Extra resources
I’m Gevorg. I’m an instructor and CPA Canada exam coach. If you want CFE tutoring, sign up for my CPA CFE Review Course, for a comprehensive learning package.
