Candidates who wrote the CPA Canada June 2026 CFE (Common Final Exam) are wondering if they can re-write the exam at the next offering in September 2026, should they be unsuccessful.

Yes, you can write in September if you didn’t pass May or June

According to Claire, module registration officer at CPA Western School of Business, this is allowed. This is the reply I received from her:

While candidates are welcome to choose to write the CFE in back to back offerings please be aware that the CFE is not designed to be taken that way.

If you write in May your results will be released in August – if you choose to re-register for September at that time you will need to register and write the CFE well before May CFE appeal results will be available (likely available in October) and significantly before PAR results will be available (likely February/March).

You will be able to add your name to the waitlist and register for the Fall CFE if you wish to do so after the results are released for the May offering. A waitlist fee will not be required and adding your name to the waitlist guarantees you a place in that exam.

So you can write it in September, but it’s not recommended by CPA Canada.

Should you do it?

If you need to re-write only Days 2/3 of CFE, I recommend that you write back-to-back, because your technical knowledge and case writing skills are fresh. However, first make sure you can take time off, analyze your weaknesses, and get coaching.

If you need to re-write Day 1 only, your Day 1 case will be different in the next CFE. As a result, most writers choose to wait and write next year. The reality is that it doesn’t take much time to learn a new Day 1 case and become ready. All Day 1 cases are similar to each other, in terms of AOs and formatting. So I still recommend writing in September, while the knowledge is fresh.

If you need to re-write all three days of CFE, it is better to study a year because you have a lot of content to review and learn. However, if you can take 3 weeks time off, your results show that you were close to passing, you have study resources available (e.g. tutors, extra cases, marking services), you can still write in September.

Postponing to next year is recommended for students who are busy with work, can’t take time off, didn’t pass at multiple levels, didn’t pass all days of CFE, and don’t have extra support resources.

Will the registration open after the results are released?

The September CFE registration closes before the results are released. However, after the results come out, CPA Canada will re-open it to allow students who want to write back-to-back to register into the exam.

What Day 1 cases are in June 2026, September 2026, September 2027 and September 2028 CFE?

For the June 2026 CFE*, the following Day 1 cases:

• Karnat Bread Company Ltd. (KBC) v1
• Viviana’s Trattoria Ltd. (VTL) v2

(Note: Usually CFEs are in May and September. For 2026, the May 2026 CFE has been delayed to June [June 2 to June 4], so it’s referred to as “June 2026 CFE” in this post.)

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

• Singular Textiles Corporation (STC) v1
• Meadowlark Entertainment Inc. (MEI) v2

There is no CFE in May 2027.

For the September 2027 CFE, the following Day 1 cases will be tested:

• Singular Textiles Corporation (STC) v2
• TBD, new case v1

For the September 2028 CFE, the following Day 1 cases will be tested:

• TBD, prior case v2
• TBD, new case v1

Extra resources

We are Gevorg CPA Coaching Team. To get exam coaching, sign up for our CPA CFE Review Course.

 

The Capstone 1 Waste Disposal Inc. (WDI) case will be tested in both September 2021 and 2022 Common Final Exams (CFEs) on Day 1. The original Capstone 1 case was made available to candidates enrolled in Capstone 1 and it will be released publicly be CPA Canada at a later date.

How do I prepare for WDI case for the CFE Day 1?

On CFE Day 1, you will be presented with the same WDI case and you will be required to analyze and answer new strategic and operational issues.

Follow these strategies:

• Step 1: Study the Capstone 1 original case well: It’s important that you know the Capstone 1 case inside-out. You will encounter the same users and similar industry challenges. I suggest making notes of the following key situational analysis factors:
  • Users
  • Mission, vision and values
  • Key success factors (KSF)
  • Strengths, weaknesses, opportunities and threats (SWOT)
  • Board objectives
  • Quantitative analysis
• Step 2: Know the Capstone 1 strategic issues: WDI is facing 4 major strategic issues and several minor issues. In the May 2021 CFE, 4 new strategic issues were presented and it is likely that you will see again 4 strategic issues in your exam.
• Step 3: Make note of the timeline: The CFE Day 1 case is several years in the future and there are new issues to analyze. It helps to stay organized by creating a timeline of events as you are reading the case.
• Step 4: Understand key stakeholder preferences: The WDI case has several users who have opposing views. For example, Laura is not interested in selling her shares and would like to buy Kingsley out. Kinglsey on the other hand wants to increase WDI’s profits as quickly as possible and sell the company by 2025. It’s important that you understand  these user preferences as these will repeat in the CFE Day 1.

Whether you are in Capstone 1, Capstone 2 or you are an intentionally trained accountant (ITA) challenging the CFE under MOU, I strongly recommend practicing with supplemental mock exam cases. In Capstone 2, you will get 3 practice versions of the WDI case. However, most writers find that this is not enough and feel unprepared.

Where can I get a WDI mock exam cases?

I provide one (1) original Waste Disposal Inc. (WDI) supplemental mock exam practice case to help you better prepare for the CFE Day 1. The mock exam case is a realistic simulation of what you may get on your exam and covers typical AOs that you may find in your Day 1. The value package includes the WDI mock exam case, marking guide and the solution.

Head over to the cases section of my website for a free preview. If you have any questions  or need additional help, I’m here for support.

Waste Disposal Inc. (WDI) Mock CFE Day 1 Exam Practice Case and Solution

Preview and purchase the supplemental CFE Day 1 WDI mock exam case to improve your case writing skills and take on the Day 1 exam.

 

 

 

 

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GevorgCPA Coaching is Canada’s only CPA coaching provider that has been recognized in the national news as the CPA exam experts. Our flexible, integrated prep programs allow candidates to enter the CPA Canada PEP modules with strong academic knowledge, technical expertise and case writing skills. Our CPA PEP and CFE programs support candidates in their studies throughout the Core 1, Core 2, Assurance, PM, Tax, Finance, Capstone 1, Capstone 2 and the CFE. Student success is achieved through personalized coaching, the Honour Roll approach and our in-depth knowledge of the CPA examination process.

Duties & Responsibilities

• Demonstrate and give practical coaching in online setting (Zoom) on part-time basis
  
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• CPA designation or Bachelor’s Degree related to accounting
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• Demonstrated coaching skills, communication skills, and interpersonal skills
• Post-secondary teaching experience an asset

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• Connect with a pool of candidates actively seeking tutoring support
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Location

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How to apply

Update: The applications are now closed. Please contact the support team (support@gevorgcpa.com) if you’re interested in similar roles.

I’ve written about Financial Reporting (FR), Assurance, and Tax common topics in CPA Core 1 module in other posts. In this post, I’ll cover the common Finance topics.

Unless your background is in Finance or you have good knowledge in Finance, you’ll find the “Finance” Assessment Opportunities (AOs) in CPA Canada’s PEP Core 1 and Finance electives modules difficult to solve.

To make things worse, the CPA Canada Learning eBook has 20+ long chapters on finance, with topics ranging from Capital Budgeting to Working Capital Management.

So what topics do you need to know?

Common Finance topics to know

Here are some of the common Finance topics you should know for Core 1 and Finance elective:

• Cash Flow Forecast
• Valuation (EBITDA, Asset-based, CCF)
• Weighted average cost of capital (WACC)
• Capital Budgeting
• Payback
• Internal rate of return (IRR)
• Net present value (NPV)
• Financial analysis/Ratios
• Financing sources

All Finance topics that can be tested

The full list of Finance topics that you will be tested on are listed in the CPA Canada Competency Map.

 

 

 

 

 

 

 

Here’s a list of all Finance topics you can be tested on (warning: it’s a long list):

Specific topics:

• (A) External Environment and Impact on Finance Decisions/Analysis
  1. Nature of and accessibility to capital markets (financial markets, public offerings and underwriters, private placements, secondary markets)
  2. Capital market efficiency (efficient market hypothesis)
  3. Other factors in market pricing
• (B) Finance Concepts
  1. Risk/return
  2. Financial leverage and risk (impact on residual return, interaction with operating leverage)
  3. Financial management goals and objectives
  4. Impact of inflation/deflation
  5. Income tax considerations
  6. Time value of money (including risk-adjusted discount rates)
• (C) Financial Analysis in a Finance Context
  1. Free cash flow analysis
  2. Horizontal and vertical analysis
  3. Ratio analysis
  4. Trend analysis
  5. Sensitivity analysis
  6. Scenario/simulation analysis
  7. Payback (PB)
  8. Internal rate of return (IRR)
  9. Net present value (NPV)
• (D) Data Analytics in Finance
  1. Information representation for decision making
     • Data visualization of financial and nonfinancial data
     • Dashboards, graphs, tables, report design
     • Communication of information for quality decision making
     • Framing information recognizing uncertainty
  2. Quality of information for decision making
     • Dimensions of information quality – relevance, ease of use, integrity, timeliness
     • Types of data and their attributes (nature, sources, format, timing, extent and level of aggregation)
     • Professional skepticism regarding data
     • Information quality and the impact of processing models
     • Data cleansing
  3. Data and information modelling
     • Analytics and model building (descriptive, diagnostic, predictive, prescriptive)
     • Standards for data tagging and reporting (XML, XBRL)
     • Model validation
     • Interpretation and professional skepticism of models and analytics
• (E) Financing Decisions and Finance Management
  1. Inputs into determining cash flow needs
  2. Working-capital management
     • Nature of working capital
     • Role of liquidity
     • Cash and marketable securities management
     • Receivables, inventory, and payables management
  3. Sources of short-term financing (trade, factoring, lines of credit)
  4. Credit policy decisions (evaluating credit risk, determining collection policy and credit period, making use of cash discounts, organizing the credit function)
  5. Short-term versus long-term financial planning (objectives and process, forecasting, pro forma financial statements)
  6. Sources of medium- and long-term financing
     • Bank loans
     • Internally generated funds
     • Initial public offerings
     • Venture capital
     • Securitization
     • Government assistance
  7. Asset-based financing
  8. Lease financing (direct lease, sale and leaseback)
  9. Derivative financial instruments
  10. Project financing
• (F) Investing and Risk Management
  1. Forms of ownership and extent of ownership (direct, outsourcing, strategic partnerships)
  2. Nature and use of financial instruments
  3. Debt instruments
  4. Equity instruments
  5. Derivative financial instruments (options, rights, warrants, futures, forwards, swaps, other derivatives)
  6. Convertible securities
  7. Stock-based compensation (options, appreciation rights)
  8. Tools to hedge exposures (e.g., interest rate swap, foreign currency hedge)
  9. Other types of investments
  10. Portfolio diversification and optimal investment decision making
  11. Macro-economic risk assessment
• (G) Capital Structure Decisions
  1. Optimal capital structure
  2. Ownership and control considerations
  3. Financial leverage
  4. Tax considerations (tax shield, etc.)
  5. Effects of bankruptcy costs
• (H) Determination of the Cost of Capital
  1. Capital components and cost
  2. Capital asset pricing model (CAPM)
  3. Weighted average cost of capital (WACC)
  4. Marginal cost of capital
• (I) Distribution of Earnings
  1. Dividend policy
  2. Alternatives to cash dividends (stock distribution of profts dividend, stock split, share repurchase, dividend reinvestment)
• (J) Capital Budgeting
  1. Role and nature of capital budgeting
  2. Discount versus capitalization rate
  3. Investment in working capital
  4. Evaluation criteria (capital rationing, abandonment decisions)
  5. Tax effects
  6. Post-audit of capital investments
• (K) Cash Flow/Net Income Estimation
  1. Tax effects
  2. Effects of non-cash items
  3. Discounting
• (L) Valuation
  1. Purpose and nature of the valuation
  2. Fair market value concept
  3. Common inputs to valuation techniques (credit risk, market price, marketability, volatility, etc.)
  4. Approaches to valuation (for fixed income securities and/or equity instruments):
     • Asset based (adjusted book value, liquidation value, replacement cost)
     • Transaction based (capitalization of earnings, capitalization of cash flows, discounted earnings, discounted cash flow)
     • Market based (multiples)
  5. Approaches to the valuation of intangible assets
• (M) Corporate Finance Transactions
  1. Forms of expansion and divestiture (mergers, acquisitions, strategic alliances, joint ventures, spin-offs)
  2. Transaction considerations
  3. Key risks and rewards in corporate finance
  4. Synergies involved in the combination of entities
  5. International considerations (exchange risks, political risks, economic risk, international sources of capital)

You don’t need to know all these topics for Core 1

If you’re in Core 1, I recommend focusing on the common topics I listed first. It’s near impossible to study all above topics in the 8-week module timeframe. Although all these topics are examinable, from my experience, the key topics I listed are more commonly tested. If you want to see a list of common Tax topics for Core 1, check out this post.

For Finance elective, any of the above topics can be tested. I suggest studying all of them.

Need Help Passing CPA Exams?

Sign up for the Core 1 Review program to get extra practice cases,  study plan, engaging video lessons and personalized coaching with me.

 

CPA candidates often ask me whether they need technical summary review notes for Core 1.

Technicals are a big part of Core 1. You will be tested on Financial Reporting, Assurance, Tax and Finance issues. The topics that you will be tested on are listed in the CPA Canada Competency Map.

 

 

 

 

 

 

 

What are common technical topics in Core 1?

Some of the common FR topics include:

• Revenue recognition
• Lease accounting
• Financial instruments 
• Inventories
• Property, plant and equipment (PPE)
  
• Goodwill and intangible assets
• Impairment of assets
• Contingencies
• Non-monetary transactions
• Related party transactions
• Government assistance
• Subsequent events
• Asset Retirement Obligations

Some of the common Finance topics include:

• Cash Flow Forecast
• Valuation (EBITDA, Asset-based, CCF)
• Capital asset pricing model (CAPM)
• Weighted average cost of capital (WACC)
• Capital Budgeting
• Payback
• Internal rate of return (IRR)
• Net present value (NPV)
• Financial analysis/Ratios
• Financing sources

If you are looking for a summaries of key technicals, you can use these resources:

1. Core 1 Review course
2. CPA Canada Learning eBook summaries
3. HTKAcademy notes

The eBook and HTKAcademy are available for free to students in the CPA PEP program.

The Bottom Line

Getting technical summaries helps to speed up the study process, but it’s only half of the battle. It’s a common misconception that passing Core 1 requires you to know all technicals. Candidates fail Core 1 due to poor case writing skills, not knowing what to focus on, and lack of time management. My Core 1 Review course is effective in helping students pass Core 1, because it teaches these exact skills, among many other things.

Get Help with Passing Core 1

Sign up for the Core 1 Review program to get extra practice cases,  study plan, engaging video lessons and personalized coaching with me.