Analyzing the New CPA Professional Program Exam Blueprints

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CPA has released the exam blueprints for the new CPA Professional Program, in its Exam Guide, issued August 27, 2026. For the first time, there’s enough detail to really think about these exams: what each one will be like, and how to prepare for it. If you’re planning to start the new program, here’s what you need to know.

This post goes through each exam at a high level. For each one we cover three things: the structure, the content, and the study focus, including which exams give you reference materials and which don’t. At the end are our key takeaways.

CPA calls Core, Leadership and Professional Readiness “Professional Final Exams” 1, 2 and 3. We use the exam names throughout. Here are the program and exam details:

At a glance

Exam Format Time Reference materials available during the exam
Knowledge Assessment (optional) 150 objective-format questions, two timed parts 5 hours None – closed book exam
Foundational Development 50 objective-format questions and 4 to 8 testlets 5 hours Handbooks, Income Tax Act, Excise Tax Act
CPA Core, Common Two to three cases, each 60 to 120 minutes 3 hours Handbooks, Income Tax Act, Excise Tax Act
CPA Core, Licensure Part A: the Common cases. Part B: one 2-hour case 5 hours Handbooks, Income Tax Act, Excise Tax Act
CPA Leadership One comprehensive case 5 hours Handbooks, Income Tax Act, Excise Tax Act
CPA Professional Readiness One 2-hour judgment case and one 1-hour ethics case 3 hours Handbooks, Income Tax Act, Excise Tax Act

Source: Exam Guide.

The Knowledge Assessment

CPA calls the Knowledge Assessment an optional entrance exam. It’s for candidates who don’t have the required accounting and business courses to enter the program but do meet the eligibility requirements to write the Knowledge Assessment. CPA Western School of Business’s Knowledge Assessment page has more information, including the cost and planned offerings.

The covered content is as follows:

Part Topic Weight
A Assurance, data analytics, ethics and governance, finance, non-financial reporting, strategy, tax 10 to 15% each
A Foundational competencies, such as economics and law 10 to 15%
B Financial reporting 50%
B Management decision-making 50%

CPA’s full name for that last area is “Management Decision-Making and Information (Data) Systems/Technology”. It covers budgets and forecasts, variance analysis, costing methods, cost-volume-profit and break-even analysis, pricing, performance frameworks and scorecards, responsibility centres, incentives, continuous improvement, and IT and AI in decision-making.

This exam is pure technical knowledge, and it’s broad. There are no reference materials: no Handbook, no Income Tax Act, nothing. It’s the only exam in the program where you can’t look anything up. You also need a pass on financial reporting and on management decision-making separately, and a pass overall.

Foundational Development

This is the first exam most candidates will write.

The exam is five hours long and entirely objective format. There are 50 stand-alone questions, worth 33% of the exam. The other 67% is four to eight testlets. A testlet is a set of questions built on one shared scenario, and each one is designed to take 20 to 60 minutes. Question types include multiple choice, multiple select, fill in the blank and drop-down list.

The covered content is as follows:

Topic Weight
Management decision-making 15 to 25%
Financial reporting 10 to 20%
Data analytics, ethics and governance, finance, non-financial reporting, strategy 5 to 15% each
Assurance and tax 5 to 10% each

Source: Exam Guide.

Foundational Development is extremely technical. You need to know the rules and apply them accurately, across every topic area.

CPA Core: Common and Licensure

CPA Core is where the cases start, and it has two paths. On the Common path, you write the Common exam. On the Licensure path, for candidates considering a public accounting licence, you write the same Common cases as Part A, plus a Part B case, in the same sitting.

The Common exam is two to three cases in three hours, each case between 60 and 120 minutes. The exam doesn’t control your time between cases, so managing it is on you. Licensure adds Part B, one two-hour case. On the Licensure path the sitting is five hours: three for Part A and two for Part B, each timed separately.

The covered content is as follows:

Topic Common Part A Licensure Part B
Assurance 20 to 35% 30 to 50%
Financial reporting 20 to 35% 20 to 40%
Tax 10 to 25% 15 to 25%
Data analytics 5 to 15% Up to 10%
Non-financial reporting 5 to 15% Up to 10%

Source: Exam Guide.

Core is extremely technical and case focused. You need solid technical knowledge in assurance, financial reporting and tax, applied in a case. CPA describes these cases as non-complex, with clear requirements.

CPA Leadership

One comprehensive case, five hours long: the longest single case in the program. CPA describes it as moderately complex, with limited direction and less prescriptive requirements. You decide your own approach, which issues matter most, and how to structure your response. CPA also says it’s designed to be time pressured, the only case exam it describes that way.

The covered content is as follows:

Topic Weight
Strategy, risk management and innovation 20 to 35%
Ethics and governance 15 to 30%
Management decision-making 15 to 30%
Data analytics and finance 10 to 20% each
Assurance, financial reporting, non-financial reporting and tax Up to 10% each

Source: Exam Guide.

Leadership is less technical than Core, but it’s still a case. The focus moves to critical thinking and judgment. You’ll need to prioritize, connect your analyses to each other, and land on a recommendation that holds together.

CPA Professional Readiness

Two cases in three hours: a two-hour case focused on professional judgment, and a one-hour case focused on ethical decision-making. You manage the time between them. CPA says these cases are not meant to be time pressured, and you must pass each case to pass the exam.

The covered content is as follows:

Area What CPA says
Topic weights None published
Technical areas May provide context but are not the focus
Calculations No complex calculations; detailed analysis is provided where needed
Approach Complex and ambiguous, with multiple acceptable approaches
Ethics case No clear right answer

Source: Exam Guide.

This is the least technical exam and the most judgment focused. It’s still case writing, but the emphasis is on professional judgment, ethics and the public interest. Technical analysis supports the decision rather than driving it.

Key dates for the first year of exams

Exam Module starts First sitting
Knowledge Assessment Not a module March 23, 2027
Foundational Development May 15, 2027 September 15, 2027
CPA Core, Licensure May 29, 2027 September 16, 2027
CPA Leadership June 26, 2027 September 15, 2027
CPA Core, Common July 10, 2027 September 16, 2027
CPA Professional Readiness December 11, 2027 January 20, 2028

Going forward, exams will be offered in January, May and September.

Key takeaways

  1. Greater emphasis on professional judgment and critical thinking. The Knowledge Assessment and Foundational Development are objective format and highly technical. Core brings in cases, still very technical. By Leadership and Professional Readiness, the technical content steps back, and critical thinking and judgment take over.
  2. Only the Leadership exam will be publicly disclosed. Of all the exams, CPA lists only Leadership as a disclosed exam; every other exam is non-disclosed, just like the current CPA PEP exams (only the CFE cases are disclosed). That means candidates won’t have a bank of past exams to study from, look for patterns in, and use to predict what’s coming. Past exams have been a huge part of how candidates prepare. With fewer to lean on, critical thinking becomes even more important. You’ll need to really understand the technical content, read each case on its own terms, and work out what’s being asked and what matters.
  3. We don’t know yet how the exams will be marked. Will there still be NC, RC, C and CD? The Exam Guide doesn’t say. It says each exam has a passing standard set by the Board of Examiners, defines sufficiency as a mark that meets the minimum threshold, and says Professional Readiness cases are marked holistically. We don’t expect the four levels used on Days 2 and 3 of the CFE to carry over as they are. We expect a similar model, but we won’t know the details until CPA releases them.
  4. Trust the transition. The profession has done this before. Having so few past exams isn’t a disadvantage for the first group of candidates; it’s simply how the exams work going forward. Candidates who write the new program now will be in largely the same position as those who write it years from now.

We’ll keep this post updated as CPA releases more details. As you start your journey in the new CPA Professional Program, reach out to the Gevorg team for support.

CPA resources

Links as at October 5, 2026.

Passing the CFE on Your Third Attempt: What Rachael Learned After Two Close Calls

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If you’ve been unsuccessful on the CPA Common Final Examination (CFE), you’re in far more common company than most people realize. Having coached CPA candidates for years, we’ve seen just how many different paths lead to the Canadian CPA designation, and plenty of them include more than one CFE attempt.

That’s why we sat down again with GCPA alum Rachael, who passed the CFE on her third and final attempt. What makes her story valuable isn’t the unsuccessful results. It’s how she worked through them, adjusted her approach, and kept going.

Watch the full conversation on YouTube

Rachael’s CFE Timeline

  • Attempt 1 (May): Unsuccessful, Decile 1. She did not clear Level 3 (depth in her role, Assurance) and also fell short on Management Accounting at Level 2.
  • Attempt 2 (September, immediately after): Unsuccessful again, Decile 1, this time on Level 1. By her own estimate, she was one or two questions away.
  • Attempt 3: Registered for May, then chose to defer to September. She passed, and cleared every area.

Two Decile 1 results in a row. As Rachael put it, it felt like “a cruel, cruel lesson.” But it wasn’t the end of her story.

Coming Close Twice

Rachael received her first results while on a family vacation. She gave herself time to feel it, then decided to go straight into the September rewrite with a focused sprint: review what she knew, dig deeper into Assurance, and tighten up her time management.

The second result, arriving just before Christmas, hit differently. “It felt like pure exhaustion,” she shared. She had gone in with hope and a “what’s the worst that could happen?” mindset, and then it felt like the worst had happened.

Her takeaway, and the one she most wants other candidates to hear: there is no direct line and no perfect journey. You take each thing as it comes.

You Don’t Have to Relearn Everything

When Rachael restarted in February, she felt lost. Should she redo everything? Did she really know anything at all?

The answer was no, she didn’t need to redo everything. Looking at the stacks of cases, Integrations, and Practice Cases from her earlier attempts, she realized that what actually needed restudying was much smaller than it looked. “It’s more going to be the mind game and the time game,” she said. The real work was deciding what to review and how.

Knowing When to Wait

After studying through the spring for a May rewrite, Rachael made the difficult decision to defer. She had been doing all the right things, but she was mentally exhausted. Work was heavy following a major ERP implementation, and when she told her family she was stepping back, their response was simple: they had seen it too, and they supported her.

Today, the CFE is offered only in September, so candidates rewriting will have a longer runway by default. Rachael’s advice for using that time well:

  • Build up gradually. Push through spring and summer, then start easing off in August.
  • Protect the final 10 days. Before the exam, shift to light review only: notes, cue cards, good sleep, and whatever helps you decompress. Even if you’re working until the week of the exam, find a way to shift gears mentally.
  • Trust that you won’t forget. Many candidates worry that slowing down means losing ground. Rachael found the opposite. That breathing room is what let her walk in with the mental capacity to perform.

What Rachael Did Differently the Third Time

Better pacing. On her first attempt, she tried to do too much, including writing three Day 3 cases back to back to simulate exam day. By the third attempt, she recognized that she already knew she could sit for five hours and work through roughly 21 Assessment Opportunities across three cases. She didn’t need to prove that to herself again.

Trusting what she knew. A first-time writer often walks in wondering whether they know anything. A rewriter has results that show exactly what they do and don’t know. “The idea of going into Day 3 and knowing nothing is just not the truth,” Rachael said.

Working with a coach who fit her needs. Rachael worked with Mallory, a coach she found through Gevorg CPA, throughout her program. For Rachael, Mallory was an accountability partner and someone to share her thoughts, fears, and frustrations with. Other candidates may need a tougher, more directive style. Her advice is to find the right fit, much like choosing a therapist, and to remember that coaching doesn’t have to be a six-month commitment. A handful of sessions over the summer can help you refine your approach.

Taking accommodations seriously. Rachael shared that she could have applied for exam accommodations and chose not to, and looking back, she wishes she had. With only September sittings, a first-time rewrite no longer leaves you without time to apply. If you need an accommodation, plan ahead and apply. No one else needs to know, and you deserve every chance of success.

Don’t Just Repeat the Same Preparation

If you do the same thing again, how can you expect a different result? Before rewriting, be honest with yourself:

  • Did you follow your study schedule?
  • Did you have an accountability partner, study buddy, or study network?
  • Were your time management and case strategy working?

At the same time, avoid over-rotating. Failing in one area doesn’t mean you should study only that area. You still need coverage everywhere, with extra focus where your results point.

Read Your Results Carefully

Rachael’s first results surprised her. With a background in audit and risk, she expected Assurance to come easily. With years in finance, she assumed Management Accounting would make intuitive business sense. Instead, she did better in Financial Reporting than in either. Her lesson: set aside your assumptions about which areas are “easy” for you, and look at what the numbers actually say.

Equally important, the areas you passed were not luck. “Your passes were not luck. You did what you needed to do,” Rachael said.

The CFE passing profile is publicly available, but it isn’t simple. Unlike a university exam with a single percentage, the CFE is assessed across four levels, and candidates often misread them. For example:

  • Passing Level 4 (breadth) does not mean you passed Day 3.
  • Passing Level 3 (depth in your role) does not mean you passed Day 2.

Misinterpreting your results can send your preparation in the wrong direction. Take the time to understand them properly, whether with us, a mentor, or another trusted resource, before you build your rewrite plan.

And a word on online forums: be careful with Reddit threads. People aren’t necessarily lying, but they are sharing their own perception, often without the full picture. Candidates who later win awards for top scores regularly say they thought they had failed.

What Rachael Would Tell You Now

Is another attempt worth it? Rachael’s answer is unequivocal: “It’s always worth it.” Whether your path has been a two-year sprint or a five-to-six-year marathon while working and raising a family, you’ve made it this far.

On her third attempt, Rachael didn’t just scrape through. She passed on every level, including the areas that had held her back before. And the journey gave her something a first-time pass wouldn’t have: it put her imposter syndrome to rest. After a 20-year finance career and a return to accounting as a mature student, she knows she earned it. “It is mine now, and I conquered it. You can too.”

It’s hard to hear an unsuccessful result, and we’d never take that away from anyone. But the resilience and grit you build working through something difficult are qualities that stay with you long after the exam.

Preparing for Your Next CFE Attempt?

If you’re planning to rewrite, this conversation will help you think carefully about your results, your study approach, and what needs to change before your next attempt.

Watch the full video with Rachael and learn more about our CPA CFE preparation resources at gevorgcpa.com.

The Final 7 Days Before the CPA CFE: Gevorg CPA Memo to CFE Writers

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Since all of you reading this are already deep in CFE mode, we thought we’d make this blog more digestible for you by writing it as a CFE memo. Please enjoy. And for any of you who are reading this in panic mode, from the GCPA team, we believe in you, you can do this, and we wish you nothing but the best!

To: CFE Candidates

From: Gevorg CPA Team

Date: September 8, 2026

Re: How to approach the final seven days before the CFE

Purpose

In the last week before every CFE, the GCPA team receives a similar version of the following question from our students: what should I actually be doing right now? This memo will provide context and insight into what your final days of preparation should, and sometimes more importantly, should not include.

Scope and assumptions

We have assumed the following. If any of these do not hold, the advice below will not fit your situation.

  1. You are writing all three days of the CFE.
  2. You have prepared consistently. You worked through PEP, completed Capstone 1 and Capstone 2, and you have written and debriefed cases over a period of months. Your preparation is substantially complete.
  3. You are not starting from zero. If you began studying a week or two ago, this memo does not apply to you. Your priorities in the next seven days are different from the ones described here.
  4. We count the final week backwards, so “seven days out” means one week before you write. When we refer to Day 1, Day 2, and Day 3, we mean the three days of the exam itself.

Analysis

Your exam fitness is already built, the final week can’t build more

Preparing for the CFE is a marathon. Your ability to read a case, rank the AOs, and write with the right balance of depth and breadth was not built in a week, and cannot be built in a week. It was built slowly, over months of technical work, repeated case writing, and feedback. No runner builds their fitness in the seven days before a race, and no candidate builds case-writing ability in the seven days before the CFE.

That has a consequence people tend to skip past. If the fitness is already built, the final week cannot meaningfully add to it. That said, there are two things that can happen in the final week. The first is supporting your head space or mental fortitude to challenge the exam. And the second, is over-working and over studying that ultimately fatigues you to the point of hurting your exam performance.

The first thing: protecting your head space

Head space is not a soft concept on this exam. It is the difference between reading a required and trusting your first read, or reading it four times and still not committing. It is the difference between ranking your AOs and moving, or second-guessing the ranking until you have burned twenty minutes you needed at the end. Confidence shows up as decisiveness, and decisiveness is what protects your time.

So the test for any activity this week is simple. Does this make me more settled, or less? Rereading your own debrief notes and seeing how much you have fixed since May does. A brand new question bank four days out does not, and neither does the group chat where everyone is announcing how many cases they have written. This is not the week to go looking for hard truths, because there is no longer time to act on them.

The second thing: over-working yourself into a worse result

The other thing that can happen this week is that you quietly spend the capacity you are going to need. This one is hard to see, because studying feels virtuous. Nobody feels guilty at hour ten, and the cost does not show up until the exam room.

The clearest version is the candidate who writes a full case three days out, performs poorly because they are already tired, and walks into Day 1 shaken. That result told them nothing useful, because what they measured was a depleted version of themselves. The quieter version is studying twelve hours a day right through to the night before and arriving on Day 1 already spent, performing several notches below what they are actually capable of.

Why fatigue shows up where it does

Treat your brain the way a runner treats their legs in the final week. It is a muscle, it has been under load for months, and it is not fresh. Capstone 2 drew it down, and the exam is going to ask you to hold up across three consecutive writing days, not one.

Fatigue also does not announce itself as feeling tired. It shows up as degraded judgement. You rank your AOs more slowly and keep revisiting the ranking. You write more, but shallower, because you are not confident enough to commit. You misread an AO required and catch it on the last page. You run out of time on the final case of Day 3. None of that is a knowledge failure. It is a capacity failure, and capacity is the one thing this week can genuinely change, in either direction.

What is still worth working on

To be clear, we are not telling you to do nothing for seven days. We are telling you to be honest about what seven days can actually move.

Not movable now: technical depth in an area you never learned properly, comfort with a competency you have avoided all year, or a real gap in your understanding of a standard. Going after these now costs energy and returns very little, and it tends to produce panic rather than knowledge.

Still worth your time now:

  • Debriefing. If you have cases sitting un-debriefed, that is the highest value work available to you this week. The learning on this exam happens in the debrief, not in the writing, and a proper debrief of a case you already wrote costs a fraction of the energy of writing a new one.
  • Thinking through and visualizing your approach. Walk yourself through how you open a case, how you rank the AOs, when you start writing, and what you do when a required runs long. You are rehearsing a routine you already have, not building a new one. This is the single cheapest way to arrive on Day 1 feeling like you know what you are doing.
  • Reminding yourself of high level concepts. Frameworks, decision points, the shape of a good analysis in each of the competency areas. Stay at altitude. This is not the week for paragraph 5 of a standard.
  • Reviewing generally through your own notes. Your summaries, your debrief notes, your Capstone 1 material. The point is familiarity and reassurance, not new coverage. You will be surprised how much you have absorbed since May, and noticing that is genuinely useful right now.
  • Taking care of yourself. Sleep properly. Eat real meals at normal times. Go for walks, ideally outside and without your phone. Have a few intentional conversations with people who are not writing the CFE and who will talk to you about something else. Move your body a little.

We want to be clear that the last one is not filler at the end of the list. Rest, food, movement, and human contact are what rebuild the capacity you are going to spend across three writing days, and they are what keep your head space steady while you wait. An hour of walking outside will do more for your Day 1 performance than an hour of rereading a standard you already know. That trade feels wrong, which is exactly why so few candidates make it.

Notice what everything on this list has in common. It is consolidation and recovery, not acquisition. Habits, familiarity, and capacity respond to light work in a week. Knowledge does not.

Recommendation

Taper. Bring your volume down deliberately over the next seven days so that your capacity comes back up and your head space stays intact. Front-load anything demanding into the first two days of the week, spend the middle on light targeted review, and use the final two days for logistics and rest.

Frequently asked questions

What should I study during the final week before the CFE?

Review your own debrief notes, your recurring weak habits, and your case approach, and refresh your Capstone 1 material. Practise finding guidance quickly rather than reading it deeply. Do not start new technical topics or new study materials in the final week, since there is no longer enough time for new knowledge to become usable under exam conditions.

Should I write full cases in the last few days?

No. Write your last full case around six or seven days out, then stop. Writing a full case within three days of the exam is a poor use of limited energy, and a weak result on a tired practice attempt tends to damage your confidence without telling you anything you can act on in time.

When should I stop studying before exam day?

Stop by midday the day before you write. A short, light review in the morning is fine. After that, the cost to your clarity on Day 1 outweighs anything you would gain. Use the rest of the day for packing, logistics, and rest.

What should I prepare for CFE exam day?

Confirm your writing location, start time, and arrival window. Plan your route with a buffer. Set aside your identification and only the permitted items. Complete any required hardware or software checks in advance. Pack layers for a cold room, along with food and water. Verify every requirement against the current instructions from CPA Canada and your regional body, since these vary by cycle and location.

How can I sleep better the night before the CFE, and does it really matter?

Honestly, you are probably not going to sleep well the night before, and that is fine. Almost nobody does, and you have already worked and studied on very little sleep plenty of times. Bank your sleep in the week beforehand, when you can actually control it, then stop worrying about the last night. Keep your usual bedtime rather than getting into bed unusually early, stop studying by midday, get some daylight and light movement, and keep screens and the group chat out of the last hour. Have everything packed and your alarms set so nothing is unresolved. If you lie awake anyway, accept it and move on.