CPA Canada allows candidates to attempt the Core 1 three times. At each unsuccessful attempt, candidates can ask for re-marking. After 3 unsuccessful attempts and unsuccessful remarkings, candidates will automatically be de-registered from the CPA PEP program. If you’re in this situation, here are some options to consider.
1. Re-register to get 4th attempt.
Officially, you have 3 attempts at Core 1. However, it’s possible to write it for the 4th time.
When you fail Core 1 three times, you will be automatically de-registered from the CPA Canada PEP program. You can re-register and get the 4th attempt by explaining to CPA Canada that you had a situation that was extraordinary, outside of your control, that caused you to fail one or more of prior attempts (e.g. medical issues). CPA Canada may make an exception and allow you to write for 4th time.
If you need to write Core 1 for the 4th time, here are the steps to re-register:
- CPA Ontario: Once you have been de-registered, submit re-registration request to be reviewed by the Student Registrar’s office. Send an email to this address to get the instructions: transcriptregistration@cpaontario.ca
- CPA Western: You usually need to submit a written request through the My CPA portal. Send an email to both of these email addresses to get the exact instructions: cpapplication@cpawsb.ca and cpamodule@cpawsb.ca
2. Wait until 2027
As you may know, PEP and CFE are being changed from 2027. The new CPA certification program will not have Core 1/2, electives, MCQs, nor CFE. It will not focus on technicals, but rather on case writing and decision making. At the time of writing this article, we don’t have official details on the new program structure, however it’s my belief that the new program will be simpler for students who are currently struggling with MCQs and technicals. Therefore, you can choose to wait until 2027 and register into the new program.
A word of caution: we don’t have concrete information on the new program’s policies; it’s possible that they won’t let you enroll into the new program because you were de-registered (didn’t pass three times) from the current program. The final decision on this policy rests with CPA Canada.
3. Take the U.S. CPA.
This is a good alternative because you’ll still get the same “CPA” letters and most (but not all) employers treat the CPA designation the same, no matter where you got it from. US CPA costs less than the Canadian CPA, you don’t have to be a US citizen, you don’t have to move to the US, and there are only MCQs and short-form answers in the exam. Please see the details here.
4. Become a Registered Professional Accountant (RPA)
The Registered Professional Accountant (RPA) designation is another good option to consider. RPA is a recognized accounting designation in Canada and it allows members to perform a range of accounting services, including tax preparation and compilations (CSRS 4200). The RPA has existed since 1938, but few have heard of it due to its lower profile compared to the CPA. RPA designation is a great alternative to the CPA designation because it allows you to open a tax preparation service and complete income taxes and perform compilation engagements. To become an RPA, you have to pass a few exams and obtain 2 years of accounting experience. Since 2020, the RPA designation has been getting traction as an alternative to the CPA designation due to its practical focus and growing recognition among employers in Canada.
5. Pursue the CFA designation.
Holding the CFA (Chartered Financial Analyst) title can be beneficial for advancement in Financial Planning and Analysis (FP&A) roles. Having a CFA certification can provide comparable earning potential to those in controller or director positions who hold a CPA title, making this a good alternative to the CPA designation. Read more about the CFA program here.
6. Pursue Masers in Accounting degree.
Masters in Accounting (MAcc) program will let you skip Core 1, Core 2, electives and jump straight to CFE. It’s faster too. The major downside of MAcc is that schools require full-time studies, so you will need to quit your work to complete it. You can read more about MAcc program here.
7. Focus on your career.
Having CPA or other certifications is not the only way to succeed in finance and accounting roles. Instead, gaining extensive work experience and developing strong networking skills can also make you a valuable asset to employers. Additionally, building a strong personal brand by networking, attending career events and staying up-to-date with the latest technologies can give you an edge in the hiring process, even over candidates with CPA titles.
Conclusion
It’s important to take a step back and evaluate your professional goals. If your primary motivation for pursuing a CPA certification is career growth and high earning potential, it may be worth exploring other career paths. However, if you wish to stay in the accounting/finance field, alternative certifications or skill-building strategies, such as networking and personal branding, may also be viable options. Whatever your decision, it’s important to maintain motivation and not give up.
