Accounting

How to
prepare for
the CPA
Common Final
Examination

This article was written in collaboration with the Quebec CPA Order.

Thousands of students across Canada prepare for it each year. Anyone who wants to become a CPA and obtain the desired job must pass the exam. The CPA Canada Common Final Examination is a major rite of passage on the career path of future chartered professional accountants.

Given the magnitude of this event, it is quite natural to combine it with an equally important preparation process.

To learn more about this essential process and to be in a position to offer advice to students who are preparing to pass the exam, we spoke to Jasmine Marcoux, Director of education and professional training programs at the Quebec CPA Order.

Becoming a CPA

Let's start at the beginning. To become a CPA, a student must have a recognized B.A. (bachelor of arts in accounting or bachelor of business administration, professional accounting major), and then complete the Professional Education Program (CPA PEP), in order to enhance their skills to prepare for the final exam.

There are two distinct ways to complete the Professional Education Program:

• The national program delivered by the Ordre
• A graduate university program accredited by the Ordre

Students can then go through a 24-month practicum in order to apply the knowledge acquired during the program. However, the practicum is not mandatory to register for the final exam and students can start as soon as they receive their B.A.

The Common Final Examination (CFE) is a three-day exam requiring students to demonstrate that they have indeed acquired the required skills to become a CPA.

Preparation for the exam

“The program is sufficient to prepare for the exam. The other steps or preparatory measures are added insurance. It depends on the person's level of confidence or performance during their studies,” Ms. Marcoux explains.

A number of coaching services are offered and in many cases, employers insist that their employees use them, which can cause confusion when it comes to the necessary preparation steps. Some people still believe that significant additional preparation is required, which is not the case.

Ms. Marcoux would like to reassure students: “Doing well in your program is in itself an important step in preparing for the exam. If a student has more difficulty in their program, they will have to know their weaknesses so that they can work on them before going to the CFE.”

Time management

Students’ main worry is passing the examination of course, but more specifically it is to succeed in demonstrating the appropriate skills tested during the exam, in the allotted time. The exam consists of case studies which require a full understanding of the theory learned in class and a strong capacity to prioritize. For these reasons, students are often concerned with time management and stress.

“The time factor is a major factor for the exam. Students are evaluated on their time management, which means knowing what they can do in the time they are given,” adds Ms. Marcoux.

This evaluation factor is emphasized since not only will time management be useful for the exam, but it is something that will be very useful in their daily life as a CPA.

Skills vs. knowledge

This is a vast, in-depth exam during which all acquired skills are evaluated, not just knowledge as is often the case in very theoretical exams. This is a comprehensive exam.

To prepare for the exam, students have to know how to gauge their skills during the study period. It is suggested that students not prioritize one topic over another when studying, even when they feel more confident about it, since the exam will cover all topics. “All skills are tested during the exam in order to reflect the reality of future CPAs.” CPAs work in several environments and different trades and the exam is meant to prepare students for this possibility.

Study organization

At the end of their program, students must be up-to-date in their knowledge, since the summer before the exam is the ideal period to apply what they learned and to practice their time management.

One to two months of studying is recommended, depending on the program that the student takes: One month for the national program and two months for a university program. “Creating a study schedule similar to a work schedule is a good way to get organized to study.” Ms. Marcoux advises.

She also emphasizes that “study groups are a great way to revise and practice, while staying motivated and keeping up your spirits until the exam.”

Students also have access to old exams in order to practice. Future CPAs can benefit from these exams to practice correction and feedback, a very effective learning technique when it comes to case analyses.

A well-deserved break

Ms. Maroux’s final piece of advice: "It is best to stop studying a few days before the exam in order to be rested and ready. Students can benefit from a few days of rest to absorb the knowledge they have acquired."

The Common Final Examination requires long-term preparation. Therefore, it is important to take a break a few days before in order to show up for the exam feeling balanced and relaxed, and ready to meet this major challenge.

What happens after the exam? The results are published approximately two months after the examination. This is not a very long deadline, but for a student waiting for his result, it may seem like an eternity! Take the time to decompress, stress will not make the time go faster ;).

The Acomba team wishes good luck to all the students who will participate in the SCF soon!

Good luck to all students who will soon be participating in the CFE!

Learn more about the final examination