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CPA CFE (common final exam) 2019


CPA CFE (common final exam) 2019

CPA Canada Common Final Exam 2019 consists of

•Capstone 1
•Capstone 2
•Common final exam, (a) Day 1 (b) Day 2 (c) Day 3

Capstone 1:

•A group assignment among 6-7 students
•A case analysis of around 45-50 pages
•Individually need to present with markers
•The case is related to day 1 final exam
•All students mostly get through in this work

Capstone 2:

•A group assignment among 6-7 students
•A case analysis of around 45-50 pages, role base
•Individually need to submit the reply
•The case is related to day 2 final exam
•Student should select his role from Performance Management, Finance, Audit and Taxation in advance
•Mostly all students pass this module

Day 1:
•one case analysis of 4 hour duration (about 50 pages) based on enabling competencies related with ethics , problem solving, leadership and communication skill.
•This is an extension of Capstone 1 case with different scenario. The focus is not on technical competencies but ethics, big picture and problem solving.
•Answer should be based on a) situation analysis b) analysis of major issues c) conclusion and advise d)effective communication with holistic approach ( i.e. from all aspects)
•Student need to separately pass this exam
•Grade is either pass or fail

Day 2:

•one case analysis of 5 hour duration (about 50 pages) based on technical competencies related with financial accounting, management accounting, and chosen role
•Answer should be depth in financial or management accounting and in selected role
•Grade will be for each issue, a) not address b) Just identify c) reaching competent d) competent e) competent with distinction
•Day 2 will be graded combine with day 3

Day 3:

•Three case analysis of total 4 hour duration based on technical and enabling competencies
•Answer should be depth in financial or management accounting
•Answer should be integrated with breath of other courses like taxation, audit, strategy and governance
•Grade will be for each issue, a) not address b) Just identify c) reaching competent d) competent e) competent with distinction
•Day 3 will be graded combine with day 2

Day 2 & 3:

To pass day 2 & 3, student should write answer with
•Sufficient with aggregate all issues….Level 1
•Depth in MA or FR ……Level 2
•Depth of issue in selected role…Level 3
•Breath of issues …..Level 4

Students must reply satisfying all 4 level in all major issues. Passing grade /limit will be decided for each exam by CPA Exam Board. Students should be familiar with all technical course are to pass this exam.

•Financial Accounting
•Management Accounting
•Finance and Financial Planning
•Taxation
•Audit
•Strategy & governance

Students also should have mastery and expertise knowledge in preparation of financial statements for all legal entities in Canada like Private , Public , Not for Profit corporation and Government.

Students will be provided with two booklets, one for case exam and other for rough work. Students will also get CPA Canada Handbook and Income tax act (valid up to Dec 31 2018) PDF version.

To pass this exam, student should have a through technical knowledge along with applicability of related accounting standard in the final exam.

Exam questions are little complicated and students should remain very careful about what exactly is the requirement.

CPA want a reasonable professional judgement which student should have under normal circumstances. Speed and accuracy are equally important. Time constraint will be observed by the students particularly in Day 3.

To pass this exam at first attempt, students should know the techniques of writing this exam. They need proper guidance to approach this exam with some practice and feedback for improvement from an expert tutor.

Professionally qualified students from India & Pakistan in particular, need some more efforts to understand Canadian taxation law and accounting standard.

If you require expert guidance and coaching, contact www.beyond.coach.
Tutor Paresh Desai CPA-CGA, CMA(USA) FCMA(INDIA) …..he will also published exclusive book CFE Technical Guide 2019 shortly…his cell no 6475056648

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Case Writing Skill

Technical Knowledge & Case Writing

Technical knowledge is very important part for CPA exam. Many students do not have enough exposure to previous courses on account of long time gap. Also students found migrating from different countries and obtained exemption from courses studied in their countries. CPA exam test the knowledge of students on main concepts they learned and passed out earlier. This knowledge is very important to solve MCQ (Multiple Choice Questions) and case analysis.

CPA exam are evaluated on the basis of competencies identified by the student. They expect in depth analysis of the response along with professional approach. Points are allotted on the basis of identification, analysis, alternatives and relevant and effective recommendation. Students are required to identify direct and indirect (integrated) competencies in case analysis. Some time students are required to identify hidden competencies as well.

Effective writing is another important skill required to pass CPA exam. Answer should be very well drafted, concise, clear and with easy to flow language. This requires lot of practice for physical writing. A wonderful write-up of a non-relevant issue is of no use to the reader. On the other hand, you need to be able to show your knowledge in a clear, coherent manner that the reader can understand and be able to use in his/her decision-making. A professional response integrates a discussion of the appropriate technical knowledge with a clearly communicated writing style. It is important to apply conceptual knowledge and exercise judgment. You will have to use your knowledge to solve practical problems. This means you will have to know what parts of that knowledge are relevant in a given situation. You also will need to be able to identify the problem from the facts provided.  You will have to consider alternatives, analyze them using your core knowledge and exercise your judgment in choosing one alternative.  Finally you must support your recommendation with a logical argument flowing from your analysis. Write your answer with proper heading and sub-headings; do not write case analysis like a story. There are many competencies that marker need to assess form your response, and therefore well-organized professional write up is the key to get success in the final exam.

Students will face case analysis from CPA Core 1 & 2 exam and onward till Common Final

For better approach and appearing with confidence in the exam, contact the tutor directly for guidance

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CHARTERED PROFESSIONAL ACCOUNTANT

Some Excerpts from the CPA CANADA Website in Nutshell

A unique and very impressive designation for accountancy profession in Canada. Three big

accounting bodies CGA, CMA and CA has now merged into a single accounting entity for global

development of the profession in Canada.

Summary of course content:

1. CPA-PREP

2. CPA-PEP

3. CPA-CFE

A student either a under graduate or graduate in any discipline can select respective step 1 or 2

to start with the program. An under graduate student need to complete related modules in

CPA-PREP if he has not done in his earlier educational courses.

CPA- PEP consists of core 1, core 2 and any two of available four elective modules. Core 1 is

related with Financial Reporting and core 2 is related with Management Accounting.Four

elective module consists of Finance, Performance Accounting, Assurance and Taxation.

Assurance and Taxation are must for Public Accounting practice. Student need to pass all four

exams at the end of each module. Exam is related with about 25 % with MCQ and short

questions and 75 % with case analysis

CPA-CFE consists of three day exam and is must for all students to pass and get the designation

of CPA

Capstone one and Capstone 2 are a part for preparation for CFE

Day-1 include one case analysis of 4 hour duration based on enabling competencies related

with ethics , problem solving, leadership and communication skill.

Day-2 include 5 hour of one big case analysis in which student need to select core area of his

choice and need to provide response

Day-3 include 3 hour of exam consists of three short case analysis of a different nature

Student need to pass individually day 1 to day three exam

CFE exam is related with 25 % with MCQ and 75 % with case analysis

In short student should be competent enough in related technical course concepts and solving

MCQ to pass CPA

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Benefits of CGA Designation- Part-6

The CGA designation offers professionals a truly distinctive edge. Employers and clients recognize that CGAs possess outstanding dedication and competence. Time and again, CGAs are sought after for senior financial management positions and are able to command substantial salaries.

As accounting business leaders, CGAs provide strategic counsel, financial leadership and overall direction across all sectors of the economy.

It is said that CGA is fastest growing accounting designations in Canada.The biggest achievement is that it has been here for more then 100 years. yes 100 years. It has gone through 100 years of changes / updates to make this designation ever stronger.

CGA goes beyond numbers, and therefore direct the organisation to achieve their mission and vision. Today in every sector of Canada, you will find CGA in Accounts and Finance department

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Benefits of CGA Designation – Part 5

Why Hire a CGA ?

 

There are three major accounting credentials valued in Canada. CGA, CMA and CA. Although they are up for merger in future. Talks and negotiations are underway. We will talk about employers benefiting from CGA in this section. If employer is trying to look for someone with auditing experience? Someone who has experience with auditing and strategy? Someone who has strategic background and approach ? Then CGA is the perfect candidate.

CGAs are known as a actual doers. When CGA is hired. They are the ones who have dipped in credits and debits all the time. If a CGA has worked three years on core skills with reconciliation, month end tasks and journal entries. They will be equipped to know base of accounting which will make them comfortable to do more complex analytical job. When accounting is learned from root levels it will make stronger when the approach comes towards different systems including ERP’s , forecasting system , planning work and consolidation tools.

When CGA is hired then employer can assure that they have hired someone who has 2 years of approved, full time experience at financial management and complex accounting level. All CGA’s have a lots of industry ready made experience. Also CGA will only receive there qualification if they have worked on all three persuits. They have worked on junor tasks as well as senior tasks. The main benefit as an employer is that you are hiring candidate with lots of experience and knownledge in acccounting. When CGA is hired. Employer is hiring an accountant’s accountant, technologically sound professional with lot of real industry experience, the one who will have no problem picking the basics of your business.

When CGA is hired. Employer is hiring an accountant’s accountant, technologically sound professional with lot of real industry experience, the one who will have no problem picking the basics of your business.

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Benefits of CGA Designation – Part 4

CGA Salaries – Surveys , Records , Data

After looking into different sites I was able to locate some interesting data around CGA’s Current 2013 Salary Trends .

1) Robert Half keeps doing active surveys and following is there extract for 2013

CGA Salaries

CGA Salaries From Robert Half

 

2) I came across survey done by Glassdoor.com

CGA Salaries

 

3) I came across survey done by Indeed.com

cga salaries

 

 

 

 

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Benefits of CGA Designation – Part 3

CGA’s can work in following Senior Level Positions.

Chief Financial Officer

Gives programmatic and operational help to the company. Chief Financial Officer takes charge of the financial unit. He will also act as a spokesperson for the financial related issues. Chief Financial Officer will deal with President or CEO. He may help Chief Operating Officer on many strategy or financial related matters which may relate to budget management, cost benefit analysis, future analysis needs and procuring new ways of funding.

 Controller

They take care of everyday accounting modules like accounts payable, cash management , payroll and accounts receivable. They may also take care of monitoring financial reporting , analysis , manage investments , prepare budgets  and manage insurance programs. They often direct special projects like internal audits, generate reports on corporate tax returns.

Director of Finance

They have to do through strategies of the organization, and will report to executive director. They are very participative manager. They lead and develop organization’s team to enhance following areas: finance, business planning, budgeting, human resources , IT and administration. They constantly act to increase quality programming and build capacity.

Financial Analyst

They analyze data affecting investment programs, such as stability, price, yield , trends , investment risks and economic influences. Analyze basic economic, industrial and corporate developments obtained from investment banking firms, financial publications and services, trade publications, local sources, local agencies. They analyze financial information to produce trends in business, industry , and economic conditions for making apt decisions in investments.

 

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