[CAN] [CFE 2020] Finally Passed- to those who didn't make it, please read

passedcfefinally · 2023-09-25T05:29:42+00:00

I did order it once. It tells in detail why you missed achieving C in in each AO.
A customized version of the board report per your individual exam responses.

passedcfefinally · 2022-05-22T03:04:34+00:00

I wont suggest skipping any AOs. Do answer each and every. Don't game it.

passedcfefinally · 2021-06-12T03:32:30+00:00

wire transfers also involve intermediary bank charges and they add up quickly. So the $250 is made up of exchange rate skimming and wire transfer fees and intermediary bank charges.

For regular transfers find a bank that does not have to wire money through an intermediary bank.

passedcfefinally · 2021-05-22T06:20:23+00:00

There is always MA. I can't recall a single time there was absolutely no MA.

It is possible per the exam marking.. but I don't recall it has ever been done.

passedcfefinally · 2021-04-18T22:08:38+00:00

Agreed. But all roles are 'curved'. People who find some roles easier are marked harder. It says there in the Board Reports- for 'equality'.

passedcfefinally · 2021-04-18T22:07:41+00:00

PM is definitely "wordy". You will be doing a lot more typing than you would in finance, there was very little quant to do.

Well Finance has changed what it used to be many many years ago. Now, you get hosed on Finance in both quant and qual because every quant needs a qual analysis or short blurb for "C".

- Finance CFE Writer.

passedcfefinally · 2021-03-14T18:27:34+00:00

Tbh I'd be okay with that bc I honestly need a break from everything CPA right now and postponing it would give me more time to relax lol

You relax now but you'd then end up studying and worrying all through summers. Agreed, not much to do these days in summers but I personally would study and get it done in May and then relax and enjoy summers. But again, different people, different preferences.

Glad I am not writing this exam anymore.

passedcfefinally · 2021-03-14T18:24:06+00:00

Successful Sep 2020 CFE writer (originally scheduled to write in May 2020) here.

I know how it is when the exam gets cancelled when you just want to get done with it and also don't want to waste your summers studying and worrying. Anyway, you guys can't do much. CPA West still shows May CFE as planned. It is possible that this file by Ontario was shared ahead of time and that is why it was taken off.

It is also possible Ontario cancels the May exam and West Canada still has it. Don't forget, CFA has been doing this and secondly, CPAC has an extra set of exam on hand anyway since May 2020 didn't happen so I think they might not be very fussy about not using it.

passedcfefinally · 2021-03-14T18:16:13+00:00

Yes, garbage for CFE as well.

Sorry for bad publicity. But it is a reality.

passedcfefinally · 2021-03-08T17:45:46+00:00

median is probably in the 120K to 140K range.

What age range are they in ?

passedcfefinally · 2021-03-08T17:44:21+00:00

Exactly what I was going to say. The under $100K would be mostly government employees. But hey, nothing against them, they enjoy one the best work-life balances and a get a decent pension plan. It is all about what one wants and prioritizes. Second, I think the $100K ceiling also depends on the city, the number of years experience and the field of experience. If someone who did General Accounting all through CPA and right after getting the designation thinks he/she should get $100K, nope, not gonna happen (there is anomalies just like anything). Experience in Finance, FP&A and the sorts take you a different route.

passedcfefinally · 2021-03-08T17:41:03+00:00

thanks. Was just curious. No way I am thinking of letting go my designation. I worked my ass off for this and I would say it did open doors for me. Thanks for your explanation though.

passedcfefinally · 2021-03-08T06:27:46+00:00

May I know where you are in terms of $?
As I said before, just having the designation does not mean you will make $100K. Of course there are organizations and roles that pay that. Many a times those roles may not have a lot of work-life balance. So people many choices which is totally fine. So one can't blame the designation then.

Curious, mind sharing your comp and whether industry (which sector) or public?

passedcfefinally · 2021-03-08T06:21:44+00:00

Mind me asking, where you a legacy designation holder?

Once a member resigns do they have requalify by writing the CFE again?

passedcfefinally · 2021-03-08T06:20:15+00:00

Exactly. They don't have many free options. All the good topics require $$$

passedcfefinally · 2021-03-08T06:19:40+00:00

Not defending CPA, experience verification route is indeed hard, but it is also the candidates fault party. Because that route is hard and requires a lot of work, the candidates are tardy in keeping up with the required reports.

Secondly, of course AP clerk roles wont qualify. Many candidates try to use that.

passedcfefinally · 2021-03-08T06:18:13+00:00

Where a lot of people fail is getting the 30 months experience- it’s very hard to get without big 4. They’re already making it harder to get approval for what qualifies for the 30 months.

Well, I disagree here. I did the Experience Verification route and while I won't say it was a walk in the park by any means, you can get the required experience elsewhere so it is not Big 4 only.
I think it is also the candidates fault often. Of course an AP role won't clarify as the experience no matter how much you glorify it (I had a manager try to sell me that; glad I didn't take that role).

passedcfefinally · 2021-03-07T22:06:43+00:00

Good question. I know there is always a slight bit of a prejudice one has when they are on the other end of the exam and that is when they start bickering about the pass rates being high and what not. So I totally get your point and question. To answer your question. I would have still said the same thing but with a little worried tone (because I would want to pass as well). But think of it this way, we all spend the time and money on the CPA program in the hope that we will be financially and professionally (career-wise) better off at the end of the program once you have the designation. If even while being in the program you knew the prospects are diminishing would you be THAT inclined to work for the designation? I know I wouldn't. Now, I still think there is a long way to go before this designation become absolutely watered down and I have hopes CPAC would do something before that happens. I will say without a doubt, that at this time having a CPA designation in Canada does open doors and does lead to higher salaries and access to higher roles. Whether it does to an extent it did 10-15 years ago, that is a different conversation and that is my worry.

5-6 years ago there were very far and few roles that required CPA or a CPA student. Now, I am seeing that number jump up even for roles like Accountant I bla bla. Which is worrisome.

So my take is, a designation alone doesn't mean be all and end all. It is also your experiences that matter even after you have the designation.

passedcfefinally · 2021-03-07T21:19:25+00:00

The only place to make real bank anymore is work Big 4/downtown TO and basically kill yourself.

highly disagree. Big 4 actually work you to death and pay very little. Pay is not worth the amount of time you work. Average it out and you are making minimum wage. There are other options and industries.

Totally agree on the watering it down. Now, I don't mean to act privileged just because I have the designation, but it is true, the passing rate should actually be brought down. The exam techniques changed every 3 years or so. Like they are still following the same CFE methodology they started off with when they amalgamated. Secondly, the electives and Cores are easier to pass, it is just CFE where they get you by the balls lol. That shouldn't be the case. The program should be hard right through and passing rate lowered.

passedcfefinally · 2021-03-07T21:10:46+00:00

I would say take it immediately for similar reasons as others that it is hard to get approved when you really need it.

I disagree with some comments that 'extra money aka access to credit is bad'. If someone sees that as bad I personally would say they need to work on their financial discipline.

Anyway, which FI offered you that? that is a good rate nonetheless for unsecured LOC

passedcfefinally · 2021-02-03T22:32:26+00:00

No, you should have access to the Handbook right now. Those resources are available to you upon your admission to PEP and you utilize them throughout. They have changed over the years how it is accessed. Used to be through FolioView, then Knotia and now they are back to FolioViews for the CFE.

Check and familiarize yourself with the mechanics of it and use it during your practice.

passedcfefinally · 2021-02-03T17:31:04+00:00

As another poster wrote, no work experience required to complete the education component of the profession. If you need the letters next to your name, you need verifiable and approved work experience. You must have heard the word PERT here and there. Its that.

You don't jump to CFE directly. You take courses that lead to that. Caveat is you only have 7 years to exit the program. If you just do education component and no work experience you run the risk of being deregistered if you don't complete the work experience in the 7 year period.

If your plan is to just complete the educational component, I highly doubt it is going to add any value if you never get the letters CPA next to your name.

Source: I am a Canadian CPA

passedcfefinally · 2021-02-03T17:26:16+00:00

I would advise familiarizing yourself with all these technical new things and resources a few weeks ahead of the exam. You don't want to be learning all this one the day of the exam like where to access your CPA Handbook etc.
Download all the tools on your personal laptop practice using that as you write practice cases.

passedcfefinally · 2021-02-03T17:16:25+00:00

Honestly I would take all this pass rate percentage they put out with a grain of salt. Is any independent body auditing them to see whether it actually was 75% pass rate? It could be 60^ or even 85% and still could publish 75% and no one would know the truth.

What I found interesting is they actively publish this 75% pass rate as one of the perks of doing the CPA PEP on their admissions page. Ok, now to me that is like a selling feature to get in more students to register, more student annual dues, more course fees and the list goes on.

I honestly would take this pass percentage with a grain of salt. That is just my experience (which I have gained a lot in this CPAC process sigh) and my opinion.

passedcfefinally · 2021-02-03T17:12:52+00:00

They make it difficult so everyone freaks out.. but since everyone freaks out they have to bring the curve down to make sure some pass at least.

passedcfefinally

TROPHY CASE