Common Final Examination Explained

The Common Final Examination (CFE) is the final examination of the Chartered Professional Accountant (CPA) professional designation in Canada. The 3-day CFE is the culmination of the rigorous two-year graduate-level CPA program. The exam not only includes important accounting disciplines like finance, governance, strategy, and assurance, but also evaluates professional skills such as critical analysis, decision-making, and professional judgment.[1] Previously known as the Uniform Evaluation (UFE), the UFE has been discontinued following the unification of the three accounting designations (CA, CMA, CGA) in Canada and Bermuda in June 2015.

Administered nationally by CPA Canada, and conducted regionally by the provincial/regional orders, the CFE is written over the course of three sequential days and is the culmination of years of study in financial accounting, management accounting, corporate finance, performance management, taxation, assurance and other business-related university courses. Writing the CFE requires successful completion of preliminary education requirements including CPA preparatory courses and CPA Canada's Professional Education Program (PEP). Upon passing the CFE and completing 30 months of approved practical experience, the candidate is designated a Chartered Professional Accountant[2] and may use the CPA post-nominal letters.

The Common Final Examination is typically offered twice a year in May (Spring) and September (Fall). During the COVID-19 pandemic, the May 2020 exam was cancelled along with many other CPA modules. The CFE resumed beginning with the September 2020 exam.[3] The upcoming CFEs are scheduled between:[4]

CPA Competency Map

Technical Competencies

  1. Financial Reporting
  2. Management Accounting
  3. Strategy & Governance
  4. Audit & Assurance
  5. Corporate Finance
  6. Taxation

Enabling Competencies

  1. Acting Ethically and Demonstrating Professional Values
  2. Leading
  3. Collaborating
  4. Managing Self
  5. Adding Value
  6. Solving Problems and Making Decisions
  7. Communicating

Exam Structure

Students must demonstrate the depth and breadth of their abilities according to the CPA Competency Map. Students answer questions which are presented in the form of business cases that include a combination of both explicit and implicit requirements for each case's "users", followed by a list of exhibits that provide case facts from which observations, suggestions and conclusions are derived. Common scenarios include providing advice on how to conduct an audit, advising a client on the pros and cons of investing funds in a given business venture, and providing support to an organization as an internal accountant or auditor.

The three-day exam consisted of case based simulations:[5]

Evaluation Criteria

All CPA cases are evaluated based on "competency ratings". They are:

Pass Rates

National pass rates for the former UFE between 2003 and 2008 have been 65.5%,[8] 74.5%,[9] 74.0%,[10] 79.3%,[11] 74.6%,[12] and 71.7%[13] respectively. Beginning with the September 2009 UFE, the Board of Evaluators no longer released statistics on pass rates.

The CFE Board of Evaluators began releasing statistics on pass rates along with Board Reports on candidate performance. The following are the first attempts of CFE Pass Rates:[14]

CFE Honour Roll & Gold Medal

Every CFE, the Board of Examiners releases the Honour Roll recipients along with the CFE results. The CFE honour roll members are recognized for their performance in the exam that demonstrated academic excellence and exceptional abilities. The Honour Roll recipients are determined as the top 1% of the first-time writers that wrote all three days of the CFE.[15] Among the honour roll members, the prestigious Governor General's gold medal is awarded for the candidate with the highest standing in Canada for a cash prize of $5,000, along with 3 provincial gold medalists (top performers in their respective CPA provincial body) each awarded $2,500.

Successful Candidates

September 2023:

May 2023:

CFE Reports

Following every CFE, CPA Canada publishes the CFE Board of Examiners’ report, which provides feedback on candidates’ performance and commentary from the Board of Examiners.[16]

Notes and References

  1. Web site: CFE Results Summary . CPA Ontario . CPA Ontario . 10 December 2018.
  2. Web site: The new Chartered Professional Accountant (CPA) certification program: Overview . CPA Canada . CPA Canada . 30 July 2018.
  3. Web site: CPA Canada COVID-19 updates . CPA Canada . CPA Canada . 17 March 2020.
  4. Web site: Common Final Examination . CPA Canada . CPA Canada . 9 November 2018.
  5. Web site: How each day of the CFE works . CFE Blog . CFE Blog . 30 July 2018.
  6. Web site: Elective Depth Role . CPA Ontario . CPA Ontario . 30 July 2018.
  7. Web site: Become a Licensed Public Accountant (LPA) . Public Accountant Licence . CPA Ontario . 2 December 2018.
  8. Institute of Chartered Accountants in Canada and Bermuda: "Uniform Evaluation Report 2003", page 12. The Canadian Institute of Chartered Accountants, 2004.
  9. Institute of Chartered Accountants in Canada and Bermuda: "Uniform Evaluation Report 2004", page 12. The Canadian Institute of Chartered Accountants, 2005.
  10. Institute of Chartered Accountants in Canada and Bermuda: "Uniform Evaluation Report 2005", page 12. The Canadian Institute of Chartered Accountants, 2006.
  11. Institute of Chartered Accountants in Canada and Bermuda: "Uniform Evaluation Report 2006", page 12. The Canadian Institute of Chartered Accountants, 2007.
  12. Institute of Chartered Accountants in Canada and Bermuda: "Uniform Evaluation Report 2007", page 12. The Canadian Institute of Chartered Accountants, 2008.
  13. Web site: CA School of Business UFE Statistics. 2008-12-09. https://web.archive.org/web/20081210114607/http://www.casb.com/index.php?catid=65. 2008-12-10. dead.
  14. Web site: CPA certification program: Examination performance rates . CPA Canada . CPA Canada . 30 July 2018.
  15. Web site: Common Final Examination (CFE) honour roll . CPA Canada . CPA Canada . 2 December 2018.
  16. Web site: The Common Final Examination (CFE) report: Simulations and guides for the CFE . CPA Canada . CPA Canada . 30 March 2019.

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