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State Board Report

August 2015

CPA Canada is anticipating 3,000 candidates will take the initial offering of their Common Final Examination (CFE), to be administered September 16-18, 2015. Successful completion of the three-day examination will produce the first CPA (Chartered Professional Accountants) graduates. The CFE will consist of: Day 1 – A four-hour comprehensive case testing the candidate’s enabling skills; Day 2 – A five-hour comprehensive case testing the candidate’s ability to demonstrate depth in financial accounting and/or management accounting in addition to one of the four elective areas (i.e., assurance, performance management, finance and tax); Day 3 – A four-hour examination made up of three or four cases in which candidates are expected to demonstrate their breadth of knowledge in finance, assurance, financial accounting, management accounting, strategy and governance, and tax.

To be admitted to the CPA Professional Education Program, candidates need to have both an undergraduate degree and specific subject area coverage. In preparation for the CFE, candidates have to successfully complete CPA Canada’s two common core modules, two electives (assurance, performance management, tax and finance), one capstone integrative module and one capstone exam preparation module. Those who intend to practice public accounting must take the assurance and the tax electives. Since September 2014 a reporting tool has enabled candidates to begin tracking their experience to meet CPA Canada’s Practical Experience Requirement.

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