By Shan Tariq CPA, MAcc
Shan Tariq believes the way you read cases in CPA PEP can affect your performance in the program. In this blog post, he shares his approach. Shan is a Senior Analyst in Valuations Practice at EY in Calgary. He passed the September 2021 CFE and is currently pursuing his Chartered Business Valuator (CBV) designation.
An important skill to learn in CPA PEP is to read cases effectively. Whenever I tackled a new case, I made sure to read it thoroughly and make notes on what was being asked. CFE and Capstone cases tend to be a bit lengthy, and it’s very easy to get lost in the details. You don’t want to be in a situation where you’re providing the right answers for the wrong questions because you misread the requirements of the case.
I made a habit of reading each case twice. For the first read through, I made sure I got the general idea of what was being asked, and I avoided getting stuck in the nitty gritty details. If the question asked me to look at the numbers, I would reread that specific case fact to confirm the numbers. This was my approach. Find the way that works best for you.
As I worked my way through the case, I also made notes on the side for every important point I noticed. For example, if the case talked about earning and recording cash, I made a note that said “possible revenue recognition issue.” That way, if an issue related to revenue recognition came up, I would know where to look for it. This saved me a tremendous amount of time because I could easily refer back to key information when responding to the case.
A major challenge I faced was that I am a slow reader. To compensate, I became very efficient with the handbook and learned how to quickly search for information. My hack was to search for random standards on the internet and try to find them in the handbook. This trained my mind and helped me become more familiar with the features and functions of the handbook. This technique came in handy during the September 2021 CFE when we got a question about franchise revenue; while some candidates might have spent more time searching for the standard in the handbook, it took me three minutes to complete the search and start answering the question.
I also compensated for my slow reading skills by practicing to write only relevant material. Even if I knew everything about a standard, I made sure not to indulge in excessive writing and only provided what was required, and more often than not, in bullet points.
There are also pitfalls to reading a case too quickly. Time is limited, but you don’t want to skip any important information because you’re reading too fast. Some of my peers read the cases too fast and either misunderstood the requirements or missed key details. For example, on Day 1 of the September 2021 CFE, the case explicitly mentioned that the company doesn’t have any funds to finance further expansion, but some candidates recommended that the company should try to expand by acquiring new technologies.
Whether you are a fast or slow reader or somewhere in between, it is important to have a case reading strategy that will help you pinpoint key details while managing your time effectively on the CFE. Be sure to practice your strategy over and over again earlier in CPA PEP so that by the time the big exam rolls around, you will feel more confident to tackle it. All the best!
The views expressed in this post are those of the guest writer, S. Shan Tariq CPA, MAcc. Please refer to cpawsb.ca for the latest guidelines from the CPA Western School of Business.
