By Shawn Weber CPA, MPAcc
Shawn obtained his CPA designation in 2016 through the University of Saskatchewan’s Master of Professional Accounting Program (MPAcc). He is the Manager of Learner Support at the CPA Western School of Business. In this two-part series, Shawn shares his tips for how to prepare for the CFE without burning out.
In many ways, the CFE is like the Olympics: It is an endurance exam. If you over train for the Olympics, you risk having an injury before the games. Similarly, if you over study just before the CFE, you risk going into the exam exhausted, which can be a recipe for a negative result.
There are things candidates can do to sustain themselves leading up to the exam. Ultimately, I believe it boils down to taking inventory of your personal circumstances and being self-aware, studying strategically, and planning ahead. Below are some things to keep in mind—starting from Capstone 1 all the way to the CFE—as you prepare to tackle the final exam.
Pay attention to the gap between Capstone 1 and 2
There is a small but significant difference in timelines between the May and September CFE that candidates can easily overlook—the gap between Capstone 1 and Capstone 2. In the winter, Capstone 1 flows right into Capstone 2, which isn’t the case in the summer. For May CFE writers, it means there is little downtime between Capstone 1 and Capstone 2. This is an important consideration and candidates should plan ahead to ensure they arrive at Capstone 2 with sufficient recovery time.
The business cycle is another factor to keep in mind. Often, busy season exists at work for May writers but maybe not for September writers. Sometimes May candidates must do Capstone 1 and 2 back-to-back while in busy season and while preparing for the CFE. This can be overwhelming. Ideally, candidates should already have a study plan that takes all of this into consideration before entering Capstone 1, especially if they’re preparing to write in May.
Take advantage of Intro to Capstone 2 and the CFE 20xx
Intro to Capstone 2 and the CFE 20xx is a free module in D2L that was formalized in 2020. It is offered to all candidates registered for Capstone 1, Capstone 2, or the CFE.
Intro to Capstone 2 and the CFE 20xx contains the Capstone 2 case calendar, flash cards, a study plan that highlights a broad range of topics that candidates could be studying, and all other planning materials needed to prepare for Capstone 2 and the CFE. Candidates gain access to this resource once the Capstone 1 module materials are released, or after the registration period closes for Capstone 2 or the CFE.
Be self-aware and strategic
Three months before the CFE, you are likely working at your day job, working with your study group in the evening, doing assignments, and possibly juggling family responsibilities. Twenty-four hours simply isn’t enough to get through your giant to-do list each day. So how do you plan for the CFE in a world where you cannot study everything?
- Find out how much time you have in a week, irrespective of what you need to cover.
- Figure out your sustainable threshold (the point where you start experiencing diminishing returns). This helps you determine what to prioritize.
- Look at your study plan.
- Prioritize your list of things to study.
- Go through the list. When time runs out, move on to next week’s plan; this will ensure that at all times, you’re studying the subjects and topics you have prioritized in advance.
In part two of this blog post, Shawn Weber discusses how maintaining your confidence, controlling anxiety and getting support before the CFE can help you succeed in the exam.
The views expressed in this post are those of the guest writer, Shawn Weber CPA, MPAcc. Please refer to cpawsb.ca for the latest guidelines from the CPA Western School of Business.
