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. If you missed part 1, click here to check it out.
It is important for CFE writers to be proficient in technical competencies. But it takes more than that to pass the exam. Below are other factors that can contribute to your success.
Maintain your confidence
Knowing how to manage your time will give you confidence. Remember that the CFE isn’t designed to trick you; it is designed to test your critical thought and judgement. Also, do not be intimidated by the “perfect” solution. It is exactly that—a perfect solution that considers all possible approaches to the case and is impossible to achieve by any candidate within the time limits.
Remember that as a candidate in CPA PEP, you likely already have a history of proven academic success. You’ve probably passed many exams you’ve previously written. This means you can pass the CFE.
Control anxiety
Exam anxiety is a given for most candidates. Some people see it as excitement, others see it as fear—same emotion, but different innate reactions. Stress might come from candidates not giving themselves permission to feel these emotions; they may think they’re the only ones feeling it or see it as a weakness. But it’s almost a guarantee that your peers exclusively have the CFE on their minds at this point as well.
The first step to dealing with anxiety is to recognize it. But recognizing it is not a trick to make it vanish. The key is to manage it in a way that works for you. During my time in the program, I personally liked studying in coffee shops. The background noise was a good distraction for me. My mind wanders if I study where it is too quiet, but a little ambient noise helps me focus. For others, a quiet place is a must. The secret is to find out early what works for you.
If you have no plan to manage exam stress, you will be stressed. That said, stress can be a diagnosed medical condition. If this is your case, there are measures the CPA Western School of Business can take to accommodate you. To begin the conversation about an exam accommodation, contact cpaaccommodations@cpawsb.ca or visit the CPAWSB accommodations webpage at cpawsb.ca/students-and-candidates/accommodations.
CPA Alberta’s CPA Assist program can also help. It provides confidential 24/7 counselling to Alberta and Saskatchewan CPAs, candidates, and their immediate families. For more information, visit cpa-assist.ca.
Get support
A peer study partner is particularly important for EVR candidates who, in some cases, might be the only candidates at their place of employment preparing for the CFE. It is possible to study alone, but there are things you can’t do by yourself. For example, when you mark your own assignment, it is difficult to be objective. You see things you meant to say but didn’t write down, and subconsciously, you fill in those gaps. A peer study partner can draw your attention to where you did not explicitly state your thoughts in your case response.
You also benefit when you mark someone else’s case response because you become familiar with the requirements outlined in the marking guide. Over time, this improves your writing style.
To find a peer study partner or group, reach out to the CPA Western School of Business’s Learner Support team at learnersupport@cpawsb.ca. CPA Alberta’s Employer Relations team also hosts Study Sessions and CFE Case Writing and Marking Parties where candidates can connect with peers and find study partners. For more information, email EmployerRelations@cpaalberta.ca.
Go into Capstone 2 fresh
Capstone 2 is a good place to develop your enabling competencies such as critical thinking, judgement, and time management during case writing, so you want to come into it fresh. Be sure to stick to the suggested time when approaching all assignments. When you limit yourself to the suggested time, the mark from the first case you write in this module might be terrible, but this should not discourage you. See if you can find the one thing you did that contributed to 80 percent of what went wrong and try to fix just that one thing before your next attempt. There are 20 to 25 cases in Capstone 2, so if you improve by just two percent in each case, you will be 50 percent better by the time you finish the module. That is huge.
In the final week and days before the big event, an Olympian’s number one priority is simple: don’t get injured. At this point, the hard work is already done. It is important for candidates to focus on things they like, things they’re good at, and things that make them happy. Your goal should be to peak at the CFE. Do whatever it takes to show up at the CFE saying, “I love cases.” If rewriting your favourite case days before the CFE makes you love cases again, do it!
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.
As someone who is now familiar with our resources and supports for candidates, we’re hoping you might be interested in “giving back” and volunteering for future events and for our other initiatives.
For more information, to get involved, or if you have any questions, please email EmployerRelations@cpaalberta.ca.
