How to prepare for another attempt at the CFE – Part 2

By Richard Truong CPA, Employer Relations Specialist, CPA Alberta

If you were unsuccessful on the CFE, you’re probably feeling a lot of mixed emotions. But it’s important to know that you’re not alone; many CPAs have also been unsuccessful on the CFE but later went on to pass on a second or third try and are now some of the shining stars of the profession. An unsuccessful result on the CFE isn’t the end; it’s a disappointing setback, but you only get a chance at passing if you try again. In this blog series, you’ll read the experiences of CPAs who were unsuccessful on the CFE, what steps they took to be successful when writing again, and what they learned from the whole process.

In this second part, Richard Truong discusses how he created a strategic plan to tackle his second attempt at the CFE. If you missed part 1, click here to check it out.

Now that you’ve had some time off, it’s time to start thinking about the May or September 2021 CFE. Looking back on my own experience writing the CFE a second time, I believe my key to success came from two important steps: Reflection and Planning.

Reflection

A key to success the second or third time around is to take time to reflect and determine where you went wrong. Focus on your weaknesses and turn those into strengths. Was your unsuccessful result a depth issue or a breadth issue? Or maybe it was a case writing issue? For me, I was unsuccessful on Day 2 and had a Level 3 depth issue. I did not score C (competent) enough times on my role (audit and assurance) assessment opportunities on Day 2.

Later, when I reflected on my performance, I realized exactly where I went wrong:

1. Not concluding on my risk assessment on the audit planning memo.
2. Not addressing enough users in my materiality discussion on the audit planning memo.
3. Incorrectly linking the S.5815 special report to the audit.

It was this lack of precision that ultimately led to the lack of depth in my responses; if I addressed those details, I would’ve likely passed the CFE. After making a summary of the weaknesses, I studied and reviewed old cases from Capstone 2 to see what kind of answer structure the board of examiners wanted. I also studied the technical. After two weeks of this, I felt fairly comfortable with the material and created a study plan.

Planning

The first thing to note is that you’ll have a huge advantage over first-time writers. You’ve seen all three days of the exam and know exactly what to expect.

The first three things I did even before I started planning was to:

1. Find a “study buddy” who was also unsuccessful on their first attempt and mark each other’s cases. I encourage you to reach out to the CPA Western School of Business to see if they can connect you with someone, or you can try to find a ‘study buddy’ at one of CPA Alberta’s ‘Case Writing and Marking Parties’ mentioned below. The study buddy can help provide objective feedback for you!
2. Find a mentor or someone that can keep you accountable and on track with your study plan. This should be someone who is somewhat familiar with the CFE.
3. If you didn’t do it the first time, track your results with the excel template provided for you during Capstone 2. Ensure that you track every AO and the result on it. The NAs or NCs should become RCs or Cs as you get closer to exam day. If you’re consistently not scoring RC or C, make sure to address those issues right away. This will ensure that problem areas are eliminated.

Additionally, you may need extra study resources that will guide your studying. CPA Alberta’s Employer Relations team provides ‘Case Writing and Marking Parties.’ These events allow candidates to write a new case provided by CPA Alberta, under exam conditions. Afterwards, you then swap with a fellow participant and mark one another’s case. I highly recommend this as there is no cost to you and it helps test your ability under exam-like conditions.

Finally, I would print off a paper calendar and include important dates. This would include:

1. Scheduled time off work: Request time off as early as possible to help your employer address any scheduling conflicts. Everyone’s situation is different so you’ll have to decide how much time you need to take off work to prepare for the exam. Since this is your second attempt, you’ll likely not need as much time off as the first attempt.
2. Planned study days: Set-up a daily agenda outlining which topics and cases you’ll be covering that day. Make sure you’re as efficient as possible when you’re studying, and make sure to address all the competencies outlined on the CPA competency map.
3. Time for non-study activities: Have some balance and make sure to schedule activities outside of studying, such as exercise or even a celebration like a friend’s birthday party. This will help reduce stress and create balance in your day.

Good luck! At the end of the day, remember that the CFE is only an exam and your result does not define who you are. Like I already mentioned, you’ve already been through the CFE once before, so the second time will be easier. Be prepared and most importantly, be confident! Click here to read the last post in this series.

The views expressed in this post are those of the guest writer, Richard Truong CPA. Please refer to cpawsb.ca for the latest guidelines from the CPA Western School of Business.

CPA Alberta’s Employer Relations team provides resources and information to Alberta employers to better help them support their CPA candidates on staff. Some of our initiatives include the “Preparing for the CFE” panel and the Case Writing and Marking Parties. For more information, please check out our “hot links” at https://www.cpaalberta.ca/Become-a-CPA/Employers.