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 the CFE 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 third and final part, Richard Truong discusses what he learned from his experience as a repeat writer. If you missed part 2, click here to check it out.
Writing the CFE a second time taught me a lot of lessons that I still use today. Here are my top learning lessons:
Lesson 1: Time management
- Think of the exam like how boxers think of a fight. Boxers start with a general training plan a few weeks out from the fight and then focus on the finer details, such as weight cutting closer to the date of the fight. By fight night, they are in peak performance, and that’s where you should strive to be too. Your performance should peak just before you write the CFE. That’s why tracking your results on the practice cases is very important.
- To effectively manage your time prepping for the exam, please see part 2 of this blog series. A good study plan will help you avoid burnout.
- Understand that to effectively manage your time during the exam, you’ll have to learn how to satisfice (i.e. pursue the minimum satisfactory outcome). This means that you should only complete the minimum requirements to achieve ‘C’ (competent) and then move on. You will not have time to fully answer each assessment opportunity.
Lesson 2: Effective practice
- As cliché as it sounds, practice makes perfect. Effective practice, however, requires you to go one step above to cut out the distractions.
- Mimic exam conditions when writing practice cases. Study in a quiet room with only your laptop, exam booklet, and pens/pencils/highlighters. Leave your cellphone in a different room. Make sure to also time yourself, as writing the CFE in the allotted time is one of the most difficult aspects of the exam. This method taught my brain to focus and become comfortable with the timed environment.
- Debrief, debrief, debrief! Writing practice cases and immediately looking at the solutions is not very effective. The solutions give you a ‘perfect’ or ‘CD’ (competent with distinction) answer, which is not what the board of examiners are looking for given the time constraints. A ‘CD’ may suggest that you’re spending too much time on the assessment opportunity, and the only way you’ll know this is by debriefing. The real learning comes when you properly debrief.
Lesson 3: Mentorship
- A mentor can be very valuable, and I encourage you to reach out to someone in your network to fill this role. There will be times where you’ll need someone to help answer a particular technical topic or simply use as a sounding board. I had a mentor who supported me throughout study prep and the exam.
- Finally, be a mentor to someone else following in your footsteps. I experienced both the highs and lows of the CPA PEP program as well as the CFE, so I was able to guide another candidate who was in a similar situation a year later. It was really rewarding as a mentor when I found out they passed the CFE on their second attempt.
The CFE is meant to be a tough exam but not impossible. It is designed to test a wide range of skills, including your mental toughness. The CPA designation is not easy but that’s why CPAs are so highly respected and sought after. Thanks for reading this three part blog series and good luck on your CPA journey!
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.
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