Congratulations, future CPAs! 1,403 aspiring Canadian accountants pass the May 2024 CFE

TORONTO, Aug. 17, 2023 – A new cohort of Canadian accountants will soon be joining the accounting profession, as CPA Canada has announced that 1,403 individuals successfully passed the May 2024 sitting of the Canadian accounting profession’s Common Final Examination (CFE). Forty-five per cent (642) of the successful writers and six of the sixteen national honour roll recipients were registered in Ontario.

“It’s an exciting time to become a CPA and we’re delighted to recognize the 1,403 students who successfully completed the May CFE,” says Pamela Steer, CPA Canada’s president and CEO. “I see a bright future for our profession, and I’m pleased that this next generation will be leading the charge. With changing business dynamics and shifting societal expectations, the accounting profession will benefit from the fresh perspectives of these new CPAs.”

According to Gevorg Grigoryan, a chartered professional accountant and CPA program coach and mentor, “the CFE continues to evolve to meet the demands of our profession.” In Grigoryan’s opinion, which is based on analysis of the Board of Examiners recent CFE Reports, Day 1 of the CFE exam is more intricate and demanding nowadays. “I see there is increased emphasis on integrating strategic issues, requiring you to integrate various issues and recommend an overall strategic direction,” says Grigoryan. 

“I recommend that “you practise cases under exam conditions and save time at the end of the exam to step back and do a "sense check" to ensure your recommendations and analysis align.” 

Gold Medal Award and Honour Roll

Jonathan Déragon of Alouette, Québec is the Governor General’s Gold Medal winner for the May 2024 CFE. Déragon works for the Canadian Armed Forces in Ottawa. CPA Canada also awarded regional Gold Medals to: 

• Sarah MacKenzie Brining, Emera, Halifax, NS, Atlantic Canada Region.
• Nicole Cullen, Sun Life, Toronto, Ontario Region.
• Emily Margaret Peters, Oak Bay Marine Group, Victoria, BC, Western Canada Region.

The honour roll always contains a few surprises and lessons for current students.

For example, it is not necessary to work at a public accounting firm — let alone a Big Four firm — in order to succeed on the CFE. Just two of the 16 winners were employed by public accounting firms. (Far more students at public accounting firms , however, write the September rather than May common final examination, as these students are working during tax season.)

Many of the honour roll students worked for large Canadian corporations that are household names in Canada, especially insurance companies (Sun Life, Empire Life), telecom (TELUS), energy (EMERA), consumer goods (George Weston) and the Canada Revenue Agency. But several of the honour roll students work for smaller companies in construction, software, media and marketing.

Nor is it necessary to work in a large metropolitan centre such as Toronto, Montreal or Ottawa. Many of the honour roll students work in smaller cities such as Saskatoon, London, and Nanaimo.

Advice for unsuccessful writers
Students shared and celebrated successful results on the r/accounting thread on Reddit. Grigoryan offered his congratulations to the successful writers, noting that they have reached a significant milestone in their journey to becoming a Canadian CPA. “The CFE is a rigorous and comprehensive exam, designed to assess your technical knowledge and time management skills.”

For unsuccessful candidates, there are several articles in the Students section of Canadian Accountant, which offer advice from columnists on how to achieve success in the CPA program. If you are considering an appeal, we recommend that you read “Is it worth it to appeal the CPA CFE? Let's look at the stats,” written by Grigoryan.

“Congratulations to successful candidates,” says Grigoryan, who received several compliments on Reddit from successful writers. “This is a testament to your dedication, hard work, and ability to adapt to new challenges, which will undoubtedly contribute to your career as a Canadian accountant.”

Published by Canadian Accountant with files from CPA Canada. Image by Mohamed Hassan, Pixabay.