75.8% of first-attempt CFE writers passed the September 2020 exam
Despite the challenges of 2020, the September CFE required the same three key skills for success, says CPA program coach and mentor Gevorg Grigoryan, CPA
VANCOUVER, Feb. 3, 2021 – We all know 2020 was a year like no other. It was particularly tough for CPA Professional Education Program (PEP) and Common Final Examination (CFE) candidates: the PEP exam format was changed, the exam centres were shut down, and the CFE was held in hotel rooms across the country.
When Canadian Accountant reported that 6,371 future chartered professional accountants passed the CFE, many writers thought that the CFE pass rate dropped. Some predicted it would be as little as 65%.
Surprisingly, the September 2020 CFE pass rates just released by CPA Canada show that not only the CFE writers got the job done, but the Core 1 and Core 2 candidates did better than in the prior year.
Here are the September 2020 CFE pass rates:
|
CFE Offering |
Cumulative Pass Rates |
||
|
First Attempt |
Second Attempt |
Third Attempt |
|
|
September 2020 |
75.8% |
n/a |
n/a |
|
September 2019 |
76.3% |
87.4% |
n/a |
|
September 2018 |
77.6% |
87.5% |
90.8% |
|
September 2017 |
77.6% |
88.1% |
90.6% |
|
September 2016 |
76.8% |
88.6% |
91.4% |
|
May 2016 |
68.7% |
75.4% |
79.9% |
|
September 2015 |
82.9% |
94.6% |
96.6% |
The September 2020 CFE pass rate dropped marginally by 0.5% but stayed consistent with the 75-77% average rate in recent years for first attempts. The 2020 rate is the lowest since the May 2016 CFE (68.7%).
2020 Core and Elective Pass Rates
|
CPA PEP Module |
2020 Pass Rate |
2019 Pass Rate |
|
Core 1 |
81.9% |
79.4% |
|
Core 2 |
86.2% |
84.3% |
|
Taxation |
88.0% |
88.1% |
|
Assurance |
89.1% |
89.2% |
|
PM |
90.7% |
90.6% |
|
Finance |
89.0% |
89.9% |
There are minor increases in Core 1 (2.5%) and Core 2 (1.9%), while other modules stayed consistent with 2019.
2020 was chaotic, the CPA pass rates — not so much
If you’re an unsuccessful September 2020 CFE writer, know that despite the exam setting and format changes, a similar number of candidates passed this year as in prior years. This shows that the CFE is still a mental exam and requires the same three key skills for success: exam strategy, technicals, and case writing.
My advice to PEP candidates is to keep practising cases. You have now two cases and no multiple choice questions, so writing cases is critical. CPA Canada’s practice cases are a good resource but I also recommend getting supplementary CPA mock exam cases for extra practice.
Well done, everyone. And good luck on your journey to becoming a chartered professional accountant.
Gevorg Grigoryan, CPA, is an accounting manager and instructor, mentor and coach to students in the CPA program. Visit Gevorg CPA to learn more and subscribe to Gevorg’s YouTube channel to access CPA program videos.
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