Breaking down the questions on the September 2024 CPA CFE national accounting exam

VANCOUVER – The September 2024 common final examination is now complete and aspiring chartered professional accountants across Canada are breathing a sigh of relief. Some days were more challenging than others, as the CFE is written nationally over a three-day period. 

Day 1 featured two case studies: Amuzu Parks Inc. (API) version 1 and J.R. Pets Inc. (JRP) version 2. The API case was similar to the May 2024 Day 1 exam, focusing on four major strategic issues and requiring a big-picture recommendation on whether API should prioritize traditional amusement parks or new technologies. 

The case had significant interrelationships between issues, so candidates needed to be mindful of how their recommendations affected the viability of other strategic alternatives. The JRP v2 case presented five major strategic issues, with a big-picture requirement to recommend solutions for alleviating supply constraints. 

Candidates feedback to me was that it was not challenging and most felt confident after the exam. My advice for future CFE Day 1 writers is to carefully consider and discuss these overarching issues, as the Board of Examiners is increasingly emphasizing the interrelationship of issues in Day 1 assessments. 

Day 2 was challenging. Writers were tested on complex IFRS topics, including business combinations, lease accounting, and contingencies, with many writers struggling with these standards. Writers in the Assurance role faced share-based compensation assessment, which added another layer of difficulty. 

Future CFE Day 2 writers should not overlook these technical topics, as they frequently appear on the Day 2 exam. A good study method is to review sections of the CPA Canada Handbook that provide practical guidance and examples. For example, the IFRS 16 Leases in the CPA Canada Handbook has "Application guidance" and "Illustrative examples." These are useful sections to review to understand CFE testing scenarios of these complex standards. 

Day 3 of the September 2024 CFE was more straightforward, with familiar assessment opportunities from previous exams. Many candidates reported that they performed well and didn't find this exam day particularly difficult. The key challenge for Day 3 remains effective time management. Future CFE writers must be ready to think-fast, type-fast, while while maintaining accuracy under pressure, which is best achieved through a CPA exam technique called time budgeting. 

Congratulations to all writers! You've completed a significant milestone on your journey to becoming a chartered professional accountant. Your hard work, commitment and dedication will come through. Take time to relax and recharge now, as you prepare for the next steps in your Canadian accounting career. 

Gevorg Grigoryan, CPA, is an 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.