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2014 UFE Program

Information/Study Plan Session. 2014 UFE Program. Agenda. 1) Who is PASS? 2) Introduction to the UFE 3) Outline of PASS Program Studying for the UFE Preparing a study plan. Who is PASS?. PASS began offering UFE courses in 1989

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2014 UFE Program

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  1. Information/Study Plan Session 2014 UFE Program

  2. Agenda 1) Who is PASS? 2) Introduction to the UFE 3) Outline of PASS Program • Studying for the UFE • Preparing a study plan Study Plan

  3. Who is PASS? • PASS began offering UFE courses in 1989 • PASS courses are offered in all of the large 4 firms – PWC, KPMG, EY and Deloitte & Touche and numerous mid-size firms • PASS courses are offered across Canada • Michael Levi, co-director of PASS, former Gold Medalist • Instructors have professional UFE marking experience • Consistent excellent feedback from students Study Plan

  4. Introduction to the UFE • UFE tests candidate’s ability to demonstrate competencies rather than simply testing knowledge • Competency describes what a candidate can do or accomplish • Goal of competency approach: test candidates ability to apply knowledge rather than simply recite knowledge • Competencies that a candidate must demonstrate are included in the UFE Candidates’ Competency Map Study Plan 4

  5. Competency Map’s Main Components • Two main components: • Pervasive qualities • Specific technical competencies • Pervasive Qualities: • Represents qualities all CA’s are expected to bring to any task • Includes: • CA’s ethical behaviour and professionalism • Personal attributes • Professional skills (e.g. Good judgement, effective communication, etc) Study Plan 5

  6. Specific Competencies • Include six areas of technical expertise: • Governance, Strategy and Risk Management • Performance Measurement and Reporting • Assurance • Finance • Management decision making • Taxation Study Plan 6

  7. UFE Competence PERVASIVE QUALITIES &SKILLS UFE COMPETENCE KNOWLEDGE Study Plan 7

  8. Information Technology (IT) • Not a separate competency. Primarily incorporated into MDM and Assurance. • Two of the primary indicators must relate to information technology. Study Plan 8

  9. Performance Measurement • Consists primarily of financial accounting • Also includes divisional and non financial reporting • For financial reporting need to know CICA handbook • Part I – IFRS • Part II – ASPE • Part III – NPO Accounting Study Plan 9

  10. Adoption of International Standards IFRS • Part I of the Handbook • Candidates responsible for all IFRSs and interpretations, with some exclusions • Exclusions listed in competency map, in knowledge reference list for PMR • Exclusions generally relate to industry specific standards or unusual / complex situations • Candidates not responsible for IFRS for small and medium-sized entities Study Plan 10

  11. Accounting Standards for Private Enterprises ASPE • Part II of the Handbook • Candidates responsible for all ASPE, with similar exclusions to IFRS • Exclusions listed in the competency map, in knowledge reference list for PMR Study Plan 11

  12. Accounting Standards for Not-for-Profit Organizations • Part III of the handbook includes specific standards for NPOs - effective January 1, 2012 • NPOs have the option of applying (A) Part 1 (IFRS) or (B) Part III • May be asked specifically to apply Part I versus Part III or may need to consider what is best for client Study Plan 12

  13. Assurance • Candidates are responsible for Part 1 only which includes all CASs and older GAAS Handbook sections carried forward • A few exclusions are listed in knowledge reference list for assurance Study Plan 13

  14. Structure of SOA • SOA consists of 2 papers over 2 days • First day is 5 hour comprehensive simulation (Approx 15-20 pages) • Next day: 4 hour paper consisting of a number of simulations (Approx 60 to 90 minutes each) • 3 simulations on second day • All cases will test more than one competency • Each day is weighted 50% Study Plan 14

  15. Structure of UFE • UFE consists of 3 papers over 3 days • First day is 5 hour comprehensive simulation (Approx 12-20 pages) • Next two days: 4 hour papers consisting of a number of simulations (Approx 60 to 90 minutes each) • 3 simulations per multi day • All cases will test more than one competency Study Plan 15

  16. Competencies Weightings CKE and SOA Study Plan 16

  17. Competencies Weightings UFE Study Plan 17

  18. Level of Proficiency • Cases will reflect ‘normal circumstances’ • Means that entity, situation, event or transaction is of a size or degree of complexity appropriate for entry level CA • Entity may be • Private corporation, partnership or proprietorship • Small public corporation or division of public corporation • Public sector or NPO • Individual Study Plan 18

  19. Outline of PASS Ontario Program Program consists of 4 Components: • CKE Course • Winter UFE Course • SOA Course • Summer Comprehensive Course Program provides training for all Exams necessary for obtaining CA Study Plan 19

  20. Course Delivery Formats 3 Course Formats • In-Class • Live Online • Video ** Students can combine any of the above options ** Study Plan

  21. CKE Course • 12 full days of instruction • Technical review of all 6 competencies • 3 simulated 100 question practice multiple choice exams • Comprehensive binder with technical summaries and hundreds of multiple choice questions • Course offered either: (1) In-Class (2) Live Online (3) Video Study Plan

  22. Winter UFE Course • Provides opportunity for early start • Learn how the UFE is marked and basic UFE case writing techniques • Practice writing multi competency and comp cases • Write 2 multi competency exams and one comp – professionally marked and debriefed in class • 5 days of instruction – although part of UFE course, also very helpful for SOA • Course offered either: (1) In-Class (2) Live Online (3) Video 22

  23. SOA Course • Learn how the SOA is marked • Instruction on how the SOA differs from the UFE and specific techniques relevant to the SOA exam • Write simulated multi competency cases and comp specifically designed for the SOA • 4 multi competency cases and 1 comprehensive paper – professionally marked and debriefed in class • 3 Days of Instruction • Course offered either: (1) In-Class (2) Live Online (3) Video

  24. Summer Comprehensive UFE Course • Provides all the tools you need to pass the UFE • Consists of writing practice cases and ``technique sessions`` • Write 2 multi exams (3 questions each) and 2 comps - Cases marked professionally and debriefed in class • Personal counselling session with professional marker – will tell you what you need to do to pass • Receive comprehensive binder and detailed UFE guides for 2007 - 2013 UFE • All sessions recorded and videos available • 11 days of Instruction 24

  25. UFE Technique Sessions • Provides specific techniques for excelling on UFE cases: • Audit Integration – key points for getting depth in assurance • Financial Accounting Integration – essential techniques for analyzing issues in sufficient depth • Numerical Methods – learn how to number crunch efficiently and effectively • How to Write a Comp – develop structured approach • Taxation Strategies in UFE Cases – review common tax scenarios that come up in UFE and how to attack them • All sessions recorded and videos available Sessions are not intended to be technical Study Plan 25

  26. Comp writing Course • Intended to provide extra help with writing the Comp • Write 2 extra comps – marked and debriefed • Personal counselling session with comp marker • Walk through comp with instructor • All sessions recorded and videos available • 3 extra days of instruction (if taken with UFE Comprehensive Course) Study Plan 26

  27. PASS Programs • A program includes a combination of courses • By signing up for a program students can save money compared with taking courses individually as discounts are built into the programs • Students can combine in-class and online courses in their program Study Plan 27

  28. PASS Programs (continued) • There are four programs for first time writers • Complete Ontario Program • Ontario CKE, SOA and Comprehensive (Summer) UFE Program • Winter/SOA and Comprehensive (Summer) UFE Program • SOA and Comprehensive (Summer) UFE Program Study Plan 28

  29. PASS Programs (continued) Ontario Program • Includes CKE, Winter UFE, SOA and Comprehensive (Summer) Course • Ideal program for first time writers, as provides all the courses students need to get through the UFE Ontario CKE, SOA and Comprehensive (Summer) UFE Program • Similar to Ontario program but excludes winter UFE Program • Good program for students who have firm programs in the winter or are too busy in the winter to participate in the winter UFE Course Study Plan 29

  30. PASS Programs (continued) Winter/SOA and Comprehensive (Summer) UFE Program • SOA and UFE training same as for the Ontario program, but excludes CKE Course • Appropriate for students who don’t need to write the CKE – they have already passed it or go to a University where they are exempt SOA and Comprehensive (Summer) UFE Program • For students who do not need to write the CKE and are also not able to participate in the winter UFE – in most cases would be appropriate for students who are still in school Study Plan 30

  31. Pass Team • Ira Walfish • Michael Levi • JethroBushenbaum • NarminMultani • Liz Farrell • Laura Simione Study Plan 31

  32. Studying for the Provincial Program Exams / UFE • New style required relative to University • Balancing technical study with case writing – Winter versus Summer • Writing full 4 hours versus one case at a time • Use of study group • Technical study sources and old UFEs • Preparing a study plan Study Plan 32

  33. Example of Study Plan • Will present example of study plan for “Average Joe” • Plan needs to be tailored to suit your needs • Means considering a number of factors including: • When you are writing the CKE - January or May, 2014 • Timing of busy season • Personal commitments - family, weddings etc. • Vacations • How much time off work you can take, for each of the exams • Example of plan for “Keener” and “Chiller” available on PASS website Study Plan

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