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2014 UFE / 2015 CFE

Information/Study Plan Session. 2014 UFE / 2015 CFE. Agenda. Introduction New CPA Program Current Program – 2014 UFE – Fast Trackers - Knowledge Required 4) Current program - Structure of the CKE, SOA and UFE 5) Preparing a study plan 6) Who is PASS ?

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2014 UFE / 2015 CFE

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  1. Information/Study Plan Session 2014 UFE / 2015 CFE

  2. Agenda • Introduction • New CPA Program • Current Program – 2014 UFE – Fast Trackers - Knowledge Required 4)Current program - Structure of the CKE, SOA and UFE 5) Preparing a study plan 6) Who is PASS? • Outline of PASS Program – Not Fast Tracking • Outline of PASS Program – Fast Tracking • Should I fast track and write this year in May 2014 • Registration Information Study Plan

  3. Introduction • Two options available to students: • Write exams leading up to CPA under current system – Fast Track • Write exams leading up to CPA under new system • Under Fast tracking option students would write 3 exams in 2014: • CKE – May 5 (results May 16) • SOA – June 2 (final exam June 24/25 / results July 18) • UFE – Sept. 9-11 (results Nov. 28) • Students who don`t fast track would only begin to write exams at the earliest in September 2014 and would not have to begin their studies until after completing university Study Plan

  4. Introduction • Only students who have a job offer can fast track; other students must enter the new CPA educational program • Our purpose is to familiarize students with both the current and the new educational system • We would also like to talk about PASS and how it can help you get through the exams under both systems • For those students who have the option of fast tracking we will also talk about the pros and cons of fast tracking Study Plan

  5. Information/Study Plan Session New CPA program 5

  6. DIAGRAM OF CPA PROFESSIONAL EDUCATION PROGRAM Case Writing Techniques

  7. New CPA Qualification System – 2015Summary of Program • Education program normally takes 2 years from start to finish • Program can however be completed in Ontario in only 1 year if 1) You have your 51 credit hours; and 2) You have at least a 70% average in the required courses by writing “Challenge Exams” rather than participating in the 2 core and 2 elective modules Study Plan

  8. New CPA Qualification System – 2015Summary of Program • Challenge Exams would be completed in Fall 2014 and Winter 2015– could write first challenge exam at end of September • Challenge exams offered only for Tax and Assurance electives – if you wish to take other electives would need to do the program over 2 years and take the respective elective modules • After passing Challenge Exams you would go directly to Capstone Integrative Module – mid May to July 2015 and then the Capstone Evaluation Preparation – end of July & August 2015 • First CFE is in September 2015 Study Plan

  9. Case Writing Techniques

  10. Description of CFE • CFE covers the same 6 Competencies covered in Core modules: 1) Audit & Assurance 2) Financial Reporting 3) Management Accounting 4) Finance 5) Taxation 6) Strategy and Governance Study Plan

  11. CFE • Required to choose 2 “Depth” areas on the CFE and would need to only achieve “Breadth” in the others areas • Depth area does not need to correspond with areas selected for elective modules • For CPA External Audit, would need to choose as Depth areas, Audit & Assurance and Financial Reporting • Otherwise would choose either Financial Reporting or Management Accounting plus any one of the other 4 competencies • Roll on CFE is expected to differ depending on depth areas chosen –also different exhibits will be provided depending on depth area Study Plan

  12. Information/Study Plan Session Current Education Program Leading to 2014 UFE (Fast Trackers) 12

  13. Current Education Program- Level of Technical Knowledge Required • For all 3 exams: CKE, SOA and UFE students are responsible for 6 technical competencies • Governance, Strategy and Risk Management • Performance Measurement and Reporting (PMR) • Assurance • Finance • Management decision making • Taxation Study Plan

  14. Current Education Program- Level of Technical Knowledge Required • Competencies are similar to new system but there is no choice of depth areas; 2 depth areas for all students are Assurance and PMR • Level of knowledge required in PMR is similar for both current and new CPA program • Level of knowledge required in finance, management accounting and governance & strategy is lower under the current program than under the new CPA program • Level of knowledge required in assurance and tax is similar under both programs assuming that student chooses assurance and tax as depth areas under the new program; otherwise more knowledge of assurance and tax is required under the current program Study Plan

  15. Structure of CKE • CKE is a purely technical 100 questions exam over 4 hours • Each question is 1 mark – max 2.4 minutes • Questions are single competency • Order of competencies random • Historically – approx. 75% - 80% pass (not disclosed) • Passing mark – 50 – 60??? (not disclosed) Study Plan 15

  16. 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 16

  17. Competencies Weightings CKE and SOA Study Plan 17

  18. 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 18

  19. Competencies Weightings UFE Study Plan 19

  20. 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 20

  21. 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 - May, 2014 • University vs. CKE studying • Personal commitments - family, weddings etc. • Vacations Study Plan

  22. Course starts Jan. 26 Case Writing Techniques

  23. CKE – May 5 SOA begins – June2 Case Writing Techniques

  24. Start writing Old UFEs right after SOA end Write 2008 and 2009 before PASS UFE Course begins PASS UFE course begins July 23 Case Writing Techniques

  25. Case Writing Techniques

  26. Write 2010 to 2013 after PASS Course ends Main focus in summer is case writing – minimal time on technical Case Writing Techniques

  27. CKE CKE SOA UFE Case Writing Techniques

  28. 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

  29. Pass Team • Ira Walfish • Michael Levi • JethroBushenbaum • NarminMultani • Liz Farrell • Laura Simione Study Plan 29

  30. Outline of PASS Ontario Program Program consists of 4 Components: • CKE Course • SOA Course • Summer Comprehensive Course • PASS Publications Program provides training for all Exams necessary for obtaining CA 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 30

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

  32. Information/Study Plan Session New PASS CPA Program (Not Fast-Tracking) 32

  33. New CPA PASS Program • PASS will prepare you for all of the exams: • Core 1 • Core 2 • Elective Modules 1, 2, 3 & 4 • CFE Study Plan

  34. New CPA PASS Program(To Be Decided….) • CPA Canada / ICAO are currently deciding whether to allow candidates to write 2 exams on one day Core 1 (C1) Fin. Act’g. / Core 2 (C2) Mgmt. Act’g. Elective 3 (E3) Assurance / Elective 4 (E4) Tax • If not allowed – write 4 exams in fall of 2014 or some in winter 2015 -- Sept. 27 (C2) / Nov. 22 (C1) / Dec. 19 (E3) / Dec. 20 (E4) Or -- March 2015 (4 exams – C2, C1, E3, E4 – cannot write all 4) • If allowed – write: Sept. 27 or Dec. 20 or Mar. 2015 (C2) Sept. 27 or Dec. 19 or Mar. 2015 (E3) Nov. 22 or Mar. 2015 (C1) Dec. 20 or Mar. 2015 (E4)

  35. New CPA PASS Program(Options - Assume 1 exam per day) Study Plan 35

  36. New CPA PASS Program(Options - Assume 2 exams per day) 36

  37. New CPA PASS Program (Core 1, 2, Electives 3, 4) Core 2 – Management Accounting, Planning and Control - Sept. 27or Dec. 20, 2014 Elective Module 3 – Assurance – Sept. 27 or Dec. 19, 2014 Core 1 – Financial Accounting and Reporting – Nov. 22, 2014 Elective Module 4 – Taxation – Dec. 20, 2014 • Preparatory sessions in all competencies • 14.5 full days of instruction: • Financial Act’g. – 5.5 days / Assurance – 1.5 days • Tax – 2 days / Management Act’g. – 1.5 days • Finance – 1 day / Governance, Strategy, IT – 1 day • Practice Cases – 2 days n

  38. New CPA PASS Program (Core 1, 2, Electives 3, 4 cont.) • Course offering options: (1) Mid to Late August – In-Class – Toronto (and Ottawa*) (2) Mid August to Mid Sept. – Online (Sundays and Nights) (3) Sept. to Nov. – In-Class – Toronto (and Ottawa*) • Practice both objective testing questions (i.e. multiple choice and other types of short answers) and at least 1 sample case for each exam • Course offered either: (1) In-Class (2) Live Online (3) Video (watch anytime once uploaded) • Can mix and match – i.e. In-class or/and live online or/and video * Subject to enrolment, one Ottawa in-class course will be held

  39. New CPA PASS Program (2015 Exams) Core 2 – Management Accounting, Planning and Control – March 2015 Exam Core 1 – Financial Accounting and Reporting – March 2015 Exam Elective Module 3 – Assurance – March 2015 Exam Elective Module 4 – Taxation – March 2015 Exam • Preparatory sessions in all competencies • 14.5 full days of instruction • Dec. 2014 to Mar. 2015 (tentative) • Course offered either: (1) In-Class (and some live online sessions) (2) Video (watch anytime)

  40. New CPA PASS Program (CFE) CFE – Sept. 2015 Exam • Preparatory sessions will take place between March 2015 and September 2015 • Combination of Case Writing and Technique Sessions • Professional experienced markers • Course offered either: (1) In-Class (2) Live Online (3) Video (watch anytime) Study Plan

  41. Information/Study Plan Session PASS Program Current Program 41

  42. CKE Course • 12 full days of instruction (Sundays only) • Technical review of all 6 competencies • 3 simulated 100 question practice multiple choice exams • Comprehensive binder with technical summaries and hundreds (approx. 650+) of multiple choice questions • Course offered either: (1) In-Class (2) Video • ** It is expected that students will do a combination of in-class sessions & videos ** Study Plan

  43. 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

  44. 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 44

  45. 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 45

  46. PASS Publications Publications for Students in the PASS Program • Comprehensive CKE Binder including the multiple choice practice questions and answers and 3 full 100 question exams • Detailed SOA Evaluation Guides – 2009 – 2013 • Detailed UFE Evaluation Guides – 2007 – 2013 • Financial Accounting on the UFE – An Integrated Approach for the 2014 UFE Study Plan

  47. Optional Courses(Not part of Program) • Winter SOA / UFE Case Writing Course • Financial Accounting IFRS/ASPE Review • Comp Writing Course Study Plan

  48. Winter Case Writing Course (Optional – Not Part of Program) • Practice case writing for both the SOA and UFE • Study plan session • Introduction to writing cases • Write and hand in 2 multis (2 questions each) and 1 comp • Cases marked and returned • Cases debriefed • Sessions offered in-class or live online or video Study Plan

  49. Financial Accounting IFRS/ASPE Review(Optional – Not Part of Program) • Intended to provide extra help with integrating financial accounting into case writing • Short 2 evening course • Quick Review of financial accounting topics • 2 practice cases incorporating many IFRS issues • Useful for both SOA/UFE • Both sessions only offered live online and video Study Plan

  50. Comp Writing Course (Optional – Not Part of Program) • 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 50

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