Good Luck on the 2016 May CFE!

Wishing all those writing the May CFE this Wednesday, May 25 – Friday, May 27 the very best! You’ve worked hard for the past weeks whether you had the 5-6 weeks off or had to do it around work and (some) relief is near.

Here are some final tips to get through this week:

  • If you haven’t already taken the weekend off, make sure you take a break before Wednesday. At minimum I would suggest taking Tuesday entirely off from work and study. Don’t study anymore during the exam, you need to rest in between days.
  • Sleep is super important. Get a good sleep before the exam and during the three days.
  • Remember, this is a three-day examination and every day counts. Don’t get discouraged if you have a bad day and think that you’ve failed so you won’t try as hard on what’s left. Most people feel terrible walking out of one or more of the exam days. Every day count and you need to put in 100% on all three days.
  • Don’t talk about the exam until after it’s over. There is little reward and lots of risk of getting discouraged because you missed something that somebody else had identified (correctly or not).

With that, good luck and best wishes!

79 comments

  1. Did anyone write RSI day 1 case? Does anyone know if the students for Day 1 writing RSI case will be evaluated based on performance of RSI repeat writers or based on performance of other day 1 case writers as well? However it is important to note both cases are different

    • I would think the May writing would be based on the writers in May however the standard for the pass level will be similar to the September writing. I wrote in Sept 2015 and passed. Truth be told I know more people who failed than passed the CFE in September. I think their definitely is way more writers than the past UFEs since now all 3 designations are under one roof and there’s no limitations to write (not having to be in a CATO).

      How did people feel writing the May sitting?

  2. Hi every one

    How was your Day 1 ? I found it easy with CHEI case but no one knows

    For Day 2 , I was able to find all of the requirements but still not sure if my respond was ok

    Waiting for day3 tomorrow

    Good luck

  3. Does anyone know how many C’s we require to pass level 2 and 3. like the Depth in FR and Assurance?

  4. How was all 3 days for CFE?

  5. So it appears that CPA would be releasing the results of the May 2016 CFE earlier than scheduled. The main reason for rescheduled release date is to provide ample time for unsuccessful candidates to prepare for the Sept 2016 CFE. I only hope this is not an indication of a high failure rate too.

  6. Does anyone know for May CFE Day 1, RSI writers what will be the pass rate based on? Did anyone else write RSI CFE Day 1 how did they feel about the exaM?

  7. I have a question about Day 2 case. Due to short of time I addressed the assurance part first and then went to accounting. However I addressed other issues in accounting like R&d, lease and some other one. Was running out of time so did not addressed the one in the appendice. Does anyone know would that be valid accounting issues?

    • I have the opposite case. I did accounting issues first and ran out of time for my role (pm) and i dont feel i addressed the role requirements in depth which stresses me alot since the role assessment is only on day 2 . I was more comfortable on day 3 and i did well in the pm related competency (managmanet accounting, strategic and governance etc.) and sad to know that this will not add any value to my role if i did bad on day 2.. Well will wait and see the results.

      • I did PM too. Theres quite a lot of requirements for the role and I ended up short with my discussions.

      • Haha…mine was different too. Did not do as much as I wanted on Day 3 because of the time pressure. Days 1 & 2…not bad.

        • That’s what stress me out since everyone i talk to, is worried about day 3 which means that even if there is a curve on day 2 , my chances are limited lol! Anyways i am prepared mentally to do it on September:) cant wait until July 29 comes

    • There weren’t any accounting issues in the appendix. These AO’s are common across roles and will not be buried in the appendix.

      • Weren’t the details of the accounting issues provided in 3 appendices?

        • Right. I thought you were thinking more along the lines of the role specific appendix. You said you didn’t “address the one in the appendix”.

          The FA issues I identified were:

          1. Investment with significant influence
          2. Capital asset impairment
          3. Capital asset addition/betterment
          4. Intangible asset (Process development)
          5. Lease obligation/Financial instrument

          All of these were clearly laid out in the Appendix 2 – board meeting minutes, which was common for all roles. Was there another “one” that you were thinking about?

          By the way, the May CFE cases are available to view on: https://www.cpacanada.ca/en/become-a-cpa/cpa-certification-program-evaluation/the-common-final-examination-report-simulations-and-guides-for-the-cfe

          • I did 3 of the accounting issues as I did assurance first and ran out of time.
            Wasn’t it research and development for Intangible assets? and lease as finance or operating?

          • I don’t think it was a capital/finance vs. operating lease as there wasn’t a purchase. This was for some space the company was leasing but is no longer using. The issue as I saw it was whether or not the liability should be recorded, ie. is this a financial instrument? Here’s the info straight from the case:

            “Jacques: What is happening with the leased building that we moved out of in December? Have we been able to settle with the landlord with respect to the lease agreement?

            Darrell: Not yet. The landlord is still sticking to the lease agreement, which requires us to pay $2,500 at the beginning of each month until March 2019. We are paid up until December 31, 2016, and are committed to pay until the lease expires. Unfortunately, this lease has provisions that disallow cancellation or subletting.

            Jacques: Will this have an impact on our year-end financial statements?

            Darrell: I’m not sure. To date we have just been expensing the amounts as paid.”

            So they moved out of the space in December (end of fiscal year) and have been expensing the amounts when paid. This prior treatment is correct as it would just be a typical rent expense. But now that they aren’t using it for rent, yet still owe money on the contract, should a liability be setup at the end of the year for the remaining amount owing?

          • Jon is right, the issue is that there should be a liability recorded since there is contractual agreement for the lease that cannot be avoided.

          • my bad!! I feel I am gone at level 2 now. As anyways I addressed 3 issues and one is incorrect.

          • Don’t fret too much. If you wont be able to achieved in FA, you still have MA to meet level 2 requirement. Relax and enjoy the ride! πŸ™‚

          • The property plant and equipment additions is a major component acquisition therefore componentization accounting will apply. I might be wrong on this though but that’s how I approach the case.

  8. RSI writers how did you feel about exam? Please comment here

  9. In RSI exam, what did you guys write in the financing discussion? How many investments did you recommend?

    Also, did you discuss about the academy?

    • I discussed like four investment options but did not talked about the academy assuming we were just asked about the investment options.
      How did you do it?

      • Yeah I discussed the investment options but did not write about academy.

        For the incentive plans, did you discuss two separate plans for the managers and therapists? How did you do that issue?

  10. Day 3 just gives me nightmares…can July 29 come already? *sigh*

    • I second that..Day 3 was probably the worst for me..have anyone started doing some reviewing? (Just in the case for rewriting in September..)

      • I will be start reviewing next week (2 weeks before the results) coz no one knows what’s gonna happen.

        I have a question guys, can I select any role even that tole was different than the 2 electives i had on PEP?

        For example, i did finance and pm and my role on may cfe was pm. Can I switch to assurance for sept cfe to be my role?

        Well i hope i pass may cfe but just preparing for a plan B πŸ˜‰ lol

        Can’t wait anymore for July 29!!

        • LOL. That’s so very proactive of you. You are not alone for PM. It was a challenging role and I myself also missed out big time on my AOs. Just keeping my fingers crossed and hoping to ride the curve.

          I’m not sure if you are allowed to choose a role outside of your PEP elective, as I am under the impression that the electives is designed as a sort of preparation for Day 2 exam in the CFE. However, I would suggest contacting them to get a confirmation.

          All the best!

    • I found Day 3 to be the toughest as well. I was actually 10 minutes ahead after the first case, but burned all that extra time on the third case. The third one was allegedly a “70 minute” case, but I definitely feel that it should have been more of a 90 minute case. I noticed the people sitting around me were in full on panic mode in the last five minutes. I don’t think my fingers have ever typed as fast as they did on the third case!

      That said, I found that the AOs were much more clear on the Day 3 May CFE than on the Day 3 September CFE. On the September CFE, you really had to sit back and think about what the overarching case was all about in order to determine the what the strategy/governance issue was. This time, the strategy/governance issues were clearly directed. I’ll be interested to read the board report when this is all done so I can see if I missed any non-directed AOs.

      • I found the second case, ABC, costing to be the toughest. I didn’t know how to set up on excel and wasted alot of time… Yeah m also counting down to July 29th

      • I myself ran out of time on the day three case three. I only discussed two accounting issues and two very weak controls, really mad that I only got two controls in as they were pretty easy.

        Also, there was reference to governance on day three case three, I tried to incorporate that into my controls discussion.

        Did anyone else run out of time on day three case three?

        • I discussed 2 weak controls and two weak accounting issue on the third case day three (ran out of time). What are peoples take on day three case three?

          • I had about 5 min left for the finance issue and didn’t have time to do the actual calculation and write up.. so I had to say what variables I would use to calculate, spit out a random wrong number and conclude. Wasn’t happy because it was an easy assessment opportunity, but totally ran out of time. sigh..

  11. Did anyone in the assurance role get the covenants to be offside after adjusting FS and ratios?

    • Yes I found them to be offside too once I adjusted for the FA issues.

      • Did you talk about going concern issues? or Procedures on the breach?

        • I don’t recall going very deep into it. Day 2 cases are supposed to have specifically directed AO’s (unlike Day 3), therefore I doubt the covenant breach would be considered a major issue. I could be wrong here and I guess we’ll find out when the CFE report is issued.

          That said, I remember calculating the ratios in Excel and doing up a short paragraph in the memo discussing my findings. IIRC I think I was only offside on one, not all, of the covenants. I mentioned that Darrell will need to discuss this with the bank and negotiate alternate arrangements/terms. A bit weak, but I didn’t want to dedicate too much time to something not specifically directed.

  12. oh gosh! panic mode activated. I just wish I could wake up tomorrow and it will be July 29. I can’t really remember the cases and my response. The old cases I practiced are mixed up in my head with the exams. I did tax and I am worried I didn’t answer the questions right on day 2. Day 3 was tough, I don’t think I have ever in my life typed as fast as I did. I don’t think my brain as ever worked as quickly as it did on day 3. so, when pencils were down, I was like ” o shit, what just happened” I can’t remember most of it O_o .. Just praying hard not to have to write it a second time.

    All the best Everyone. I hope we mostly have good news come the 29th of July

  13. Geez! 2 more weeks ’til we get the results. How is everyone coping up so far?

  14. Haha…don’t be too stressed Mo. Keep the hope alive.
    Couldn’t even hide my nervousness; I meant to type “insomniacs”
    The count down continues πŸ™‚

  15. 8 more days :/ scary :'( can they just do an early release or something _~_

    • A week more. Next week is going to be a looooooong week. A lot emotions going on in my head right now.

    • haha….you are damn right! By this time next week, the wait would be over. So nervous right now. I might as well just take next Thursday off ’cause realistically, I anticipate zero efficiency at work on that day,lol.

      • actually we should take next Friday off because either way (pass, fail), the efficiency is zero

      • Hang in there everybody, this is really the worst week for it. I do also recommend taking the day off work for both efficiency reasons and it’s a bit of a fish bowl experience with everybody knowing the results are that day.

        • At the bigger firms don’t they have parties that day so can you take it off and come back for the party? I work in a small niche market firm (with only two CPA designated employees) and while sometimes it is challenging that no one gets the big deal here, I do enjoy that no one really knows the dates of anything (except my mentor but she is on holidays). They do eventually ask if I pass (someone asked last week and I said I won’t know until later in the month) but July 29th would be able to go by without much notice if I wanted it too (it probably still will as it is the Friday of a long-weekend, half the staff is away a day like that).

          My region CPA is having a gathering Friday around noon, still not sure if I will go as I am not sure what other students will bother since it is Friday before a long-weekend so people go to the beaches/lake. We were a small group of under 50 and some from out of the city.

          Anyway, good luck to all writers!!!

  16. Good luck everyone! The wait is unbearable. Bible.
    I will definitely take next Friday off.

  17. Does anyone know if or when the calls go out to students who made the honour roll?

  18. Hey folks, please can anyone share how they get their minds off results day? This is mentally agonizing.

    • try to keep yourself busy =0

    • I drank half a bottle of wine the night before results day and had a little Netflix marathon until I fell asleep. Set my alarm fr 10 minutes before results release, woke up, went to the website ,scrolled down to see my name on the list. Had to ctrl + f and plugged my name in to search for it — just in case I was dreaming.

      My advice is to keep positive. Talk to a counsellor (I did) — I am positive it falls into your benefits package. If it doesn’t, it’s a good investment for your mental health. Even one session will help! One thing she (the counsellor) told me helped a lot: “If the chances of passing or failing is at 0-50 probability (not true, I know it’s more like 75-25), then the chances are almost equal. Why are you focusing on the fact that you could fail when you could instead focus on the fact that you could pass?” So that’s what I did. For the next few days leading up to the results, I permitted myself to be hopeful for that all elusive “pass”. I told myself over and over again that I would pass and if I don’t, I will be okay.

      List down the worst that could happen and a remedy for that. I know it’s not JUST an exam and I hated it when people told me that, I know that. It affects a lot of things of course, but you know what, in the grand scheme of things, you will be okay. You will be. πŸ™‚

  19. Did anyone hear about Honour roll?

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