May 2016 CFE Results

Update: 2016-07-29

Congratulations to Betty Xin, from Alberta, who is both the CPAWSB gold medallist and the CPA Canada gold medallist!

CFE results are upon us. Congratulations for making it through the long and tiring wait. If you’re not sure where to go to get the CFE results, below are some of the key spots to check for your results.


417 Successful Writers!

Results released Friday, July 29 at 10 AM EST
Go here: CPA Ontario May 2016 CFE Results

Ontario Gold Medallist

ROMAN, Matthew Daniel
SF Partnership LLP, Toronto
University of Toronto, Mississauga, Bachelor of Commerce, 2010
University of Waterloo, Master of Taxation, 2012



178 Successful Writers!

Results released Friday, July 29 at 9 AM EST
Go here: CPA Quebec May 2016 CFE Results

Quebec Gold Medallist

Michael Bourbonnais, a graduate of the national program (HEC Montréal), earned the Gold Medal for Quebec and a $2,500 cash prize from CPA Canada for the highest standing in Quebec



(British Columbia, Alberta, Saskatchewan, Yukon)

411 Successful Writers!

Results released Friday, July 29 at 7:00am Pacific
Go here: CPA West May 2016 CFE Results



(Newfoundland and Labrador, New Brunswick, Nova Scotia, Prince Edward Island, Bermuda, Caribbean)

Results released Friday, July 29 – If anybody knows where else these are shared please share in the comments
Go here: CPA Atlantic Web Site (May appear in the news)


  1. CPA doesn’t release the pass % anymore. That said, we could likely calculate it ourselves with reasonable accuracy. As a candidate in CPA West, I can tell you that 441 students passed Capstone 2 and were eligible to write the CFE. Once the results are released, the total students passed divided by this number should give a reasonable approximation.

    Does anyone know how many students completed Capstone 2 in the Eastern and Atlantic regions?

    • True…plus you may want to factor in repeat writers from the previous CFE. It may be difficult to determine those who elected to skip May for the Sept 2016 CFE, so yeah its all ball park percentages.

      • Right, that’s a good point – I didn’t consider the repeat writers. That will throw it off for sure.

        I can’t imagine too many people deferred from May to September after passing Capstone 2. That would involve burning an attempt for they Day 1 case (case from Capstone 1 is only used for two CFE intakes). CPA strongly recommended taking Capstone 2 immediately prior to the CFE, but it’s tough to say. I wish they would just release the stats. I’m willing to bet that they are passing more people than under the UFE.

        • Yeah…very true. I would imagine 100% (or there about) of the successful Capstone 2 candidates took the CFE. The deferring candidates I was making reference to were those repeat writers who may not get the chance to write in May due to the busy season (for those working in accounting firms that don’t accommodate this). But again, you make a good point, as May 2016 would be the second and last offering of the RSI case for day 1, hence the need to take advantage of the second opportunity.
          I hope the rates are higher in line with your wager 🙂

          • I know a few who took Capstone 1 in Jan-March and didn’t take the May CFE. So, numbers more skewed.

          • Facts – Well we wouldn’t be using the Capstone 1 pass figures, just the Capstone 2. So no effect.

          • Ok, so here are some stats I put together for CPA West (AB, BC, SK, MB, YT, NWT):

            Students that passed CFE in May 2016: 411
            Students that passed Capstone 2 in May 2016: 441
            Students that passed CFE in May and whose student number is included on the Capstone 2 pass list: 298

            So that would indicate a 67.6% pass rate (298/441) for the first time writers (potentially a point or two higher if you account for people who passed Cap2, but didn’t write). And another 113 students who passed that were not part of the May capstone 2 group.

            Seems a bit low, but that’s what I was able to calculate based on the information provided.

          • Thanks for those stats. 67.6% is a reasonable pass rate for first time writers.

    • I’m a big nerd and tallied up the number of candidates on the list when they released the writing locations. I don’t have the sheet with me but it was somewhere around 480 for Day 1, and 500 for Day 2. I’m also in CPA West

  2. Passed! Congrats to everyone who passed and best of luck to those that were not as fortunate. Hang in there and ace this thing in September!

  3. passed day 2 & 3. failed stupid day 1. cant believe they failed me such a stupid day 1 exam.

    • BeenThereDoneThat

      Was in the exact same situation during the September 2015 CFE – it sucks, I know. Hang in there, order a PAR, do Densmores Day 1 course (or well, see how he structures a response). I can gladly tell you that I passed Day 1 this time round. I am sure it will be the same for you whenever you decide to rewrite it. Heads held up high! Day 2 and 3 are no joke.

      • thank you dear. I have requested the PAR and appealed for it although the appeals have limited chances bit i wanted to try.i have registered for next sept as well.

    • Im on the same boat Mo. Didnt pass Day 1. I would probably order PAR for that Day. It sucks!

  4. passed day 2&3. failed stupid day 1. cant believe they failed me such a stupid day 1 exam.

  5. Does anyone know when Globe & Mail will have list of successful Candidates?

  6. Congrats to all who passed! I was called last week so it hasn’t been a stressful week but I am excited my whole Capstone 1 group passed as many of them had very little time off and wrote when they were very busy at work!

    I get the WSB pass rate around 82%, which is similar to the fall 2015. Whether that is too high or not that is another discussion. In our region we are short new CPAs to retiring CPAs so there is some push to get people into the program. The UFE WSB was more around 75% from my understanding.

    • Yeesh that pass % is high.

      • As I look closer I do see in my small cohort that 10 people did’t pass (as except for the couple people that dropped capstone 1, all people moved on to capstone 2 and wrote the CFE from my recollection but I just compared names not student #s) which makes us at 69%, which isn’t so great so most of the repeat writers must have passed in my region. Repeat writers are generally more successful and quite a few at my exam sitting were day 1 only so they were all likely successful as I think once you see where you erred on day 1 you can practice to improve as the exam was different stylistically from the practice day 1s.

      • UFE was bumping against 80% in the last years they published pass rates. IMO the pass rate should be around 70%.

  7. Passed day 1. Failed 2 and 3

  8. Passed! Congrats to everyone who passed and all the best to those that were not as fortunate.

  9. Congratulations. Was refreshing the web page at 7am PST this morning. So relieved and equally as happy that my study group also passed!

    Now it is time to finish off that PERT.

    Congratulations everyone and good luck for the repeat writers. You have an edge and are familiar with the experience. You can do it!

  10. Congratulation to all who passed! I guess many of May 2016 CFE writers work in industry compared to September 2016 writers. May I ask how many days or weeks of off you took if you worked in industry back then? I will write CFE in this September and work in industry but all the other Cap 1 team members work in public accounting are already on study leave until CFE. I got 2 weeks but I am not sure if this will be enough. I even consider leaving my current job a month before but have not made up a decision.

    • I could only take 2 weeks off due to tax season. Lots of people in my sitting had very little time off and a couple even went into their offices after the exam for a couple of hours as it was near month end.

      I found two weeks enough by the end I was like “let’s get this over with already”.

      As an aside the one person with most time off in my cohort didn’t pass, which only means that time off doesn’t guarantee a pass. And the couple people who went back to work after writing passed.

    • I took about 2.5 weeks off and passed but I studied after work for about 2 weeks prior to my time off. I think the key is the total amount of study/case writing time and not as much the time you take off (though more time off allows you to study more). As long as you can fit writing and debriefing all the Capstone 2 cases along with old CFE/UFE cases you’ll likely be fine. Whether or not you need time off work to fit this in depends on your schedule.

      Congrats to everyone that passed!

      • I agree with this, while I only took 2 weeks off of work I studied the whole capstone 2 with the cap 2 cases and about 4 additional multis from old UFEs. I also wrote the sept 2015 CFE on my weeks off (day 2&3).

        Everyone also studies differently and have different time management skills so experience varies.

        I paid for a prep program because it seemed what people do and I didn’t want to miss out on something but I don’t feel it added value for me as I am good at forcing myself to a schedule.

    • In industry did well having taken 4 weeks off. It was too much time even taking some vacation days and afternoon breaks to work-out, cook, etc (hence managing to overstudy). 2 weeks should be sufficient – the CPA program is easier than the CA no question. The exam is quite predictable if you work on your test-taking strategy as much as the technical.

  11. After attempting UFE a few times myself and so did my friend, we passed CFE. Sorry to say this but CFE was a joke….hands down a joke. Some of us here shouldn’t even be a CPA,CA. And to know that some people passed this exam with 2 weeks off? And in my case, my cap 1 teammate took only 1 week off and passed….is even more of a joke to say the least….I joked that she deserves media coverage for the simple fact that she part timed study with 1 week off.

    Congrats anyways, but to me, i felt defeated that I didnt pass the UFE but the CFE….

    • Can someone please delete this comment? Whoever posted this is utterly ridiculous and I’m pretty sure did t even write the CFE. Way to put down the efforts of all the hardworking CFE writers.

      • Let’s not go down the path of UFE vs. CFE. Why even bother? I don’t see any positives to doing this and in another year or two these comparisons will vanish altogether. Both are difficult exams and I want to celebrate those who passed the CFE today. Your career and success are about a lot more than which exam you wrote, don’t lose sight of that.

    • both cfe and ufe have the same content.
      cfe Day 3 is exactly similar to ufe day 2 and 3.
      cfe Day 2 Is close to the ufe comp.
      cfe day 1 is the only major difference.

      Also, i know 2 of my friends Who had taken 2 weeks off before the ufe and they have done it so its hard to judge my friend.

      • Day one is a huge difference though. Because the other competencies are only tested on day 3, they are a lot easier. I did find this exam easy compared to Cap 2 or other UFEs that were available.

    • Tell that to the people who failed you jack***

    • Duhhh you would pass CFE after attempting UFE “”few of times””. – your way of comparison is really ridiculous!

    • This type of comment is annoying because for us CFE writers the UFE is no more so all we can write is the CFE. You can say it is easier, which as I went through 6 years of UFEs studying I’ll say I am not so sure. Sure the Day 1 is different and one less day of multis but also the CFE has less chance to show breadth as there is only one day of multis and only FA/MA and your elective on day 2. For me that was the worry, the getting the breadth as on the Sept CFE there was only one finance required and it had two AOs for quantitative and qualitative and it was in simulation 3, where someone who had poor time management may have been short on time.

      My point is none of us had the opportunity to write the UFE, we wrote the CFE and we passed or didn’t pass. There is no reason to make people feel bad about the CFE as you have no idea if we all wouldn’t have been able to pass the UFE too. Not all UFE students did the 8 weeks off and not all UFE students with 8 weeks off used their 8 weeks well. The 8 weeks was never for the students’ needs anyway, it was so firms didn’t have to pay staff during a slow time when they had no work. Sure some used banked time to be paid but that that was a sunk cost to the firm already, giving the leave does same money.

      • I found the CFE pretty easy relative to the UFEs I wrote during my prep period, but you are right, we didn’t have a choice about what test to write.

        • When I completed the 2015 CFE and then debriefed I was freaked because the AO structure was so different. In the UFEs, it may have been for a C – get A or B and under the CFE each A and B were an AO. I knew when I did a UFE sim and I had 70 minutes I was looking for 4 AOs and if I only had 3 I should reread as only a few cases had 3 and 3 might mean the question has a pervasive indicator. Now in the CFE format, I could have 8 AOs and now how do I address whether I will allocate RC or C time. We don’t really know how many Cs or RCs you need to pass and splitting the AOs almost seems like it could work against you. Anyway, because of that I found ranking in the CFE day 3 harder than in my practice UFEs. It didn’t help that the Cap 2 cases were all marked with AOs like the UFE and not AOs like the CFE. But maybe I am weird and the only one that ran into this issue studying.

    • ChristinaAguiyaya

      To the commenter named “MA”. GO SOMEWHERE ELSE! Very insecure person who feels the need to bring people down to feel better about themselves. The UFE is no more, and everyone who wrote the CFE did not have the option to write the CFE. Since this person failed the UFE several times, this person clearly could not figure out a successful formula. Maybe you found it so easy because you have so much experience rewriting the final exams.
      Anyways…Congrats to all the successful writers and to those who were unsuccessful, don’t get too discouraged, you are wiser from your experiences and will pass the next time!

  12. Need your help!

    Question: For those that passed (in 2015&2016): on your Day2&3 transcript for Level 2 did you “Pass” depth for both FR and MA or just one of them?

  13. I passed on both but you only need to pass on one. If you are going for licensure you need to pass on FA. I think they are coming out with a separate FA exam if you are public and passed on MA and not FA.

  14. What is the passing rate in Ontario ???

  15. Congratulations to all successful CFE writers for the May 2016 exam! You worked hard and you certainly deserve it. The great moment of passing will last a lifetime and will be a cornerstone to one’s career as you get the Canadian CPA designation.

    For those who were not successful this time around, please note it is not the end of the world and sometimes it may take only a few adjustments to get to a successful result. I wrote a blog post on this site in 2014 for those who did not pass the UFE. Although the UFE is a different exam, the message is still relevant and worth a read:

  16. Please do some interviews with the medalists!!!
    Need some suggestions for using old UFE cases to prepare for CFE.

  17. Does anyone know when the board report will be released?

    • Does anyone know if there will be a specific Board report for this sitting? There was no Board report for the final UFE (to my knowledge).

      • I can’t see why there wouldn’t be – they usually come out several months after the sitting so it may not be in time for the September CFE this year.

  18. Does anyone know when the Globe & Mail will release names of successful candidates?

  19. Does anyone know when or IF the solutions to the May CFE will be posted? No one at the order is giving a concrete answer.

    • Eventually when the Board Report is released. I wouldn’t expect it until after you write though.

      September CFE 2015 results were released in December and the Board report in February. Which would imply you likely won’t see the May board report until Late September or October.

  20. Hi all

    I know that if I fail for the second time , I have to take capstone 1$2 again. But can any one confirm pls

    • Not true, you just would want to buy the new case materials for $250. I found this document helpful in determining facts since CPA Ontario’s website isn’t exactly straight forward when it comes to requirements/next steps.

    • I asked CPA about this a few months ago, and they told me that you don’t need to repeat Cap1 if you don’t want to, however you’ll have to learn and teach yourself the new Cap1 case instead.

      If I was in that position, I probably wouldn’t bother doing the whole module, rather just develop an understanding of the new case’s company and the industry it is in. Day 1 just brings up entirely new issues anyway. It’s just a matter of understanding the company’s strength and their constraints (available financing etc.).

  21. I took the Sept 2016 CFE the past 3 days. It was my first time and not confident that I will pass. So anxious to see the results. Do you know when they will be out? Also, do you have some blog on guiding the re-writers? I am thinking of going for the Densmore courses if I fail. FYI, I am from the banking industry, taxation and assurance are my weakest subjects, I will concentrate on these if I fail.


    • Hi Sally,

      The results will be released on December 9th. Stay positive as most candidates won’t feel comfortable after the exam and you never know.

  22. Are there any statistics on appeals?

    • There are modified comments from a post I wrote a few years ago but should give candidates an idea what to do in regards to an appeal process of the CFE exam. If you still aren’t sure, please contact me directly for a consultation:

      Re-Grade/Appeal Process:
      In regards to considering a re-read, it is really a personal decision and should be considered on a case-by-case basis. You can email me if you have questions if you are thinking about a re-read. Historically, the chances of passing on a re-read are miniscule and you may be better off spending your resources elsewhere: prep course, CFE coaching and marking, practice cases, etc.

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