To complete the CPA PEP, you must complete six modules: two core modules, two elective modules and two capstone modules. The CPA PEP’s elective modules provide you with the opportunity to explore your field of interest in greater depth. You can choose two modules from a list of four options — assurance, performance management, taxation and finance. (If you plan to practise public accounting, you must complete the assurance and taxation elective modules.) At the end of each module, you must successfully complete the final examination, which features case-based and objective-format questions that test both the technical and enabling skills needed in the accounting profession. The elective modules blueprint (updated January 2016) provides you with information on what to expect from these examinations, including the weighting placed on the different competencies and the study materials you can use while completing them. Objective format questions A variety of objective format questions are used, including: four options short answer matching true or false Task-based simulation example Task-based simulations are included in objective format questions. Here is a sample that uses the task-based simulation model of objective format testing. Examples of elective cases Elective cases are larger and more complex than core cases, and require 60 to 120 minutes to complete. Skill testing builds on prior learning, but more than 50 per cent of assessments will relate to the elective area being examined. Here are five examples of elective cases: Assurance — Computer Bazaar Inc.: This example focuses on assurance competencies and builds on the core financial reporting competencies. Finance — Valair Ltd.: This example focuses heavily on finance competencies and includes core financial reporting and strategy and governance competencies. This case illustrates the use of preloaded information and forms. Finance — Sizzle Beef (updated May 2016): This example focuses on finance competencies, and includes core management accounting and strategy and governance competencies. Tax — Mandrake Construction Ltd.: This example focuses on taxation and core finance competencies. Performance Management — Florad Industries: This example focuses on performance management competencies, but also draws on core finance, strategy and financial reporting competencies.