Discipline in your prep is key, says CFE gold medallist

Now that the September 2023 Common Final Examination (CFE) results have been released, it’s time to congratulate the 4,178 candidates who passed the rigorous three-day evaluation, as well as those who made the Honour Roll.

For the September 2023 CFE, the candidate who achieved the highest standing in Canada—and with that the prestigious Governor General’s Gold Medal and a $5,000 cash prize—was Megan Diane Evans of MNP in Prince Albert, Saskatchewan.

“I am delighted to recognize [all] the students who successfully completed the September CFE,” says Pamela Steer, CPA Canada’s president and CEO. “Our education program is recognized globally for its rigour and high standards and the skills of our designation have never been in more demand and more transferrable. I commend each of you for achieving this milestone in becoming a CPA.”

FROM RELIEF TO EXCITEMENT

The day that Megan Evans got “the call” from CPA Saskatchewan, she was at work filling out a T1135—a Foreign Income Verification Statement. “I was deep into my tax accounting work, so it was quite appropriate that the call should come then,” she says. “And at first, they just told me I had passed, so I felt an enormous sense of relief. But when I learned that I was not only on the honour roll but had received the top mark in Canada, I had to say, ‘Oh wow. Let me sit down a second.’ I definitely started to cry a little bit as well.”

Now that the news of her win has had time to sink in, Evans is better able to see it as the extraordinary accomplishment that it is. “It’s such a great honour to be recognized as the national gold medallist. This achievement just makes me incredibly proud of all the work I’ve put in over the past few years. I’m also really excited to be able to represent Saskatchewan at the national level.”

ORGANIZATION AND PREPARATION SPELL SUCCESS

Evans attributes her win to a solid study strategy combined with support from her family, friends, MNP and instructors from the Master of Professional Accounting (MPAcc) program at the Edwards School of Business at the University of Saskatchewan. “Their unwavering support was absolutely key to my success,” she says.

On weekdays, Evans was sure to maintain a strict 8 a.m. to five p.m. study schedule. “Apart from writing cases, I always studied technical material for at least an hour. And I also studied with a group of friends and that helped me increase my understanding of the material.”

Evans adds that by writing cases that were time pressured, she was able to stop second guessing herself. “This naturally became easier as I learned more technical material, but as time went on I developed more and more confidence in my responses,” she says.

SOLID ADVICE FOR OTHER CANDIDATES

To other candidates who are considering taking the CFE, Evans stresses the importance of choosing the right kind of goals. “As one of my MPAcc instructors explained to me, the CPA program provides you with all the material you need to succeed. So the real goal is to make sure that your performance on the CFE matches your potential. That means looking after your physical and mental health and taking breaks.”

It’s also important to determine why you want to pass the CFE in the first place, Evans says. “I think you should do it for yourself—for example, to further your career—as opposed to doing it for someone else or for a different reason.”

DESTINED FOR ACCOUNTING?

When Evans first enrolled at the University of Saskatchewan in 2018, she wasn’t yet sure what career path she would choose. But in her second year, she took an introduction to financial accounting course that she found truly inspiring. “This is what sold me on the fact that I wanted a career in accounting,” she says.

Upon graduation in 2022, Evans enrolled in the MPAcc program—a move she credits with helping her develop the background and confidence she needed to succeed. “MNP is extremely supportive of the MPAcc program. I think the program really helped me build not only my technical knowledge, but also my skills in problem solving and other areas.” (Perhaps as a precursor of achievements to come, Evans came first in her class.)

Looking back, Evan thinks accounting might actually have always been in the cards for her, even though she didn’t know it. “I remember being fascinated by income tax as a child. “My dad is self-employed, so I watched him go through the tax filing process many times when I was growing up. I always asked a lot of questions,” she says.

GIVING BACK IS HIGH ON AGENDA

Right now, Evans is enjoying her work at MNP, where she mainly performs audits and reviews as well as preparing tax returns as needed. “I really like public accounting, and hope to continue working here and to learn some new skills. I probably would like to reach the partnership level in the future as well.”

Going forward, Evans would also like to continue to be involved in the community—a goal that one day might include sitting on the board of a not-for-profit organization.

Evans adds that she has also had some very good mentors throughout her career so far. “I just hope to be able to mentor others in the same way in the future. After all the support I have received on my journey, giving back in this way would make me very happy.”

FIND OUT WHO MADE THE CFE HONOUR ROLL

View the complete list of honour roll recipients and get more study tips from the recipient of the May 2023 Governor General’s Gold Medal award as well as the September 2023 regional winners.

Megan Evans is the Governor General’s Gold Medal winner for the September 2023 Common Final Examination (Photograph provided)