Navigating the CFE: Top tips from the newest regional champs
Passing the Common Final Examination (CFE) is an astonishing achievement that requires diligence and determination. It’s an accomplishment, and praise is due to the 4,178 students who passed the September 2023 CFE, particularly the 53 students who made Honour Roll.
Megan Evans from MNP, in Prince Albert, Saskatchewan, earned the Governor General’s Gold Medal and a CPA Canada cash prize of $5,000 for the highest standing on the September 2023 CFE.
CPA Canada also awards a $2,500 cash prize to the regional winners who received top marks.
Naomie Chauvin from Ernst & Young in Quebec City is the winner for Quebec; Rebecca Lee from Deloitte in Toronto is taking home the Ontario prize; and Keith Ablao from Grant Thornton in Moncton is the Atlantic winner.
CPA Canada interviewed the three winners to uncover the strategies and challenges they faced on their journey to becoming CPAs
CPA CANADA: WHAT DOES BEING NAMED AS THE REGIONAL WINNER MEAN TO YOU?
Naomie Chauvin (NC): I wasn’t expecting it at all. It’s a real honour and a wonderful way to recognize the work I put into my studies. It’s a prestigious award, so I’m very proud.
Rebecca Lee (RL): Honestly, I’m still so surprised at this achievement—and while it’s a great honour, I’m really just happy to finally celebrate with my friends and colleagues who were successful with me.
Keith Ablao (KA): Not only is this an incredible personal achievement, it’s also an honour to represent New Brunswick and the Atlantic region. It demonstrates that diligence can lead to successful and meaningful results. It will serve as motivation for excellence and setting even higher standards for myself.
CPA CANADA: WHAT WAS YOUR REACTION WHEN YOU GOT THE NEWS?
NC: I checked the results with two friends who work at the same firm as me. I couldn’t believe it. Passing the exam was already great news. Then I got a call from the Ordre des CPA du Québec telling me that I had placed first in Quebec. I jumped for joy, hugged my friends. It was a beautiful moment, very emotional.
RL: I was at the office when I got a call from one of my partners. When he told me the news, I was beyond shocked. I was physically shaking with excitement and crying tears of joy—and relief—since I could finally put all the anxiety behind me.
KA: I was at work when I was surprised by a call from the Atlantic School of Business and was completely shocked to discover I had won the regional medal. This was followed by an immense sense of accomplishment.
CPA CANADA: TALK US THROUGH YOUR STUDY PROCESS.
NC: The university provides great preparation, so I decided not to study in the evening or on weekends so that I could decompress. I basically limited myself to class time. I studied a bit with friends, but I don’t learn very well in a group because I find it distracting, so I studied more on my own, step by step.
RL: My Master of Accounting program started in January and provided me with the basic case writing and technical skills. In the two months leading up to the exam, I studied in a group with three of my friends. We followed a schedule, writing cases and going over technicals together.
KA: I took eight weeks off work to fully concentrate on writing the CFE. My employer facilitated my enrolment in the Densmore program, a crucial element in my successful preparation. I followed a strict and structured study plan, engaging in technical review, completing Capstone 2 and Densmore cases, and watching webinars to enhance my strategy. I partnered with a friend, and we collaborated on case marking and debriefed each other’s cases. Outside of studying, I tried to maintain a work-life balance by spending time with family and friends.
CPA CANADA: WHAT ADVICE WOULD YOU GIVE THOSE PREPARING TO WRITE THE CFE?
NC: At first, the CFE seemed so far away and so difficult! It seemed like there was so much to know. But by the time you get there, you feel ready. You have to learn your study technique and find your balance, but you also have to trust yourself because your judgment is better than you think.
RL: First, I recommend figuring out what works best for you, even if it’s different from your peers. My quirk was handwriting the debrief notes to help me remember better. Second, I recommend marking someone else’s case attempt. It will force you to read the case solution, providing a change of perspective that will inspire discussion, helping you build off each other and practise together.
KA: I recommend maximizing your case writing practice within the allocated time to fully prepare for the exam days. When developing your study plan, identify what methods work best for you. I would advise that you find a study partner, preferably one with a distinct skill set, to enhance mutual learning and accountability. Lastly, maintain confidence in your abilities. Reaching this stage indicates your capability to successfully navigate the final stretch.
CPA CANADA: WHO OR WHAT INSPIRED YOU TO PURSUE THE CPA DESIGNATION?
NC: It happened by chance. I had been studying nursing for a year and a half when I decided to take an elective accounting course. It was all about analytical thinking and judgment, decision-making and problem-solving. I loved it and realized that accounting was far from being just about numbers. So, I decided to change my career path.
RL: My dad is a CA, so when I showed interest in pursuing something more on the business side of things, he encouraged and inspired me to specialize in accounting.
KA: The decision to pursue the CPA designation was inspired by the many professional opportunities it affords. I knew it was certain to help me demonstrate expertise and open doors for new career prospects. The CPA designation is respected internationally and might enable chances to travel and work all over the world.
CPA CANADA: HOW HAS THE CPA PROGRAM HELPED TO DEVELOP YOUR PROFESSIONAL SKILLS AND COMPETENCIES?
NC: The program is varied. It deepens your skills not only in financial accounting, but also in management and assurance, which encourages you to use your judgment, to draw a little on each of the competencies acquired to do your work. It also taught me a lot about how to think more effectively, both on my own and as part of a team, including how to adapt to other peoples’ working methods.
RL: I found that the whole process helped strengthen my technical knowledge in areas outside my current career path. So, I’m pleased to be coming out of this as a more well-rounded professional.
KA: The CPA program has been integral to my professional growth. It helped me enhance my judgment, teaching me to approach situations more objectively. I have gained a wealth of technical knowledge that will allow me to provide exemplary service to my clients and employer. I believe the CPA program helped me understand the ethical implications of certain decisions and taught me to approach these situations with integrity and objectivity.
CPA CANADA: WHAT HAVE YOU LEARNED OR DISCOVERED ABOUT YOURSELF IN YOUR PURSUIT TO ACHIEVE THE CPA DESIGNATION?
NC: I discovered that I’m more perseverant and resilient than I thought, especially considering that my studies were mainly online due to COVID. This was hard because I really enjoy being in a classroom with teachers. In addition to discovering the importance of work methods, I also realized that I’m more curious than I thought.
RL: I think I’ve surprised myself with my potential. I’ve now proved that by putting in the work I can achieve something amazing.
KA: I learned valuable lessons about my personal strengths and abilities. I discovered a resilience within myself that enabled me to persevere through challenges and stay on course toward my objectives. Believing in the ability to achieve anything I set my mind to has become a driving force for both my professional and personal aspirations.
CPA CANADA: ARE THERE ANY CHALLENGES YOU HAVE HAD TO OVERCOME IN THE PURSUIT OF THE CPA DESIGNATION?
NC: There are bound to be ups and downs. In the beginning, I found it difficult to stay motivated because I’d changed programs after just one accounting course, so I had to take some refresher courses that I found less interesting. Of course, I did question my decision—but not for long, because everything went well after that. I have no regrets.
RL: I think it took me a while to be comfortable with being wrong. But once I was okay with making mistakes, it was a lot easier to grow from them and ask my friends for help in my weaker areas.
KA: My main challenge was balancing professional commitments with the CFE’s demanding study requirements. Maintaining rigorous study hours with a full-time job requires careful time management and prioritization. Establishing a structured study plan, setting realistic goals, and remembering why you’re working so hard is instrumental to overcoming this challenge. A resilient mindset will help with overcoming setbacks. It is also very important to adjust study strategies based on feedback received and learn from the tougher phases.
CPA CANADA: WHAT ARE YOUR CAREER GOALS AS A CPA?
NC: I’m currently working in assurance at EY, in the Quebec City office. I would like to stay there because there are so many opportunities at the firm. Looking further ahead, I’m not sure exactly, but I’m quite interested in public sector auditing.
RL: I don’t have any huge plans yet; I like my current job as a tax analyst. I’m exposed to a lot of different types of work which will help me grow. I’m involved in compelling projects, as part of our tax technology team, which add diversity to my day-to-day work. My plan is to learn as much as I can while I’m here.
KA: I’m interested in taking the reciprocity exam to obtain the CPA designation in the United States. I’m currently working in cross-border taxation, and I expect this qualification will enhance my ability to add value to clients based in Canada who are seeking to expand their operations to the United States. I will continue to learn every day and am excited about the prospective opportunities this designation can offer.
CHECK OUT THE 2023 CFE HONOUR ROLE
See the full list of Honour Roll candidates. Plus, read about how the Governor General’s Gold Medal winner landed the top spot.
From left to right: Rebecca Lee, Keith Ablao and Naomie Chauvin (Images provided)