On December 10, 2016
If you were unsuccessful on the 2016 CFE, you have lots of time to prepare for the 2017 CFE. However, you have some decisions to make in the near future. Let us walk you through the decision-making process.
You will need to decide whether you want to appeal your results by December 21. You need to weigh the cost of appealing (cost varies across the country) against the likelihood of success.
If you failed Day 1, consider that your response was already marked twice – and maybe even a third time – when you’re deciding whether to appeal. If you failed Day 1 and wrote PRI, you have one more chance in September 2017 to pass Day 1 based on that Capstone 1 case. If you failed Day 1 for CHEI, you will need to write PRI or the 2017 Capstone 1 case in 2017.
If you failed Days 2 and 3, here is some information to help you understand your results:
Only a very small percentage of appeals are successful. If you failed Days 2 and 3 at Level 1 with a decile ranking of 1, you may want to appeal. Typically, that’s the only result that will be successful on appeal and even then, very few results will change. If you failed at more than one level, we do not recommend that you appeal your result. Appeal results are expected in early February.
Performance Analysis Reviews (PARs) are available through CPA Canada and must be requested by December 31. The PARs we saw for the 2015 CFE and May 2016 Day 1 unsuccessful writers did not provide a lot of insight to candidates. Day 1 PARs will now contain more detail. You will receive specific feedback on areas where you did not meet the minimum standard with guidance on how to improve your performance. You will also receive feedback on areas where you performed well. You will need to decide whether the cost is worth it (cost varies across the country). If you have failed Day 1 more than once, we recommend that you request a Day 1 PAR and we will help you analyze it.
For the first time, PARs will be available for Days 2 and 3. For each case, you will be provided with feedback on how you performed relative to the Board’s expectations (where you did well and where you did not) and guidance on how to improve your performance. Again, you need to decide whether the cost is worth it. Keep in mind that we haven’t seen PARs for Days 2 and 3 for previous CFEs, so we don’t yet know how detailed the feedback will be. PARs are expected to be released in early May.
In making your decision to request a PAR, consider your results. For example, if you only failed at Level 4 Finance and you know that you struggled with quantitative analysis and didn’t manage your time well on Day 3, we do not recommend that you request a PAR. If you failed at more than one level, you may want to consider getting a PAR. If you do, we’ll help you analyze it.
(Carol Jones and Amie Lear – December 10, 2016)