On December 2, 2017
Your mind is probably reeling if you were unsuccessful on the September 2017 CFE. That’s perfectly normal. It will take plenty of time and some sober reflection to figure out what went wrong and how to regroup for a 2018 CFE attempt. It’s a healing process. December is not the month to crack the books and start studying again. However, you do have two important decisions to make by month-end.
First, you will need to decide whether you want to appeal your results by December 31. You need to weigh the cost of appealing against the likelihood of success.
If you failed Day 1, consider that your response was looked at twice and maybe even a third time when you are deciding whether to appeal. If you failed Day 1 and wrote FVT, you have one more chance in September 2018 to pass Day 1 based on that Capstone 1 case. If you failed Day 1 for PRI, you will need to write FVT or the 2018 Capstone I case.
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. Keep in mind though that everyone with that result will not successfully appeal. Unfortunately, there is no sufficiency grouping for Level 2, Level 3 or Level 4 so you don’t know how close you were. If you failed at more than one level, the chances of a successful appeal are even lower.
The second decision relates to Performance Analysis Reviews (PARs) that are available through CPA Canada and must be requested by December 31. The PARs we saw for the September 2016 CFE gave specific feedback on areas where candidates did not meet the minimum standard with guidance on how to improve performance. You will also receive feedback on areas where you performed well. You will need to decide whether the cost is worth it. If you have failed Day 1 more than once, we recommend that you request a Day 1 PAR and submit it to us for review and feedback.
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, again we will help you analyze your PAR and how you might use it.
If you took our 2017 CFE Prep course or are registered for our 2018 CFE Prep for experienced writers, we will analyze your September 2017 CFE results. Send your results to us along with your tracking sheet from your study period so we can look at the information and get you pointed in the right direction for your next attempt. Ultimately, it is very important to understand what went wrong to cause this result. You will need to change something (and often more than one thing) in your next attempt to achieve a pass. We would like to help you understand what it is you need to change.
(December 2, 2017)