(Posted August 2024)
CPA Canada has released some additional information regarding the New Certification Program. The earliest this program is expected to be available is in early 2027.
Currently in PREP or PEP
For those of you currently in the CPA certification program (either PREP or PEP), you are encouraged to continue in your program path. CPA has committed to developing a transition plan for those in the program, which may include additional CFEs beyond 2027 to allow existing students to complete their current program and/or a way to transition into the new program.
Considering When to Begin Your CPA Journey
Candidates who are contemplating going through the CPA certification process have been asking us whether they should wait for the launch of the New Certification Program. Will it be easier? Will it take less time to get their CPA designation?
We recommend entering the current CPA PEP program as soon as you are eligible. We do not recommend waiting for the New Certification Program for several reasons.
- While the New Certification Program will be different, it does not mean that it will be easier. The CPA profession is committed to maintaining standards to protect the public interest.
- The current certification program (PEP & CFE) has been in place for more than a decade. We have a lot of experience with that program and what is needed to successfully complete the PEP Core and Elective Modules and pass the CFE.
- There are always growing pains during a transition period. For example, there will not be years of historical resources to rely upon and it will take time for resources related to the New Certification Program to become available.
That said, Densmore has been through two transition periods (when the UFE moved from marks-based assessment to competency-based assessment and when the UFE changed to the CFE). We are monitoring the transition closely and will continue to offer resources to help CPA students, regardless of which program they choose.
The New Certification Program
To help you make an informed decision, the following details the preliminary information about the New Certification Program that is available:
Entry
The New Certification Program is expected to have similar entry requirements, including an undergraduate degree with 120 credit hours, and a minimum GPA across all courses. A mature student pathway will also be available. Candidates with an accounting major will begin the New Certification Program in the modules. Candidates without an accounting major will likely be required to pass a knowledge assessment before entering the New Certification Program.
Modules
The New Certification Program is expected to contain the following four modules and a passing grade is required to write the examination or assessment for that module:
- Fundamentals – The goal of this module is to build on the entry level common core knowledge and all new topic areas in the Competency Map 2.0 will be covered.
- Public Trust – The focus of this module will be on more advanced financial and non-financial reporting, assurance and trust, taxation, and data analytics. An optional licensure module will be available as an add-on or as a separate stream.
- Application and Integration – This module may be comprised of shorter case studies and a longer multi-week simulation based on a choice of industries. This multi-week simulation will build on itself with additional information provided each week to integrate and make decisions.
- Professional Readiness – This module will cover emerging issues, ethics, regulatory requirements, and strategy. No exemptions will be provided to this module, and it can only be completed once a candidate’s practical experience is finished. This is expected to be an in-person full-time module with group work, facilitated discussion, and presentation requirements.
Assessments
Each module will have its own in-person assessment; however, the timing of these assessments during the program is still to be determined. Examinations are expected to be offered three to four times per year.
- Fundamentals – Assessment for this module may include multiple choice questions, task-based simulations, and short cases.
Professional Qualification Exams are expected to be at the current CFE-level of testing and will be used to assess competency for the other three modules:
- Public Trust – Assessment for this module is expected to include objective format questions and short cases. Additional assessment requirements are expected for the Licensure stream with details yet to be finalized.
- Application and Integration – Assessment for this module is likely to include a longer comprehensive case with pre-released materials regarding the case scenario and/or industry for candidates to use to prepare in advance.
- Professional Readiness – Assessment for this module is expected to consist of two cases – one related to ethics and one related to strategy. Candidates must pass both the exam and the ethics case to successfully complete the module.
Practical Experience
The New Certification Program will contain a practical experience requirement that will require a period of 24 months, net of leave. The experience requirements will require 8 months at a foundational level and 16 months of professional experience with the proficiency increasing in line with the competency map.
Public Accounting Licensure
There will be the option to complete the educational and practical experience requirements for public accounting licensure as part of the New Certification Program. The educational requirements will be embedded into the Public Trust module and the assessment as additional optional components. For those who are unable to complete the educational requirements as part of the certification program, the Post-Designation Public Accounting (PDPA) program will continue to be available as part of the new program.
Note:
The above information was presented by CPA Canada at the 2024 Canadian Academic Accounting Association conference during the “10 Things to Know About the New CPA Certification Program” presentation.
Stay Informed
More information will be posted as it becomes available on CPA Canada’s website, CPA Leads the Way.