(Posted December 2024)
There are four Day 2 roles you can choose from when registering for the CPA Canada Capstone 2 Module and the CPA Common Final Examination (CFE):
- Assurance
- Finance
- Performance Management
- Taxation
Selecting your Day 2 role when you register for Capstone 2 and the CFE is an important choice in your CFE process. To pass Level 3 of the CFE Evaluation Methodology, you will be required to write with more depth in this area on Day 2 of the CFE, so you need to choose a role that you are comfortable with. There are several things you should consider as you make this choice.
PEP Electives
If you went through PEP, you might want to consider choosing a role that fits with one of the PEP Elective Modules you took. Each CFE Day 2 role lines up with one of the PEP Electives and if you choose a role that you took the Elective for, you will have already learned much of the technical knowledge required to be successful in that role. However, there is no requirement to choose a role for which you took a PEP Elective Module.
For example, if you took the Finance and Performance Management Electives, you could choose to write either of those roles on Day 2 of the CFE. However, you could also choose to write the Assurance or Taxation role. Keep in mind that if you did not take the Taxation Elective Module, more technical study in Taxation would be required since your Day 2 role is tested at the Elective Module level.
Employment
If you are working in one of the four areas, it may make the most sense to choose that as your role on Day 2 because you are going to be more familiar with the content examinable in that role and that knowledge will support you on your future career path. For example, if you work in tax, it may make a lot of sense to choose the Taxation role because you should be comfortable with many of the concepts that will be tested. If you work in internal or external audit, you will have a much better understanding of practical procedures to apply in an audit or review context so the Assurance role likely makes more sense for you.
If you plan to practice public accounting after achieving your CPA designation, you will need to achieve several things on your path to the CFE:
- Complete the Assurance and Taxation PEP Elective Modules.
- Select the Assurance depth role on the CFE.
- Demonstrate depth in Assurance (Level 3) and Financial Reporting (Level 2) on the CFE.
- Meet practice experience requirements including chargeable hours performing audit and/or assurance engagements.
If you are working in industry, you should choose a role on the CFE that will position you to be successful in passing the exam. There is a bridging program that can be taken post-certification if you wish to obtain your public accounting license at a later date.
Performance
If you know through past educational experiences that you are strong in one of these role areas from a technical and/or case writing perspective, you should consider whether it makes sense to write that CFE Day 2 role. The goal is to pick a role where you can write confidently and with depth so you pass Level 3 of the CFE.
What if I’m still not sure?
Choosing your Day 2 role can be difficult, especially if more than one area applies to you. We recommend the following steps to help you make your choice:
Review the Competency Map
Review Part 2 of the CPA 2022 Competency Map to better understand what is tested in each Elective. You can see the testing levels for each Elective in Sections 4 and 5, and then drill down to the specific topical coverage in Section 6. The CFE Day 2 role will test areas where the knowledge expectation increases from Core to the Elective. Some examples of these areas are:
- Assurance Role – more complex financial reporting issues and special engagements
- Finance Role – valuation of intangible assets and dividend policy
- Performance Management Role – transfer pricing and strategy implementation
- Taxation Role – tax planning and GST/HST
Review Prior CFE Cases
Review some of the older CFE Day 2 cases (2017-2019) in the relevant CFE reports to see what was covered in the CFE Day 2 roles you are considering. Consider whether the topics being tested are areas that you would be comfortable learning and writing about. You don’t want to review the newest CFE reports as you will be writing those cases as part of your CFE studies closer to the exam.
Consider Your Interests
Consider what interests you most. It is far easier to study and learn when you are learning about a topic that interests you.
Feel free to reach out to us if you have any further questions.