Understanding the Professional Education Program (PEP)

The PEP modules ensure a base knowledge level in the six key technical competency areas, and completion of these modules is a vital step in achieving your CPA designation. You’ll work through six modules before writing the CFE.

Core Modules

In the CPA PEP Core 1 and Core 2 modules, you’ll build your core technical competencies in Financial Reporting, Management Accounting, Audit and Assurance, Finance, Taxation, and Strategy and Governance. Core module exams are four hours and feature 75 multiple choice questions and one 60-minute case.

Elective Modules

You’ll select and complete two modules* from Assurance, Finance, Performance Management, and Taxation. Elective module exams are four hours, with approximately 15 multiple choice questions and 200 minutes dedicated to two cases. *If you plan to pursue a Public Accounting Licence (PAL), you must choose Assurance and Taxation.

Capstone Modules

In the Capstone 1 integrative module, you’ll refine leadership and professional skills while integrating all key competencies learned. You’ll submit a group board report and present to a panel of CPAs. In the Capstone 2 exam preparation module, you’ll further develop your case writing skills and apply your learnings to challenging case simulations in preparation for the CFE.

Common Final Examination (CFE)

The CFE is a three-day exam that covers all of the competencies learned during the PEP modules. On Day 1, you’ll showcase your enabling competencies and reference your Capstone 1 case. Day 2 will assess the depth of your knowledge in the Financial Reporting and Management Accounting competencies and one of four Day 2 roles (Assurance, Finance, Performance Management or Taxation). On Day 3, you will respond to three cases, ranging from 70 to 90 minutes, that will examine the breadth of your knowledge.