Professional Accounting Supplementary School (PASS) Information Session Achieving

Professional Accounting Supplementary School (PASS) Information Session Achieving

Professional Accounting Supplementary School (PASS) Information Session Achieving the CPA Designation 2016/2017 Challenge Exams and CFE Accounting PASS | Professional Supplementary School Agenda Part 1 - CPA Program 1) 2) 3) 4)

5) 6) 7) 8) Session Purpose Description of CPA Program Summary of CPA Program Capstone 1, Capstone 2, CFE Decision Tree Lays out Paths to Achieve CPA Designation Available to Ontario Students Deciding which Path to Take Challenge/Module Exams Blue Prints for Each Exam Timing of Challenge/Module Exams Preparing for the Challenge Exams and Deciding When to Write Part 2 PASS Program 1)

2) 3) Who is PASS? What PASS has to Offer Courses and Resources Available for Challenge /Module Exam , CFE Courses and Resources for Students taking a Diploma/Accredited Program Registration Information Accounting PASS | Professional Supplementary School 2 Session Purpose Purpose of the session is to acquaint you with the exams that you will be writing to

achieve your CPA designation and discuss what is involved in preparing for these exams With that knowledge you will be able to make an informed decision as to how and when to attack the exams Will also acquaint you with the PASS program that has been designed to help students successfully complete the CPA program With good knowledge of what the exams involve and how to prepare we hope to relieve any tension you are feeling Accounting PASS | Professional Supplementary School 3 PART 1 CPA PROGRAM

Description of CPA Program Accounting PASS | Professional Supplementary School 44 DIAGRAM OF CPA PROFESSIONAL EDUCATION PROGRAM Accounting PASS | Professional Supplementary School

5 CPA Qualification System Summary of Program Education program normally takes 2 years from start to finish Program can however be completed in Ontario in only 1 year if: 1) You have your 51 credit hours; and 2) You have at least a 70% average in the required courses, and by writing Challenge Exams rather than participating in the 2 Core and 2 Elective modules Accounting PASS | Professional Supplementary School

6 CPA Qualification System Summary of Program (cont.) Challenge exams offered only for Tax and Assurance Electives if you wish to take other Electives would need to do the program over 2 years and take the respective Elective Modules After passing Challenge Exams you would go directly to Capstone Integrative Module (Capstone 1) and then the Capstone Evaluation Preparation (Capstone 2) In some universities possible to do Accredited Program (Diploma Program) in place of Modules/Capstones Final step is writing and passing 2017 CFE Accounting PASS | Professional Supplementary School

7 Capstone 1 Main focus of Capstone 1 is business case which students work on as a group Capstone 1 also prepares candidates for the Common Final Examination (CFE), particularly Day 1, which will draw on both the content and the skills developed in Capstone 1 Key aspects of Capstone 1 include: A significant written report that simulates a report to a board of directors or team of senior executives An oral team presentation that simulates a presentation to a board or team of senior executives Structured time for questions and answers that simulates a question period from a board or team of senior executives Accounting

PASS | Professional Supplementary School 8 Capstone 1 (continued) Will start with a two day weekend workshop which will provide an opportunity for team members to meet each other, develop team agreements, practice presentation skills, and develop an action plan for completing the learning activities required during the module Should require between 10-15 hours of structured learning time per week for each candidate Need to submit report and make presentation as a group Pass rate not disclosed but assumed very high possible to fail as a group or individual student could fail if work not performed Accounting

PASS | Professional Supplementary School 9 Capstone 2 Capstone 2 has three primary objectives: 1. Continue the development of candidates enabling competencies, particularly their communication and self-management competencies 2. Prepare candidates for all three days of the Common Final Examination (CFE)

3. Continue the development of candidates integration of technical competency areas No Examination at the end of Capstone 2 - i.e. Everyone passes Accounting PASS | Professional Supplementary School 10 Capstone 2 (continued) Start with a 2 day weekend workshop - before that write 1 multi case Workshop will teach students how to debrief, analyze response Over the course of 7 weeks will require 10 15 structured hours a week (say max

20) Limited opportunity to write practice cases; some cases marked; cases debriefed in online webinars Accounting PASS | Professional Supplementary School 11 Description of CFE CFE is 3 days long Day 1 Based on Capstone 1 Day 2 Comp Day 3 Multis CFE covers the same 6 Competencies covered in Core modules:

1) 2) 3) 4) 5) 6) Audit & Assurance Financial Reporting Management Accounting Finance Taxation Strategy and Governance Accounting PASS | Professional

Supplementary School 12 Description of CFE (continued) Required to achieve Depth in 2 areas on the CFE and would need to only achieve Breadth in the others areas For CPA External Audit, would need to achieve depth in the 2 areas, Assurance and Financial Reporting Otherwise need to achieve depth in either Financial Reporting or Management Accounting plus any one of the other 4 competencies, Assurance, Taxation, Performance Management or Finance Would make a choice of one of the four depth areas before the CFE Roll on the elective comp on Day 2 of CFE will differ depending on depth area chosen also different information will be provided depending on depth area chosen Accounting

PASS | Professional Supplementary School 13 Will not be relevant to most students given 2015 date Accounting PASS | Professional Supplementary School Case Writing Techniques 14 Deciding which Path to Take

Advantages of Challenge Exams over Taking the Modules (1) Less Costly The Modules are far more costly than simply writing the challenge exams and taking a prep course Accounting PASS | Professional Supplementary School 15 Deciding which Path to Take (continued) (2) More Study Time Modules take up a significant amount of time, more than a prep course (3) Stronger Technical

Many students who take the modules complain that the technical is not at a high enough level and want to supplement it Accounting PASS | Professional Supplementary School 16 Deciding which Path to Take (continued) (4) Specifically Designed to Prepare Students for the Challenge Exams Modules vary in quality and instructors have little knowledge of the Challenge Exams (5) Same Chance of Passing There appears to be no evidence that students do better on the exams when coming from the Modules

With proper preparation for the Challenge Exams, one should be successful (pass rates are not disclosed, but appear very high) Accounting PASS | Professional Supplementary School 17 Deciding which Path to Take (continued) Advantages of Challenge Exams over Diploma/Accredited Programs (1) Less Costly Diploma/Accredited programs are far more costly than simply writing the challenge exams and taking a prep course Accounting

PASS | Professional Supplementary School 18 Deciding which Path to Take (continued) (2) More Study Time Diploma/Accredited programs take up a significant amount of time (3) More Up to Date on Technical Writing the 4 challenge exams forces students to beef up their technical Anecdotal evidence from many Diploma/Accredited programs is that students feel their technical is inadequate for the CFE There could be a large time gap between when one does the Accounting PASS | Professional Diploma/Accredited

program and the CFE Supplementary School 19 Deciding which Path to Take (continued) (4) Specifically Designed to Prepare Students for the Challenge Exams Diploma/Accredited programs vary in quality and instructors teach to the program, not to the exams (5) Challenge Exams are passable With proper preparation for the Challenge Exams, one should be successful (pass rates are not disclosed, but appear very high) Accounting PASS | Professional

Supplementary School 20 Deciding which Path to Take (continued) Prerequisites The prerequisites will vary depending on the path you take typically more prerequisites are required for the Challenge Exam Path as you need the 51 credit hours CPA Ontario Site below indicates prerequisites for various universities to achieve the 51 credit hours necessary to write Challenge Exams http ://www.cpaontario.ca/Admissions/QualificationProcess/ScheduleofUniversityCourse sforInstituteCredit/1014page15943.pdf Accounting PASS | Professional

Supplementary School 21 Deciding which Path to Take (continued) Prerequisites (Continued) Would be wise to check with your university to ensure document is up to date Note that not all universities offer all 51 credits so you may need to take some prerequisites at another university Prerequisites for the PEP path and Diploma Programs will vary depending upon the university Accounting PASS | Professional Supplementary School

22 Information Session Challenge Exams Blueprints Accounting PASS | Professional Supplementary School 23 23 Blue Print Core 1 and 2

Accounting PASS | Professional Supplementary School 24 Blue Print Core 1 and 2 (continued) Accounting PASS | Professional Supplementary School 25 Blue Print - Assurance Elective

Accounting PASS | Professional Supplementary School 26 Blue Print Assurance Elective (continued) Accounting PASS | Professional Supplementary School 27 Blue Print - Taxation Elective

Accounting PASS | Professional Supplementary School 28 Blue Print Taxation Elective (continued) Accounting PASS | Professional Supplementary School 29 Blue Print - Finance Elective

Accounting PASS | Professional Supplementary School 30 Blue Print Finance Elective (continued) Note that only finance tested in objective format questions Accounting PASS | Professional Supplementary School 31 Blue Print Performance Management Elective

Accounting PASS | Professional Supplementary School 32 Blue Print Performance Management Elective (continued) Note that Management accounting is biggest area Note that Strategy & Governance and Management Accounting over 50% Accounting PASS | Professional Supplementary School

33 Information Session Timing of Challenge Exams Accounting PASS | Professional Supplementary School 34 34 Upcoming Exam Dates

Nov 18 2016 Dec 21/22 2016 March 30/31 2017 July 6/7 2017 Core 1 Core 1

- Core 1 Core 1 - Core 1 Core 2 - Core 2

Core 2 Core 2 Core 2 Core 2 Assurance - Assurance Assurance

Taxation - Taxation Taxation Accounting PASS | Professional Supplementary School Sept 28/29 Dec 20/21 2017 2017

Assurance Assurance Assurance Taxation Taxation Taxation 35 Information Session Preparing for the Challenge Exams and Deciding When to Write

Accounting PASS | Professional Supplementary School 36 36 Preparing for the Exams Difficult to give precise number of hours needed to pass exams will depend upon current level of technical skills Should focus on 3 things: Reviewing technical material Practicing objective format questions which can also help reinforce technical Practicing writing cases Each students is different, so each student needs to come up with a customized study plan

Accounting PASS | Professional Supplementary School 37 Preparing for the Exams (continued) Involves laying out on a week by week basis what you would like to accomplish both in terms of technical review/writing objective format questions and writing practice cases Be realistic take into account work obligations as well as personal life Sample study plans for each of the Challenge Exams are available on the PASS website passyourcpa.ca (under Resources) Study plan prepared in excel so students can tailor the plans to individual circumstances

Accounting PASS | Professional Supplementary School 38 Deciding When to Write Students can write the Challenge exams twice if unsuccessful after two tries need to take modules Therefore students want to be ready when they write Once you figure out the approximate time it will take to get ready you can determine which exam sitting to take No required order for exams possible to write Core 2 before Core 1 and Electives before the Core exams

Accounting PASS | Professional Supplementary School 39 Deciding When to Write (continued) Keep in mind that you cannot write two exams on the same day be careful in scheduling (see next slide) Core 1 and Assurance Elective are generally on the same day, with exception of Nov 18, 2016 when only Core 1 is offered and Dec. 21, 2016 and Sept 28, 2017 when only Assurance Elective is offered Core 2 and Tax Elective are always on the same day If you are starting work in late September, may wish to try to get all of the exams out of the way before you start, by writing 2 exams in July and 2 exams in September

As Core 1 only offered in July (and not Sept) should write Core 1 in July Accounting PASS | Professional Supplementary School 40 Deciding When to Write (continued) Synergy exists between Core 1 and Tax Elective given that taxation is examinable on Core 1 - therefore if you write 2 exams over 2 days would suggest writing Core 1 and Tax - for example. Core 1 on July 6 and Tax elective on July 7 In order to write the CFE in September 2017 need to finish Core and Elective exams by March, 2017 Accounting PASS | Professional

Supplementary School 41 PART 2 PASS PROGRAM Who is PASS? Accounting PASS | Professional Supplementary School 42 42 Who is PASS?

PASS began offering UFE courses in 1989 PASS courses have been offered in all of the large 4 firms PWC, KPMG, EY and Deloitte and numerous mid-size firms PASS courses are offered across Canada Michael Levi, co-director of PASS, former Gold Medalist Instructors have professional UFE marking experience Consistent excellent feedback from students Accounting PASS | Professional Supplementary School 43 Information Session PASS

CPA Program Accounting PASS | Professional Supplementary School 44 44 CPA PASS Program PASS will prepare you for all of the Challenge exams: Core 1 Core 2 Electives Pass will also prepare you for the CFE Accounting

In| Professional addition PASS provides resources for students taking modules PASS Supplementary School and Accredited/Diploma Programs 45 Course for Challenge Exams 15 day Course will: Review technical knowledge for all of the technical competencies Teach fundamental case writing skills necessary to attack cases successfully Provide opportunity for students to write hundreds of practice objective format questions Allow students to practice their case writing by writing simulated cases for the

Core and Elective exams which are debriefed and professionally marked Accounting PASS | Professional Supplementary School 46 Course for Challenge Exams (continued) Many options in terms of timing to suit students writing exams in any sitting Possible to take portion of course in spring, portion in summer and portion in fall if you are writing exams over the course of several months. Possible to take only components of the course e.g. Core 2 exam or Taxation exam, but not recommended if you will be writing all of the exams given that the exams test multiple competencies Please refer to PASS master schedule: http://

www.passyourcpa.ca/master-schedule.php for dates for the challenge exams for each of the exam sittings Accounting PASS | Professional Supplementary School 47 Course for Challenge Exams (continued) Course offered either: (1) In-Class (2) Live Online (3) Video (watch anytime once uploaded) Can mix and match i.e. In-class or/and live online or/and video

Videos available 24/7 for as long as you need them Accounting PASS | Professional Supplementary School 48 Resources for Students Taking Modules Modules generally do not provide a comprehensive technical review PASS therefore provides extensive technical resources to supplement the modules and help students improve their chances of passing Both study materials and videos available Materials and videos include concise summaries of technical material as well many hundreds of multiple choice and other types of objective format questions that can be used to both master the technical material and practice for the exam

Possible to purchase a study binder/video package that covers multiple competencies or individual competencies Accounting PASS | Professional Supplementary School 49 Resources for Students Taking Modules Practice cases also available for module exams Gives students an opportunity to gain an edge by writing additional cases on top of cases written in module Information on technical and case writing material available on the PASS website: Technical Material: http://www.passyourcpa.ca/technical-resources-module-students.php Practice Cases: http://www.passyourcpa.ca/case-writing-resources.php

Accounting PASS | Professional Supplementary School 50 Resources for Students Taking Accredited/Diploma Program Courses and other resources provided for students in Accredited/Diploma programs as many diploma students do not feel adequately prepared for CFE also often these course are over a year before the CFE so lots of time to forget material Technical course and case writing course available Technical course provides a review of all of the competencies Case writing course provides opportunity to write practice cases which are marked professionally and debriefed

Courses available live and through video Professional Accounting PASS | Supplementary School Students can also purchase technical resources 51 Resources for Students Taking Accredited/Diploma Program (cont.) Information on technical and case writing courses and technical material available on the PASS website Courses: http://www.passyourcpa.ca/pass-courses.php#course_group_5

Technical Resources: http:// www.passyourcpa.ca/technical-resources-accredited-program-students.php Accounting PASS | Professional Supplementary School 52 PASS Courses for CFE PASS Courses to Complement Capstone 2 (1) CFE Comprehensive Course includes practice case writing and technique sessions (2) Financial Actg. IFRS/ASPE Review Course (3) Management Actg. Review Course Accounting

PASS | Professional Supplementary School 53 Courses for CFE (continued) Specialized Courses CFE Course for Indian/Pakistan CAs Accounting PASS | Professional Supplementary School 54 Courses for CFE (continued)

Comprehensive Course Practice Case Writing 5 days Course includes: 1 day dedicated to techniques for achieving depth on CFE Write (and get marked) 5 multi simulations Write (and get marked) 2 comps 4 multi simulations and 2 comps de-briefed 1 personal counselling session (for one exam)

PASS comprehensive binder and all course notes Detailed Marking Guide Publication Accounting PASS | Professional Supplementary School 55 Courses for CFE (continued) Comprehensive Course - Technique Sessions 4 days Technique Sessions Numerical Methods Learn how to perform quantitative analysis quickly and effectively Depth in Financial Accounting - Essential technique for financial accounting issues which ensures students will move from 'nominal' or 'reaching' competent to

'competent Integrated Audit learn audit techniques to achieve depth in assurance Integrated Tax Review corporate and personal tax and integrate technical into cases The Integrated Audit sessions is for students who did not do the PASS Challenge Exam Course Accounting PASS | Professional Supplementary School 56 Courses for CFE (continued) Financial Accounting IFRS/ASPE Course 3 Days

In-depth review of financial accounting Publication Financial Accounting Technical Review Course offered In-class and live online All sessions available on video This course is particularly useful for students who did not take the PASS Challenge Exam Course

Accounting PASS | Professional Supplementary School 57 Courses for CFE (continued) Management Accounting Course 6 Evenings In-depth review of management accounting Course offered live online

All sessions available on video This course is particularly useful for students who did not take the PASS Challenge Exam Course Accounting PASS | Professional Supplementary School 58 Courses for CFE (continued) Courses Provide for Maximum Flexibility Courses offered:

In-Class: Live Online: All sessions on video available 24/7 Students can switch between in-class and live online sessions Accounting PASS | Professional Supplementary School 59 Courses for CFE (continued) Why take PASS if taking Capstone 2? (1) More Feedback Needed In Capstone 2 - Limited number of exams written and marked; PASS will provide you with more opportunities to write cases that are marked

professionally and hone your case writing abilities will give you an edge PASS will allow you to meet one on one with marker and learn how to improve your case writing Accounting PASS | Professional Supplementary School 60 Courses for CFE (continued) (2) Case Take-ups PASS Learn the PASS approach to debrief both multis and comps Debrief 2 comps and 4 multi simulations

(3) Learn key techniques to get enough depth to excel on CFE Accounting PASS | Professional Supplementary School 61 Courses for CFE (continued) Do I have time to take PASS when taking Capstone 2? YES Capstone 2 is a time commitment of approx. 10 15 hours per week Capstone 2 is designed for people who work full time in the summer months Accounting PASS | Professional

Supplementary School 62 Registration for PASS Programs Registration Current Program To register for PASS courses visit the PASS website: passyourcpa.ca and register online Admission to courses is on a first come first serve basis so register as early as possible Not required to be registered with CPA Ontario before registering with PASS Accounting PASS | Professional Supplementary School

63 Contact Information For Inquiries: Contact: Michael Levi [email protected] Ira Walfish Accounting PASS | Professional Supplementary School 416-224-9400 [email protected] 416-224-9929

64 Twitter - @pass_cpa & Blog Twitter Follow us on twitter: @pass_cpa We will be regularly updating you with new developments / course specific issues PASS Your CPA Blog Join the conversation on our website, passyourcpa blog Read about current developments and concerns of students Accounting PASS | Professional Supplementary School 65

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