The Canadian national CPA exam also known as the CFE is 3 days long and offered only once a year in September. Starting 2020, the exam will be offered twice a year; in May and September.
Day 1 is directly linked with Capstone 1. If you’re enrolled or have done Capstone 1 then you should be well prepared for day 1 of the CFE. The exam is linked to your Capstone 1 group case. The exam is 4 hours long. If a candidate fails day 1, they only have to rewrite day 1 of the 3 day exam.
Day 2 and 3 go hand in hand. They are both marked together. So if a candidate fails one of the 2 days, they automatically fail both days.
Day 2 is 5 hours long and it’s comprised of one long big case. The Board of Evaluators (BOE) say it should take a candidate 3.5 hours to write this 5 hours case. So you have ample time to write it. This is your day to demonstrate DEPTH on the CFE. In order to pass at level 3, you need to achieve depth here. The case is different for each writer depending on the ROLE you selected on the CFE. Most candidates select assurance because this is the way to go if you want ALL your options and doors open and also plan on working in public accounting.
Day 3 of the CFE is 4 hours long. This exam is comprised of 3 multi competency simulations. They can be as long as 90 minutes or as short as 45 minutes. Time is of the essence on this day. It’s all a big rush and race to the finish line. This is your day to demonstrate breadth on the CFE. Also known as level 4.
