Information/Study Plan Session 2014 UFE / 2015 CFE

Agenda Introduction New CPA Program Current Program – 2014 UFE – Fast Trackers - Knowledge Required 4) Current program - Structure of the CKE, SOA and UFE 5) Preparing a study plan 6) Who is PASS? Outline of PASS Program – Not Fast Tracking Outline of PASS Program – Fast Tracking Should I fast track and write this year in May 2014 Registration Information Study Plan

Introduction Two options available to students: Write exams leading up to CPA under current system – Fast Track Write exams leading up to CPA under new system Under Fast tracking option students would write 3 exams in 2014: CKE – May 5 (results May 16) SOA – June 2 (final exam June 24/25 / results July 18) UFE – Sept. 9-11 (results Nov. 28) Students who don`t fast track would only begin to write exams at the earliest in September 2014 and would not have to begin their studies until after completing university Study Plan

Introduction Only students who have a job offer can fast track; other students must enter the new CPA educational program Our purpose is to familiarize students with both the current and the new educational system We would also like to talk about PASS and how it can help you get through the exams under both systems For those students who have the option of fast tracking we will also talk about the pros and cons of fast tracking Study Plan

Information/Study Plan Session New CPA program 5

DIAGRAM OF CPA PROFESSIONAL EDUCATION PROGRAM Case Writing Techniques

New CPA Qualification System – 2015 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 by writing “Challenge Exams” rather than participating in the 2 core and 2 elective modules Study Plan

New CPA Qualification System – 2015 Summary of Program Challenge Exams would be completed in Fall 2014 and Winter 2015– could write first challenge exam at end of September 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 – mid May to July 2015 and then the Capstone Evaluation Preparation – end of July & August 2015 First CFE is in September 2015 Study Plan

Case Writing Techniques

Description of CFE CFE covers the same 6 Competencies covered in Core modules: 1) Audit & Assurance 2) Financial Reporting 3) Management Accounting 4) Finance 5) Taxation 6) Strategy and Governance Study Plan

CFE Required to choose 2 “Depth” areas on the CFE and would need to only achieve “Breadth” in the others areas Depth area does not need to correspond with areas selected for elective modules For CPA External Audit, would need to choose as Depth areas, Audit & Assurance and Financial Reporting Otherwise would choose either Financial Reporting or Management Accounting plus any one of the other 4 competencies Roll on CFE is expected to differ depending on depth areas chosen –also different exhibits will be provided depending on depth area Study Plan

Information/Study Plan Session Current Education Program Leading to 2014 UFE (Fast Trackers) 12

Current Education Program- Level of Technical Knowledge Required For all 3 exams: CKE, SOA and UFE students are responsible for 6 technical competencies Governance, Strategy and Risk Management Performance Measurement and Reporting (PMR) Assurance Finance Management decision making Taxation Study Plan

Current Education Program- Level of Technical Knowledge Required Competencies are similar to new system but there is no choice of depth areas; 2 depth areas for all students are Assurance and PMR Level of knowledge required in PMR is similar for both current and new CPA program Level of knowledge required in finance, management accounting and governance & strategy is lower under the current program than under the new CPA program Level of knowledge required in assurance and tax is similar under both programs assuming that student chooses assurance and tax as depth areas under the new program; otherwise more knowledge of assurance and tax is required under the current program Study Plan

Structure of CKE CKE is a purely technical 100 questions exam over 4 hours Each question is 1 mark – max 2.4 minutes Questions are single competency Order of competencies random Historically – approx. 75% - 80% pass (not disclosed) Passing mark – 50 – 60??? (not disclosed) Study Plan 15

Structure of SOA SOA consists of 2 papers over 2 days First day is 5 hour comprehensive simulation (Approx 15-20 pages) Next day: 4 hour paper consisting of a number of simulations (Approx 60 to 90 minutes each) 3 simulations on second day All cases will test more than one competency Each day is weighted 50% Study Plan 16

Competencies Weightings CKE and SOA Competency Weighting Governance, Strategy and Risk Management 5% Performance Measurement and Reporting 25% Assurance 30% Finance 10% Management Decision Making 15% Taxation Study Plan 17

Structure of UFE UFE consists of 3 papers over 3 days First day is 5 hour comprehensive simulation (Approx 12-20 pages) Next two days: 4 hour papers consisting of a number of simulations (Approx 60 to 90 minutes each) 3 simulations per multi day All cases will test more than one competency Study Plan 18

Competencies Weightings UFE Competency Weighting Governance, Strategy and Risk Management 5% - 10% Performance Measurement and Reporting 20% - 30% Assurance 25% - 35% Finance 10% - 20% Management Decision Making Taxation Study Plan 19

Studying for the Provincial Program Exams / UFE New style required relative to University Balancing technical study with case writing – Winter versus Summer Writing full 4 hours versus one case at a time Use of study group Technical study sources and old UFEs Preparing a study plan Study Plan 20

Example of Study Plan Will present example of study plan for “Average Joe” Plan needs to be tailored to suit your needs Means considering a number of factors including: When you are writing the CKE - May, 2014 University vs. CKE studying Personal commitments - family, weddings etc. Vacations Study Plan

Case Writing Techniques Course starts Jan. 26 Case Writing Techniques

Case Writing Techniques CKE – May 5 SOA begins – June2 Case Writing Techniques

Case Writing Techniques Start writing Old UFEs right after SOA end Write 2008 and 2009 before PASS UFE Course begins PASS UFE course begins July 23 Case Writing Techniques

Case Writing Techniques

Case Writing Techniques Write 2010 to 2013 after PASS Course ends Main focus in summer is case writing – minimal time on technical Case Writing Techniques

Case Writing Techniques CKE CKE SOA UFE Case Writing Techniques

Who is PASS? PASS began offering UFE courses in 1989 PASS courses are offered in all of the large 4 firms – PWC, KPMG, EY and Deloitte & Touche 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 Study Plan

Pass Team Ira Walfish Michael Levi Jethro Bushenbaum Narmin Multani Liz Farrell Laura Simione Study Plan 29

Outline of PASS Ontario Program Program consists of 4 Components: CKE Course SOA Course Summer Comprehensive Course PASS Publications Program provides training for all Exams necessary for obtaining CA By signing up for a program students can save money compared with taking courses individually as discounts are built into the programs Students can combine in-class and online courses in their program Study Plan 30

Course Delivery Formats 3 Course Formats In-Class Live Online Video ** Students can combine any of the above options ** Study Plan

Information/Study Plan Session New PASS CPA Program (Not Fast-Tracking) 32

New CPA PASS Program PASS will prepare you for all of the exams: Core 1 Core 2 Elective Modules 1, 2, 3 & 4 CFE Study Plan

New CPA PASS Program (To Be Decided….) CPA Canada / ICAO are currently deciding whether to allow candidates to write 2 exams on one day Core 1 (C1) Fin. Act’g. / Core 2 (C2) Mgmt. Act’g. Elective 3 (E3) Assurance / Elective 4 (E4) Tax If not allowed – write 4 exams in fall of 2014 or some in winter 2015 -- Sept. 27 (C2) / Nov. 22 (C1) / Dec. 19 (E3) / Dec. 20 (E4) Or -- March 2015 (4 exams – C2, C1, E3, E4 – cannot write all 4) If allowed – write: Sept. 27 or Dec. 20 or Mar. 2015 (C2) Sept. 27 or Dec. 19 or Mar. 2015 (E3) Nov. 22 or Mar. 2015 (C1) Dec. 20 or Mar. 2015 (E4)

New CPA PASS Program (Options - Assume 1 exam per day) FALL 2014 EXAMS WINTER 2015 EXAMS Core 2 – Sept. 27 (Gov., Mgmt. Acc.) Core 2 – March (Gov., Mgmt. Acc.) Core 1 – Nov. 22 (Fin. Act’g.) Core 1 – March (Fin. Act’g.) Elective 3 – Dec. 19 (Audit) Elective 3 – March (Audit) Elective 4 – Dec. 20 (Tax) Elective 4 – March (Tax) Capstone 1 – May – July, 2015 Capstone 2 – Aug, 2015 CFE – September, 2015 Study Plan 35

New CPA PASS Program (Options - Assume 2 exams per day) FALL 2014 EXAMS (1 EXAM PER DAY) FALL 2014 EXAMS (2 EXAMS PER DAY) WINTER 2015 EXAMS Core 2 – Sept. 27 (Gov., Mgmt. Acc.) Core 2 – Sept. 27 (Gov…) Elective 3 – Sept. 27 (Audit) Core 2 – March (Gov., Mgmt. Acc.) Core 1 – Nov. 22 (Fin. Act’g.) Core 1 – March (Fin. Act’g.) Elective 3 – Dec. 19 (Audit) Elective 3 – March (Audit) Elective 4 – Dec. 20 (Tax) Core 2 – Dec. 20 (Gov…) Elective 4 – March (Tax) Capstone 1 – May – July, 2015 Capstone 2 – August, 2015 CFE – September, 2015 36

New CPA PASS Program (Core 1, 2, Electives 3, 4) Core 2 – Management Accounting, Planning and Control - Sept. 27 or Dec. 20, 2014 Elective Module 3 – Assurance – Sept. 27 or Dec. 19, 2014 Core 1 – Financial Accounting and Reporting – Nov. 22, 2014 Elective Module 4 – Taxation – Dec. 20, 2014 Preparatory sessions in all competencies 14.5 full days of instruction: Financial Act’g. – 5.5 days / Assurance – 1.5 days Tax – 2 days / Management Act’g. – 1.5 days Finance – 1 day / Governance, Strategy, IT – 1 day Practice Cases – 2 days n

New CPA PASS Program (Core 1, 2, Electives 3, 4 cont.) Course offering options: (1) Mid to Late August – In-Class – Toronto (and Ottawa*) (2) Mid August to Mid Sept. – Online (Sundays and Nights) (3) Sept. to Nov. – In-Class – Toronto (and Ottawa*) Practice both objective testing questions (i.e. multiple choice and other types of short answers) and at least 1 sample case for each exam 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 * Subject to enrolment, one Ottawa in-class course will be held

New CPA PASS Program (2015 Exams) Core 2 – Management Accounting, Planning and Control – March 2015 Exam Core 1 – Financial Accounting and Reporting – March 2015 Exam Elective Module 3 – Assurance – March 2015 Exam Elective Module 4 – Taxation – March 2015 Exam Preparatory sessions in all competencies 14.5 full days of instruction Dec. 2014 to Mar. 2015 (tentative) Course offered either: (1) In-Class (and some live online sessions) (2) Video (watch anytime)

New CPA PASS Program (CFE) CFE – Sept. 2015 Exam Preparatory sessions will take place between March 2015 and September 2015 Combination of Case Writing and Technique Sessions Professional experienced markers Course offered either: (1) In-Class (2) Live Online (3) Video (watch anytime) Study Plan

Information/Study Plan Session PASS Program Current Program 41

CKE Course 12 full days of instruction (Sundays only) Technical review of all 6 competencies 3 simulated 100 question practice multiple choice exams Comprehensive binder with technical summaries and hundreds (approx. 650+) of multiple choice questions Course offered either: (1) In-Class (2) Video ** It is expected that students will do a combination of in-class sessions & videos ** Study Plan

SOA Course Learn how the SOA is marked Instruction on how the SOA differs from the UFE and specific techniques relevant to the SOA exam Write simulated multi competency cases and comp specifically designed for the SOA 4 multi competency cases and 1 comprehensive paper – professionally marked and debriefed in class 3 Days of Instruction Course offered either: (1) In-Class (2) Live Online (3) Video

Summer Comprehensive UFE Course Provides all the tools you need to pass the UFE Consists of writing practice cases and ``technique sessions`` Write 2 multi exams (3 questions each) and 2 comps - Cases marked professionally and debriefed in class Personal counselling session with professional marker – will tell you what you need to do to pass Receive comprehensive binder and detailed UFE guides for 2007 - 2013 UFE All sessions recorded and videos available 11 days of Instruction 44

UFE Technique Sessions Provides specific techniques for excelling on UFE cases: Audit Integration – key points for getting depth in assurance Financial Accounting Integration – essential techniques for analyzing issues in sufficient depth Numerical Methods – learn how to number crunch efficiently and effectively How to Write a Comp – develop structured approach Taxation Strategies in UFE Cases – review common tax scenarios that come up in UFE and how to attack them All sessions recorded and videos available Sessions are not intended to be technical Study Plan 45

PASS Publications Publications for Students in the PASS Program Comprehensive CKE Binder including the multiple choice practice questions and answers and 3 full 100 question exams Detailed SOA Evaluation Guides – 2009 – 2013 Detailed UFE Evaluation Guides – 2007 – 2013 Financial Accounting on the UFE – An Integrated Approach for the 2014 UFE Study Plan

Optional Courses (Not part of Program) Winter SOA / UFE Case Writing Course Financial Accounting IFRS/ASPE Review Comp Writing Course Study Plan

Winter Case Writing Course (Optional – Not Part of Program) Practice case writing for both the SOA and UFE Study plan session Introduction to writing cases Write and hand in 2 multis (2 questions each) and 1 comp Cases marked and returned Cases debriefed Sessions offered in-class or live online or video Study Plan

Financial Accounting IFRS/ASPE Review (Optional – Not Part of Program) Intended to provide extra help with integrating financial accounting into case writing Short 2 evening course Quick Review of financial accounting topics 2 practice cases incorporating many IFRS issues Useful for both SOA/UFE Both sessions only offered live online and video Study Plan

Comp Writing Course (Optional – Not Part of Program) Intended to provide extra help with writing the Comp Write 2 extra comps – marked and debriefed Personal counselling session with comp marker Walk through comp with instructor All sessions recorded and videos available 3 extra days of instruction (if taken with UFE Comprehensive Course) Study Plan 50

PASS Program Summary Ontario CKE, SOA and Comprehensive (Summer) UFE Program In summary - The PASS program for university students consists of: CKE Course – 12 days SOA Course – 3 days Summer UFE Comprehensive Course – 12 days 4 Publications Program especially tailored for students who want to fast track and write the CKE, SOA and UFE in 2014 Study Plan 51

PASS Program Summary (continued) Optional Courses In summary – There are 3 optional courses you can take : Winter Case Writing Course – 4.5 Days IFRS Course – 2 Evenings Comp Writing Course – 3 Days Study Plan

Should I Fast Track?– Pros and Cons Same system as in previous year – Predictable, historical results, not a guinea pig In study mode If successful – no need to study when working, advance more quickly If only pass CKE, no need to write Core 1 and 2 If unsuccessful in SOA or UFE, write SOA make-up Nov. 7/8 or 14/15, 2014 & UFE June 2-4, 2015 Cons Potentially compromise current course marks No summer - Time constraint Study Plan

Fast Tracker - Registration Registering with the ICAO Need to register as Conditional Student – recommend doing so beginning of 2014 Need to register for each exam: May CKE and SOA: Registration opens March 1; Late fee after March 15; Deadline March 29 UFE: Registration opens August 1; Late fee after August 16; Deadline August 23 Study Plan

Registration for PASS Programs Registration – Current Program To register for PASS courses under current educational system, visit the PASS website: passufe.ca and register online First course in PASS program– the CKE Course - begins at the end of January, 2014 so register as soon as possible to ensure a place Not required to be registered with ICAO before registering with PASS Study Plan

Registration for PASS Programs Registration – New CPA Program (Not Fast Tracking) Too early to sign up for courses under the new system; registration will commence in the spring To be notified of when registration is open and be kept up to date on all the latest developments with regard to writing under the new CPA system including PASS courses available: Go to passufe.com, click on the first line, click on “University Student information Session”; then click on “subscribe” in the Information Session box and enter your name and e-mail Study Plan