University Students - Information Session - 2014

Report
Professional Accounting Supplementary School (PASS)
Information/Study Plan Session
2014 UFE / 2015 CFE
Accounting
PASS | Professional
Supplementary School
Agenda
1)
Introduction
2)
New CPA Program
3)
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?
7)
Outline of PASS Program – Not Fast Tracking
8)
Outline of PASS Program – Fast Tracking
9)
Should I fast track and write this year in May 2014
10)
Registration Information
Accounting
PASS | Professional
Supplementary School
Study Plan
2
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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Accounting
PASS | Professional
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Study Plan
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Information/Study Plan Session
New CPA
program
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DIAGRAM OF CPA PROFESSIONAL
EDUCATION PROGRAM
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Case Writing Techniques
6
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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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Accounting
PASS | Professional
Supplementary School
Case Writing Techniques
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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Information/Study Plan Session
Current
Education
Program
Leading to
2014 UFE
(Fast Trackers)
Accounting
PASS | Professional
Supplementary School
12
12
Current Education Program- Level of Technical
Knowledge Required
 For all 3 exams: CKE, SOA and UFE students are responsible for 6 technical
competencies
1.
2.
3.
4.
5.
6.
Governance, Strategy and Risk Management
Performance Measurement and Reporting (PMR)
Assurance
Finance
Management decision making
Taxation
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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)
Accounting
PASS | Professional
Supplementary School
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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%
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
15%
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
10% - 20%
Taxation
10% - 20%
Accounting
PASS | Professional
Supplementary School
Study Plan
19
Studying for the Provincial Program Exams /
UFE
1.
2.
3.
4.
5.
6.
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
Accounting
PASS | Professional
Supplementary School
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
Accounting
PASS | Professional
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Study Plan
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Course starts
Jan. 26
Accounting
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Case Writing Techniques
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CKE – May 5
SOA begins –
June2
Accounting
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Case Writing Techniques
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Start writing Old UFEs right after SOA end
Write 2008 and 2009 before PASS UFE Course
begins
PASS UFE course begins July 23
Accounting
PASS | Professional
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Case Writing Techniques
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Accounting
PASS | Professional
Supplementary School
Case Writing Techniques
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Write 2010 to 2013 after PASS Course ends
Main focus in summer is case writing – minimal
time on technical
Accounting
PASS | Professional
Supplementary School
Case Writing Techniques
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CKE
CKE
SOA
UFE
Accounting
PASS | Professional
Supplementary School
Case Writing Techniques
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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Pass Team

Ira Walfish

Michael Levi

Jethro Bushenbaum

Narmin Multani

Liz Farrell

Laura Simione
Accounting
PASS | Professional
Supplementary School
Study Plan
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Outline of PASS Ontario Program
Program consists of 4 Components:
1.
2.
3.
4.
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
Accounting
PASS | Professional
Supplementary School
Study Plan
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Course Delivery Formats
3 Course Formats
(1) In-Class
(2) Live Online
(3) Video
** Students can combine any of the above options **
Accounting
PASS | Professional
Supplementary School
Study Plan
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Information/Study Plan Session
New
PASS
CPA Program
(Not Fast-Tracking)
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PASS | Professional
Supplementary School
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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:
Accounting
PASS | Professional
Supplementary School
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)
34
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
Core 1 – March
(Fin. Act’g.)
(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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Act’g.)
Core 1 – Nov. 22
Act’g.)
Core 1 – March
Act’g.)
(Fin.
(Fin.
(Fin.
Elective 3 – Dec. 19 (Audit) Elective 3 – Dec. 19 (Audit) Elective 3 – March (Audit)
Elective 4 – Dec. 20 (Tax)
Accounting
PASS | Professional
Supplementary School
Elective 4 – Dec. 20 (Tax)
Core 2 – Dec. 20 (Gov…)
Capstone 1 – May – July, 2015
Capstone 2 – August, 2015
CFE – September, 2015
Elective 4 – March (Tax)
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
Accounting
PASS | Professional
Supplementary School
n
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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
Accounting
PASS | Professional
Supplementary School
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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:
Accounting
PASS | Professional
Supplementary School
(1) In-Class (and some live online sessions)
(2) Video (watch anytime)
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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:
Accounting
PASS | Professional
Supplementary School
(1) In-Class
(2) Live Online
(3) Video (watch anytime)
Study Plan
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Information/Study Plan Session
PASS
Program
Current
Program
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PASS | Professional
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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 **
Accounting
PASS | Professional
Supplementary School
Study Plan
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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:
Accounting
PASS | Professional
Supplementary School
(1) In-Class
(2) Live Online
(3) Video
43
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
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PASS | Professional
Supplementary School
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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
Accounting
PASS | Professional
Study Plan
Supplementary School
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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Optional Courses
(Not part of Program)
(1) Winter SOA / UFE Case Writing Course
(2) Financial Accounting IFRS/ASPE Review
(3) Comp Writing Course
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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)
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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Should I Fast Track?– Pros and Cons
Pros
• 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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
Accounting
PASS | Professional
Supplementary School
Study Plan
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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
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PASS | Professional
Supplementary School
Study Plan
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