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CPA Professional Education Program: Capstone modules

Learn about the capstone modules of the CPA Professional Education Program (CPA PEP).

To fulfill the requirements of the CPA PEP, you must complete six modules—two core modules, two elective modules and two capstone modules. The capstone modules are culminating courses in which you demonstrate what you have learned over the course of the CPA PEP. Both modules are common to all CPA PEP candidates and are taken after successful completion of the core and elective modules.

CANDIDATE GUIDE

The Candidate Guide offers valuable information about the program, including an overview of the modules, candidate responsibilities, policies and computer requirements.

Evaluation

The capstone integrative module (Capstone 1) combines individual and group work, supported by written assignments and oral presentations. The use of teamwork enables candidates who chose different electives to experience working together to achieve a complete analysis. The written and oral components further develop the technical and enabling competencies gained in the preceding modules.

The capstone examination preparatory module (Capstone 2) has no module-specific examination since it immediately precedes the national Common Final Examination (CFE).

Capstone 1 cases

The May 2025 Capstone 1 module will use the Meadowlark Entertainment Inc. case (available in mid-July). A sample report, including appendices, will be available in late July.

The January 2025 Capstone 1 module will use the Viviana’s Trattoria Ltd. case (available in early April). A sample report, including appendices, will be available late April.

The Amuzu Parks Inc. case was used in the May 2024 offering of the Capstone 1 module. A sample report, including appendices, is also available.

The Neptune Point Fisheries Inc. case was used in the January 2024 offering of the Capstone 1 module. A sample report, including appendices, is also available.

Note: The sample report is not a solution and represents a single team's work. Case names for the 2026 offerings of Capstone 1 will be made available in late October 2025.

2025 CFE cases

The following Day 1 cases will be offered* for the May 2025 CFE:

  • Viviana’s Trattoria Ltd. (version 1) – introduced in the January 2025 Capstone 1 module
  • Neptune Point Fisheries Inc. (version 2) – introduced in the January 2024 Capstone 1 module

The following Day 1 cases will be offered* for the September 2025 CFE:

  • Meadowlark Entertainment Inc. (version 1) – introduced in the May 2025 Capstone 1 module
  • Amuzu Parks Inc. (version 2) – introduced in the May 2024 Capstone 1 module 

*First-time writers must choose the case that was linked to the Capstone 1 module they completed, provided that case is available. Candidates who were previously unsuccessful on the CFE and candidates who are challenging the CFE, such as international candidates, can choose from either of the available cases offered for that sitting.

The graphic below shows the current Capstone 1 cases and when each version of that case will be offered on that CFE.

Graphic summarizing the timing of each case offering.

Capstone 2 cases

Additional practice cases are available for candidates enrolled in Capstone 2. For examples of CFE cases, please refer to the CFE Board of Examiners’ reports.

For the complete list of cases, refer to the Capstone 2 cases list. 

Dates for national capstone module offerings

The CPA PEP and CFE calendar provides the key dates for all CPA PEP modules as well as the Common Final Examination (CFE). Please contact your provincial/regional CPA body to see if these offerings are available in your area.

The Capstone 2 Module Calendar includes dates for mock examinations, practice cases and practice case feedback:

  • The April 2025 Capstone 2 calendar will be available by January 24, 2025
  • The July 2025 Capstone 2 calendar will be available by May 9, 2025.