From burnout to victory: CFE winners tell their stories
Passing the Common Final Examination (CFE) is no easy task—it requires diligence, determination and a high level of technical skill. It’s a milestone that’s meant to be celebrated, and CPA Canada congratulates the 1,403 future CPAs who passed the May 2024 CFE, with special recognition for the 16 candidates who landed a spot on the honour roll.
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Jonathan Déragon from Alouette, Que., working with the Canadian Armed Forces in Ottawa, earned the Governor General’s Gold Medal and a CPA Canada cash prize of $5,000 for the highest standing on the May 2024 CFE.
CPA Canada also awards a $2,500 cash prize to the regional winners who receive the highest honours.
Sarah MacKenzie Brining from Emera in Halifax, N.S., is the Atlantic Canada winner; Emily Margaret Peters from Oak Bay Marine Group in Victoria, B.C., is the Western winner and Nicole Cullen from Sun Life in Toronto, is the winner for Ontario.
We asked these regional winners for advice on tackling the CFE and staying focused while studying. From doubting they’d even passed to discovering they’d conquered the entire region, their stories show that sometimes, success sneaks up on you—even when you deserve it the most.
What does being named as the regional winner mean to you?
Sarah MacKenzie Brining (SMB): Being named the regional winner is a testament to the hard work and dedication I’ve put into the CPA program. It also highlights the incredible support I’ve received from my colleagues, friends and family, who greatly helped me along the way.
Emily Margaret Peters (EMP): It makes anything feel possible! Knowing that all my hard work reaped rewards beyond what I had hoped for is an amazing feeling. My friends would say it means I studied too hard.
Nicole Cullen (NC): More than anything, being named the regional winner is an indication that my hard work and preparation has paid off! Being recognized like this is an honour, and I’m thrilled that I was able to achieve it with the support of my family, friends and coworkers!
What was your reaction when you got the news?
SMB: I was at work when I noticed the CPA Atlantic school calling, and my heart sank—I wasn’t sure what to expect. Hearing the news left me in shock; it felt like a dream. I immediately found a meeting room to call my boyfriend and then Facetimed my mom, sister and brother-in-law to share the exciting news.
EMP: I think anyone who has gone through the CFE writing process knows how many emotions you feel leading up to the CFE and again while you await your results. To find out that I had not only passed but had also achieved the highest honours all at once felt absurd. I had to process so many feelings in that moment on the phone with my supervisor. I was glad he kept talking because I just kept on crying happy tears.
NC: I was at work when the leaders of my rotational program delivered the news, and I was shocked! As someone who constantly worries, it was a relief just to know that I passed the exam. It took a few hours to fully process the news, but I was just so excited.
Talk us through your studying process.
SMB: As I approached Capstone 2, I focused on getting organized. I created a detailed study schedule, printed all my cases and reviewed my notes from previous modules. During Capstone 2, I dedicated a lot of time to debriefing cases, making notes on how to approach each scenario and periodically reviewing these notes. This approach gave me the confidence to easily tackle commonly tested scenarios and not repeat any mistakes on the CFE.
EMP: Most of my time was writing and debriefing practice cases. Any time beyond that was focused on reperforming items from my weak areas and common themes I identified. I did one sequence of mock exams over three consecutive days and, while it was initially somewhat discouraging, it wasn’t until after reading the debrief notes that I learned the most about my abilities and weaknesses.
NC: I started by reviewing some of the technical concepts during the end of the Capstone 1 project as prep for the practice cases. During Capstone 2, I followed the schedule provided by CPA Ontario and supplemented with Densmore practice cases to have as much exposure to different scenarios as possible. Throughout writing and debriefing cases, I set aside time each week to review technical concepts, especially those that I was struggling to remember or apply correctly. I also found it helpful to keep a tracker of useful tips that came up through debriefing, plus tools that I could easily set up and apply while writing.
What advice would you give those preparing to write the CFE?
SMB: Approach each module with preparation for the CFE in mind—read the textbooks, take notes and create cue cards. By coming into Capstone 2 with strong technical knowledge and your own notes, you will have more time to write cases and debrief.
EMP: Be kind to yourself and find the balance between studying and resting. I worked hard to stay balanced but even still found days where I performed poorly on a case because I was burnt out. It’s difficult to accept downtime when it feels like there is so much to learn but it’s worth it.
NC: The biggest piece of advice—which I’ve heard from multiple people in my CFE journey—is to do as many practice cases as possible and really focus on the debriefing process. It can be draining to write and debrief a five-hour Day 2 case; however, if you take the time to focus on what you overlooked or missed, each subsequent case will seem easier. Preparing clear plans to structure your responses saves time and ensures you're properly tracking the requirements.
Who or what inspired you to pursue the CPA?
SMB: I struggled to find a major in university, switching programs three times. After my first accounting course, I enjoyed it so much that I switched to business and majored in accounting. My grandad, a CA, inspired me to follow in his footsteps and become a CPA.
EMP: I fell into accounting when I tried a new role with my company and almost immediately knew that I wanted to return to school to pursue my CPA. I enjoyed the framework and saw the successes and skillsets of my supervisor and CFO and knew that I would enjoy the same if I pursued my designation.
NC: My university professors at Laurier were a big part of why I choose to pursue the CPA designation. They provided great insight into the many doors that can be opened with a CPA and how my skills and understanding of the business world would broaden significantly.
How has the CPA program helped to develop your professional skills and competencies?
SMB: It’s taught me how to manage my time personally and professionally, as I’ve had to balance many competing priorities. The foundational knowledge I gained in accounting is directly applicable to my work. I found the assurance module was a valuable asset that eased my transition to an internal audit role.
EMP: It’s helped me understand accounting from a broad and incredibly detailed perspective. This has increased my ability to see the implications of entries, practices and processes in all areas of my job. It has also given me new tools to communicate information and analyze and solve both financial and non-financial problems.
NC: Aside from the technical learnings that come with studying and writing the CFE, the CPA program has helped me to develop other competencies. For example, the Capstone 1 project helped to reinforce my collaboration and time management skills. Capstone 2 helped to strengthen my ability to focus, as it is easy to get distracted when writing that many cases. Capstone 2 also helped to emphasize the importance of prioritization. It seemed like there was never enough time to study—especially as the exam got closer—and being able to focus on the most important concepts became critical.
What have you learned or discovered about yourself in your pursuit to achieve the CPA?
SMB: Throughout my CPA journey, I’ve learned the power of dedication and how much I can achieve when I fully commit to a goal. I discovered that with consistency, I can develop new skills and overcome challenges. This mindset is something I will carry forward as I continue to grow.
EMP: That I cannot study past 10 p.m.; no matter how hard I try. I also learned that I can do difficult things and persevere through busy weeks by taking them one day (or case) at a time.
NC: During this process of trying to achieve my CPA, I have learned that I am capable of handling more than I thought. Balancing studying for the CFE with other areas of my life was difficult, but seeing the results made me realize that I can juggle more than I anticipated.
Are there any challenges you had to overcome in the pursuit of the CPA?
SMB: The biggest challenge was the lack of free time and missing out on important moments with friends.
EMP: There are not enough hours in the day! This is not a problem unique to CPA pursuits, so I used the tools available to me: meal kits, boundaries and leaning on others. It was not a perfect solution, but it helped.
NC: The biggest obstacle that I have encountered in pursuing my CPA designation is preparing mentally for the CFE. Managing my own expectations, while acknowledging the pressure that comes with such a large exam was important. Relying on my family and friends as I studied was crucial in understanding that—despite writing the exam on my own—I had the support of so many people!
What are your career goals as a CPA?
SMB: As I approach the completion of my CPA journey, I’m excited about the opportunities ahead. While I don’t have a definitive answer to "what I want to be when I grow up," I see my CPA designation as an opportunity to explore various roles and career paths. I’m looking forward to seeing where it takes me.
EMP: I am keeping an open mind. My first degree was in world literature, so I never imagined I would end up on this career path. I am excited to see where I go. I enjoy problem solving, communicating and leading, so I hope to work in leadership positions that will continue to challenge me.
NC: I am so excited to continue my rotational program at Sun Life as I pursue my CPA designation. In the future, I hope to continue a career in accounting while gaining more business knowledge and hopefully help future CPAs gain their designations! I’m excited to see the intersection of strategy and finance as I further my career.
CHECK OUT THE 2024 CFE HONOUR ROLE
See the full list of honour roll candidates. Plus, read about how the Governor General’s Gold Medal winner earned the highest marks of all.
Photo caption: Nicole Cullen, from left, Emily Margaret Peters and Sarah MacKenzie.