CFE regional winners share a sense of pride and excitement
Clockwise from top left: Jake Pamic, Julie Carruthers, Melanie Jagroop and Daphne Ward (Images provided)
Preparing for—and passing—the Common Final Examination (CFE) is a rigorous undertaking that requires focus, discipline and determination. It’s no small accomplishment and congratulations are in order for the 1,640 successful writers from the May 2022 sitting, including the 16 writers who achieved Honour Roll status.
Lixian Cao from KPMG LLP in Saskatoon, Saskatchewan earned the Governor General’s Gold Medal and a CPA Canada cash prize of $5,000 for the highest standing on the May 2022 CFE.
CPA Canada also awards a $2,500 cash prize to the regional winners who received the top marks.
Daphne Ward from Newfound Mechanical Ltd. in St. John’s, NL, is the Atlantic Canada winner; Julie Carruthers from Deloitte S.E.N.C.R.L./s.r.l. in Montreal, is the Quebec winner and Melanie Jagroop from Arterra Wines Canada Inc. in Mississauga and Jake Pamic from Payments Canada in Ottawa tied and are the co-Ontario winners.
We asked all four regional winners to share their experiences and insights about the exam, challenges along the way and what’s next for their career goals.
CPA CANADA: WHAT DOES BEING NAMED AS THE REGIONAL WINNER MEAN TO YOU?
Daphne Ward (DW): It means a lot. It means that my hard work, studying and perseverance paid off even when, at times, I doubted myself or felt like it was all too much.
Julie Carruthers (JC): It confirmed to me that it’s never too late to do what you want in life when you are determined.
Melanie Jagroop (MJ): It’s an honour and an incredible feeling to know that my hard work paid off in a big way.
Jake Pamic (JP): It really gave me comfort that how I approached the CPA program, including the CFE, was the right way for me and reinforces my work ethic in other aspects of my life.
CPA CANADA: WHAT WAS YOUR REACTION WHEN YOU GOT THE NEWS?
(DW): I was at work when I received the call, I asked them to confirm what they had said at least twice. I was so excited to call my family and they were just as ecstatic as I was. I was in disbelief for the remainder of the workday and still am!
(JC): It was 10 a.m. I’d just read that I’d passed and with honours. For me, who for a moment doubted I had passed the exam, that was already a big deal. It was so unexpected that I started to cry—out of joy of course!
(MJ): It was a regular month-end workday for me when I got the news. I was shocked and pretty emotional because this is a huge achievement for me and for everyone that has supported me on this journey.
(JP): Getting a call in the middle of the afternoon while working at home from a number I did not know, I expected it to be a telemarketer or wrong number. To my surprise, it was an extremely pleasant phone call and really made my day and week!
TALK US THROUGH YOUR STUDYING PROCESS.
(DW): I was very fortunate that my employer allowed me to take time off work to focus on my studying. I started by finding every practice case and past CFE at my disposal. I packed these into my calendar with the Capstone 2 submissions. I would attempt the cases and then debrief. I summarized every standard, quant, tax rule and audit procedure that I came across as I went through the cases and combined it into one single document. I also summarized further and added to the flashcards and created some of my own.
(JC): Some friends and I created a study group to motivate our selves and stay on track. By sharing our work, we could see how each of us answered and use that information to improve our responses next time. Psychologically, it helps to know that you’re not alone in your efforts. In the two months leading up to the CFE, we also did one test exam per week under exam conditions, which helped to prepare me physically and psychologically.
(MJ): Maintaining a calendar and checklist was a big part of my process. It helped me stay organized, hold myself accountable and take much-needed breaks.
(JP): Since I did not do an accounting degree in university, I felt this would be a weakness compared to others and really drilled into it. I completed a thorough review of my preparatory and PEP module notes, practice sets and cases. After that, a mix of practice exams with a couple days off per week kept me engaged and feeling on top of everything.
CPA CANADA: WHAT ADVICE WOULD YOU GIVE THOSE PREPARING TO WRITE THE CFE?
(DW): Budget your time and accept that your responses will not be perfect. Taking those extra 10 minutes on one AO leaves less time for another and, while it’s very tempting to allow yourself the extra time when you’re studying at home, you won’t get that opportunity on the CFE.
(JC): To be methodical, to respect the time limit when preparing for the CFE as well as on the actual day. If you try to do too well on one question, you often sacrifice the following questions. It’s also important to pay attention to your mistakes—that’s where I learned the most.
(MJ): Trust the process. The start of CFE prep felt overwhelming—understanding the exam format, getting acquainted with all of the study resources that are available, and learning how to approach four- and five-hour cases. It gets better the more you practice and debrief.
(JP): Use the techniques that work best for you, whether it is reviewing notes, study groups or constant practice in exam conditions. Identify where you’re weak and strong and adjust your strategy accordingly. Lastly (and most important in my opinion), take time for yourself to avoid mental defeat.
CPA CANADA: WHO OR WHAT INSPIRED YOU TO PURSUE THE CPA DESIGNATION?
(DW): When I first started accounting courses, I knew I eventually wanted to obtain my designation—not only to have a rewarding career, but to prove to myself that if I work hard enough, I can achieve anything.
(JC): Before accounting, I started and ran a prepared meals business for five years. In addition to being the head chef, I managed everything. I worked with an accountant who guided me through bookkeeping, cost management and business valuation. I found it really interesting.
(MJ): It was a collection of people and conversations that helped me realize the value that the designation could unlock for me.
(JP): Coming off a previous designation and a master’s degree, I was hesitant to hop back into studying. My CFO recommended I take the plunge and obtain the CPA designation, knowing it would help further my career. I am very happy I took her advice.
CPA CANADA: HOW HAS THE CPA PROGRAM HELPED TO DEVELOP YOUR PROFESSIONAL SKILLS AND COMPETENCIES?
(DW): The CPA program has enhanced my accounting knowledge as well as my problem-solving skills. Much of the program is based on case studies and often the “solution” comes down to professional judgment. This experience has increased my confidence in applying my skills and competencies to real-life situations.
(JC): I really appreciated the communication aspect and the leadership development. During our teamwork, we had to learn to listen to others, express ourselves clearly and make compromises. Those are skills that are used all the time.
(MJ): Aside from all of the technical knowledge, the CPA program has helped to develop my critical thinking skills and ability to break down complex problems.
(JP): It has really helped to further develop my communication skills by learning to write more concisely and directly. Through the program, I have also developed a stronger ability to see the “big picture” in how I approach and solve problems, which I think will benefit me throughout my career.
CPA CANADA: WHAT HAVE YOU LEARNED OR DISCOVERED ABOUT YOURSELF IN YOUR PURSUIT TO ACHIEVE THE CPA DESIGNATION?
(DW): I’ve learned that I’m a very determined person. There were many times when I wanted to throw in the towel, but I pushed myself harder and, the closer I got to the finish line, the more determined I became.
(JC): That it’s never too late to become a CPA. Despite all the challenges I faced and my atypical background, I saw it through to the end. I hope to inspire others to do the same.
(MJ): I proved to myself that “you can do anything you set your mind to” is more than just a quote. I set out on this path a few years ago and there were some points when it felt impossible to juggle school, work and personal commitments. I tackled it one step at a time, building a strong work ethic along the way.
(JP): I tend to push myself extremely hard, while still feeling very unprepared at times. As I progressed through the program, I became more confident in what I knew and how prepared I was. This allowed me to go into the CFE confidently and with a clear mind.
CPA CANADA: WHAT ARE YOUR CAREER GOALS AS A CPA?
(DW): Up to this point, obtaining the designation was my goal. I just want to be the most knowledgeable and valuable CPA that I can be for myself and my employer.
(JC): I’m curious by nature, so I’m interested in taxation and business valuation, for example, as well as the consulting services that large firms offer. That said, I could see myself one day working as a chief financial officer, because it requires a broader view, which means I could play a key role.
(MJ): With the CFE behind me, I’m looking forward to continuing this momentum and reaching new heights in my professional career. In the future, I would love to help others as a CPA mentor.
(JP): I really enjoy what I am doing now—providing management reporting, strategic financial analysis and decision support across the company. I’d love to further improve my enabling competencies and business knowledge, and eventually work in a senior leadership role in finance.
CHECK OUT THE 2022 CFE HONOUR ROLE
See the full list of honour roll candidates. Plus, read about how the Governor General’s Gold Medal winner landed the top spot.