20 Ontario students made Canada'sCommon Final Examination's (CFE)Honour Rollfor top marks on the first year of the CPA entry examinations in the country,CPA Ontarioannounced on Wednesday. The CFE marks the first time that Canadian test-takers can become CPAs by passing a single examination.
The CFE, taken in September, is a national three-day evaluation exam that assesses professional knowledge, judgment, ethics and communication. It is an important component of Canada's new CPA qualification program, which includes education, experience, and exam requirements. Only those who complete this entire CPA program successfully are entitled to use the CPA title.
A total of 20 Ontario students placed on the prestigious 52-member National Honour Roll. Furthermore, Ontario had 782 of the country's 2,219 successful CFE test-takers. CPA Ontario also celebrated more than 3,550 successful students, who were either admitted into membership or close to achieving it, during four convocation ceremonies that took place last November.
On February 27, CPA Ontario will hold its annual convocation ceremony in Toronto to celebrate the success of students who successfully participated in this year's CFE.
Toronto's Erin Compeau will be honored for achieving the highest marks in Canada during the inaugural CFE. Compeau has a Bachelor of Business Administration with Distinction from York University's Schulich School of Business and works at Deloitte in Toronto.
"I appreciate the respect that the designation affords and that there is an element of altruism in being a CPA, in that it provides a valuable public service," Compeau said in a statement. "This is definitely a transitional year for the accounting profession and being the first year of students to write the new CFE exam definitely brought with it a pressure to uphold the high standards set by past writers of the former Uniform Evaluation (UFE)."
"Congratulations to all the successful Ontario candidates," stated Carol Wilding, president and CEO of the Chartered Professional Accountants of Ontario. "Qualifying to become a CPA is a very challenging process and the resulting career is rich in rewards and opportunities. I am confident that all the students will make great contributions to the accounting profession and will uphold the high standards of the CPA designation."
For more on the CFE Exam, head to CPA Canada'ssite here.