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The CPA Professional Education Program (CPA PEP) is the graduate level program that makes up the educational portion of the CPA certification program. The CPA PEP consists of a series of modules culminating in the Common Final Examination (CFE) and is built upon the CPA competency map. 


Given the ongoing uncertainty with respect to the COVID situation, CPA Ontario has made the difficult but necessary decision to cancel the May 2021 CFE. As the CPA PEP Capstone 2 module is a preparation module for the CFE, it will also be cancelled.

The next sitting for CFE will be held in September 2021 and registration will open in May. Capstone 2 will be offered in July and will run for eight weeks leading up to the September CFE. Registration for Capstone 2 will also open in May.



To better support students’ success in CPA PEP, the CPA profession will be offering Extended Core 1 and Extended Core 2 modules. Students enrolled in the regular modules are not permitted to switch to the extended module and students enrolled in the extended modules are not permitted to switch to the regular offerings as well. The Extended Core 1 and Extended Core 2 modules are designed to accommodate students who are not able to dedicate the time and effort required in the regular modules. The extended modules will comprise the same content and structure as the regular modules but extend approximately twice the duration (16 weeks as opposed to 8 weeks) in order to provide students with additional time to manage the requirements of the modules in addition to their personal commitments. For module offerings and examination dates please review the PEP Schedule.

CPA PEP Modules

CPA PEP Modules

Click here for CPA PEP overview video [Length: 9 minutes]

Core Modules

Core 1 and Core 2 focus on financial accounting and reporting, and management accounting, planning and control.

Elective Modules

Students choose two elective modules. Students wishing to pursue a Public Accounting Licence must select Assurance and Taxation.

Capstone Modules

Capstone Integrative Module (Capstone 1) deepens strategic leadership competencies by using the knowledge acquired in prerequisite and earlier modules in a professional team setting. Students complete a large business case that relates to Day 1 of the CFE.

Capstone Examination Preparation Module (Capstone 2) focuses on preparing students for entry into the profession by applying competencies acquired throughout the CPA program in complex and highly integrative cases. Students develop their enabling competencies in situations that simulate real-life projects and assignments that newly certified CPAs may encounter in their careers.



At least one week prior to the module start date, you will receive an email from Brightspace (D2L), the online learning platform, with your login and password. All the module material will be delivered through Brightspace (D2L), where you also have access to schedules, webinars, discussion boards and other learning tools. Should you experience any difficulty with Brightspace (D2L), please submit a ticket through the CPA Canada Student Support Web Portal. Please include your Candidate ID in the ticket submission.


Refer to the 2020-21 CPA PEP Schedule for information on enrolment deadlines, course dates and fees. For full information on CPA Ontario fees, visit our Schedule of Fees.


Each module includes one weekend classroom workshop (Saturday and Sunday). Core 1 contains an additional weekend orientation workshop. Attendance at the workshops in their entirety is mandatory. Learn more about PEP Workshops.


Examinations are used to measure whether students have acquired the knowledge and developed the skills and competencies expected within the modules and courses. Learn more about CPA PEP Examinations.


CPA Ontario uses Surpass, a special "lockdown" software, for examinations. Students will use CPA Canada provided laptops at examinations.


CPA PEP examination results are posted on Brightspace (D2L) approximately two weeks after each exam. A student will be deregistered after their third unsuccessful attempt at either Core 1, Core 2, Capstone 1, Capstone 2 or the CFE. For an elective module, after three unsuccessful attempts, no further attempts for that module or examination can be made. Students who are unable to successfully complete two of the electives will be deregistered. Refer to Regulation 9-1, section 1.19 for the definition of an unsuccessful attempt and section 47.5 for the details and timing of deregistrations.

Also, it is critical to understand that a Student who has been deregistered shall not be reregistered except in extraordinary circumstances at the discretion of, and on the terms and conditions deemed appropriate by, the Registrar or Vice President, Student Services, the Admission and Registration Committee, or the Appeal Committee, as the case may be.


Students who were unsuccessful on a CPA PEP module examination may order an exam remark (appeal). Students will be notified if their exam remark was successful or unsuccessful — no additional information will be provided.

The fee for the exam remark is $195 plus HST. Exam remark fees will be refunded if the remark is successful.

For remark submission deadlines, please review the Remark Deadlines on the PEP Schedule.

Students wishing to submit a remark request (appeal) may do so online through MyPortal. Select Obligations & Requests - Student Requests - Exam Re-Marks and Performance Analysis Review (PAR).


Students may withdraw from, or defer, a CPA PEP exam by submitting their request online through MyPortal. Exams may be deferred only once and to the next available offering. A fee may be required. For more information, please defer to the CPA PEP Withdrawals and Deferrals.


Refer to the CPA PEP FAQs and the CPA PEP Examination FAQs.

Common Final Examination (CFE)

The CFE is the culmination of CPA PEP and consists of a three-day examination. The CFE evaluates students on the competencies defined by the Competency Map, which outlines the knowledge, skills and proficiency levels you must have as a Canadian CPA.

The CFE blueprint provides students with information on the testing objectives and what to expect for each of the three (3) days of the CFE. The maximum time for each day are:

Day 1 – 4 hours

Day 2- 5 hours

Day 3 - 4 hours

Candidates preparing to write the CFE are encouraged to review the Competency Referenced Evaluation Methodology presentation which highlights some important design elements and describes the assessment model of the CFE.