Understanding the Structure of the CFE: A Day‑by‑Day Breakdown
The Common Final Examination (CFE) is one of the biggest milestones in your CPA Canada journey. It’s a three‑day exam designed to test your technical knowledge, professional judgment, and ability to apply concepts in real business scenarios. Understanding the structure of each day is the first step to writing with confidence.
This guide breaks down what to expect on Day 1, Day 2, and Day 3 — and how to approach each one strategically.
Day 1: Strategic Leadership & Big‑Picture Thinking
Focus: Strategy, leadership, integration.
Day 1 is a Capstone 1‑based case where you step into a senior leadership role and analyze the organization from a strategic perspective.
What to Expect
A long, integrated case with multiple business issues.
Heavy emphasis on strategic analysis, risk, operations, and high‑level recommendations.
You must show strong reasoning, prioritization, and communication.
How to Succeed
Start with a clear Situational Analysis (mission, vision, values, SWOT, KSFs).
Prioritize issues — don’t treat everything as equally important.
Provide actionable recommendations supported by logic and case facts.
Stay focused on the big picture, not technical details.
Pro Tip: Day 1 is not about perfection — it’s about demonstrating leadership‑level thinking.
Day 2: Management, Governance & Technical Depth
Focus: Financial reporting, management decision‑making, governance, and taxation.
Day 2 includes several shorter cases that require a multidisciplinary approach. This is where your technical knowledge is tested most heavily.
What to Expect
Multiple cases covering FR, governance, tax, and management issues.
You must apply technical standards (IFRS/ASPE), tax rules, and governance principles.
Responses must be precise, structured, and well‑supported.
How to Succeed
Use a consistent AO structure: Issue → Criteria → Analysis → Conclusion.
Support recommendations with calculations or clear reasoning.
Manage your time — Day 2 cases are shorter but require depth.
Pro Tip: Be technically accurate and concise. Day 2 rewards clarity and precision.
Day 3: Integration, Judgment & Breadth
Focus: Bringing everything together.
Day 3 is an integrative case where you apply concepts from Day 1 and Day 2 across multiple competency areas.
What to Expect
A scenario requiring you to address issues from audit, tax, FR, and management.
Heavy emphasis on professional judgment, ethics, and stakeholder considerations.
You must balance technical accuracy with ethical and practical decision‑making.
How to Succeed
Identify conflicts, risks, and ethical issues early.
Provide well‑reasoned decisions supported by case facts.
Maintain objectivity and professional integrity.
Pro Tip: Day 3 rewards candidates who can integrate multiple perspectives into a single, coherent response.
Final Thoughts: Managing Time, Stress & Performance
The CFE is a marathon — not a sprint. Success comes from:
Practicing under real exam conditions
Staying calm and structured
Prioritizing issues effectively
Writing clearly and concisely
You’ve already taken a major step by preparing. With the right strategy and consistent practice, you can absolutely succeed.
If you need help in your CPA Canada Coaching, please feel free to reach out:
RavGun CPA Academy
https://www.ravguncpaacademy.com/
+1 437 833 9540
