Do You Need to Memorize the Capstone 1 Case for CFE Day 1? (Clear, Practical Guide)
Many CPA candidates worry about how much of the Capstone 1 case they need to memorize for CFE Day 1. The good news? You do not need to memorize every detail — but you do need to understand the big picture extremely well.
Day 1 is a continuation of your Capstone 1 company, several years into the future. You’ll work with the same business, same industry, and same key stakeholders — but with new issues, new strategic options, and new information.
This guide explains exactly what you should memorize, what you can ignore, and how to prepare efficiently.
Capstone 1 vs. CFE Day 1: What Actually Carries Over
Day 1 picks up where Capstone 1 ended.
You’ll see:
The same company
The same industry
The same stakeholders
The same mission, vision, and values (with possible updates)
But the Day 1 case introduces:
New strategic options
New environmental changes
New financing
New constraints
New operating issues
This means you don’t need to memorize how your Capstone 1 group assessed each option.
Day 1 gives you new options to analyze from scratch.
So… Do You Need to Memorize Capstone 1?
You don’t need to memorize the entire case.
But you must remember the key strategic elements that carry over into Day 1.
Think of Capstone 1 as your “company background package.”
You’ll use it to anchor your Day 1 analysis.
What You Should Memorize From Capstone 1
Here are the essential items you must know well for Day 1:
1. Mission, Vision, and Values (M/V/V)
You will compare Capstone 1 M/V/V to the updated Day 1 version and comment on changes.
2. Key Stakeholders
Know who they are and what they care about — this drives your qualitative analysis.
3. Key Success Factors (KSFs)
These rarely change.
You can usually reuse the same KSFs from Capstone 1.
4. SWOT (Internal & External)
You don’t need to memorize every point.
A good rule:
80% from the new Day 1 case
20% from Capstone 1
5. Objectives / Goals / Targets
Day 1 will give new goals, but knowing the old ones helps you compare and comment.
6. Financing Details
Remember:
Key ratios
Bank covenants
Interest rates
You’ll compare these to the new Day 1 financing.
7. Constraints & Big‑Picture Issues
Day 1 will add new constraints, but knowing the old ones helps you understand the company’s long‑term challenges.
8. Key Company & Industry Information
Examples:
Number of products
Locations
Branches
Competitors
These help you write a strong Situational Analysis.
What You Don’t Need to Memorize
Group conclusions from Capstone 1
How your team ranked strategic options
Detailed calculations from Capstone 1
Every appendix
Every stakeholder comment
Every operational detail
Day 1 gives you new options and new information — you analyze everything fresh.
How to Study Capstone 1 Efficiently
Because the Capstone 1 case is long, don’t try to memorize it word‑for‑word.
Instead:
Create a summary document
Highlight key pages
Extract M/V/V, SWOT, KSFs, stakeholders, and financing
Review your summary before Capstone 2
Re‑review it before CFE Day 1
This keeps everything fresh without overwhelming you.
Final Answer: Do You Need to Memorize Capstone 1?
Yes — but only the strategic foundation.
You need to know the company well enough to write a strong Situational Analysis and integrate big‑picture issues.
No — you do not need to memorize the entire case.
Day 1 gives you new issues, new options, and new information to analyze.
Focus on the core strategic elements, not the details.
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
