What the Timing? Significance of Capstone 1 in Relation to Capstone 2 and the CFE

Sometimes I receive questions via emails and discussion board posts from candidates and turn them into blog posts to help others who are in similar situations or have questions. Here are some of my previous blog posts: Submitting Tasks After Reaching 75% for Exam Eligibility, Gettin’ (and Stayin’) PEP-py: Registration Dates and Deadlines and Letting Go to Gain Control: The Paradox of CPA PEP Stress Management & Exam Laptops. Today’s post is about how to schedule taking the Capstone modules and write the CFE to ensure optimal study time. 
 

Here is an email from a candidate: 

I am planning to write CFE in September instead of May so that I have enough time to go over the study material and be more confident. I just came across the article written by you about the timings of capstone modules and writing the CFE, and I wanted to confirm my understanding.

Would you recommend that I take Capstone 1 in Spring 2024 (May 11 to July 5), followed by Capstone 2 in Summer 2024 (July 20 to September 6)? This way, I would have the months from January to May to review the entire syllabus before starting the Capstones.

Alternatively, would it be better to take Capstone 1 and 2 immediately after completing my current module, leaving me with four months before the CFE? Additionally, could you clarify whether there are any differences between the CFE in May and the one in September, and whether it’s a good idea to write the exam in September instead of May?

My response: 

To answer your questions, please allow me to provide some additional background, as it really is a personal preference (within the guidance) that will lead you to your best option: CPA PEP designs it such that candidates should take Cap 1, Cap 2, and the CFE back-to-back.

• Cap 2 Preparation: While this may feel "rushed," candidates receive a self-study Cap 2 module at the same time they receive their Cap 1 module. This allows candidates to self-study, say two hours per week (would be plenty!) and then a bit more in between Cap 1 and Cap 2.
• Cap 2 & CFE Readiness: Cap 2 is designed to be preparation for the CFE, where 12 - 15 weeks is designed specifically for applied CFE case writing, candidate debriefing (perhaps including peer review, if you so choose and coordinate on your own) and national formative feedback (much like facilitator feedback). 
• Progressive Skill Development: The entire CPA PEP program is designed to allow candidates to slowly increase their case writing skills consistent with those skills required for the CFE; thus, you have been already preparing for the CFE :)
• Cap 1 and Cap 2 Sequence: It is designed such that the Cap 1 case rolls into the very next offering of Cap 2, where the Day 1 case is built off of that most recent Cap 1 case, which is then the Day 1 case present on that very next offering of the CFE.
  • If a candidate does not do Cap 1 and then Cap 2/CFE right away, they will either need to get acquainted with a new Cap 1 case (not recommended) or wait until 1 year later for the "re-write" option. Note that the re-write option for Day 1 of the CFE is only offered once.

For these reasons, I would suggest you consider the following: 

• Deciding When to Write the CFE: Some candidates look at their work schedule and choose a time where 8-10 weeks prior to the CFE date is less busy at work. Other candidates choose this based on their personal lives and commitments outside of CPA PEP. Whatever your decision criteria, I recommend STRONGLY, either:
  • Winter Cap 1 > Spring Cap 2/CFE (May), OR
  • Spring Cap 1 > Summer Cap 2/CFE (Sep)

Thanks for reaching out! I hope this is helpful (though perhaps not what you initially were thinking). 
Best,
Sam

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Do you have feedback on this post or a question you’d like answered by an experienced CPAWSB educator? Please contact your facilitator or send a question to the General Topic in the Candidate Discussion forum. 

Samantha Taylor, PME, CPA, CA

Samantha Taylor, PME, CPA, CA, is an educator and lead policy advisor for CPAWSB and a Senior Instructor of accounting at Dalhousie University. She is on a mission to understand and enable learner efficacy while eliminating doldrums occasionally associated with accounting education. Read more of Sam’s posts at the CPAWSB blog.