My Experience - Obtaining CPA in Ontario (PEP)

Hi all,

After passing the Sept 2025 CFE and finally getting admitted as a CPA in Ontario, Canada, I just wanted to share my experience, timeline, and some tips to potentially help anyone planning on going through the process.

Timeline

- Graduated and obtained BBA (Acct specialization) April 2023

- Break May - Sept 2023

- Completed Core 1 Oct-Dec 2023

- Completed Core 2 Jan-Mar 2024

- Break Apr-June 2024

- Completed Assurance Jul-Sept 2024

- Completed Tax Oct-Dec 2024

- Break Jan-Apr 2025

- Completed Cap 1 May-Jul 2025

- Completed Cap 2 - Jul-Sept 2025

- Passed Sept 2025 CFE.

Tips:

- There are essentially 4 times each PEP course runs per year, however, the Capstone 1 and 2 courses only run twice per year (one time for the May CFE, once for the Sept CFE). Therefore, you basically have to make a plan around being done Core 1 & 2, along with 2 electives before Cap 1 arrives, or else you'll have to wait another year to take Cap 1 & 2.

- There are a couple ways you can approach the timeline for getting the PEP courses done. You could technically take Core 1 and 2 at the same time in July after graduating (assuming April graduation), then have all of your courses back-to-back leading up to the CFE, which will allow you to get the PEP done in a just under a year-and-a-half. However, you will have no room for error, and if you happen to fail a PEP course, you'll basically have to wait until the year after.

- You can space it out, which gives you some room for error if you happen to fail a course (along with a much needed break). The only con here is your knowledge of Core 1 & 2 items will be rusty leading up to the CFE. I would definitely recommend this approach, especially if you don't have your PERT done (I'll explain this part later). This approach will take about 2 years from when you start.

PEP Courses

Core 1 - essentially 75 M/C and a case. Mostly structured around financial reporting with some audit, tax, etc. I literally felt worse walking out of this exam than I did the entire CFE. Also a very odd exam-writing experience, nothing like Uni. This is definitely the course to weed people out of PEP.

Core 2 - same structure as Core 1. More Management accounting and finance, however still quite a bit of financial reporting. Exam wasn't too bad, I just practiced a lot of M/C and it ended up working out.

Assurance - 2 cases and 15 M/C. Honestly, I found this course to be pretty 50/50 with Assurance and Financial Reporting. Be mindful if you work in audit, as there are probably a lot of differences between the CPA Ontario assurance the audit you're used to seeing working in PA.

Tax - 2 cases and 15 M/C. Thought it would be a lot worse, however, you really just need to know a little about a lot of things (eg. common business sch. 1 additions and deductions, calculating personal tax payable, etc).

Tips: Time management, typing speed, and not leaving questions blank are key to passing these exams. Also, make sure to use the CPA way format in answering all AOs (assessment opportunities) on cases. (Issue, analysis, recommendation, etc).

Also, take a look at the pass rates. After Core 1, the pass rates for the remainder of the modules hover around 90%. Yes people do fail, but you just have to be better than the bottom 10%.

Capstone 1 - you basically get grouped with 3-4 other people to write a case that is 50 or so pages long, with a presentation to be done at the end of the module as the exam. It will really depend on who you get as a group, however I got lucky and got a pretty good group.

Capstone 2 - this is basically your CFE prep course, where you'll be grinding out cases and learning how the CFE works. There is one week in the first few weeks of the module where you'll have to write a mock CFE (3 day exam) so just look ahead, and be mindful of this week that sneaks up on you. There is no exam at the end of this module, just the CFE.

CFE - 3 day exam, lots of write-ups on this. Time to lock in.

Hot Takes

- I did not find it useful to budget my time to each AO, therefore, I never did it. If you're someone who has a good typing speed and is generally good at managing their time, you shouldn't have to budget for each AO. However, if you find when you're practicing cases you're always going over time for your case, you should definitely identify your weak areas and practice to address them. You're essentially spending precious time budgeting your time, which you get no marks for.

- Other than for Core 1 and Cap 2, the weekend module workshops were pretty useless. If you didn't know, once every PEP module, you have to attend a workshop which spans from 9-4 on Sat/Sun. I found it more useful to review feedback on my cases, and compare with my peers on case performance.

- You don't have to study 50 hours per week for the CFE. Personally, I took about a month off for studying for the CFE which I feel like is the sweet spot. I probably spent about 5-6 hours per day Mon-Fri with the weekends off either doing cases, or studying. If you spend the time to debrief your cases and review feedback and learn from it, spending 50 hours per week studying will just burn you out.

- You're not supposed to know everything - the PEP/CFE process is not like University, they are testing you on your competence. Yes you need to know some technical, but the markers are mostly looking for if you can apply the CPA way to the questions they ask, and arrive at a conclusion. If you don't use the CPA way, you WILL fail.

- When preparing for exams, write every case you practice in exam conditions (timed with a laptop). Yes it may be more stressful in the short-term and you may have to leave some questions blank, however, it exponentially reduces your stress levels when writing exams since you're used to the writing conditions.

PERT

- You need 2 things to get your CPA in Ontario:

1. Pass the CFE

2. PERT Approved (practical experience).

I feel like the PERT does not get talked about enough, as everyone's rushing to get through the CFE, before getting stuck at PERT.

There are essentially 2 ways of doing PERT:

1. Pre-approved route - this route is common for the people in public accounting, and is honestly the most recommended way to do PERT.

2. EVR route - I don't know too much about this route, however, I have heard horror stories about this route. Enough said. Go for the pre-approved route if possible (again, need to be in public accounting).

Pre-approved route Summary:

- You need 30 months of relevant practical experience.

- You need to fill out a report every 6 months

- The date when you register as a student for CPA is when you can start tracking your experience. You can also claim relevant experience up to a year before you register as a CPA student (eg. If you register for PERT on Dec 31, 2025, however worked in PA before that, you can claim the period from Jan 1 - Dec 31, 2025 as relevant experience).

- Even through the pre-approved route, the reporting was a PITA.

- IMO, no sense in rushing through the CFE process if you haven't even started on your PERT.

Summary

Overall, is getting the CPA a grind? Yes.

Do you have to be a genius to get it? No.

It is worth it? So far Yes.

Let me know your thoughts below!! Any other hot takes any of you have?