Core 2 – CPA PEP Program

I remember receiving the email from CPA saying that the course was available in D2L, and immediately not wanting the next day to come. I had not noticed how fast those few weeks between modules went and feeling that I did not enjoy my freedom enough just so sad.

But anyways, the time to tough it up, be brave and continue had arrived lol.

In my personal experience, and it is obviously different for ABSOLUTELY EVERYONE, Core 2 was not as tiring as Core 1. The “why” for this being easier for some and more difficult for others is, well, many reasons. In my case, I think, it is the fact that my work experience in multiple industries, has always been focused on management accounting and costing. That and I have always enjoyed the topics in Core 2 more.

In terms of how I approached the exam, since I was successful in Core 1 on the first attempt, why not continue with the same strategy for Core 2? So I did, for the exam I used more time writing the case, and the case was by far more enjoyable to read and write, and took less time for MCQs (multiple choice questions), but this time I did not have to guess or skip that many, and the cherry on top was I had 1 washroom break and 5 minutes to spare towards the end of the exam.

In terms of getting ready for the exam:

Use of the exam schedule:

I learned my lesson when prepping for Core 1, and this time I decided to go the extra mile with simulating the exam conditions and print the exam schedule to have it on hand when writing cases. It was helpful because I did not focus my energy on memorizing things as they were given, and even more I knew the tools I would have on hand when writing the exam.

My flash cards:

This time, my besties the flash cards where not as nice, clean, and organized as the ones in Core 1. But they served their purpose, and they were carried everywhen and studied during every single time slot I had to spare.

Practice multiple choice questions:

Just like in core one, the last couple of weeks before the exam I was working of 40-60 MCQs per day, I started using the study mode, so I would get the feedback right away. By doing this I was not only working on my time per question but, I was debriefing when the question was still fresh on my head.

Debrief after writing cases, integrated problems and play close attention to your facilitator’s feedback:

I have never been a last-minute student or the one who is good working under time constrains. So, I was submitting my cases as soon as I finished them and attempting to finish with a max of 15 minutes extra in the clock. I would submit it right away because I was committed to simulating my exam conditions and that included not discussing with other colleagues the case before submitting.

I would take a 30 min break to decompress from the case and then go back to the sample response and debrief.  Identify things I did not do the same way, take notes, find weaknesses, and tailor my knowledge. Many times, I found myself doing too much in the quants, when the response could had been summarized by an 80% compared to what I did.

This also helped me a lot to get some samples for specific requires stored in my muscle memory, so as soon as a similar request would show my brain will immediately type in the type of analysis that I will use to assess the situation.

Allow yourself to have some treats:

This applies when prepping for the exam AND during the exam (if appropriate). For me, when I was prepping, I would allow myself to enjoy a nice bottle of wine, eat out with my partner, watch my favorite show (Virgin River by then). Allow yourself to enjoy and have a reward for the demanding work you have been putting on this.

During the exam, I brough couple of snacks, non of them were healthy of course, they were chocolates that I would eat once I had completed a good percentage of the work. And, when I was feeling tiring or drained when writing the exam, I would remind myself that that beautiful, rounded, and delicious Ferrero Rochel was sitting there waiting for me to finish that part.

Be aware of the competencies:

This module is heavy in Strategy and Governance, and management accounting, you will also get you feet wet with finance, but it will not be in dept. However, financial reporting and the competencies from Core 1 are also eligible to be evaluated in Core 2. So, we aware of this and make sure to remain strong with those Core 1 commonly tested topics.

Always work in the quantitative and qualitative parts of the request:

When working in the qualitative part, make sure to show a balance between pros and cons, you need to remain impartial when assessing this part.

When doing the quants, always conclude in what the numbers say. I advise you to do individual conclusion for both quants and quals and finally state an overall recommendation where you weight both analyses.

Among the chapters I noticed where commonly used during the module and they were even part of the exam are:

*The below list might be different for everyone. Specially is the modules and exam are taken on different dated and years. The below list is solely based on my experience.

• Investment decisions: Closures and replacement of a line of business or product.
• Optimal product mix calculations.
• Missions and vision statements evaluations.
• Board composition.
• Outsourcing Vs keeping in house decisions.
• Job costing and it impact.
• WACC calculations.
• NPV calculations – Relevant cash flows.
• F/S Analysis: Horizontal, Vertical and ratio analysis.
• Project financing: Financial proposal analysis: Capital input, taking on a new bank loan, bringing new invertors.
• Analysis of merging, partnerships or consolidating with other companies.
• Performance measures – Balance scorecards.