Students in the first cohort of the Professional Master’s Diploma in Accounting achieved a major accomplishment on their road to becoming Chartered Professional Accountants (CPA). The class passed the Common Final Exam (CFE), the last hurdle to becoming a CPA, with a 100% success rate.
“It is probably the first time graduates from an inaugural graduate diploma program in accounting have had a 100% pass rate on the CFE,” said Jonathan Farrar, Chair of the Accounting Department at the Ted Rogers School of Management.
The PMDiploma in accounting is a much more efficient route for students to the CFE; students who do not pursue graduate education have to complete educational components through CPA Ontario, which takes much longer, says Farrar.
Out of the 15 students in the class, 10 wrote the CFE and passed. The class’ achievement is well ahead of the national cumulative average pass rate in 2017 and 2018 for the CFE, which was 77.6%. Their collective performance was particularly notable in the competencies of Financial Reporting and Finance which bested the national averages by about 10%.
“A 100% pass rate signals that our faculty take their pedagogical and professional responsibilities seriously,” said Farrar. “It indicates that our programs is effective at preparing our graduates for the CFE and for their chosen profession.”
The program is administered over four months and students take five courses in preparation for the exam. Students who choose to enroll in the PMDiploma in Accounting have an opportunity to get their CPA quicker says Farrar.
“There are six educational components a potential CPA must complete after their undergraduate accounting degree and before they can write the CFE,” said Farrar. “Successful completion of the PMDip in Accounting allows students to bypass the first four components in the CPA educational pathway.”
The next session for the PMDiploma in Accounting will begin in Winter 2020. The application portal will open early October 2019.