Education (CPA Professional Education Program Modules)

All candidates must complete both core modules. 

Common Core Module 1 (C1) — Financial Accounting and Reporting 

The objective of the C1 module is to provide candidates with a complete understanding of the most fundamental concepts in financial accounting and reporting. Technically complex accounting issues are introduced. The module provides many opportunities for candidates to consider the audit, tax, finance, and performance management implications of financial accounting and reporting issues. Candidates gain an appreciation of how financial accounting integrates with decision-making and strategies through case scenarios that provide a rich professional context.

Common Core Module 2 (C2) — Management Accounting, Planning, and Control

The objective of the C2 module is to develop competence in the areas of governance, strategy, risk management, and management decision-making. Candidates gain an appreciation for the role of corporate governance, learn how to formulate deliberate and emergent strategies, and translate those strategies into specific objectives and actions. Emphasis is also placed on equipping candidates with the competence required to build good monitoring and control systems and perform financial analysis for different types of entities. Candidates gain an appreciation of how decision-making and strategies integrate with financial accounting and reporting, finance, and taxation through case scenarios that provide a rich, professional context.

Candidates must choose two elective modules. Electives allow CPA candidates to develop deeper skills in their areas of career interest.

Elective Module 1 (E1) — Performance Management 

The objective of elective 1 is to equip CPA candidates with the ability to contribute to strategic decision-making, support effective governance, manage and mitigate risk, and assess overall performance management. Candidates apply conceptual frameworks for strategy, governance, risk, and performance in more complex settings than dealt with previously, developing competencies used to focus an entity on improving performance and delivering sustainable value.

Elective Module 2 (E2) — Finance

The objective of the elective 2 module is to equip candidates with the competencies necessary to develop overall finance policies and to identify, analyze, evaluate, and recommend investment and financing decisions. Candidates learn to apply the appropriate finance principles and conceptual approaches to determine appropriate courses of action. Candidates develop the capabilities to provide finance-related services for their entity, either individually or as part of a larger team, to understand when the advice of a finance specialist is required, and to understand and communicate with other finance professionals.

Elective Module 3 (E3) — Assurance

The objective of elective 3 is to equip CPA candidates with the competencies necessary to perform both internal audit projects and external assurance engagements, from assessing the need for an engagement or project, to developing and performing the procedures, right through to documenting and reporting results. While this module is primarily designed for candidates who wish to practise public accounting or to work in internal audit, it would be beneficial to a wide range of candidates because it focuses on the key concepts of auditing, such as risk, materiality, and internal control, which are concepts that have broad application. Candidates also have the opportunity to delve into some of the more complex financial accounting topics and understand how governance plays a key role in assurance.

Elective Module 4 (E4) — Taxation

The objective of elective 4 is to equip candidates with the competencies necessary to provide taxation services and guidance. The scope includes assisting individual and corporate entities to minimize taxes and meet their objectives while remaining in compliance with tax laws and regulations. The candidate learns to address compliance and tax-planning issues for both individuals and corporate entities, as well as, to a lesser extent, partnerships and trusts. Candidates also learn to go beyond the presenting issues and consider the broader circumstances and risk tolerance of all stakeholders involved. In addition, candidates develop competence in the areas of tax governance, controls, and risk management in recognizing the interrelationship between financial reporting decisions and taxation, and in recognizing the importance of taking taxes into account when making business and investment decisions.

The last two modules of the CPA Professional Education Program are Capstone 1 and Capstone 2. There are no modular tables presented because these modules focus on the further development of the CPA enabling competencies previously introduced in simulated business cases, including ethical and professional behaviour — the ability to operate with honesty, integrity, credibility, self confidence, self-control, organization, and independence.

Capstone Module 1 (Cap 1) — Integrative Module

This module focuses on further developing, through teamwork, the enabling competencies and the integration of the six technical competency areas. In this module, candidates apply the technical competencies acquired in the preceding modules. All previously acquired competencies form the pool from which candidates draw from in this module. The content, structure, and delivery of the module are designed to develop the strategic leadership capabilities of the CPA candidate and ensure an integrative perspective is brought to decision-making. This module enhances the development of the individual as a strategic thinker. Cap 1 combines individual and group work, supported by written assignments, and oral presentations. The use of teamwork enables candidates who chose different electives to experience working together to achieve a complete analysis. The written and oral components further develop the technical and enabling competencies gained in the preceding modules.

The focus of the module is on the development of the following enabling competencies. 

Professional and Ethical Behaviour 

The ability to act ethically, with honesty, integrity, credibility, self-confidence, and independence, while coping with ambiguity, conflicts of interest, and the need to protect the public interest.

Problem-Solving and Decision-Making 

The ability to draw on solid analytical and problem-solving skills and the capacity for innovative and integrative thought, as well as the ability to both connect and dissect “parts” and “wholes,” identify and manage priorities, and adopt a broad view.

Communication (Both Written and Oral) 

The ability to communicate complex matters effectively by listening, understanding, speaking and writing with clarity, and using the art of persuasion and negotiation. 

Self-Management 

The ability to manage one’s own performance, soliciting feedback from others, and acting upon it to improve one’s behaviour, as well as recognizing one’s limits and seeking advice where needed.

Teamwork and Leadership 

The ability to build, work in, and lead a team; to set goals; and to organize, collaborate, and manage processes. The ability to respond to feedback from others, display empathy and flexibility, and manage conflicts.

Capstone Module 2 (Cap 2) — Examination Preparation Module 

The five modules of the CPA Professional Education Program leading up to this final module build critical enabling competencies as candidates move through the modules. Cap 2 is the last module the candidate participates in prior to writing the final examination. It is an examination preparation module. 

Using complex and highly integrative cases that simulate real-life business issues, the Cap 2 module equips candidates with the ability to apply the technical and enabling competencies they have acquired throughout the CPA Professional Education Program. 

Candidates will practise developing responses to business simulations and learn to communicate their thinking in a well-structured response within the allotted time. The simulations used in the module will draw upon all the enabling competencies and technical competencies outlined in the Competency map. 

Unlike in Cap 1, in which candidates work as part of a team, candidates in Cap 2 work individually to hone their behavioural, analytical, problem-solving, and decision-making skills by applying them to complex situations. The situations simulate real-life projects and assignments that newly certified CPAs may encounter in their careers. 

The development of the following enabling competencies will be honed in Cap 2: 

• The ability to define the issues.
• The ability to identify the important issues, even if underlying, and explain why they are important.
• The ability to analyze the situation presented and perform quantitative and qualitative analyses, and to apply the technical competencies acquired to probe the issues.
• The ability to evaluate alternatives (pros/cons, implications of different options, assess validity of options, etc.).
• The ability to integrate and synthesize the information presented and analysis performed to see the big picture and consider the impact of one analysis or conclusion on another, in a complex scenario.
• The ability to draw appropriate conclusions, propose solutions, and provide professional business advice, making logical and practical choices that flow from the analysis.
• The ability to demonstrate professional judgement when considering the relevant decision factors.
• The ability to exercise ethical judgement.