CPA PEP Modules and the Common Final Examination Explained
By Muntasir • Published Jul 02, 2025 • Updated Aug 22, 2026 • Fields of Study, Canadian Universities & Colleges
The CPA Professional Education Program (PEP) runs through six modules, two core, two elective, and two Capstone modules, before you sit the three-day Common Final Examination (CFE). Each module ends in its own exam you must pass to move to the next one.
🎓 Core 1 and Core 2 build the foundation every candidate completes.
📩 You pick two elective modules from options like Assurance, Performance Management, Taxation and Finance.
⏱️ Capstone 1 is a team-based integrative case; Capstone 2 is CFE preparation.
💵 The CFE runs three days: Day 1 builds on the Capstone 1 case, Days 2 and 3 test your competencies across the full CPA Competency Map.
How CPA PEP is structured
Once you are admitted to the CPA Professional Education Program (PEP), whether directly from an accounting degree or after completing PREP, you move through a set sequence of modules. Core and elective modules are set nationally by CPA Canada and combine objective-format questions with short cases. You must pass each module's exam before moving to the next one.
The six modules
Core 1: builds the foundational competencies every CPA candidate needs, regardless of specialization.
Core 2: extends Core 1 with more advanced technical and enabling competencies.
Elective module 1: choose one, commonly Assurance or Performance Management.
Elective module 2: choose a second, commonly Taxation or Finance.
Capstone 1: an integrative module built around presentations and team-based case work that pulls together your core and elective learning.
Capstone 2: prepares you directly for the CFE, with practice cases and exam strategy rather than new technical content.
Your choice of two electives lets you angle PEP toward the type of accounting work you want after certification, such as audit-heavy roles versus corporate finance or tax roles, without changing the core requirements everyone completes.
The Common Final Examination
The Common Final Examination (CFE) is the final evaluation before certification. It runs three days and requires you to demonstrate depth and breadth of competency development against the CPA Competency Map.
Day 1: connects directly to the case covered in Capstone 1, testing how you apply that integrative case work under exam conditions.
Day 2 and Day 3: test the depth and breadth of the competencies you built across all of PEP, through new, unseen cases.
To sit the CFE, you must have completed Capstone 2, the CFE preparation content, and either the two core and elective modules plus Capstone 1 of PEP, or an accredited post-secondary program that covers equivalent content. Check the CPA Ontario Common Final Examination page for your province's current CFE dates and eligibility rules, since sitting dates and specific eligibility documentation are set provincially.
What comes after the CFE
Passing the CFE does not complete your CPA certification by itself. You also need to have finished your practical experience requirement, whether through the Pre-Approved Program Route or the Experience Verification Route, before your provincial CPA body grants you the designation. Many candidates finish their practical experience hours around the same time they finish PEP, so the CFE often lines up close to the end of your overall certification timeline rather than at the very end of it.