Frequently Asked Questions
The most commonly asked questions are answered here. If you have any additional questions, please contact us:
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Frequently Asked Questions
1. What type of materials are included? What is Prep and what is PrepPlus?
Our basic materials include interactive live/recorded classes and detailed lecture notes on each topic within the CPA Competency Map (printable). We also provide access to a condensed short note package, multiple choice questions, practice cases and a custom schedule. Each course has two versions, the Prep and PrepPlus. The Prep package contains all technical content mentioned above, plus 1 one-on-one session and 1 marked mock exam (to help you understand your weaknesses) - this our most basic package.
The PrepPlus package contained the same study materials but more one-on-one sessions and more marked exams along with unlimited e-mail and text support and ongoing access until you pass the exam.
Prep provides basic needs, while PrepPlus provides an incredible level of personalized support from a CPA Marker/CPA Educator.
2. What type of study materials do you provide?
We provide comprehensive supplementary prep materials for students enrolled in Core 1, Core 2, Assurance Elective, Taxation Elective and those studying for the 2022 CFE (Common Final Examination). Study content includes:
1) Professionally produced (and regularly updated) efficient study notes in both a) compressed format across all competency areas, and b) detailed study notes on all competency topics;
2) Expert, fun, efficient videos across all competency areas with walkthroughs of technical subjects; Weekly live classes twice aw week are included in the price of courses!
3) Access to a personalized study schedule for Core 1, Core 2, Electives or CFE Prep;
4) Internally developed practice cases with debriefing guides (solution materials);
3. What's the CPA Competency Map? What are competency topics? Is your course complete and comprehensive? Will I need to buy anything else?
We provide comprehensive supplementary prep materials for students enrolled in CPA PEP Core 1, Core 2, Assurance Elective, Taxation Elective and those studying for the 2022 CFE (Common Final Examination). We produce materials based on the CPA Competency Map, a document produced by CPA Canada that outlines the educational requirements that candidates must meet to write the exam. Our lectures are designed around this document and tested internally for completeness of information. The following competency topics (subject areas) are covered in our courses: Financial Reporting, Strategy and Governance, Management Accounting, Audit and Assurance, Finance and Tax.
You will not need to purchase any additional materials to pass the CPA PEP Exams or the 2022 CFE.
4. When does the course start?
The course starts as soon as you sign up and lasts until the last day of the 2022 CFE or exam you purchased (i.e. Core 1 Prep). You will have access to all of our material resources until you pass. All of our information is provided to you to help you succeed. Upon registration, a Prep Trainer will create a custom training schedule based on your unique individual weaknesses and needs. The schedule then may change depending on progress. The schedule will contain a combination of cases to be written over the study period, technical to review, videos to watch and when cases are due to be submitted.
We provide access to a compressed and relaxed study schedule for each course. The schedule may change based on your Prep Trainer's assessment of your progress.
5. How do you assess my progress throughout the process?
We record online webinars throughout the year as information about the CPA PEP (or any of the modules) evolve, and make them available to all students enrolled in our courses. Some may have a cost associated but will be provided at a discount to PrepFormula registered students. You may watch the webinars from any computer or mobile phone at home or work. In addition to our interactive online videos, you will be paired up with a CPA Educator, a CPA with professional education/marking experience (Prep Trainer) that will mark cases for your professionally, create a custom schedule for you to follow based on identified weaknesses, and meet you one-on-one by Skype, Phone or In-Person (In Person services only available in Ontario and BC). We'll monitor your progress through the one-on-one sessions and ensure you're meeting your achievement goals.
6. Can I Watch A Sample Video Lecture?
Yes, of course, here's a link to one, if you'd like access to more on different topics, please e-mail us: support at prepformula.com
7. I Have Registered; How Can I Access The Materials?
Accessing your course content is easy; Hover over Login and fill out your credentials, then click on the course you're registered in. To access case materials, please follow instructions provided. Accessing your Prep Trainer is also easy, once you register; we'll provide you with your Prep Trainer's e-mail, Skype contact name and phone number for texting. You'll be able to communicate with your Prep trainer when you'll need it most. In addition, help on Live Chat is available for assistance.
8. What Is Your Mission Statement? Tell Me About What You Stand For?
Our mission statement is to provide a personalized, efficient, accessible and affordable Canadian CPA Prep Program. We'll offer you a lot of value for a fair price. Here is what we stand for:
- We do not believe that students are able to learn in large classrooms as well as smaller ones. We offer neither. We offer one on one sessions with a CPA with professional marking/teaching experience.
- We believe in teaching online to save costs, and teach HUNDREDS (400 hours per year) of hours of live video, instead of 4-5 days (40 hours). 5 TIMES more live teaching!
- We cater to individual learning styles.
- We develop strengths and improve weaknesses.
- WE WILL HELP YOU PASS; even if it's not your first time through the process.
9. What Was Your Pass Rate In 2014-2020?
The short answer is: our pass rates have always hovered around 90%. We are very confident with about hands-on program; therefore we have no reason not to publish our pass-rate. Our pass rate from the average of past 5 years has been 89-90%.
10. What Do I Need To Run The Video Lectures?
Our videos can be viewed on any computer, tablet or smart-phone. Yes! You can use your iPad, iPhone, Android phone or tablet anywhere you are in the world.
11. I have a Mac. Will the course work?
Our system is designed to work on both Mac and PCs. We encourage you to use the latest versions of Firefox, Safari or Chrome browsers to access our site. Please contact support if you encounter any technical difficulties on the site.
12. How long do I have access to the course materials?
Access to course materials is indefinite until you pass the 2021 CFE, or the CPA PEP module exam you're registered for in the PrepPlus packages. Videos will be updated automatically throughout the process and updated for your convenience free of charge.
13. What happens if I have questions about the course work? Who do I contact?
We're here to help! Feel free to contact your PrepTrainer directly by e-mail, phone or text if you need help. Alternatively, you can also ask us on Live Chat. We are here to help you get through the CPA PEP (Professional Education Program), and the 2022-2023 CFE.
14. Where are the CPA Supplementary Prep questions found or CPA Practice Exams?
There are two types of practice questions available for students: practice multiple choice questions and internally generated practice cases. To access the written cases and answers, please hover over course content, then click on the course registered, and select the last box on the screen.
15. Are your courses deductible for income tax purposes? How can I get a tax receipt?
Yes! Our course is 100% deductible for income tax purposes. In February of every year, we'll contact you asking for some personal information and will send out a T2202 for your course fees.
16. I just received an email warning me that there has been "unusual activity" on my account. What does that mean?
There are a variety of actions that could trigger a flag in a student's account, including technical difficulties or concurrent access to multiple devices. Our main concern is if someone (not you) is attempting to access your account. Students are encouraged to contact support AT PrepFormula.com in an effort to both evaluate the reasons for the flag and to discuss helpful techniques to avoid flags in the future.
17. I'm unable to pay the full balance immediately. I heard you offer interest-free installment payments - how do they work?
We offer an option for 3 interest-free installments. We do not charge interest or fees. You may use a coupon code in conjunction with installment payments (equally across all 3). Simply checkout using the Grey checkout button instead of the Red checkout button.
18. Do you have a supplier diversity statement?
We embrace diversity as an absolutely vital component to the growth of our business. We aim to expand our business opportunities by fortifying our partnerships with ethnic minorities, women, small, disabled, LGBT, and veteran-owned enterprises as valuable competitive assets. We incorporate our diversity policy in all that we undertake by annually granting full and partial review course scholarships to undergraduate accounting students and diversity-focused organizations; by partnering with national professional organizations; by executing supplier diversity initiatives; and by retaining a diverse staff.