Hello,
I recently registered for CPA PEP. I understand that the CPA PEP and CFE needs to be completed within 6 Years. However, i couldn't find any information in regards to the time limit of the 30 months CPA practical experience requirements. Is there a time limit for CPA for the 30 months requirement? If so, does the clock start ticking when i start CPA PEP?
Thanks,
Vincent
Hi Vincent,
Please let me know if you have an answer to your question. I am in the same page, in the pep program without Canadian practical experience.
Thanks in advance for your help.
Roxanna
Hi Vincent,
The practical experience component is also factored into the 6 year time limit.
"2.1 Time limitations
CPA PREP students and CPA PEP candidates must finish each program within six years of their initial start.
In special circumstances, the appropriate provincial/regional CPA body may grant CPA students/candidates a period of intermission that will not be counted towards their time limit for program completion; this is considered a temporary program withdrawal. See 2.5.1 – Temporary program withdrawal for more information.
For candidates registered in CPA PEP, the maximum duration for completing the CPA certification program (education, experience and examination) must not exceed seven years. In special circumstance, extensions may be granted to candidates who can demonstrate substantial progress towards completion of the CPA PEP and practical experience requirements."
Check this harmonized education policy for details: https://www.cpacanada.ca/~/media/site/become-a-cpa/docs/en-harmonizededucationpolicies.pdf
Hi Vincent,
If you are a transition student, CPA BC sent an email with an attached Transition Student Guidelines which include the time limit of when to complete the CPA PER. Since I completed the work experience requirement under the legacy program (legacy PER), my status in completing the work experience requirement will remain valid until June 30, 2022. If I have not completed it (deadline was September 1, 2018 - August 31, 2018 in BC), I have until June 30, 2023 to complete the CPA PER.
Hope that helps,
Lawrence
Thanks so much everyone for their replies. I am registered with CPA Ontario right. So it would be safe to assume that there is a 6 years limit for practical experience and the clock starts clicking at the beginning of CPA PEP. I know these are unlikely scenarios, but what if a CPA student finishes PEP and CFE within 4 years? Is 30 months practical experience even possible with only 24 months time frame left? I've read that CPA allows for extensions if a student had substantial progress.
Also, if a student finished CPA PEP and CFE but did not finish practical experience on time, will he/ she have to do the entire CPA PEP all over again?
I will try to contact the provincial body about this matter as well. If i find anything new, i will post it for everyone.
Thanks,
Vincent
hi Vincent,
I am also interested in your questions about not finishing the practical experience on time. Please post their reply .
Thank you . Appreciate it.
Kenneth
Hi all,
I I started the PREP in August 2014 and the PEP in January 2016 and met the practical experience requirement in May last year. I haven't done the Capstone course yet.
However my story is very different, I am an engineer with very advanced mathematical modelling that ended up working of one of the big 3 banks in Top of the house financial reporting, FX analysis on P&L and Fund Transfer Pricing between Canada and different banking subsidiaries internationally. You will find many people working at banks in financial reporting without any accounting designations, but with math, physics or engineering
I filled the PERT forms and they did not accept them, then one of the evaluators called me and walked me through how to fill the experience reports. It was very tedious process and the lady was so kind to me and probably spend with me over 2-3 hours telling what to write and where. Because where work, in terms of nature and diversity, plus that guidance from the evaluator, I met the experience requirement.
Ironically, what the CPA calls Finance is very narrow in their definition disconnected from that we call in banking Finance. I was able to meet only one of the finance requirements, met all 4 in financial reporting, all 4 in performance management and couple of other ones here and there. I have to say that The CPA made meeting such experience requirement very difficult
As for other competencies (soft skills), you need to write sort of an essay that has to meet specific criterion for them to accept.
Hi Vincent,
The 6 years limit is for the education and practical experience component combined. In your example, a student finishing PEP exams (including CFE) and practical experience in 4 years is fine as they are still within the 6 year limit.
The requirement about extensions is for cases where students have breached the 6 year limit. At that point, they need to demonstrate substantial progress made to receive some exemptions.
Hope this helps.
Michelle
Hi
When I emailed CPA PE, they told me that I have 10 years to complete my CPA. Has it changed? I only emailed them mid last year
Thank you
Here is the reply I received from CPA Ontario:
"Students are required to gain the last 12 months of their CPA practical experience after they have begun a PEP course so there are no restrictions that apply to you.
The exception being section 2.5.2 of the CPA PER, Currency of experience which states that relevant practical experience must have been gained in positions that ended in the last 7 years. And it's 5 years for any experience and chargeable hours gained in an External Audit Pre-approved Program."
Disclaimer, the above reply belongs to CPA Ontario and I do not own any rights or am affiliated with them in anyway other than as a CPA student.
