CPA CFE 2021 Study Plan – 4 Months Before CFE

I thought I was quite behind on my CFE prep schedule until I read my last CFE prep post just now. I found out I am only several days behind (just need one more day of Assurance review) as my plan was to finish Assurance in May. This made me really happy because it means I only have Finance (my CFE role) and Strategy & Governance left (which I find easier). Since I just finished Performance Management (PM) in March, I am not planning on reviewing the materials again until Capstone 2 (review as needed).

RELATED POST – CPA Performance Management – Why Did I Choose the PEP PM Module?

Read all of my CPA CFE posts here

A Recap On Everything I Did In The Past 5 Weeks

If you don’t already know, I have been sharing my CFE prep regularly in a diary format over at this post. That is where I document my productive and slack days. That post is also where I share useful posts or videos I have come across as well.

  • finished reviewing FR
  • started reviewing Assurance (almost done as of Jun 3, 2021)
  • started Capstone 1 (in the middle of finishing Part 2)

RELATED POST – CPA Capstone 1 – Tips For Week 1 – 2 Submission (Part 1)

Thoughts On Capstone 1 & CFE Technical Reviews

Looking back, I am really glad I chose to review Tax and FR before Capstone 1 started. Even though my Capstone groupmates are as productive and punctual as groupmates can get (our group meetings have been the most productive meetings I have had with groups for school), Capstone 1 still takes time and energy away from my technical review. It is simply too hard to do both on the same evening after work so I would always work on Capstone 1 first. As a result, I fell behind on my Assurance review. Luckily, assurance is by far the easiest topic to understand. It also helps that there is a lot more free content online that can supplement my Knotia chapter readings compared to for Tax and FR. For example, Dr. Amanda White’s audit channel and Edspira’s channel are both excellent resources if you are struggling with an audit concept. Not to mention, the use of supplemental resource has always been an excellent way to understand a concept for me personally.

If you are reading this update months before you write your CFE, keep this in mind so you can plan your CFE prep.

RELATED POST – CPA Capstone 1 – What To Expect At The Module Workshop

How I Have Been Reviewing Technicals For CFE

The other day, a reader asked me if I had any tips for memorizing technicals. I then told her my goal for this stage of CFE prep (before Capstone up untill Capstone 2) is not to memorize anything. My goal is simply to refresh my memory as I would have gone through all those chapters at some points during my PEP journey. So far, I have come across concepts that I never truly understood, barely understood and also familiar with. In addition to Knotia chapter readings, I utilized articles and videos I can find online to strengthen my understanding of the concepts. I avoid memorizing anything at this point as CFE is still several months away. I want to be efficient in my review by avoiding memorization as it is time-consuming and I might not recall anything in 4 months. Also, I want to avoid burn out so I am taking small steps slowly but surely.

Updated Study Timeline For CFE

June to Mid-July

  • finish Capstone 1 (Part 2, Part 3 & presentation left)
  • start reviewing Finance (my CFE role)
  • start reviewing S&G in July

Mid-July to Mid-September

I am keeping this part of my plan largely the same as my last update except for the addition of Densmore Skill Drills:

  • Capstone 2 starts
  • finish reviewing S&G
  • Densmore CFE Prep on Jul 10, 14, 24 & 28
  • Densmore Skill Drills for Finance
  • Off work for 13 working days (21 days including weekends)
  • Write cases and technical review as required