welcome to the 2015-2016 professional education program prep Q&A discussion this is the same recording of the August 20th 2015 noon presentation my name is Mike Katzman and I’m a prep trainer at prep formula in the past I have been a marker what CK Canada and I’ve had a number of different marketing engagements all over including York University and a number of big firms the purpose of today’s session is to discuss to discuss the professional education program basics and answer any questions which you may have prep formula provides a personalized and supplementary training program for students going through the professional education program prep formula is certified as a designated post-secondary educational institution by the Ministry of Employment and Social Development in Canada the agenda for today we’re going to understand the basic requirements of technical review as part of the modules and the supplementary sources strategy for MCQs and the basics of case writing on the pet module exams you’re also going to understand the role in the case the quality of the idea behind quality and you’ll be exposed to the idea of indicators and requires you’re also going to understand what to do in the result of an unsuccessful attempt at each stage learn the basics of time management understand the most important parts of a basic case I understand the basics of debriefing and what it means and how it will help you pass I understand the basics of using Excel for quantitative analysis and let’s just kind of to start start by looking at the core 1 basics the core one for those of you that are not familiar with the process is the first major exam as part of pep you don’t have to take it first but I choose to talk about it first myself so in terms of the format of the exam format is primarily objective format questions an example of what an objective for my question is a it could be a multiple-choice question or a short answer there will be approximately 55 to 70 multiple-choice questions on the exam together with a one-hour 60-minute case it is possible to have two shorter cases that are 30 minutes in length but during the last couple of attempts of this particular exam it’s been a one-hour case what you should know is that this is a three-hour exam so time management is key you won’t ever be communicated to say move on from the objective format questions and start the case format and start the actual case writing it’s your responsibility to take control and to make sure that you are not going overtime predominantly this topic tests financial reporting which generally means accounting which you should already be quite familiar with at this stage in addition the contact overage also includes audit and assurance finance and Taxation Core 2 is quite similar to this exam however the content is quite different we’re now talking approximately again 55 to 70 multiple-choice questions and there will be another one our case there has just been a recent update to core to this exam will now be four hours in length the content covered specifically we’ll be focusing on management accounting primarily and there’s now been a change to the finance competency that finance will be increasing in value in it in addition this exam will test you on strategy and governance and financial reporting what I really want to emphasize here is both as part of the objective format questions and the case that you’ll be writing you can be tested on any of the following topics so anything is technically fair gain for both the objective for my questions and the case writing portion under the assurance elective however and the reason why I actually picked assurance for this presentation I actually picked assurance aim and in taxation we anticipate that a large number of candidates going through the process will be picking assurance and Taxation as part of their electives because they want to go through the public accounting route we think that this is a good idea not to close any doors for yourself on the assurance elective exam you’ll be faced with approximately up to 25% of objective format questions but only questions within the assurance that I like the elective context so although the insurance elective might test you on other areas the other areas will be primarily tested through the case format within the insurance context you’ll get to 60-minute cases that you’ll have to complete in a time frame and like I said as part of this exam you will be required to actually discuss things with

in other competency areas as well primarily from core 1 or core 2 now nothing really changes for the taxation elective in terms of structure the only thing that does change will be the content coverage so there will be a stronger focus on taxation but again for the case writing portion you could supplement that and they could technically test you on any topic from core 1 and core 2 now let me talk about the basic requirements of case writing and multiple-choice the module exams will test both objective for my questions and ansi cues and this is the whole concept behind multiple-choice questions is your technical knowledge will be tested that’s the primary focus of multiple-choice questions to determine whether you understand the basics of each standard in addition it’s also going to explain an test case writing so case writing is primarily tested through three different areas technical writing so do you understand the material writing skills aka the the enabling competencies so this is something like communication are you able to spell well are you deriving a useful report and writing strategy due to the fact that there is a significant time pressure on these exams are you picking the right issues are you talking about the big picture items are you talking about the most important things that you should be talking about items that are not tested provincial tax laws just to make it fair because this is a process that’s meant to be tested across Canada and the Caribbean and Bermuda there will be no provincial tax laws all also if you are keen on introducing industry-specific knowledge it won’t be required everything is part of the case and exam structure will be provided to you right in the case let me explain what a competency area is let me explain what a competency map is and what multi competencies stand for competency areas are six different subjects which are financial accounting management accounting assurance finance governance and tax those are the six topics that will be tested on these exams the competency map sets out within these topics what you’re responsible for knowing basically multi competencies imply that unlike a university level examination you are now required to tie in multi competencies together so in other words the cases will test your integration skills between say financial accounting and tax or audit so different competencies all pooled in one you write these exams on a laptop with secured exam and you are provided with a handbook and the end and the Income Tax Act through a program called folio views how to do well on multiple-choice questions so here are the key basic principles behind scoring well on pepp MCQs number one assess the competency area at hand and understand the topic carefully number two read the question carefully and immediately understand what options are available to you don’t don’t try to skip ahead don’t don’t try to predict the questions just read it all in one you only have two point four minutes on average per question therefore you should be really being pretty careful with the amount of you know guesswork that you’re doing just try to read everything all at once and then number three you’ll be immediately able to rule out a number of different answers right so then you’ll end up with two or three answers from which it becomes an easier decision and neurons are actually better now questions will be at varying difficulty levels but we don’t actually recommend free or free to skip questions instead yes you don’t have a top you don’t have time to actually go back to a question most candidates that we’ve spoken with actually end up running out of time and then they end up guessing if you are running out of time number five towards the end try to jump right to the end and then go back to front this is just the tip that I’ve been giving a number of candidates and I think I think it’s working pretty well and um you know when all else fails make sure you put C or B or whatever are these guests further questions do not leave anything blank how do you score well on case writing first and foremost you need to understand your role you have to read carefully you have to understand what’s being asked of you what issues are the most important and the skills required for this would be technical reading writing time management quantitative skills and decision making the reason why the role is so important a number of years ago there wasn’t there was a legacy see a case that tested your role as a CRA Auditor working for a Canada Revenue Agency auditing a particular

unfortunate individual what happened was a lot of candidates misunderstood the role and started giving advice to the to the person that that they were auditing which was completely out of context so if you consider the role of a CRA auditor which is required to follow the rules and perhaps seek out individuals that are either creating errors on their financial statements or fraud providing tax advice is definitely not something that they should be doing therefore this is just something that I really want to remind you that the entire report must be within the context of what you talked about you should also learn the rules of the game there are four different types of things that I want you to watch out for each case will have a number of different indicators and by indicators I really mean requires so these are things that you have to do something major would be a primary indicator so that’s something like say each case might have three different topic areas so these are things that you have to talk about although information in the case is scrambled you have to assemble a back into pieces and then divide it into little buckets and then speak speak about them then what you’ll notice is there may be things that you think you want to talk about but there’s no explicit required for you to do so this is just my way of cautioning try not to interpret things too much try to just answer what’s being asked of you do not invent anything and the next thing is other indicators look for things that have a significant influence on all competency areas look for an overall discussion so things like ethics or fraud or general communication so these are the enabling competencies these are kind of the big picture items the impact on your users always watch out for things like that and and last but not least on these exams you are now being tested on the effectiveness of the report aka the spelling the grammar the sentence structure and you know how easy is your report to interpret by the user you need to hit three points in order to actually pass sufficiency depth and breadth sufficiency means a number of indicators okay so basically an X number of successful points depth is appropriate discussion within each context and within each competency area so that must mean including an impact right so you need to provide a meaningful discussion that adds value and then breadth a sufficient number of topics overall across all types of competencies and this is really something that would be required time management look you’ve got 60 minutes for a core 1 case you’ve got 60 to 90 minutes for an elective case you don’t have enough time to really say everything you want to say so it’s really important to keep track of your time do not go past the allot of time that takes time away from other questions always start with the biggest issues start with the most important issue and then move on to the second most important and then allocate your time efficiently reading plan questions don’t rush start with the most important issue and did the least important issues lost here a couple of case writing tips core and elective cases are designed so you don’t have enough time like I mentioned save two to five minutes at the end of the case for a conclusion and omit things that are not really relevant it’s rare to have time to use handbook references and to access the handbook so my suggestion is to actually memorize the most important standard say the most commonly tested areas and regularly look at your watch to determine how best to spend your time prep formula outlining strategy I want to make this as clear as possible please have a way to organize your answer I prep formula we suggest the r1a method our stands for requires one stands for a suburb required so and then a stands for a random piece piece piece of information we suggest that a computer-based outline and how this works would be a required is a specific competency area one for example would be one two three it would be the various topics within the competency areas and an a would be the random pieces of information the case facts that would help you prove or disprove specific criteria within the topics so hence that’s the way that I would kind of structure the the exam it should be just one page and it should include a timeline so timelines are extremely important consider drawing out a timeline and a quick org chart to figure out the most important key players and who’s doing what and how people are connected these are pretty difficult

exams and there’s a lot of information so it’s hard to really achieve depth but what is depth even mean here writing in depth writing in depth means discussing the most important issues try to use the case facts technical knowledge judgment discuss options and provide conclusions or recommendations wherever possible use case facts to help determine appropriate outcome and effects when you have options you should choose based on what is best for your client or employer not what easiest for you you may only have a few minutes for less important issues so try to use case facts with as much depth as possible and writing in depth means explaining every choice and the impact on financial statements if there is a choice you have to conclude and say why you picked it eyed depth by continuously asking yourself so what why is this important what else should I be talking about continuously try to add value let’s talk about quantitative basics quants are things that are done in Excel always try to move your quants into the excel they should be written on the spreadsheet and labeled labeling is key it provides a marker with a quick run through your entire discussion you also want to have a purpose and what I do want to say is these are not required by all questions don’t force it into a question and really the idea is not about perfection you want to add a correct conclusion you want to add value to your client or boss so have enough evidence to come to a supported and correct conclusion but don’t go overboard I don’t eat every single possible adjustment it’s all about adding value and not all quanta justments are required okay so when in doubt if you have if you have a choice kind of like on the screen right now simple quant or complex quant I always go the simple route it should be understandable to a reader and you have to show your calculations if a Quan as value do it if not don’t bother and you always want to ask yourself what is the simplest possible quant that I could do to get to my correct conclusion this is not a time to impress your client this is a time to produce a qantas fast as possible and get the answer that you need and really how many items do you need it depends I would go off after the biggest dollar amounts first and then at some point move on to the conclusion how can prep formula help help you pass so how can we need how can we help you pass PAP prep formula is a professional education program prep service we’re totally supplementary and we connect CPA candidates with professional markers so this is someone who is a practicing chartered professional accountant typically legacy CAS and a number of cj’s as well and this becomes your mentor your tutor throughout the entire process we also provide you with excellent study materials 89% of students who used our prep services in 2014 passed on the first drive ninety-five percent of core 1 and core to students who wrote both in March and July also passed on on the first try we try to connect each student in our program like I said with a mentor but someone who you could call or email or text at any point in time so this is someone who you could direct all your questions to if you have any questions if you want to know how to improve your writing if you want the real if you want real answers if you want real help if you need to understand why you’re failing while you’re not getting the answers sign up with us so we can pair you with someone with experience that can actually guide you on a one-to-one basis so your tutor and mentor which is the same person will professionally mark all of our mark exams for you and debrief them one-to-one by phone or Skype now this is a sample of a mock mcq if you want to go through it pause the screen right now read it let me know what you think I’m just gonna jump through and show you that our BA can’t MCQs immediately show not only the correct solution but also show why the other answers are wrong now let me also give you a quick walkthrough through the prep formula system to show you exactly what you’ll get as part of our program so when you first log in what you’ll notice is you’ll have this is going to be the login screen as soon as you put in your password what you notice is here’s my mentor so this is your teacher that you’ll be working with Greg Brown these are the different topics that you’re responsible for knowing financial reporting taxation assurance finance etc okay and there’s a couple of interesting things here the case marking and mock exams are here one to one sessions are here okay let me just show you all all of the various parts now I’m gonna start by

showing you these this is just a rough breakdown of all technical content I pulled up a random talk a technical slide this is an example of one of our videos so this is a video describing all the possible technical it’s available to you all the way up until if you purchase the full program up until you become a CPA access is continuous until you actually pass and we also provide notes so you can download a copy or print to PDF and you can actually take notes about every single subject each section will also have a quiz to determine whether youth you’re able to actually score appropriately or not and then you can submit the quiz and immediately get marked and you’ll understand exactly how to arrive back now let’s say that you want to actually download one of the cases you’ll you’ll jump immediately right into the marking tab in here this this is going to open up this page with multiple cases you’ll click on a case you can download it you can say that these are cases that prep formula developed and detailed debriefing guides okay at that point I think you want to submit your your request what you’ll be able to do is submit the cases for marking to your mentor so right away you’ll be able to submit them as soon as you’re done and then later on what we’re doing now is we’re offering a new service so not only are we now offering a phone or Skype support we now offer the ability to actually have a one-to-one session through a meeting Channel so by clicking here this is actually going to take you to a meeting software developed by bi prep formula where you’ll be able to communicate directly with a your mentor going forward so now you’ve seen a quick walkthrough of our program let me just show you our course curriculum and features as well students have the option to work with a qualified and currently practicing CPA with professional our marketing experience on a one-to-one basis from now all the way up until the C fee we provide full summarized notes video lectures in a personalized schedule for each exam provided we also provide a full sub supplementary case database and an attic use for every exam that you write if you purchase our program for four modules so not only just core 1 or core 2 you will say 40% compared to the standalone value this is something we call the four modules package or our best value includes four modules plus C fee prep and at that point that becomes a fifty five percent discount and compared to our standalone value we call this our full program that comes with every resource that we can offer at a fifty five percent discount and access is continuous until you pass all the exams and become a CPA the governor of Canada in 2013 recognized our educational status and now we are really proud to offer a t2202a for all course fees paid so you you will receive an educational tax credit for the program costs which you should receive a refund on your taxes and really what I want to mention is our program is almost sold out for 2015 we have an extremely limited number of spaces available for 2015 given the fact that we only accept 250 students per cohort and we were actually quite full if you do have any questions whatsoever about anything that I have just mentioned or if you do require any assistance or would like to register please click get started on any of the pages on our website feel free to navigate to prep formula.com so this is actually the end of the webinar if you do have any additional questions feel free to email us thank you very much for watching this and I hope you have a great day