Uniform Final Evaluation
From Wikipedia, the free encyclopedia
The Uniform Final Evaluation (UFE) is the last step students take towards gaining the designation of a Chartered Accountant (CA) in Canada and Bermuda.
Nationally administered by the Canadian Institute of Chartered Accountants, and conducted regionally by the provincial/regional orders, the UFE is written over the course of three sequential days and is the culmination of years of study in accounting courses. To write also requires successful completion of preliminary work or exams, which vary among the different parts of Canada.
The exam is administered once per year during September and approximately 2,500 students attempt the exam each year. National pass rates for 2003 to 2006 have been 65.5%, 74.5%, 74.0% and 79.3% respectively. Exam results are released in November following each September sitting of the UFE.
In addition to successfully passing the UFE, CA candidates must complete a minimum of 30 months of practical experience with a public accounting firm with a specified number of hours in specific areas of accounting, auditing, and tax before officially becoming full fledged CAs.
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[edit] Exam structure
The exam currently consists of case based simulations: one 5-hour "comprehensive" written on the first day, and a varying amount of multi-subject questions split over the remaining 2 days. Each multi-subject day is 4 hours, and consists of questions with time limits of 60 to 90 minutes.
Students answer questions which are presented in the form of business cases that include a listing of requirements for each case's "users", followed by a list of exhibits that provide case facts from which observations, suggestions and conclusions are derived. Common scenarios are providing advice on how to conduct an audit, or advising a client on the pros and cons of investing funds in a given business venture.
Since 2003, the exam is marked according to a "competency map". Candidates must score a minimum number of 'points' in each competency areas to pass. Previously versions of the UFE used a more traditional marking scheme. Older versions of the UFE lasted four days and included multiple choice questions. The current version consists exclusively of full 'case style' questions, and no multiple choice.
[edit] Core competency areas
- Governance, Strategy, & Risk Management
- Performance Measurement and Reporting
- Assurance
- Finance
- Management Decision-Making
- Taxation
[edit] Exam entry method
Since 2005, students have been able to type in their responses on laptop computers secured with lockdown software in all regions of Canada. Students are also able to continue hand-writing their responses, or mix their answer with both written and typed components.
Over 90% of students in Ontario alone have chosen to use their computers in 2006.
[edit] Provincial/regional initiation
In Ontario students must write the Core Knowledge Exam (CKE), a 4-hour multiple choice paper that covers six "core competency" areas, which are common to the entire exam process. The CKE is written twice a year, in January and in May. Successful writers continue to the School of Accountancy, which a three-week program that culminates with the End of School Exam. The exam is similar in structure to the multi-competency exams of the UFE.
