Tomasz Popiel is a CA working in Ottawa, Ontario. Tomasz wrote the UFE in 2010 and has been mentoring CA candidates preparing for the UFE both internally and online through UFE Blog.
In 2010 when I wrote the Uniform Evaluation (UFE) the CA
Training Offices (CATOs) were still a new evolution for the Chartered
Accountants. Still reeling from the economic downturn that began in 2007-2008, the
ICAO was also allowing candidates to write their professional exams, including
the UFE, without being employed. These events resulted in many CA candidates who did not have the same level of
support or access to information that the Big-4 or more established firms
provide their student. Often, Google wasn't all that much help either, not
unless you were willing to shell out big bucks for courses or materials.
I was lucky in many ways. My CATO was able to secure a lot
of material for us and I was sent on some of the very expensive, but useful,
courses available to help me complete the UFE successfully. However, some
systemic things did bother me still. First, there were many other candidates I
encountered who weren't willing to share information or help you. There was a
pervasive mentality that helping one person meant one less spot available for you.
Second, there wasn't all that much current stuff available online in one place. I thought I’d
experiment with tackling the missing information online and try to create more
of a community among CA candidates. Out of this hippie idea the
UFE Blog
was born.
Having successfully completed the UFE not long ago and having
interacted with many other candidates during that time and afterwards through
mentorship, here’s some advice I would give to candidates writing the 2013 UFE.
Worry less about technical
I've found that the closer we get to the UFE, the more candidates
are aching to study technical. Studying technical is easy because all you do is
sit and read it. This is a passive strategy. While a decent level of technical is required, candidates tend to overestimate how much they need to write the UFE successfully. Most candidates will already have
the technical they need when nearing the UFE and only touch-ups will be
required, the energy should more often be spent writing simulations.
Worry more about writing simulations properly
Particularly in Ontario, writing simulations is the most
important practice you can do to prepare for the UFE. The four weeks leading up
to the UFE should be mostly spent writing simulations full time, two multis or
one comp each day and then debriefing. Doing this in a strictly timed fashion will help you manage your time which is a critical skill for the UFE.
Learn something from each simulation (this is hard work)
Debriefing is a new skill most candidates learn only in the
CA process. This is a vital skill that is necessary to get something out of each
simulation. It’s also very hard work which is why many only do it half-effort.
Debriefing requires you to trace each solution back to the original question
paper and learn what triggers should have set it off for you, and where along
the way you fell short. This is something I discussed during
debriefing week
last year.
Have a reasonable schedule
CA candidates are often very stressed and feel immense
amounts of pressure to perform well on their professional exams. In some cases,
jobs may even be on the line. Many candidates tackle this by putting in
unreasonable amounts of time which leads them to burnout and performing poorly
on game day. I would recommend, during the August-September study period, limit
yourself to no more than 40 hours a week of writing simulations and other
studying. The goal is to be at your best on the three days when you’re writing
the real UFE. Don’t feel guilty about taking days off either, you’ll need one
or two at least during the four weeks.
Study with the right person or people
Although many have gone at it alone, I think that studying
for the UFE is best done with a partner or small group. Selecting the right
partner or group is an important part of UFE success and so is the willingness
to drop a study partner or group that isn't working for you.
First, a good study partner is one who can be honest with
you and who you can be honest with about performance. You’ll be spending a lot
of time with this person so it should also be someone you can get along with.
Second, you’ll need to be in the same ball park performance
wise. If you’re writing with a high performer and you’re only an average
performer you will feel like you’re way behind when in reality you’re doing
okay. The high performer will not benefit anything from the relationship either
since they won’t know how to improve.
Final Thoughts
This is general advice and not doctrine. Every
candidate may need to tweak it to how they study best. I've seen many successful strategies and there
is a lot more detail that candidates need to know when preparing for the UFE which is at least a year-long process. I
welcome any and all candidates and past writers to
join us on UFE Blog to
help the next generation of CAs succeed.
UFE Blog is an online web log and community dedicated to helping CA Students successfully complete the Uniform Evaluation (UFE). UFE Blog’s goal is to provide study resources, information about the exams and foster an online community dedicated to helping students succeed.
