A Counting School - Hardcore Chartered Accountancy

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"Hardcore Chartered Accountant" does have a nice ring to it

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Timesinks

Do you want to write now with a 50% chance of success, or wait until next year and have a better chance?

 

Neil has a fun little conversation going on the topic of the 2007 UFE.

The discussion branched off into the question of why Ontario did worse than the national average and what could be done to improve matters. Could forcing candidates into a 2-year program improve matters?

 Paul says no, "Low provincial/regional pass rates are always hard to swallow and can undoubtedly be improved by increasing the amount of screening and the length of the education period prior to allowing a UFE candidate to write for the first time.

However, I question whether a higher UFE pass rate would make the program more attractive to potential entrants. After all, what’s the benefit of making it easier to get THROUGH the UFE if it makes it harder to get TO the UFE in the first place?"

Assuming pass rates of 80, 80 and 75% on the three exams, the average first year writer has a 48% chance of passing, and Paul says that this is still better than the 0% chance you have of "passing" in your first year if you have to soldier through a two year program before you get your shot.

Are programs that force you to work in a CA firm for a full two years before you can attempt to write the UFE taking a superior approach? I suppose it boils down to how much certainty you want that you'll pass, compared to how badly you want to dive in the pool and hope for a sufficiently competent splash. Note the subtle UFE pun/joke in that last sentence. Awesome.

 

Anyway, I'm a firm believer in the "let me at it NOW" philosophy, in no small way because it worked for me.

The question that Paul poses in the second part of his comment is which approach encourages or dissuades people from even trying.

Speaking from personal experience, I shuddered at the thought of having to hurdle across 3 exams. In the end, the simple fact that I had taken the time to get ALL the CA pre-req's (including Consolidations, which was like credit 22 out of 20 needed for me, which I therefore didn't try very hard at) was what kicked me into gear. Well, that and the joy and prestige of being a CA.

But when you're looking at the obstacle course, what I find matters isn't what left, but the fact that you've already been through so much, it feels like a waste NOT to finish what you started.

My perspective argues that the types of hurdles and whether or not they dissuade you are functionally irrelevant. I guess if you really care one way or another, you can always move to another province where the entry rules are more to your liking. I wouldn't surprise to hear that there are some people who did just that.

One factor that complicates all this is the fact that you only get about four shots at the UFE before you can't try anymore. (I think it's 4 attempts - can someone please confirm if it's 4 or actually 5?)

The question "are you feeling lucky?" never felt more apt.

While you ponder that, I'm going to have to ask myself what on Earth I'm going to do with the 525 photos I took at my firm's UFE party. Well, delete the weaker pictures and duplicates for starters. Enjoy the top photo, from last year's collection.

...

There we go, down to 523 already. Oh, and thank goodness. My mentee's photos came out successfully. Lighting on a sunny day can be surprisingly tricky if you're not careful. It gives me renewed appreciation for the work of true pros.