(Posted October 2025)
As you approach the Common Final Examination (CFE), a key milestone in earning your Chartered Professional Accountant (CPA) designation, you face an important decision: when to write the exam. Offered twice annually—in June (scheduled for June 2–4, 2026) and September (September 15–17, 2026)—the CFE is a three-day exam that tests your ability to integrate technical knowledge with professional judgment through case-based scenarios. Whether you are a first-time candidate completing the Professional Education Program (PEP) or an experienced writer preparing for another attempt, choosing the right sitting depends on a number of factors. This blog provides an overview to help you make an informed decision and prepare effectively.
CFE Structure and Schedule
The CFE consists of three days, each with specific objectives:
- Day 1: A strategic case linked to Capstone 1.
- Day 2: Tests depth in your chosen role (Assurance, Finance, Taxation, or Performance Management), requiring consistent competency.
- Day 3: Assesses breadth across six technical areas: Financial Reporting, Management Accounting, Strategy and Governance, Audit and Assurance, Finance, and Taxation.
In 2026, the June CFE results are expected to be released in August, while the September CFE results are likely to be released in early December. Registration is open from December 22, 2025 to February 16, 2026, for the June CFE, and April 13 to June 1, 2026, for the September CFE. Waitlist requests are accepted until two weeks before the exam. Confirm dates with your provincial CPA body, as schedules may vary.
The Sequential Path: Capstone 1, Capstone 2, and CFE
First-time candidates often pursue Capstone 1, Capstone 2, and the CFE in sequence.
For the June 2026 CFE:
- Capstone 1: Late January 2026 to March 2026, focusing on strategic case-analysis skills
- Capstone 2: March to May 2026, featuring mock exams that align with the CFE format
- CFE: June 2–4, 2026
For the September CFE:
- Capstone 1: May to July 2026, focusing on strategic case-analysis skills
- Capstone 2: July to September 2026, featuring mock exams that align with the CFE format
- CFE: September 15–17, 2026
This approach maintains continuity. Capstone 1 builds strategic thinking through group work, which Capstone 2’s simulations refine to match the CFE’s structure. Writing the CFE immediately after keeps your skills sharp, potentially leading to a CPA designation by fall 2026 if practical experience requirements are met. However, the demanding schedule—group projects, mock exams, and CFE prep—can be exhausting, especially alongside work or personal commitments.
Key Factors to Consider When Choosing a Sitting
To select the optimal CFE sitting, evaluate these factors:
Work Obligations and Vacation Availability
Your work schedule significantly impacts preparation. Studying for the June CFE in April and May often overlaps with public accounting’s busy season, where vacation restrictions can limit study time. Industry roles may offer more flexibility.
The September sitting typically aligns with quieter summer months, making July and August ideal for study leave. Aim for at least four weeks of full-time preparation, structured with technical reviews, case practice, and mock exams. It is a good idea to have early discussions with your employer about study leave to ensure you have the necessary time for your studies. While many firms support CPA goals, it is important to consult your company’s policies, as some firms may not support their candidates writing the June CFE.
Technical Readiness
The CFE emphasizes applying knowledge over memorization. If your PEP foundation is strong, the June CFE suits candidates who can begin preliminary technical review before 2026 or in January 2026 during Capstone 1, refining weaker areas like IFRS® Standards or Taxation before Capstone 2’s case-focused phase.
If your technical knowledge needs a significant refresh—perhaps due to time elapsed since you completed the PEP modules or limited application at work—the September sitting provides a longer runway. For example, you could complete some technical review prior to the start of the Capstone 1 module for preliminary technical review since it is difficult to have enough time for technical review during that module. Regardless, the aim should be to complete your preliminary technical review by mid-July, then dedicate July and August to case writing practice. Densmore’s CFE Prep courses offer early access to Scenario Flowcharts and Skill Drills, which cover various competency areas. These technical resources and other online sessions support an effective technical review and provide the support you need.
Personal Commitments
Personal obligations can significantly impact your focus during CFE preparation. The June CFE prep period may coincide with spring events such as weddings or travel, while the September sitting could overlap with summer holidays or back-to-school responsibilities. Additionally, consider personal commitments, family obligations, and any other personal events that might arise. Choose the sitting with fewer distractions to ensure maximum focus and a successful study period.
Making Your Decision
Choosing between the June and September CFE requires aligning your work obligations, vacation availability, technical readiness, and personal commitments. Seek advice from mentors or peers and consider a pros and cons list to clarify your choice.
Effective preparation starts early. For the June 2026 CFE, enroll in Densmore prep courses by November or December 2025 to access technical resources early to start your technical review. For the September 2026 CFE, register by March 2026, using spring for strengthen your technical knowledge and summer for writing, marking and debriefing cases. Densmore’s CFE Prep courses offer resources and customized study plans whether you are a first-time or an experienced writer.
The CFE is a challenging but achievable step. With strategic planning, you can select the sitting that optimizes your chances for success. For tailored support, contact info@densmorecpa.com or explore our 2026 CFE Prep courses. Your CPA designation is within reach—plan thoughtfully and move forward confidently.