Posted on: 20-04-11 13:34:15
Subject Canadian / Ontario Chartered Accountant
Has anybody written any exam of Ontario Chartered Accountancy Exams?
i.e. C.K.E / S.O.A. / Ufe final.
Or have any experience with these exams. Need to communicate urgently Thanks
Quote:
Originally posted by Kanya
Subject Canadian / Ontario Chartered Accountant
Has anybody written any exam of Ontario Chartered Accountancy Exams?
i.e. C.K.E / S.O.A. / Ufe final.
Or have any experience with these exams. Need to communicate urgently Thanks
Recently a meeting was held by Toronto chapter of ICAI. If you are a Chartered Accountant from India, you have to write UFE only. I would suggest that you should get in touch with Toronto Chapter officials and suggest them that they should form a group of all the prospective students who wish to write UFE. THE BEST way to write UFE is peer review. Students should form a group, write a mock test under examination condition and then review each others answers and provide critique. In the end , the answers should be compared with the recommended solution and again discuss the performance of each one. Though passing rate is apparently quite high, my impression is that unless you are working with an accounting firm, chances of success turn out to be poor. I do not know the reasons for the same. Further, unless you score reasonably good marks in the first attempt, the chances become worse for each subsequent attempt. Thus your first attempt has to be the best. UFE is very intensive and requires lot of time commitment. If you are working, it si very difficult to concentrate. Further those working for accounting firm, especially BIG four have access to excellent coaching classes and also get enough vacation to prepare. Further after the exam, they can resume the job. Mind well, you would be competing with those people. Their fees are also reimbursed. My opinion is that if you want to write UFE in Sept. 2011, you would require lot of discipline and extreme ly hard work. Forget about enjoying in summer. One more point. The entire exam is now on computer. You would have to have very good data entry skills as you would NEVER have enough time to respond to all the questions. (the exam is designed in that way). If you feel that you require time, then plan to write next year but start preparing NOW. As I suggested, first step should be to form a peer group of COMMITTED students. (Half would abandon before the exaam) Hope this helps.
Here are some links that may be useful
http://www.icao.on.ca/Admissions/InternationallyTrainedAccountants/MOU%20with%20India/1010page12529.aspx
“Memorandum of Understanding - Institute of Chartered Accountants of India”:
http://www.icao.on.ca/Admissions/1008page2664.aspx
Thanks for your detailed response.
I am aware about the MOU; as well I was at the meeting session between ICAI & ICAO. I am generally aware of what’s going on.
If you guys are forming a study group please allow me to join in.
At this point I would like to have a look at the various study material, so that one has understanding of how much work is involved and the time commitment required.
Please respond
Thanks
Are you exempt from the work experience requirement or are you currently working at a CA approved training office ?
Passing the UFE does not guarantee a job especially when you have many unemployed recent accounting graduates who couldn't find employment taking the exams.
http://www.icao.on.ca/Admissions/RegistrationOverview/EmploymentExemption/1008page11205.aspx
"In recognition of the difficulty that a significant number of otherwise qualified individuals may be having in securing employment in a CA Training Office (CATO) during the current economic downturn, the Institute’s Council recently approved the introduction of a new Section 210 (Exemption from Employment Requirement) in Regulation I, A regulation in respect of students."
Anyway, this is a helpful website for CA students:
http://www.iwanttobeaca.com
Yes I will be exempt from the work experiance
At this point all what I need is to Just have look at the books & study material
As well be a part of a Study group
Guys let's focus on the original question
Thanks for all responses
I passed it LONG back and hence I do not have material.
If you are not working at CA firm, it would be certainly helpful to join one of the coaching classes. I would even suggest to join them this year even if yo are not planning to write though it may entail more expenses because they conduct mock exams and that would give you fair idea about the exam and your level. You can request any BIG 4 CA student. Each of them have different coach and you can get lot of stuff. Considering very large gathering at the ICAO meeting, I guess you should have no difficulty in forming the group. I know couple of guys who want to write but I guess they decided to defer till next year after hearing that UFE requires preparation from January onwards (which to a large extent is true ). I recall that it was mentioned in the meeting that CA students have access to study material on web. If you have registered as student explore that or else ask some one who is a student. ICAO itself used to publish model answers to past exams. They might still be publishing. Perhaps you can go to their office and browse the same. However, your best source would be a person who passed exam last December as he would have all the material and can guide you as to current trends in exam.
Each of the coaching classes offer first session free. Register with each of them and attend the same. This would give you idea about kind of coaching offered and likely faculties. Try to make friendship/ acquaintance with another student. You can get material from such a person, can form study group or if you decide to attend different coaching classes, then can exchange the material. Each coaching class web site also offers (to best of my memory) study peer group. However, you may come across a moron and waste your time!
When you attend a coaching class, try to strike friendship with a non desi non Chinese guy working in BIG 4 or even a small or medium size firm which may help you get job there and thus gain work experience. Work experience with big 4 in CANADA would make all the difference
