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CA students often interpret the Uniform Final Examination's annual pass rate of approximately 50% as indicative of their own chance of becoming chartered accountants. In fact, just the opposite is true. The UFE flowthrough rate (which covers all candidates who ultimately receive their designations) was around 84% and consistent for all provincial institutes the last time I saw the statistics. Clearly, nearly every finalist has the ability to pass the UFE. The obvious question then is: "Why aren't finalists passing the first time they write the exam!" My experience with repeating finalists has shown that most failures result from inappropriate study programs.
The most important aspect of any program is to ensure that it prepares you for the proper examination. The UFE is a unique testing instrument, yet many finalists prepare for it the same way they prepared for their university and institute courses. This is akin to getting ready for a baseball game by practising ice hockey.
The UFE process can be compared to a competitive sport situation in one other respect: Successful coaches scout their opponents to try and gain an edge. Your first step, obtaining an understanding of the UFE, should be undertaken in January or February of the exam year. To become familiar with the exam, you should:
* Read the syllabus up to the sections covering technical areas.
* Read the past two years' UFE reports up to the coverage on specific questions.
* Randomly pick and read five questions from each of the last three years' UFE reports.
* Review 10 to 15 single and multisubject question marking keys.
* Review at least two comprehensive marking keys.
This review will probably take four to five hours. That's an immaterial time commitment in a 275-hour study program, but it may prove to be the most valuable time you spend if it gets you focused early.
The reading and review will highlight the constraints that the Board of Examiners face regarding content and types of questions. You should now know the approximate amount of coverage by syllabus area and the approximate coverage by question type. Your study program must prepare you to handle comprehensive, multisubject, single subject and core knowledge questions.
Most important, you should be aware from this review...