Published December 10, 2016 by Michael Levi
Okay, now that we understand how to interpret the results (please read our blog "Repeat Writers - Understanding my Result" before you read this blog), let's figure out what to do to make sure you are successful on the next CFE.
Obviously, the way forward will be a bit different for everyone, depending on where you were weak the 1st time around. So I'll try and make this general enough to capture all weaknesses, and you can see which specific points relate to your situation.
The first thing to do after you have analyzed the results, is to put together a study plan. It's still early and you don't have to attend Capstone 1 (even if you failed Day 1) and you don't have to attend Capstone 2. Figure out a rough game plan, when you are going to focus on technical, which areas, and when do you want to start into case writing. You can also start inserting cases you plan to write into different weeks. There are lots of old UFE questions you can write.
We would be happy to review your study plan or discuss with you how to prepare an effective plan.
Based on your results, as yourself where you need to improve from a technical perspective. If you failed either financial accounting, management accounting or your depth area, you need to spend some time brushing up on technical in those areas. If you failed based on level 4 of the Day 2 and 3 Pass/Fail Assessment Model then you may need to brush up in other areas. This can consist of going back to Challenge/Module exam notes or text books and reviewing technical.
You may also want to consider the PASS courses in Management Accounting and Financial Accounting for the CFE (or even just purchasing the books for each), especially if you did not take the PASS Challenge Exam Course. Both of these provide good technical reviews. If you want help with all of the competencies a CFE Technical Binder is available.
If you failed on the comp role, it could simply be more of a technical problem in that competency. The comp is really directed and if you failed on Level 3, you need practice in that competency (that you chose for your role). One way to get practice, in addition to studying some technical, is to do multi questions that have that competency in them. For example, if you chose assurance as your role, select old UFE questions, that are heavy assurance and practice them. Even though they are multis, you will gain valuable practice on assurance requireds, that will help you for the comp.
We also have a structured comp approach that may help, so if you want to discuss this, give us a shout.
Almost everyone will need more practice on multis. The good news is that you have a lot of questions you can practice on that you probably have not written, as there are a lot of good past UFEs you can write.
If you have not taken the PASS comprehensive course, we would be happy to talk to you to see if this course could help. We have specific sessions for repeat writers and teach techniques to help you move up the levels to greatly increase your chances of getting "competent".
In conclusion, give us a call and we can look at your results and come up with a game plan for how to approach the CFE and increase your chances of passing.
We know it is not pleasant to have to go through this again, but the truth is that your chances of passing are better the 2nd time around, as you will benefit from all the case writing and studying you did the first time. It did not come together this past September, but with proper planning, you can do this!