Help! - I'm In Transition - What do I do?

Published November 26, 2025 by Ira Walfish

TRANSITIONING FROM THE CURRENT PEP/CFE PROGRAM TO THE NEW CPA PROFESSIONAL PROGRAM (2027+)

One of the biggest questions future CPAs are asking right now is:

“What happens if I start the CPA program under the current PEP/CFE system but don’t finish before the new CPA Professional Program launches in 2027?”

Great question — and the good news is that CPA Canada has designed a clear transition pathway.
Below is a straightforward, high-impact guide to help you understand exactly what carries over, what expires, and what your journey will look like if your studies overlap with the transition.

Key Transition Dates You MUST Know

CPA Canada’s transition window from PEP/CFE to the new program lasts 24 months:

Transition Period: January 2027 – December 2028

Remaining CFEs

• June 2026
• September 2026
• September 2027
• September 2028 (final CFE ever)

Last Offering of Current PEP Modules

Core Modules

• Last Core 1 module: Jan 2027
• Last Core 1 exam: Mar & Jun 2027
• Last Core 2 module: Jul 2027
• Last Core 2 exam: Sept 2027

Electives

• Last Elective module: Jan 2028
• Last Elective exams: Mar 2028

Capstones

• Last Capstone 1: May 2028
• Last Capstone 2: July 2028

If you don’t complete the program before these dates, you will move into the new CPA Professional Program starting in 2027.

What the NEW CPA Professional Program Looks Like

The redesigned CPA pathway includes four core modules + up to five exams, depending on your background.

1️⃣ Knowledge Assessment (if required)

• Only for students with no accounting/business degree.
• Not written in Quebec.

2️⃣ Foundational Module

3️⃣ Foundational Exam

4️⃣ CPA Core Module

5️⃣ Professional Exam – Part 1 (Common Exam + Licensure Exam)

• Everyone writes the common portion.
• A second part to the exam exam applies to public accounting candidates.

6️⃣ CPA Leadership Module

7️⃣ CPA Leadership Exam (Professional Exam – Part 2)

8️⃣ CPA Professional Readiness Module

9️⃣ CPA Professional Readiness Exam (Professional Exam – Part 3)

• Expected to have an extremely high pass rate (likely near-universal).

So… How Do YOU Transition to the New Program?

Your transition depends on what you’ve already passed in the current PEP/CFE system.

If You Have Passed…

➡️ CORE 1 or CORE 2

You are exempt from:

• (2) Foundational Module

You must complete:

• All other modules + all exams

➡️ CORE 1 and CORE 2

You are exempt from:

• (2) Foundational Module
• (3) Foundational Exam

You must complete:

• All other modules + all other exams

➡️ ONE ELECTIVE (any)

You are exempt from:

• (2) Foundational Module
• (3) Foundational Exam
• (4) CPA Core Common Module

You must complete:

• All other modules + all exams

➡️ TWO ELECTIVES

If NOT Assurance & Tax:
Same exemptions as one elective.

If BOTH Assurance & Tax:
You are also exempt from:

• (5) Licensure Module

➡️ CFE DAY 1 ONLY

You are exempt from:

• (2) Foundational Module
• (3) Foundational Exam
• (4) CPA Core Module
• (6) CPA Leadership Module

You must write:

• (5) Professional Exam – Part 1
• (7) Professional Exam – Part 2
• (9) Professional Readiness Exam

You must also attend:

• (8) CPA Professional Readiness Module

➡️ CFE DAY 2 & 3 ONLY

You only need to attend:

• (8) CPA Professional Readiness Module

And write:

• (9) Professional Readiness Exam

Still Confused? You’re Not Alone.

A great visual summary is available on the Western Business School website.
And be sure to check the FAQs on the PASS website