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