Rebecca Lee (MAcc ’23) knows firsthand the intensity and demands of the CPA Common Final Examination (CFE). Widely regarded as one of the most challenging professional exams in Canada, the CFE spans three days and rigorously tests not only technical accounting knowledge but also problem-solving, critical thinking, and decision-making abilities.
This makes her 2023 Provincial Gold Medal win an extraordinary achievement—one that will undoubtedly illuminate her career for years to come.
Reflecting on her experience, Rebecca credits the University of Waterloo’s Master of Accounting (MAcc) program for providing her with the tools and support needed to succeed. Read on as Lee discusses everything from earning the opportunity to write the CFE, where she is now, and her tips for students at the School of Accounting and Finance (SAF).
Why did you choose to study at the University of Waterloo?
I chose the University of Waterloo because of its strong reputation. It’s the school my older sister attended, so I knew it was a great institution. A major selling point for me was the co-op program. As a high school student, seeing my sister make money through her co-op experiences while gaining valuable skills and paying for tuition really stood out.
Another reason I chose the Accounting and Financial Management (AFM) program over traditional business schools was that I already knew I wanted to specialize in accounting. I appreciated how focused the workload was on accounting rather than having to take a wide range of general business courses.
Lastly, the direct entry to the MAcc program appealed to me. Since I knew I wanted my CPA designation, this felt like the most efficient path to get there.
What was your experience like preparing for and writing the CFE?
The weekly practice cases were incredibly helpful beyond just the technical skills. They taught me how to sit for hours, write cases, and repeat that process multiple times a week. They also helped me learn how to approach unfamiliar situations and fact patterns, which is critical.
When it came time to write the CFE, the process was much smoother than I had anticipated. You register, get seated and when the exam starts, you lock in. I didn’t even notice the hundreds of people around me—it felt like it was just me, my laptop and the clock. Once I finished the exam, I’d take a break, zone back into reality, eat a snack and head home.
What advice would you give a high school student interested in studying accounting?
Talk to people in accounting! There’s a misconception that if you’re good at math, you should go into accounting-- but accounting is much more than plugging numbers into a calculator. It involves understanding rules and legislation, analyzing different situations and problem-solving. Speaking to someone who has gone through an accounting program or is working in the industry is a great way to see if accounting is the right fit for you.
Do you have any tips you can share that helped you succeed in MAcc and move on to a successful career at Deloitte?
There are only so many hours in a day, so it’s essential to use them effectively and in a way that you’re happy with. For example, I always took handwritten notes as much as possible. While it took longer, I found that my retention of information was much better.
During MAcc, I felt confident in my tax knowledge but knew I was weaker in audit, so I asked my friends in audit questions and reviewed audit notes more frequently. I also spent less time on tax review since I knew it wouldn’t be as effective for me.
In the workplace, it’s important to be willing to learn new things. I’ve been involved in more tax technology projects, which interest me. Last year, I was added to a specified leasing property (SLP) CCA automation calculation project. At the time, I didn’t even know what SLP was, but I leveraged my foundational tax knowledge and Excel skills while learning the tax rules and new tools like Excel PowerPivot. Getting involved in projects that offer growth and development opportunities helps build your portfolio and makes you a valuable asset to any team.