Congratulations, future CPAs! 1,386 aspiring Canadian accountants pass the May 2025 CFE

TORONTO, Aug. 9, 2025 – The waiting is over for 1,386 aspiring chartered professional accountants who received word yesterday that they had passed May 2025 common final examination (CFE). CPA Canada President & CEO Pamela Steer congratulated the successful writers, noting “This is an important milestone on your journey to join the profession and an accomplishment you should be proud of,” and “Your dedication, hard work and perseverance will make you welcome additions to the profession.”

Gevorg Grigoryan, a chartered professional accountant and CPA program coach and mentor, notes “that a total of 1,386 candidates passed this CFE, which is slightly less than 1,403 in May 2024. However, there were fewer writers overall, so I believe the pass rate is consistent year over year.”

Thomas Hines of Regina, Saskatchewan, received the Governor General’s Gold Medal and a cash prize of $5,000 from CPA Canada for his achievement. An employee of the Canada Revenue Agency, Hines is a graduate of the University of Regina, who once competed in the Inter-Collegiate Business Competition — Canada's oldest and longest-running undergraduate business competition — where the acounting team finished second in the final round. Hines thanked his friends and family, mentors, teachers, and colleagues for their CFE support, saying “I may have started late, but you all helped me to finish strong.”

CPA Canada also awarded regional Gold Medals to:

• Katherine Handcock of Hubley, NS, Atlantic Canada.
• Nathalie Budnik of Ottawa, Ontario.
• Coralle Bujold of Gatineau, Quebec.

While congratulating everyone who passed the May 2025 CFE, Grigoryan extended a special message of recognition to Hines and Nathalie Budnick, both students under Gevorg CPA coaching program, for earning gold medals for highest standing in Canada and Ontario. “This is a major milestone in your path to becoming a Canadian CPA and a result of your hard work and focus.”

May 2025 Common Final Examination: Surprises & Lessons

The honour roll always contains a few surprises and lessons for current students. For example, it is not necessary to work at a public accounting firm — let alone a Big Four firm — in order to succeed on the at the highest level on the CFE. Just two of the 16 winners were employed by public accounting firms. (Far more students at public accounting firms, however, write the September rather than May common final examination, as these students are working during tax season.)

Many of the honour roll students work for large Canadian corporations that are household names in Canada, especially in banking and finance organizations: Scotiabank, Manulife, the Ontario Securities Commission), and the British Columbia Investment Management Corporation. Others work for corporations in telecom (Telus), energy (Ovintiv), or government agencies such as the Department of Finance and Treasury Board in Nova Scotia or the Department of National Defence in Ottawa.

But among the employers of honour roll winners are a loyalty program platform (TEN Group), a manufacturer (Van Gogh Designs Furniture Ltd.), and the arts community (Alberta Culture). Nor is it necessary to work in a large metropolitan centre such as Toronto, Montreal or Ottawa. Many of the honour roll students work in smaller cities such as Hubley, Abbotsford, and Newmarket.

Reaction to the Results

Students shared and celebrated successful results on the r/accounting thread on Reddit. Many spoke of the stress of writing the exam and waiting for the results, describing sleepless nights and even dreams about the exam, especially those on their second or third attempt, and crying tears of joy over successful scores.

For those preparing to write the September CFE in a few weeks, Grigoryan recommends “building a structured study plan that includes writing full cases and thoroughly debriefing each one. You’ll find helpful tips and strategies in the student articles published here on Canadian Accountant.

“Congratulations once again to all successful writers. Your achievement speaks to your commitment and readiness to join the Canadian CPA profession. I wish you continued success as you move forward in your accounting career.”

Published by Canadian Accountant with files from CPA Canada.