BDO’s UFE Award Winners: Xavier Richard and Jessica Jang

When the CICA announced the 2008 UFE results on December 5, BDO celebrated with our 124 successful writers, two of whom achieved outstanding results: Xavier Richard, from our Montreal office and Jessica Jang, from our Vancouver office.

Not only did these remarkable students successfully complete one of the world’s most challenging professional entry exams, they managed to place among the top 50 writers on the UFE Honour Roll.

Xavier captured the Governor General’s Gold Medal and the CICA’s cash prize of $5,000 for the highest standing in Canada on the UFE, and will receive BDO’s Founders’ Award. Jessica will receive BDO’s Honour Roll Recognition Award for her outstanding results.

Only days after writing the three-day exam, Xavier and Jessica took some time to reflect on their UFE experience and pass down some helpful hints to future BDO UFE writers.

Tell us about your overall UFE experience, from the training program to your UFE Buddy and/or the examination itself. How long with the entire process? (1 – 3 years)

Xavier: In Quebec the Graduate Diploma in Public Accountancy (GDPA) is a prerequisite to write the UFE. I took an excellent 2 year program at HEC (École des Hautes Études Commerciales) in Montreal. The program offers great theoretical and practical knowledge, with an element of coaching, the summer prior to the UFE examination and it was great in preparing me for the exam. From July to September I mostly studied alone. My UFE Buddies at BDO were very helpful in keeping me positive during the many discouraging moments. It was very reassuring to know that I could count on the support of my colleagues since they too had been there and could understand exactly what I was going through at each stage of the process.

My three months of studying for the UFE were a rollercoaster ride. The beginning was especially hard but necessary to help me respect and keep the schedule I had set out for myself at the beginning of the summer. There were numerous distractions and it was hard to stay focused since I lost motivation at several stages along the way. It’s important not to give up and continue working on it, for the satisfaction of visible progress is a great feeling. To be honest I never felt 100% prepared for the UFE and the three days were truly trying. I found that the 2008 UFE did not resemble the Previous UFE’s which I had used as practice exams. The three days of testing were hard and I really thought I blew it. I was happy to know that in fact I wasn’t the only one feeling this way.

I left on a trip immediately after the exam and this was a welcomed respite as it allowed me to pass my time doing something other that just waiting for the results. It was also helpful knowing that I had something to look forward to. During those last few weeks before the exam the thought of my trip was also a great source of motivation.

Jessica: My UFE experience started in July where I attended the Densmore Program which was paid for by the firm. I thought the training provided through was key in helping me develop the proper attitude as well as a great study plan to really maximize my results from studying for the UFE. It was here where we learned to study smarter, not necessarily harder.

After the two weeks in Densmore, my UFE experience was quite relaxing, where I ended up travelling to Hawaii for a week in July. As a result, by the time the real studying started, I was quite relaxed from my vacation and was ready to start tackling the practice cases.

Out here in the West, we also take the CASB program which overall takes about 2 - 3 years to complete. Although I have to admit the process can be grueling at times (with having to finish up assignments after work each week) I have to admit it played a really important role in getting the writers ready to tackle the UFE. CASB provided me with a really good foundation in terms of how to tackle case-based exams as well as provided me with all the technical knowledge I need to write the UFE.

During the UFE writing process, did you feel well supported by BDO and your colleagues and/or buddy? Are you satisfied with the training and support you received from your BDO community?

Xavier: In February, BDO set up a coaching program to help us get used to the UFE case studies. Thus we had to do case studies that were corrected by our coach and this allowed us to get familiar the UFE process. I found it a very helpful tool.

I should also mention that I felt very supported by my UFE Buddies all summer long. They responded to all my questions and their knowledge was a personal advantage to me. Overall, I am very satisfied with the coaching I received from BDO.

Jessica: It is incredible the amount of support I received from my office. Managers were offering to review and mark my exams, past UFE writers at my firm also provided amazing feedback and support. The partners also provided great encouragement throughout the process, as well as throughout the the time leading up to the results.

Describe how you felt when you discovered you placed on the Honour Roll and/or achieved the highest standing in Canada?

Xavier: Only one word can describe what I felt: disbelief. I had doubted myself after every day of examination and I couldn’t believe I had achieved such a standing. My goal was to pass. In fact I thought it was a prank call and I even confirmed via email to make sure it was not a cruel joke. Once the shock subsided I felt an immense sense of pride. To achieve such a standing was the crowning glory of three months of hard work and intense preparation.

The hardest part was keeping it a secret since I was informed two weeks before the official results were announced. I had to play along and pretend that I too was becoming increasingly anxious to find out my results on December 4th.
To this day, three weeks later, I still find it hard to believe that I got first place in all of Canada. It’s kind of surreal!

Jessica: After I had gotten off the phone with the partner at my firm, my first reaction was to jump and down. However, after the first day of finding out I actually started having doubts that maybe it was all a mistake. It wasn't until I actually saw my name indicating that I passed on the actual results day that I allowed my place on the Honour Roll sink in.

When did you decide to pursue a career in accounting? How did you come to that decision? Were you influenced by anyone specifically?

Xavier: I must admit that I have had trouble choosing a particular path and I feel that the CA designation will be useful in helping me to fill different roles. The multitude of possibilities is the main reason why I choose this career. I know that a CA designation will play a big part in any field I choose; it will help me to encounter new and stimulating situations, and of course the prestige and credibility of this profession is something I considered very seriously. I made my decision while doing my bachelors at university. After taking many courses related to finance and administration, I chose accounting.

Jessica: I actually decided to pursue a career in accounting in the last year of obtaining my Economics degree at UBC. I had take some accounting classes for my minor in Commerce which I had really enjoyed. The CA designation provides you with so many opportunities. During articling, it allows you the chance to see how different businesses operate.

What’s next for you? What do you want to accomplish in the next 5-10 years? What practice area would you like to work in?

Xavier: I don’t want to make a decision and, as a result, close any doors at this time. I am interested in many fields and I believe that the CA title will be an undeniable trump card regardless of the path I choose. Who knows? I may even be interested in working in the public sector to use my knowledge for the collective good. One thing is certain. I want to use all that goes with being a CA to add value to the positions that I will hold throughout my entire career.

For now, my main focus is to complete my hours and obtain my title. Since I’m still a few months away from that, I haven’t begun to think seriously about the next step.

Jessica: Up until now, my dream comprised entirely of just passing the UFE. As for my plans for the next 5 to 10 years, I am not quite sure where I want to be in my career. In terms of my life however, I want to have travelled to Europe, South America and Asia, and I would like to be more involved with charitable organizations.

Do you have any ‘words of wisdom’ for our future UFE writers?

Xavier: I don’t believe that there is a trick or magic recipe to prepare for the UFE. During the exam preparation, we were constantly bombarded with advice and little “tricks,” or at least I was. I found that the key is to develop your own technique and to adapt recommendations to your own style of learning. Once the summer before the UFE arrives you should already know your strengths and weaknesses and use them to create and plan your study techniques and your UFE preparation schedule.

Here are a few classic “golden rules” I tested this past summer that remain true.

1. At the beginning of the summer, create a UFE schedule outlining your study strategy. Be sure to complete the big things each week. Your schedule will always vary but make sure to capture the important things and cover them.

2. Find and use your own personal method to keep all your information in order, especially as it pertains to the case studies and theory. Personally, I used a big table that got incredibly imposing towards the end of the summer, but it was very useful in helping me to keep inventory of the information and group it by theme. In the end, it was a great tool for comprehension and memorization of information.

3. Be constant and keep to your study schedule. Do a little every single day and give yourself free weekends. Realize that no one is perfect and do not stress over the small stuff. It is necessary to have a positive attitude, especially when it gets difficult.

4. Planning a post UFE trip is a great idea to help you change gears. However it is best to plan your trip at the start of the summer so that it does not interfere with your studying. Preparing for a trip can take up a lot of valuable study time (believe me, I know).

5. Finally, find a “study buddy” who follows the same schedule. It can be very motivating to know you are not alone and you have someone who can help you, someone to whom you are accountable, someone to bounce around ideas with, and someone you can both teach and learn from. It is not as advantageous when you go at it alone.

Jessica: What I found helpful was always trying to keep a positive attitude throughout the process as there may be many days where you doubt yourself and your abilities. Also, keep yourself really occupied during the nights of the UFE, or at least do things to take your mind off the exam, and gets lots of sleep so you’re recharged for the next day. Sleeping had never been a problem for me, however, for the UFE, I would wake up at least 2 times in the middle of the night during the nights of the exam, not a good experience!

However, the most important advice given to me was probably to make sure you never burn out during your weeks of studying. If you begin to feel that your mind is too tired to absorb anything more, make sure you stop and take a break, go out with friends.

BDO congratulates all of our successful candidates who successfully completed the UFE this year and reached a milestone in their professional careers. Their ongoing dedication and hard work make them valued members of the BDO community.