Challenge Exams for the IFAC Designates

Feb 24, 2023
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Challenge exams are offered to those who have received an exemption(s) from the module portion of the learning. These exams are the same as those who complete the entire modules.

If you are not an IFAC designate, information on CPA preparatory courses challenge exams can be found on our website. If you are an IFAC member in good standing and your transcript assessment is complete, check out the frequently asked questions on challenge exams by IFAC applicants below.


Who gets challenge exams? 

If you have completed a transcript assessment under the IFAC pathway and have been granted challenge exams for Core 1, Core 2, and the elective modules on your transcript assessment page, you can register for challenge exams.

If you did not get the challenge exam option and have further questions, please contact the Admission Services team at

What does a challenge exam option include? 

The challenge exam only includes the final exam portion of a module. It does not give you access to coursework, instructors, classmates, workshops, or study materials. 

Can I purchase study materials for the challenge exam? 

If you require review materials, you can contact Module Services at to purchase the Review Material Module (RMM) for the module you want to take the challenge exam. Please note, the RMM only provides you with the materials and not instructor feedback, marking, or access to the workshops. 

Do I have the option to take the entire module?

Yes. You have option to register for an entire module or only take the challenge exam to complete that module.

For example, as an IFAC designate, you can take the Core 1 module (coursework and final exam) or only the Core 1 final exam (i.e., challenge exam) to pass Core 1 module. 

The entire module provides you with an instructor, classmates, assignments, a workshop, and study materials. If you choose to take the full module, you must pass the coursework and the exam to pass the module. It can take approximately 2 months to complete a module with coursework and final exam, and it costs more than a challenge exam.

What are the fees?

Please see the list of fees for Modules, RMM, and Challenge Exams (Module Examination Re-write Fees on the list). 

How do I know if challenge exams are right for me?

The decision to take the challenge exam option is an individual one. Challenge exams might be for you if you: 
  • have recently worked in or studied that subject.
  • learn best with independent study.
  • are just finishing your accounting program through another educational institute.
Full modules might be for you if you:
  • have not worked in or studied that subject recently.
  • learn better in group situations with feedback and assignments.
  • have not completed any university level education courses in a long time.
If you need more information about the individual modules to help you decide, you can contact Learner Support at

How to register for challenge exams? 

Registration for challenge exams is separate from the modules. If you wish to take the challenge exam, ensure you register for the exam only and not the module. You can register for the challenge exams through your My CPA Portal. Under Registrations, choose Exam Registrations. 

You must enroll in CPA PEP at least one month before the exam date and you will have up to one week before the exam date to register for the challenge exam. 

Can I take more than one exam at the same time? 

Yes, you can register for more than one challenge exam at a time if the exams are not offered on the same day. 

How many chances do I get? 

You have three attempts at each CPA PEP module. If you choose to do the challenge exam option, you have two attempts before requiring to take the full module. If you fail the exam the 3rd time, you will be withdrawn from CPA PEP. 

I registered for a challenge exam or full module and have changed my mind, what should I do?

Don’t panic. Contact Module Services and they will be able to help you out. 


Contact Admission Services at if you have any questions about Challenge Exams under the IFAC pathway. 

Contact Modules Services at if you have any questions about registering for the exams or modules or getting access to the materials. 

Contact Learner Support at if you have any questions about the content in the modules or need some support to complete your module/exam.