CPA Program subjects, notes and practice exams
The CPA Program is made up of ten subjects, studied and examined one at a time. Most candidates complete six: four compulsory subjects everyone takes, and two electives chosen from the remaining six. There is no fixed order beyond starting with Ethics and Governance and leaving Global Strategy and Leadership until last.
Condensed notes, full-length practice exams with worked solutions, and smart flashcards for all 10 subjects. Study the parts that matter, in the time you have.
Every subject comes in three packs: exam pack $45, study pack $95, and full pack $120 AUD, which saves $20. Each pack is a PDF you download straight after checkout.
How the CPA Program works
Each subject carries its own exam. Here is the full set, and how it adds up.
The four compulsory subjects
- Ethics and Governance
- Strategic Management Accounting
- Financial Reporting
- Global Strategy and Leadership
- Australia Taxation
- Australia Taxation Advanced
- Advanced Audit and Assurance
- Financial Risk Management
- Contemporary Business Issues
- Digital Finance
6 subjectsthe usual load to complete the program
A common path is to start with Ethics and Governance, since its ideas run through everything else, and to leave Global Strategy and Leadership until last, since it pulls the other subjects together. Your two electives sit in between, in whatever order fits your work.
Most people study part time, a few evenings and a weekend session across each study period.
What is in each CPA subject
Every pack is built the same way: condensed notes, flashcards, a practice exam with worked solutions, and a cheat sheet. The sizes differ by subject, so here is what each one holds.
| Subject | Notes | Flashcards | Practice exam | Cheat sheet | Free guide |
|---|---|---|---|---|---|
| Ethics and Governance | 45 pages | 64 cards | 100-mark | 2 pages | View the guide |
| Strategic Management Accounting | 62 pages | 74 cards | 106-mark | 2 pages | View the guide |
| Financial Reporting | 62 pages | 75 cards | 110-mark | 2 pages | View the guide |
| Global Strategy and Leadership | 58 pages | 62 cards | 121-mark | 2 pages | View the guide |
| Australia Taxation | 45 pages | 66 cards | 101-mark | 2 pages | View the guide |
| Australia Taxation Advanced | 47 pages | 80 cards | 80-mark | 3 pages | View the guide |
| Advanced Audit and Assurance | 43 pages | 60 cards | 60-question | 2 pages | View the guide |
| Financial Risk Management | 47 pages | 64 cards | 65-question | 2 pages | View the guide |
| Contemporary Business Issues | 46 pages | 72 cards | 60-question | 2 pages | View the guide |
| Digital Finance | 45 pages | 60 cards | 50-question | 2 pages | View the guide |
Choosing your two electives
You only need two. Pick the ones that match your work and where you want to go. Here is who each one tends to suit.
- 01
Australia Taxation
A solid default if you work in or are moving into tax, business services, or advisory.
- 02
Australia Taxation Advanced
The natural follow-on if you take Australia Taxation and want to specialise further in tax.
- 03
Advanced Audit and Assurance
Best suited to anyone working in external or internal audit and assurance.
- 04
Financial Risk Management
A good match for banking, treasury, and risk roles, and anyone comfortable with numbers.
- 05
Contemporary Business Issues
A broad, reading-led subject for a wide view of where the profession is heading.
- 06
Digital Finance
For anyone interested in the technology, data, and finance side of the modern finance function.
This is general guidance to help you choose, not advice from any professional body. Always check the current subject list before you enrol.
All 10 CPA subjects and what each one covers
We make notes and exams for all ten subjects, so you can cover the compulsory subjects and pick the electives that suit you.
Compulsory subjects
Ethics and Governance
Professional conduct, the duties directors owe, and how boards keep management accountable.
View notes and exams
Strategic Management Accounting
Costing, budgeting and performance measurement, used to make decisions rather than report them.
View notes and exams
Financial Reporting
Applying accounting standards to real figures, including consolidating a group into one set of accounts.
View notes and exams
Global Strategy and Leadership
The capstone. Read a business's position, choose a direction, then make it happen.
View notes and exams
Elective subjects
Australia Taxation
How Australian tax is worked out for individuals and businesses, from income through to GST.
View notes and exams
Australia Taxation Advanced
Tax for trusts, companies, super and groups, plus the rules that stop artificial arrangements.
View notes and exams
Advanced Audit and Assurance
How an audit is planned, evidenced and concluded, and how the opinion is decided.
View notes and exams
Financial Risk Management
Measuring exposure to rates, prices and currencies, and the instruments used to hedge it.
View notes and exams
Contemporary Business Issues
Technology, new business models and shifting expectations, and what they change about accounting work.
View notes and exams
Digital Finance
Data, automation and digital money, and how each is changing the finance role.
View notes and exams
What's inside every subject
Each subject is built from the actual exam content, then condensed to the parts that earn marks. The same core set, subject by subject.
Condensed notes
The whole subject rewritten tight, so you read the parts that matter and skip the padding.
Practice exams
Full-length exams with worked solutions, so you see how the marks are awarded.
Smart flashcards
The definitions, formulas and triggers worth memorising, ready for the last week before the exam.
Exam-day cheat sheet
Every formula and key rule on one page, the sheet you want in front of you on the day.
Every CPA Program exam is open book, so the work is finding things fast rather than recalling them. That is what the cheat sheet is for. The question format differs by subject, and each subject page sets out the format its pack is built to match.
How to study around a full-time job
You are studying nights and weekends. These few habits do most of the work.
Study in focused blocks
Short, planned sessions beat long, tired ones. A couple of weeknights and one weekend block each week adds up fast.
Sit one subject at a time
Give each subject its own study period. One exam to prepare for means deeper practice and less to hold in your head.
Practise under real timing
Sit at least one full practice exam to the clock before the day, so the real one holds no surprises.
Common questions
What subjects are in the CPA Program?
Ten subjects in total. Four are compulsory: Ethics and Governance, Strategic Management Accounting, Financial Reporting, and Global Strategy and Leadership. The other six are electives, and most candidates choose two of them, making six subjects in all. Confirm the current structure against the published subject outline before you enrol.
Do I have to study all ten subjects?
No. Most candidates complete six: the four compulsory subjects and two electives. We make notes and exams for all ten so you can cover the compulsory subjects and choose the electives that suit you.
Which subject should I start with?
Many people start with Ethics and Governance and leave Global Strategy and Leadership until last. Beyond that, sit the subjects in whatever order fits your work and study periods.
Are these official CPA Program materials?
No. Every note and exam is written from scratch.
How do I get the notes after I buy?
Checkout is handled by Lemon Squeezy and your PDFs download straight away, so you can start studying the same day on any device.
Can I buy just the practice exams?
Yes. Each subject comes as a separate notes pack and exam pack, or as a full pack with both together.
Start with the subject you are sitting next
Pick your subject, see what is inside the pack, and study the parts that matter.
These materials are written for candidates studying the CPA Program. Summo Notes is an independent study resource and is not affiliated with or endorsed by any professional body. Notes for FRM and CFA are in production.