This program has been designed for students who wish to pursue a financial management career and/or a career as a professional accountant. Students enrolled in the Accounting and Financial Management (AFM) program combine their academic studies with the University's Co-operative Education program. Four co-op work term credits are required for completion of the co-op component of the degree. Students wishing to qualify as a Chartered Accountant or a Certified Management Accountant are advised to complete the Master of Accounting program. This program is integrated with the AFM program to provide students special advanced standing in attaining these professional designations, as described more fully below.
Admissions
Students may earn a Bachelor of Accounting and Financial Management degree as outlined below. Students normally apply for direct admission from high school into the first year of the Accounting and Financial Management (Co-operative Education) program. Upon completing a provisional first year (maintaining a 75% average in the 100-level courses that are specifically identified in the section Degree Requirements), students will formally proceed into the Accounting and Financial Management program in second year. It is recommended that students complete 4M Principles of Financial Accounting and one of 4U Advanced Functions and Introductory Calculus or 4U Mathematics of Data Management.
Students will be admitted to either the Financial Management or Public Accounting Co-operative Education sequence of the program. Students in the Financial Management sequence will have the opportunity to work in co-op employment that utilizes financial management skills. Students in the Public Accounting sequence will have the opportunity to develop accounting skills through work-terms at public accounting firms. The work term structure for each sequence is designed to allow employers to meet their operational requirements.
Eligibility for the degree of Bachelor of Accounting and Financial Management (Co-op and Regular) requires:
- Successful completion of 20 academic course units (40 courses) with an overall cumulative average of at least 60%. A minimum cumulative average of 75% is required in all of the courses identified in section (2) below, CS 100, MATH 109, and all AFM electives.
- Successful completion of the following 27 courses:
- AFM 101, 102, 131, 201, 231, 241, 291, 331, 391, 482
- one of AFM 271, 272
- one of AFM 371, 372
- one of AFM 471, 476
- five additional AFM courses at the 300-level or above
- ECON 101, 102, 344
- ENGL 210F
- one of AFM 431; PHIL 215
- PSYCH 101, 338
- SPCOM 223
- STAT 211
- Successful completion of the following three courses:
- one course from the following language or culture courses:
- Chinese, Croatian, Dutch, French, German, Greek, Hebrew, Italian, Japanese, Korean, Latin, Polish, Portuguese, Russian, Spanish, Ukrainian;
- JS 105A, 105B; RS 131, 132, 133, 134; or
- CLAS 201, 202; EASIA 201R; FR 291, 292; GER 271, 272; ITALST 291, 292; RUSS 271, 272; SPAN 218, 221. (Students should note that these courses are taught in English, and are not open to first year BAFM students);
- CS 100 (or another approved information technology course).
Note: Students may apply to the Undergraduate Officer for exemption from this course with evidence of adequate prior preparation in basic computing concepts and use of spreadsheets, wordprocessors, and database management systems; - MATH 109
Note: this provides a minimum level of mathematics for the AFM program and the MAcc. Students contemplating further graduate work in accounting or in other fields are advised to contact the Undergraduate Officer for permission to take MATH 127 or MATH 137 in lieu of MATH 109. See also note 2 below.
- Successful completion of six courses in a subject or discipline of the student's choice, other than AFM, with:
- two courses at the 200-level or above,
- two courses at the 300-level or above.
Note: at most one course may serve to satisfy this requirement and the program requirements in (2) above. Students should also note that ACTSC 291/391/471 cannot be used towards completion of this requirement.
Notes
- Students interested in qualifying as a Chartered Accountant are required by the governing professional body to take the courses listed as the Public Accounting Specialization below. Students interested in qualifying as a Certified Management Accountant are required by the governing professional body to take the courses listed as the Management Accounting Specialization below. Students interested in becoming a Chartered Financial Analyst are advised to take courses listed as the Finance Specialization below.
- Students wishing to take AFM 272 and AFM 372 should take MATH 135/136 and 137/138 in lieu of MATH 109, and STATS 230/231 in lieu of STATS 211. Please consult the Undergraduate Officer for assistance before proceeding.
- Students taking AFM 476 to satisfy the degree requirements are required to substitute AFM 471 for AFM 473.
A schedule outlining the recommended term-by-term sequence of courses is available in the School of Accountancy Office and on the AFM website.
Accounting and Financial Management- Public Accounting Specialization
The specialization in public accounting is made up of the following courses: AFM 341, 361, 401, 451, 461, 481, 491
Accounting and Financial Management- Management Accounting Specialization
The specialization in management accounting is made up of the following courses: AFM 341, 361, 451, 481, 491, ECON 231, MSCI 432
Accounting and Financial Management- Finance Specialization
The specialization in finance is made up of the following courses: AFM 472, 473, 474, 475, 492, ECON 321, 405
Tuition
This is a cost recovery program as defined by the Ministry of Education and Training. As such, tuition higher than the normal University of Waterloo tuition is required. For details of tuition costs, please see Chapter 3 of the Calendar.
The Master of Accounting (MAcc) Program
Students should consult the University of Waterloo Graduate Calendar to ascertain specific admission criteria for University of Waterloo Graduate Programs.
Special Recognition by the Institute of Chartered Accountants of Ontario (ICAO)
The Master of Accounting is the only program of study in Ontario that has been accredited by the ICAO as being sufficiently complete to justify special status for its graduates. Completion of the MAcc degree will lead to fulfilment of the requirements of the ICAO which qualifies the student for exemptions from all ICAO education requirements (including the Core-Knowledge Examination and their School of Accountancy) except the Uniform Evaluation (UFE) which can be written at the first opportunity following graduation from the MAcc.
Special Recognition by the Certified Management Accountants of Ontario
The combination of the BAFM (with the Management Accounting Specialization) and the MAcc (Performance Management and Measurement Stream) degrees provides students with a fast track to the Certified Management Accountant (CMA) designation. Students electing this path will be exempted from Part I of the CMA Entrance Examination and the Residential Portion of the Society's Strategic Leadership Program.
Further Information Regarding the Chartered Financial Analyst Designation
The CFA designation is awarded to finance professionals after a three year course of study, with examinations at the end of each year. It is an internationally recognized designation. CFA candidates must join the Association for Investment Management and Research. The requirements for the CFA include holding a four year undergraduate degree, passing of Level I, II, and III examinations, and three years of professional experience. Candidates are expected to demonstrate facility with a body of knowledge related to financial analysis. Further information is available at www.aimr.org/. Although no specific undergraduate courses are required for the CFA program, students interested in pursuing this designation are encouraged to take the Finance Specialization of the Accounting and Financial Management program.
The Post Baccalaureate Diploma
This plan is designed for those students who opt not to complete the Master of Accountancy degree. The Diploma offers four post-baccalaureate courses in advanced accounting and auditing. Successful completion of these additional four courses provides the 51 credit hours required by the Institute of Chartered Accountants of Ontario and enables the student to proceed to write the ICAO's Core-Knowledge Entrance Exam, attend the ICAO summer school and write the Uniform Evaluation (UFE).
Admission Requirements
Eligibility for any or all Diploma courses normally requires that students have successfully completed the requirements for one of the following: BAFM with the Public Accounting Specialization, BMath Accounting, or BSc Accounting at the University of Waterloo or an equivalent course of study at another approved post secondary institution.
University of Waterloo students who have not fully completed their undergraduate degree requirements may also enrol in these courses provided they are in a position to complete their undergraduate requirements simultaneously with the Diploma courses.
Diploma Requirements
Successful completion of AFM 501, 502, 503, 504 with a minimum cumulative average of 72%.
Students successfully completing fewer than four courses, or achieving an overall average of less than 72% on the four courses, will still receive credit for each course passed but will not receive the Diploma.