• Q1: What’s the difference between SAF's 4 different programs?
• Q2: Why are tuition fees higher for Waterloo's accounting programs?
• Q3: What's the difference between Chartered Accountancy co-op and Business and Finance co-op?
• Q4: Where will my co-op work term jobs be?
• Q5: Can I have a co-op work term outside Canada?
• Q6: How much will I make on my co-op work terms?
• Q7: Will all three programs prepare me to apply into the Master of Accounting program?

Q1: What is the difference between SAF's 4 different programs?

Q2: Why are the tuition fees higher for UW's accounting programs?
Some of the reasons Waterloo's accounting programs cost more are as follows:

• these are professional programs. In particular, AFM grants a one-of-a-kind degree which expands the accounting focus to include Financial Management. This makes it easier for you to transition from public accounting to industry in the future.
• they incorporate more hands on learning. Our accounting programs offer professional development workshops and networking opportunities (e.g. Professional Futures Conference, field trips to manufacturing environments, CA & CMA nights, exposure to key speakers like Dennis Kavelman -- RIM's CFO, Peter Currie - Vice Chairman and CFO at Royal Bank, or Ian Clarke - EVP and CFO, Business Development, Maple Leaf Sports & Entertainment).
• because the University of Waterloo must compete with the private sector, the salaries of accounting professors are higher.
• upper year accounting classes are capped at 45-50 students.  
  
  

Q3: What's the difference between the Public Accounting and Financial Management co-op work streams?
Refer to comparing Chartered Accountancy & Business and Finance for details regarding the differences between these two co-op opportunities. Be sure that you understand the differences and select the co-op opportunity that suits your interests and the type of co-op work experience you are wanting before you apply . It is not possible to switch co-op work streams later on.

Q4 Where will my co-op work term jobs be?
Public Accounting co-op jobs will be located mainly in Ontario. You'll be working for chartered accounting firms such as BDO Dunwoody, Deloitte & Touche, Ernst & Young, Grant Thornton, KPMG and PricewaterhouseCoopers.

Financial Management co-op jobs will be located mainly in Ontario, but they can also be outside the province and across the globe. On a work term you could be working for organizations such as AIM Trimark Investments, Scotiabank, IBM, Ontario Ministry of Transportation, Canada Revenue Agency or Red Cross.

Q5: Can I have a co-op work term outside Canada?
Yes, you can, however, prior to seeking/accepting employment outside Canada, Public Accounting stream students need to confirm the applicability of their employment with the Institute of Chartered Accountants of Ontario. Students in the Financial Management stream may be eligible to work outside Canada depending on their citizenship and the availability of suitable employment.

Q6: How much will I make on my co-op work terms?
Salaries for co-op students vary dramatically from program to program and industry to industry. Currently, accounting students, on a first work term, earn an average of $13 - $21/hr.  As AFM students gain more experience this hourly wage generally increases. AFM students are among the highest paid students on campus. Further details about accounting students’ earnings are available

Q7: Will all three programs prepare me to apply to the Master of Accounting program?
Yes, but if you graduate from the Accountancy Studies—Mathematics or Biotechnology/Chartered Accountancy programs, you will need to take extra courses to qualify for admission.

• Q1: Do I have to complete the Master of Accounting degree?
• Q2: What are my options if I don't get into the Master of Accounting program?
• Q3: Can I apply to the Master of Accounting after finishing a degree at another university?

Q1: Do I have to complete the Master of Accounting for my future career?
You do not have to complete the Master of Accounting, but we suggest that you strongly consider further differentiating your education by completing the Master of Accounting degree. You can, however, complete the 4 1/3-year Accounting & Financial Management program and:

• Enter the workforce in financial/business management in industry, government or not-for-profit sectors. Contact the Certified Management Accountants of Canada (CMA) to enroll in their CMA certification program. Contact the Institute of Chartered Accountants of Ontario (ICAO) to enroll in their Chartered Accountant certification program.

• Contact the CFA Institute to enroll in their Chartered Financial Analyst certification program.

Q2: What are my options if I don't get into the Master of Accounting program?

• You can apply to Waterloo’s Accounting Diploma program, and proceed to complete the requirements of CMA-Ontario or ICAO to become a Certified Management Accountant or Chartered Accountant. You can enter the workforce in financial management in industry, government or not-for-profit sectors. You can contact other universities to find out where you can pick up your remaining CA credit hours. Contact the Certified Management Accountants of Canada (CMA) to enroll in their CMA certification program.

• Contact the CFA Institute to enroll in their Chartered Financial Analyst certification program.

Q3: Can I apply to the Master of Accounting after finishing a degree at another university?
Unfortunately no. Currently our Bridging program, created to allow students from other universities and other academic backgrounds to apply to our MAcc program, has been discontinued. This may change in the future. Please contact Donna Psutka (dpsutka@uwaterloo.ca or 519- 885-4567, ext. 36914) to learn more about the Bridging program and the possibility of transferring.

• Q1: Do I need grade 12 Accounting to apply?
• Q2: Do I need Calculus to apply?
• Q3: Will I be disadvantaged if I haven't completed the recommended courses?
• Q4: What is the cut off average for the AFM program?
• Q5: How do you calculate my admission average?
• Q6: Can I apply for a transfer from another Waterloo program?
• Q7: What if I go to another university first, can I apply to transfer directly into second year the AFM or do I have to go back to first year?
• Q8: Can I apply to both the AFM-Public Accounting co-op work stream and AFM-Financial Management co-op work stream?
• Q9: What is the AFMAA?

Q1: Do I need grade 12 Accounting to apply?
No, an Accounting course is not required but we recommend that you take a university preparatory Accounting course before entering our AFM program.

Q2: Do I need Calculus to apply?
Yes - as of 2011, a 12 U Calculus and Vectors (or equivalent) is a required course for admission consideration. Click here for more information.

Q3: Will I be disadvantaged if I haven't completed the recommended courses?
No, you will not be disadvantaged.

Q4: What is the cut off average for the AFM program?
There is no exact cut off for the AFM program. This is because admission decisions are based on the combination of academic achievement, performance within the, and Accounting and Financial Management Admissions Assignment (AFMAA) Admission Information Form responses.

Q5: How do you calculate my admissions average?
To calculate your admission average for AFMAA selection, the AFM Admissions Committee utilizes a complex formula that takes into consideration all the required courses and general admission requirements for the AFM program. Since many students take the required courses during his/her second semester, we often use midterm marks when calculating admission averages, not simply final grades. We try our best to give you the highest admission average possible based on the information provided.

Q6: Can I apply for a transfer from another University of Waterloo program?
You can apply for a transfer into the AFM program, however, you should know that acceptance at this time will be more difficult than from high school. This is because very few students leave our program after first year, which means that there are limited spaces available for transfer students. To be considered for the limited spaces available you need to have competitive university marks (low to mid-80s). AFM is an extremely competitive program and we strongly urge you not to consider this as a safe alternative for admission into the AFM program.

Q7: What if I go to another university first, can I apply to transfer directly into second year the AFM or do I have to go back to first year?
You can apply for a transfer into the AFM program, however, you should know that acceptance at this time will be more difficult than from high school. This is because very few students leave our program after first year, which means that there are limited spaces available to transfer (a maximum of 5 spaces available).

To be considered you need to have competitive university marks (mid-high 80s). AFM is an extremely competitive program and we strongly urge you not to consider this as a safe alternative to admission into the AFM program. Your entry into AFM could be further complicated by the incompatibility of your first year courses with the required courses offered at the University of Waterloo. We would suggest that, if AFM is your intended objective, that you plan to enter it in first year at the University of Waterloo. If you are accepted for transfer, you will be assessed according to your previous studies and courses as to whether you may begin in first or second year of the program.

Q8 Can I apply to both AFM-Public Accounting and AFM-Financial Management co-op work options?
You should only apply to one of AFM's two co-op work options - Public Accounting (WPA) or Financial Management (WFM). The admission criteria for both sequences are exactly the same.

Please make sure you understand the differences between the two co-op work options before you apply, and select the co-op work option which best suits your interests and the type of co-op work experience you are wanting. It is not possible to switch co-op work options later on.

Q9: What is the AFMAA ?
More information on the Accounting and Financial Management Admissions Assignment (AFMAA) can be found here.