University of Waterloo School of Accounting and Finance

School of Accounting and Finance
Former names School of Accountancy
Established 1985 (1985)
Type School
Parent institution Faculty of Arts
Academic affiliation University of Waterloo
Location Waterloo, Ontario, Canada
Director James Barnett
Academic staff 54
Undergraduates 1,671 (Undergrad)[1]
Postgraduates 205 (Masters + Doctoral)[2]
Alumni 7,260
Website uwaterloo.ca/school-of-accounting-and-finance/

The School of Accounting and Finance (SAF) at University of Waterloo is a professional school within the Faculty of Arts. The School was established in 1985 under the name 'School of Accountancy'. Its name was changed in 2008 to better reflect its program offering. [3] Today, nearly 1000 students are enrolled in the School's programs. In September, 2009 a new 52,000 square feet (5,000 m2) building was officially opened to house the School.

The School of Accounting and Finance offers the largest accounting and finance undergraduate cooperative education (co-op) program in Canada.[4] The School's Master of Accounting (MAcc) Program allows students to complete all required CPA modules within 8 months, and is only open to students who complete the School's undergrad programs. MAcc graduates only needs to challenge (and pass) the Common Final Evaluation and accumulate the required professional experiences in order to become a Chartered Professional Accountant. MAcc and industry experiences gained from co-op is well-known among Canadian accounting and finance industries.

Programs of Study

The School of Accounting and Finance offers four undergraduate programs, two graduate programs and one doctoral program. Additionally, the School jointly administers one undergraduate program and one graduate program with the Faculty of Mathematics and one undergraduate program with the Faculty of Science.[5]

Undergraduate Education

Bachelor of Accounting and Financial Management Co-op (BAFM):

  • Students in the BAFM Program build on expertise in accounting and finance starting year 1, with co-op work terms beginning in year 2. AFM students take a variety of courses such as financial accounting, managerial accounting, information technology/data science, business law, and corporate finance to satisfy the required CPA education requirements. Starting in year 3, AFM students may continue taking the CPA courses, or seek a career in finance utilizing electives to take advanced finance courses. Ample enough of elective space is allocated for BAFM students to customize their degree to focus on both CPA and finance, or to pursue a minor.
  • Graduates of the BAFM program typically aspire to a host of professional accounting and/or finance credentials such as the Chartered Professional Accountant (CPA), Chartered Financial Analyst (CFA) and Chartered Business Valuator (CBV) designations. All BAFM graduates are eligible to apply to the School's MAcc program. Students in BAFM must complete 4 co-op work terms, in total of 16 months of experiences, which could be eligible for CPA accreditation purposes (30 months required).

Mathematics/Chartered Professional Accountancy Co-op (Math/CPA):

  • Math/CPA students have less flexibility in their degree as students take math courses along with the accounting and finance courses BAFM students take, leaving very few elective spaces. The work-term sequence is structured similar to the BAFM schedule, with 4 co-op terms. The Math/CA program was renamed to Math/CPA in 2013.

Biotechnology/Chartered Professional Accountancy Co-op (Biotech/CPA):

  • This program is offered jointly with the Faculty of Science. Students in the Biotech/CPA program take science courses along with the accounting and finance courses. Biotech/CPA students have little flexibility in their degree, and in some terms, are required to take extra courses. Biotech/CPA students composed of the smallest population in the School, with only around 10-15 students admitted per academic year. Students in the program may obtain co-op employment deemed by professional bodies to be qualifying practical experience for accreditation purposes, similar to BAFM and Math/CPA, with 4 required co-op terms. Biotech/CPA students are eligible to apply to the School's MAcc program. The Biotech/CA program was renamed to Biotech/CPA in 2013.

Bachelor of Computing and Financial Management (BCFM):

  • This program is offered jointly with the David R. Cheriton School of Computer Science in the Faculty of Mathematics. Students take computer science courses along with accounting and finance courses. Stronger emphasis is placed upon computer science and finance, less on accounting. The students receive a unique degree in Canada, "Bachelor of Computing and Financial Management" after graduation. Students in this program typically complete six co-op work terms, with the first commencing between semester two and three. CFM students/graduates are not eligible to apply to the School's MAcc program and are unable to take advantage of the CPA accreditation.

Postgraduate Education

Master of Accounting (MAcc):

  • This 8-month program is accredited by CPA Canada, so students who successfully complete the program, including all CPA requirements, are exempt from all 6 modules of the CPA Professional Education Program and may proceed directly to the Common Final Examination (CFE)[6]. Aside from gaining depth in the CPA elective subjects including Taxation, Assurance, Performance Management and Finance, MAcc students can explore other career options such as business valuations, forensic accounting, data analytics, internal audit and international tax.
  • Furthermore, students who have taken and passed ACC606 Business Valuations receive advanced standings in the Canadian Institute of Chartered Business Valuators (CICBV) Programme of Studies. Students will receive exemptions for Level I – Introductory Business Valuation and Level II – Intermediate Business Valuation.[7]

Master of Taxation (MTax):

  • This program is open to all students from different backgrounds to apply. MTax is offered under a full-time basis (1 year + 1 co-op term) or a part-time basis (2 years)[8]. Graduates attain broad-based competencies in tax subject areas that include policy, research, statutory interpretation, estate planning, business structuring, and risk management, with all the classes held in downtown Toronto's Eaton Centre[9].

Master of Quantitative Finance (MQF):

  • Focuses on the fundamental disciplines of mathematics, statistics, econometrics, computer science and finance. This program is offered jointly with Faculty of Mathematics.

PhD in Accounting:

  • The University of Waterloo’s School of Accounting and Finance can provide doctoral training in research that is based on economic theory, empirical economics, behavioural science, and other methodologies.

University Reputation

  • According to Maclean's University Rankings,[10] University of Waterloo ranks #1 in the following categories:
    • Best Overall
    • Most Innovative
    • Best Source of Leaders of Tomorrow
  • The Globe & Mail gave the University of Waterloo the followings grades in its 2007 annual report card.[11]
    • Reputation amongst employers = A+
    • Academic reputation = A
    • Quality of education = A-
    • Libraries = A-
  • The Mathematics & Chartered Accountancy and Biotechnology & Chartered Accountancy programs are some of the most competitive in Canada.[12]
    • The Mathematics program admission process is based on individual selection from students with a minimum fourth year high school average in the low-90's. In 2009, around 900 applicants applied for 80 spots.
    • The Biotechnology program admission is based on individual selection from students with a fourth year high school average in the mid-90's.[13] On average, 10 to 15 students are admitted to the program.

References

  1. ↑ "Student Headcounts". University of Waterloo. Retrieved 2017-12-31.
  2. ↑ "Student Headcounts". University of Waterloo. Retrieved 2017-12-31.
  3. ↑ "Vision and Challenge: Accounting Education at the University of Waterloo 1981–2001" (PDF). Retrieved 2009-10-23.
  4. ↑ "The Directory of Canadian Universities: The University of Waterloo". Archived from the original on 2007-06-07. Retrieved 2007-05-31.
  5. ↑ http://accounting.uwaterloo.ca/
  6. ↑ "Master of Accounting". Graduate Studies Academic Calendar. University of Waterloo. Retrieved 30 July 2018.
  7. ↑ "Course Exemptions". CICBV. Canadian Institute of Chartered Business Valuators. Retrieved 30 July 2018.
  8. ↑ "Course Schedule". Master of Taxation. University of Waterloo. Retrieved 30 July 2018.
  9. ↑ "Master of Taxation". University of Waterloo. University of Waterloo. Retrieved 30 July 2018.
  10. ↑ "Maclean's University Rankings". Maclean's. Retrieved 2008-05-19.
  11. ↑ "Globe & Mail - Globe Campus". The Globe & Mail. Retrieved 2008-05-19.
  12. ↑ "The Most Competitive Programs in Canada". The Star. Retrieved 2007-05-19.
  13. ↑ "Become a Student". University of Waterloo. Retrieved 2008-10-19.
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