University of Waterloo 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.[4] Today, more than 1,600 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.

School of Accounting and Finance
Former names
School of Accountancy
TypeSchool
Established1985 (1985)
Parent institution
Faculty of Arts
AffiliationUniversity of Waterloo
DirectorDr. Steve Fortin (PhD, CPA, CA, ICD.D)
Academic staff
54
Undergraduates1,669 (Undergrad)[1]
Postgraduates241 (Masters + Doctoral)[2]
Alumni7,500+[3]
Location
Waterloo
,
Ontario
,
Canada
Websiteuwaterloo.ca/school-of-accounting-and-finance/

The School of Accounting and Finance offers the largest accounting and finance undergraduate cooperative education (co-op) program in Canada.[5]

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 need to challenge (and pass) the Common Final Examination and accumulate the required professional experiences in order to become a Chartered Professional Accountant (CPA). 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.[6]

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).[7] 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. Approximately 65% of undergrads pursue the MAcc degree in 2016.[8]
  • Furthermore, students who have taken and passed ACC606 Business Valuations receive advanced standings in the CBV Institute Programme of Studies. Students will receive exemptions for Level I – Introductory Business Valuation and Level II – Intermediate Business Valuation.[9]

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).[10] 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.[11]

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.

School Reputation and Achievement

The School of Accounting & Finance has had success in its students and faculty research. Notably, many students who have challenged the Common Final Examination achieves honour roll as well as gold medal (Ontario and National).[12] With co-operative education, many students secured full-time employment before graduation. In 2017, 100% of MTax graduates were employed before graduation, while 98% of AFM, Biotech/CPA, Math/CPA and MAcc students found employment within 6 months after graduation. The co-op employment rate has been consistently at around 97% to 100% with the students placed in Big Four accounting firms, chartered banks, government, non-profit organizations, and non-financial institutions with roles such as staff accountant, financial analyst, tax analyst, investment banker, private equity analyst, data science intern and trader.[13]

According to QS World University Rankings, School of Accounting and Finance ranks 101-150 globally in 2020 for the subject category of Accounting & Finance.[14]

In 2016, School of Accounting & Finance students became the first Canadian team to win the global annual CFA Institute Research Challenge. The CFA Institute Research Challenge leverages the efforts of over 140 CFA member societies, 3,500 member volunteers, and more than 5,000 students from over 1,000 universities. The CFA Institute Research Challenge requires student teams (1 team per university) to research and analyze a publicly-traded company and then write a research report on their assigned company with a buy, sell, or hold recommendation.[15][16]

UFE/CFE Honour Roll and Gold Medalists
See also: Common Final Examination

The National Honour Roll of the Common Final Exam recognizes candidates whose performance in the exam demonstrated academic excellence and exceptional abilities. The candidates listed on the Honour Roll are determined as the top 1% of the first-time writers who wrote all three days.[17] In 2018 and 2019, SAF captured the National Gold Medal (highest CFE score in Canada) consecutively. SAF has obtained 6 national gold medals (best in the country and Ontario) from the period between 2010 and 2019.[18] The CFE honour roll and successful CFE writers are mostly the Master of Accounting students. In 2018 and 2019, SAF students accounted for 25% and 19% of the Honour Roll recipients respectively - the best performance in Canada.

Year of CFE/UFE Honour Roll1 Ontario Gold Medal2 National Gold Medal CFE Total Honour Roll Recipients
2019 15 1 1 81
2018 16 1 1 68
2017 13 0 0 68
Sept 2016 6 1 0 53
May 2016 1 1 0 20
2015 11 0 0 52
Common Final Examination (CFE) replaces the Uniform Evaluation (UFE) starting 2015.
1982-2014 129 10 6 N/A
Total 191 14 8 N/A
Total MAcc Students on Honour Roll 133

1 Honour roll count includes the gold medalists (3 regional + 1 national gold medalist).

2 Ontario Gold Medal count includes the individuals who also won National Gold Medal.

See also

References
  1. "Student Headcounts". University of Waterloo. Retrieved 2019-09-26.
  2. "Student Headcounts". University of Waterloo. Retrieved 2019-09-26.
  3. "Welcome Alumni & Friends". School of Accounting and Finance. University of Waterloo. Retrieved 26 September 2019.
  4. "Vision and Challenge: Accounting Education at the University of Waterloo 1981–2001" (PDF). Retrieved 2009-10-23.
  5. "The Directory of Canadian Universities: The University of Waterloo". Archived from the original on 2007-06-07. Retrieved 2007-05-31.
  6. "One School - Four Programs, Three Faculties". University of Waterloo. University of Waterloo. Retrieved 15 October 2018.
  7. "Master of Accounting". Graduate Studies Academic Calendar. University of Waterloo. Retrieved 30 July 2018.
  8. "School of Accounting and Finance annual reports" (PDF). School of Accounting & Finance. University of Waterloo. Retrieved 15 October 2018.
  9. "Course Exemptions". CICBV. Canadian Institute of Chartered Business Valuators. Retrieved 30 July 2018.
  10. "Course Schedule". Master of Taxation. University of Waterloo. Retrieved 30 July 2018.
  11. "Master of Taxation". University of Waterloo. University of Waterloo. Retrieved 30 July 2018.
  12. "Awards & Achievements". School of Accounting & Finance. University of Waterloo. Retrieved 15 October 2018.
  13. "School of Accounting and Finance annual reports" (PDF). School of Accounting & Finance. University of Waterloo. Retrieved 15 October 2018.
  14. "Accounting & Finance". Top Universities. QS Quacquarelli Symonds Limited. Retrieved 15 October 2018.
  15. "Past Research Challenge Champions". CFA Institute. CFA Institute. Retrieved 15 October 2018.
  16. "SAF Students Capture World Championship at the CFA Investment Research Challenge". School of Accounting and Finance. University of Waterloo. Retrieved 15 October 2018.
  17. "CFE Exam Results". CPA Ontario. CPA Ontario. Retrieved 3 December 2018.
  18. "SAF Grads Excel in the 2018 CPA CFE Exam Results". University of Waterloo. School of Accounting & Finance. Retrieved 3 December 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.