The Master of Accounting (MAcc) is a professional graduate degree designed to combine the exploration of career interests with preparation for the Chartered Professional Accountants’ Common Final Exam (CFE). Students with a specific career interest may select courses that provide them with a head start on this career. Students without a specific career interest may take courses in several practice areas to determine which careers they might like to pursue. All MAcc students must take five courses that develop the technical and enabling competencies needed to pass the CFE and obtain the CPA designation. The MAcc program is accredited by CPA Canada, so students who successfully complete the program are exempt from all six modules of the CPA Professional Education Program and may proceed directly to the CFE.
The MAcc receives financial support from the government and is grant eligible.
The minimum requirements for admission to the MAcc are:
Successful completion of any of the following University of Waterloo four-year Honours undergraduate degrees with at least a 75% average across all courses taken in the last three years:
- Bachelor of Accounting and Financial Management
- Bachelor of Math/Chartered Professional Accountancy Studies, or
- Bachelor of Science/Chartered Professional Accountancy Studies
Completion of the following set of AFM courses with at least a 75% average across all courses, calculated using the grade from the first attempt at a course in the case of repeated courses:
AFM 311 (Connections to Ethical Context)
- AFM 341 (Accounting Information Systems)
- AFM 351 (Audit Strategy)
- AFM 362 (Taxation 1)
- AFM 363 (Taxation 2)
- AFM 373 (Cases and Applications in Corporate Finance) or AFM 476 (Cases and Applications in Corporate Finance)
- AFM 391 (Intermediate Financial Accounting 2)
- AFM 401 (Accounting Theory)
- AFM 433 (Business Strategy)
- AFM 462 (Taxation 3 for Public Accountants)
- AFM 479 (Cases and Applications in Finance II) OR AFM 424 (Equities) and AFM 322 (Derivatives) OR ACTSC 371 (Introduction to Investments) and MATBUS 470 (Derivatives)
- AFM 481 (Cost Management Systems)
- AFM 482 (Performance Measurement and Organization Control)
- AFM 491 (Advanced Financial Accounting)
Students whose first language is not English may be required to provide proof of competency in English. For those taking the Test of English as a Foreign Language (TOEFL), a score of at least 600 (250 on the computerized version), with a score of 5 in the Test of Written English (TWE) and 50 on the Test of Spoken English (TSE) are required. Information about accepted examinations of English Language can be found on the English Language Proficiency page.
Regulations require residence (full-time enrolment) for a minimum of two terms beyond the Honours Bachelor's degree for regular full-time students. Each student must meet the general requirements of the Senate as specified in the current Calendar regarding enrolment, continuous enrolment, inactive enrolment, and re-admission.
Program of Studies
Students must take eight approved graduate courses (0.50 unit weight) over two terms. Students who choose to do the Master's Research Paper (0.50 unit weight) must complete seven approved graduate courses (0.50 unit weight) over two terms.
The availability of particular courses depends on sufficient student demand.
Course Grades Required
Students must achieve an average of at least 60% in each MAcc course and an average of at least 75% across all courses presented in fulfillment of the degree requirements. Students with a first-term average below 75% may be required to withdraw from the program.