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Winter 2015
The Graduate Calendar

School of Accounting and Finance


Master of Accounting (MAcc)
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The MAcc program offers opportunities for graduate study in two broad areas. The Professionally Accredited Stream (PAS) is a professionally accredited full-time program of studies for students interested in becoming professional accountants. The Finance Stream is a full-time program of studies for students interested in specializing in finance.

The MAcc Professionally Accredited Stream now receives financial support from the government and is grant eligible.

Admission Requirements

Professionally Accredited Stream (PAS)

The Professionally Accredited Stream (PAS) is the only accounting program in Ontario that has been fully accredited by the Institute of Chartered Accountants of Ontario as being sufficiently complete to justify special status for its graduates. Graduates are granted exemption from all ICAO education requirements including the School of Accountancy Core-Knowledge Examination and the ICAO School of Accountancy. Successful completion of the PAS permits students to bypass these requirements and proceed directly to write the Uniform Evaluation (UFE).

The PAS is the final phase of an integrated sequence of accounting and related-area studies. Entrance to this stream requires (in addition to regular MAcc admission requirements) successful completion of either a University of Waterloo Accounting Undergraduate degree (Arts, Math or Science) or Accounting and Financial Management Degree.

General Admission Requirements

The minimum admission requirements for admission to MAcc include:

1. Successful completion of any of the following University of Waterloo four-year Honours undergraduate degrees with at least a 75% average in the last two years:

  • Bachelor of Accounting and Financial Management
  • BMath Chartered Accountancy Studies, or
  • BSc Chartered Accountancy Studies

Note: For those MAcc applicants who entered the University of Waterloo Undergraduate program before 2006, and who do not satisfy the minimum 75% overall average in the last two years of study, but who have a four-year overall average of at least 75%, they shall be deemed to have at least a 75% overall average in the last two years.

2. Completion of one of the following two sets of AFM courses with at least a 75% average:

(a) Either:

  • AFM 401 (Accounting Theory),
  • AFM 451 (Audit Strategy),
  • AFM 461 (Taxation),
  • AFM 481 (Cost Management Systems), and
  • AFM 491 (Advanced Financial Accounting)

(b) Or:

  • AFM 451 (Audit Strategy) or AFM 452 (Comprehensive/Operational Auditing) when available,
  • AFM 481 (Cost Management Systems),
  • AFM 482 (Performance Measurement and Organization Control),
  • AFM 491 (Advanced Financial Accounting), and
  • MSCI 432 (Production and Service Operations Management)

Note: For applicant to 2010 MAcc, admission may also be granted at the discretion of the Director in place of this requirement where circumstances warrant. 

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. (See Academic Regulations - English Language Proficiency Certification for other acceptable tests of English).

Degree Requirements

Required Enrolment

Regulations require residence (full-time enrolment) for a minimum of two terms beyond the Honours Bachelor's degree or Accounting and Financial Management 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

The PAS program consists of eight approved graduate courses (0.50 unit weight) over two terms. Students choosing to do the Master's Research Paper (0.50 unit weight), will complete seven graduate courses (0.50 unit weight) over two terms.

Applicants who have been admitted without completing an organizational behaviour course or an ethics course will be required to successfully complete that course before graduating from the program.

The availability of particular courses depends on sufficient student demand.

Course Grades Required

Candidates must obtain an average of at least a 75% in the courses presented in fulfillment of the degree requirements. The records will be reviewed of those whose cumulative average at the end of the first term is below 75% and the candidate may be required to withdraw from the program.

Graduate Studies Office
Needles Hall, Room 2201
University of Waterloo
Waterloo, Ontario, Canada N2L 3G1
519 888 4567 x35411

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