A new era for CPA
Accounting isn’t what it used to be. Artificial intelligence (AI) is crunching numbers, real-time data is reshaping reporting and sustainability is now part of the bottom line. The industry is no longer siloed; finance, tech and strategy are merging. To stay relevant, the Chartered Professional Accountant (CPA) designation is evolving, along with your path to achieving it.
What's Changing?
A CPA pathway that fits your degree
In 2027, the CPA designation pathway will change, opening doors for students from diverse backgrounds. To qualify, students must complete seven designated accounting courses and eight business-related courses. SAF will open these courses to all UWaterloo students who have enough elective space or are willing to add additional time to their degree. This flexibility allows students to pursue the CPA while exploring what excites them most, turning their passions into careers that make a real impact.
SAF's bold new pathway to the CPA
Students in SAF’s undergraduate programs, excluding CFM, complete all 15 required courses within their degree while immersing themselves in a business program built for a modern world. Success today requires more than knowledge alone; it demands developing the human side of business, including adaptability, creativity, ethical judgment and resilience, which guides and strengthens the technical side, where data-driven technologies, sustainability and value creation are applied to solve real-world problems. Through hands-on projects inspired by global challenges, SAF students learn to think differently, question assumptions and create solutions that transform organizations, communities and systems. With this experience and mindset, SAF students set the standard in business.
From student to CPA
To earn your CPA designation, you’ll complete the required accounting and business-related courses in your undergraduate degree, followed by a series of modules through SAF’s Master of Accounting (MAcc) program. The MAcc will be open to all UWaterloo students who complete the 15 required courses. MAcc students complete three of the four modules, Foundational Development, CPA Core and CPA Leadership, at the School of Accounting and Finance. The final module, CPA Professional Readiness, is offered exclusively through CPA Ontario. Together, these modules emphasize real-world readiness and give you the confidence to adapt, grow and make an impact from day one.
Module 1
Foundational Development
Module 2
CPA Core (with an optional Licensure stream for public company audit and advanced tax)
Module 3
CPA Leadership
Module 4
CPA Professional Readiness (a one-week in-person program, taken after completing 24 months of relevant work experience)
The end of the Common Final Exam
The three-day Common Final Examination (CFE) will be retired and replaced with module-based assessments. MAcc students will complete the Foundational Development assessment at SAF. After finishing the MAcc degree, they complete the remaining three assessments, (CPA Core, CPA Leadership and CPA Professional Readiness) through CPA Ontario in separate sittings.
A message from CPA
CPA Ontario is working with partners across the profession to launch a new CPA Professional Program in 2027—a modern path to becoming a CPA. It blends essential technical excellence in accounting and a strong foundation in ethics with real-world experience and future-focused skills that evolve alongside the demands of a world redefined by AI. Learn more about the new CPA Professional Program.