Breaking down the differences between two in-demand undergraduate programs
AFM and SFM sound similar, right? They share more similarities than students realize. However, the key differences between the two programs distinctly separate them as unique educational pathways. As an incoming student, all the information available may appear overwhelming to the point where you may question what exactly the distinctions between the programs are. I’ll give a quick rundown of the similarities and differences between AFM and SFM, and provide some insight into the programs that may be of interest to them.
Program overviews
The Accounting and Financial Management program focuses on various topics, including but not limited to accounting, finance, entrepreneurship, and leadership. The program's vast coverage of subject areas allows students to tackle collaborative, problem-based courses that can directly be applied in the real world through co-op work terms and co- and extra-curricular experiences. Within the 4 ⅓ years of study, students will take 40 courses, 13 of which are electives to work towards one or two career specializations and any additional minors. While studying, students can work towards a Chartered Professional Accountant (CPA), Chartered Financial Analyst (CFA), or Chartered Business Valuators (CBV) professional designation, and certifications offered by the Canadian Securities Institute, and will graduate with a Bachelor of Accounting and Financial Management (BAFM) degree.
In comparison, the Sustainability and Financial Management program links the connection between corporate interests and environmental issues, making this program the first of its kind in Canada. This program demonstrates the way of the future through the topics of sustainability, environment, finance, and accounting. Within 4 ⅓ years of study, SFM students will also take 40 courses with one career specialization and 3 electives. Like the AFM program, SFM students can also work towards a Chartered Professional Accountant (CPA), Chartered Financial Analyst (CFA), or Chartered Business Valuators (CBV), and certifications offered by the Canadian Securities Institute, and will graduate with a Bachelor of Sustainability and Financial Management (BSFM) degree.
While both undergraduate programs focus on accounting and finance, SFM emphasizes the importance of sustainability in correlation with business, and AFM offers unique pathways for different areas of business. More information about AFM and SFM.
Co-op, SAF 2YEx & Career specializations
Both the Accounting and Financial Management (AFM) program and Sustainability and Financial Management (SFM) program offer co-op, career specializations, and SAF 2YEx. These unique program additives provide real-world experience, enhance people and communication skills, and develop students into professionals. Students will evolve alongside the program and become sought-after specialists in their field.
The University of Waterloo is known for its extensive co-operative education program, which is integrated into the AFM and SFM programs. Students will gain 16 months of paid work experience in both programs through four co-op terms with opportunities to work for Deloitte LLP, RBC Financial Group, Manulife, and hundreds of other employers. Students can earn between $8,000-$16,000+ per term. Correspondingly, the SAF 2YEx (your two-year experience) is a program built into the School of Accounting and Finance that both AFM and SFM students will get to experience. The 2YEx program aims to support your transition to the SAF community, foster your academic success, enhance your people skills, and prepare you for academic and employment choices.
The main difference between the two undergraduate programs is in the available career specializations. These career specializations will guide a student’s third and fourth-year courses by focusing on courses they want to build their expertise in. AFM students can pick either one or two specializations out of the six – Professional Accountant, Entrepreneurial Mindset, Financial Leadership, Financial Markets, Business Analytics, and Sustainability. This differs from the two career specializations available to SFM students – Corporate Sustainability, and Government Policy and Financial Markets. Learn more about each career specialization.
When choosing between AFM and SFM, it’s essential to consider the type of career a student wants to pursue. Both programs offer important benefits that will be crucial in developing students into professionals, but it’s up to individuals to decide where they want to guide their focus. In the first two years of either program, the foundations of accounting and finance will be the main focus of a student’s studies. However, once students reach their third year, they will need to decide on the direction they want to take their studies.
This is a quick comparison of the two undergraduate programs to help interested students determine which program would suit them best. For more information about the programs, visit the School of Accounting and Finance’s Aspiring Professionals page.