Master of Accounting Frequently Asked Questions

  • Careers & experience

  • Admissions

  • Cost and housing

  • Questions from current SAF students

Why become a CPA? 

Becoming a Chartered Professional Accountant (CPA) is about more than earning a designation; it’s about building a foundation for a career that is trusted, versatile and globally relevant.

CPAs are central to how organizations make decisions. Whether it’s guiding strategy, ensuring financial integrity, advising on risk or shaping sustainable business practices, CPAs play a key role in how businesses and institutions operate and grow.

Key benefits of becoming a CPA:

Strong long-term career stability and growth

Financial expertise remains in demand even as industries evolve. CPAs are consistently sought after for roles that require analytical thinking, financial judgement and decision-making under complexity. Additionally, CPAs are well paid, with average salaries ranking at the higher end of professions in Canada.

A pathway to leadership roles

Many executives and senior leaders, including CFOs and CEOs, begin their careers as CPAs. The designation builds both technical and strategic capabilities that support advancement into leadership positions.

A globally recognized professional standard

The CPA designation is highly respected in Canada and recognized internationally, supporting mobility and opportunities beyond domestic markets.

The ability to make an impact through numbers

Accounting today is not just about reporting, it’s about interpretation, insight and influence. CPAs help organizations understand performance, manage risk and plan for the future.

How do I pursue a CPA designation in Ontario?

The CPA pathway in Ontario provides multiple routes tailored to your academic background, career stage and learning preferences. 

These include University of Waterloo’s: 

  • Master of Accounting (MAcc) pathway 

  • a graduate diploma (GDip) pathway 

  • flexible CPA Professional Program pathway. (link to the GDip and Flex path webpages) 

What is the Master of Accounting program at the University of Waterloo? 

Waterloo’s Master of Accounting is a full-time graduate program designed to prepare students for leadership careers in business, finance and advisory roles. It develops advanced analytical capability and the ability to interpret and apply financial and business information in real-world settings where decisions shape strategy and performance.

Structured as an integrated pathway to the CPA designation, the program combines advanced education with the competencies required for professional certification. This enables graduates to progress efficiently toward their CPA while building the judgment, credibility and decision-making skills needed to step into roles that influence executive decisions and support organizational leadership across public accounting, industry, consulting and the broader business environment.

General MAcc program questions:

What makes the Master of Accounting at the University of Waterloo different from other accounting pathways?

Waterloo’s Master of Accounting leads to a full master’s degree and is designed for deeper professional preparation than other CPA pathways. This approach is reflected in Waterloo’s strong student outcomes, including consistent CPA CFE National Honour Roll placements and multiple CPA CFE Ontario Gold Medals.

Rather than focusing primarily on technical coverage, the program emphasizes how accounting is applied in practice, developing professional judgement, analytical thinking and the ability to navigate complex business situations.

MAcc offers:

  • A stronger emphasis on applied decision-making and professional judgement
  • Structured, cohort-based learning through courses, projects and discussion
  • Greater exposure to real-world business contexts across industries
  • An integrated experience that connects technical accounting with professional skill development

By combining advanced technical knowledge with practical application, the program prepares students to succeed on the CPA pathway and throughout their careers. 

Who is the MAcc designed for?

The program is designed for graduates who are ready to commit to the accounting profession and take a focused, graduate-level path toward becoming a CPA. It provides a clear and structured route for those looking to complete their academic preparation and move confidently into the next stage of their professional journey. 

How long does the program take to complete?

The program is completed full-time over two terms and includes 8 graduate courses. 

What courses are included in the program?

Waterloo’s Master of Accounting is designed as an integrated pathway to the CPA designation, building the knowledge, skills and competencies required for success in the profession. Rather than following a one-to-one course-to-module structure, the curriculum is integrated to support students as they develop technical expertise, professional judgement and the ability to apply knowledge in complex, real-world business contexts.

This approach ensures students are well prepared for the full CPA qualification process, while also strengthening the broader capabilities needed to succeed in practice.

Courses:

  • Assurance and Tax
  • Corporate Reporting
  • Taxation
  • Management Decision-Making and Value Creation
  • Professional Leadership and Integration
  • Three additional elective courses

After completing the MAcc and gaining the required 24 months of professional work experience, graduates complete the final CPA module offered exclusively through CPA Ontario. 

Can I complete the program part-time or online?

The MAcc is a full-time program completed in person at the Waterloo campus. It is not offered part-time or online.

Can I pursue electives or specialize within the program?

Students complete three electives, selected from a pre-determined list of courses.

Is AI incorporated into the program? 

Yes. Artificial intelligence is increasingly integrated into the MAcc learning experience to reflect its growing role in the profession. Students use AI as a supportive tool to enhance research and analysis, while developing strong critical thinking and professional judgement. 

In courses such as tax-focused case work, students apply AI alongside primary sources like legislation to evaluate outputs, identify gaps or inaccuracies and strengthen their understanding of complex issues. This approach helps students build the ability to work effectively with AI while ensuring recommendations remain well-supported, accurate and grounded in professional standards. 

What career paths do MAcc graduates pursue? 

Master of Accounting graduates build careers across accounting and business, progressing into senior and executive-level roles. Common career paths include audit and assurance, tax, advisory, financial reporting, and corporate finance. Graduates advance into positions such as finance managers and director-level roles, with established pathways to the C-suite, including Chief Executive Officer, Chief Financial Officer, and Chief Information Officer, where they shape business strategy across industries and organizational settings.

Careers & experience questions

What types of companies hire MAcc graduates?

MAcc graduates are highly sought after in Canada and globally, joining leading professional services firms as well as organizations across industries, including financial services, technology, healthcare, government and not-for-profit. They also enter accounting, advisory and finance roles that serve as pathways to senior and executive-level positions in both client-facing and internal leadership environments. 

Is work experience required before or during the program?

The Master of Accounting is an eight-month academic program focused on advanced accounting education. After completion, students must complete at least 16 to 24 months of relevant professional work experience as part of the CPA pathway.


Admissions

What is the application process for MAcc? 

Applicants must first have their academic background reviewed by CPA Ontario to confirm prerequisite requirements.

Once approved, applicants can apply to the MAcc through the University of Waterloo application system.

Do I need a specific undergraduate degree to apply?

A 4-year honours degree is required, but it can be in any area of interest. 

In Ontario, applicants who successfully complete seven designated accounting courses and eight business-related courses at the undergraduate level may apply to CPA Ontario for approval as an “accounting major,” which means you can apply for entry into the MAcc program.  These seven + eight courses can be part of your undergraduate degree or completed independent of your degree.

Students who do not meet the accounting major requirement, may be eligible to challenge the CPA Knowledge Assessment (KA), a professional exam that, upon successful completion, meets the academic qualification for entry into the CPA pathway. 

What are the admission requirements?

Applicants must have:

  • Minimum of 75% overall average across the full undergraduate degree
  • 70% average across core accounting courses, with a minimum grade of 60% in each core accounting course

Applicants are required to submit:

  • Academic transcripts that include your undergraduate transcript and transcripts from any post-secondary institution in which you’ve been enrolled
  • Statement of interest
  • Two academic references
  • English language proficiency results (if applicable)

Do I require a GMAT? 

No, the GMAT is not required for admission to the Master of Accounting program. 

How do I stand out as an applicant to University of Waterloo’s Master of Accounting?

Strong applicants demonstrate a combination of academic readiness, clear motivation for pursuing the MAcc and an understanding of the CPA pathway. Use your application to highlight relevant experiences, your interest in the profession and how the MAcc fits into your career goals. Thoughtful, specific examples will help your application stand out.

What kind of references will I need and are there any tips for selecting good references? 

Applicants are required to provide academic references who can speak to their abilities and potential for success in the program. Strong references come from individuals who know you well and can provide specific, detailed insights. Choose references who can comment on your work ethic, analytical skills and readiness for graduate-level study.

How will I know if I need to complete English language testing? 

English language testing requirements depend on your educational background. Please review the English language proficiency requirements to determine whether you are exempt from submitting proof of proficiency. 


Cost and housing 

What are tuition fees? 

Tuition is assessed on a per-course basis, along with incidental and ancillary fees. Total tuition is determined by the program’s required course load in each term. Tuition rates are set annually by the University of Waterloo.

Can graduate students live on campus? 

Graduate students can live on campus at the University of Waterloo, primarily in UW Place and the Columbia Lake Village (CLV) North and South townhouses, which offer furnished shared accommodations. These options include 4-month renewable contracts, all-inclusive utilities and are available for single graduate students and families.

What are some different ways I can finance my education?

Students typically finance their studies through:

  • Government student aid (e.g., OSAP)
  • Personal savings
  • Education lines of credit
  • Part-time work
  • Family support
  • UWaterloo Bursaries and Awards 

University advising services can help students plan funding options.

Are there scholarships and bursaries available for students?

Yes. MAcc students are eligible for scholarships and awards based on academic achievement and/or financial need.

Examples include:

  • Accounting Alumni Gold Medal Award
  • Bonnie Ho Entrance Award
  • Borys and Rose Boritz Scholarship
  • Cindy Ditner Award
  • John M. Harper Scholarship

Students are encouraged to explore both internal and external funding opportunities.


Questions from current SAF students

What are the admission requirements?

Students that have completed Accounting and Financial Management (AFM), Sustainability and Financial Management (SFM), Science and Financial Management (ScFM), or Mathematics/Chartered Professional Accountancy (Math/CPA) will be assessed under the admission requirements noted above – See the admission requirements under “Do I need a specific undergraduate degree to apply?”

What if I have courses below the required 60%? Do I need to retake the courses?

The MAcc program requires completion of the following set of courses with a grade of at least 60% in each course and with at least a 70% average across these courses, calculated using the maximum grade in a course in the case of repeated courses:

  • Advanced Financial Reporting
  • Audit and Assurance
  • Intermediate Financial Reporting 1
  • Intermediate Financial Reporting 2
  • Intermediate Management Accounting
  • Principles of Finance
  • Taxation

I completed my undergraduate degree under the old CPA requirements. Can I still apply to the new MAcc?

Anyone graduating with an undergraduate degree after January 1, 2027 will be required to follow the new CPA certification requirements.  Any courses completed through your degree will be assessed as to whether they meet the admission requirements noted above – See the admission requirements under “Do I need a specific undergraduate degree to apply?”