The University of Waterloo's School of Accounting and Finance (SAF) is evolving
Undergraduate programs at the School of Accounting and Finance are undergoing transformation in response to advancing technology and increasing focus on sustainability. While the Accounting and Financial Management (AFM) program is the first to roll out these changes, the long-term vision is for every program to integrate this new model so all students benefit from future-ready, experiential learning.
Graduates today step into work that is more complex and impactful from day one. With AI handling many routine tasks, the profession now demands creativity, problem-solving and ethical decision-making. The global focus on sustainability adds another layer, requiring an understanding of how financial decisions affect people, communities and the planet.
Instead of learning only through lectures, imagine being immersed in experiences that feel like real-world simulations: solving problems, working in teams and learning directly from professionals. That is the direction of SAF’s undergraduate programs.
What's new in SAF programs?
The Value Suite
The Value Suite is a revolutionary redesign that breaks down silos to create more integrated learning. This five-course sequence across the first three years replaces traditional lectures with applied, hands-on projects. Students take part in case studies and simulations, tackle challenges that mirror organizational realities and see how decisions ripple across financial, social and natural systems.
Each year builds on the last: from defining what value is, to exploring how organizations create it, to solving complex problems that demand judgment and creativity. The Value Suite was designed in direct response to the disruptive forces of advancing technology and sustainability, preparing students to think across boundaries and apply their skills in dynamic, real-world contexts.
The Tech Stack
Business today runs on technology. The Tech Stack ensures students are fluent in data analytics and advancing technologies, not just the tools we use now but those still to come. This training develops adaptability, innovation and the ability to use tech as a career-long advantage.
Accounting or Finance concentration
Students choose the concentration that matches their goals: Accounting, which prepares them for the Chartered Professional Accountant (CPA) pathway, or Finance, which prepares them for the Chartered Financial Analyst (CFA) pathway.
Specializations
After completing a concentration, students can add a specialization in areas such as Taxation, Assurance, and Data Analytics. Finance students may choose Financial Markets, which builds expertise in capital markets, securities valuation, and investment advising, or Financial Leadership, which focuses on corporate governance, mergers and acquisitions, and international financial management. These options deepen expertise, add applied skills and provide credentials that set graduates apart in both accounting and finance careers.
Your pathway to professional designation
The path to becoming a CPA in Ontario is evolving, but SAF programs, most directly AFM followed by Waterloo’s Master of Accounting (MAcc), remain the most proven way to earn the designation.
One of the biggest updates is that the old Common Final Exam (CFE) is being retired. Instead of writing one long, intensive exam, future CPAs will complete a series of assessments spread out over three days. This new approach is less stressful while still testing the professional knowledge and judgment required.
At the same time, the CPA competency map has been refreshed to emphasize curiosity, creativity, resilience, and inclusivity. These qualities are not abstract checkboxes, but essential to navigating disruption from advancing technologies and sustainability. They are deeply embedded in SAF programs through the Value Suite, Tech Stack and experiential learning model.
For students pursuing Finance, SAF provides an equally direct path to the CFA designation. With courses and experiential opportunities rooted in portfolio management, valuation and risk analysis, including access to the Student Investment Fund and Student Venture Fund, graduates leave ready to excel in global financial markets.
SAF’s long-term vision is for the Value Suite to extend across all undergraduate programs, embedding experiential and future-ready learning into every pathway.
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