Chartered Professional Accountant (CPA) Designation

To thrive in a world shaped by innovation and disruption, professionals must bring clarity, insight, and innovation to complex challenges.

The CPA designation delivers credentials that open doors across industries—from data analytics and sustainability to financial crime investigation and executive leadership. CPAs are collaborative decision-makers who navigate disruptive change and help organizations thrive. Their expertise goes far beyond the balance sheet, making them essential contributors to future-forward work in every sector.

Your pathway to CPA at the University of Waterloo 

CPA logo graphic with text reading "CPA Accredited"

The School of Accounting and Finance (SAF) provides a well-established pathway toward becoming a Chartered Professional Accountant (CPA) in Ontario. 

SAF programs go beyond the technical requirements by integrating the human and analytical sides of business—building adaptability, ethical judgment, creativity, and resilience alongside data-driven decision-making, sustainability, and innovation. Through experiential projects and real-world challenges, students learn to think critically and create solutions that drive organizational and community impact. 

SAF undergraduate students, with the exception of those in the CFM program, complete all 15 required CPA courses within their undergraduate degree, developing both technical expertise and professional skills for a modern business environment. 

After completing your undergraduate degree, you may choose to continue into Waterloo’s Master of Accounting (MAcc) (if admission requirements are met). The MAcc remains a primary pathway focused on developing CPA competencies while preparing you for a career with leading accounting firms. 

Students outside of SAF’s core programs can also pursue a custom CPA pathway by completing a program that includes the 15 required courses (eight business and seven accounting). This may extend the duration of study, depending on program structure. 

Why choose UWaterloo? 

Primary pathway to CPA and professional success: A SAF undergraduate degree followed by the MAcc delivers a cohesive, competency-based preparation aligned with CPA Ontario requirements and industry expectations. 

Future ready: Curriculum aligned with the new CPA Competency Map 2.0 and upcoming CPA assessment structure. 

Proven foundation: SAF graduates enter the profession with strong technical skills, professional judgment, and practical experience valued by employers across accounting and finance. 

*CPA Ontario is working with partners across the profession to launch a new CPA Professional Program in 2027. This modernized pathway blends technical excellence with ethics, 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. 

A student in a suit networking with professionals

Pathway to CPA: Upcoming Changes 

A new assessment format for the CPA 

The path to becoming a Chartered Professional Accountant (CPA) in Canada is changing. 

Starting in 2027, the traditional three-day Common Final Examination (CFE) will be retired. 

Instead of one intensive exam, future CPAs will complete four separate assessments spread out over time. This new model aims to reduce stress while continuing to evaluate the professional knowledge, judgment, and problem-solving skills required for the CPA designation. 

What this means for CPA-bound students 

The CFE is ending — no more three-day marathon. 

Assessments will be shorter, distributed over time, and more manageable. 

Timeline: Who writes the CFE and when? 

Last official CFE: Fall 2027 

  • MAcc students graduating in Spring 2027: May be part of the final group eligible to write the CFE 
  • MAcc students graduating in 2028 or later: Will complete CPA requirements through the new module-based assessment system 
  • SAF undergraduate students in 3A as of September 2025 (and younger cohorts): Will be on the new CPA assessment pathway and will not write the CFE 

CPA Pathway Changes: Frequently Asked Questions

Do I still need to write the Common Final Examination (CFE)?

No. The CFE is being phased out. 

  • Last official CFE: Fall 2027. 

  • A limited sitting in 2028 will only be offered for candidates who did not pass in 2027. 

  • Students in 3A as of September 2025 (and younger cohorts) will be on the new CPA assessment pathway. 

What replaces the CFE?

There is no single replacement exam. Instead, candidates in the new CPA Professional Program complete assessments tied to program modules:

  • Foundational Development
  • CPA Core (with optional licensure)
  • CPA Leadership
  • Professional Readiness (taken after completing 24 months of approved work experience)

Each module has its own assessment, making the process more manageable and less stressful than one three-day exam.

Do I still need to choose an accredited undergraduate program?

No. Starting in 2027, undergraduate accreditation will end. Instead, students qualify for the CPA pathway by completing within their degree:

  • 7 accounting-related courses, and
  • 8 business-related courses

 Note: This route may take longer than completing a SAF undergraduate program followed by the MAcc.

What if my degree doesn’t include all 15 required courses?

Students missing courses can still pursue the CPA designation by completing them in graduate studies. At Waterloo, students entering the MAcc can complete outstanding requirements as part of their degree.

How will the University of Waterloo’s School of Accounting and Finance (SAF) help me prepare?

Waterloo’s SAF programs are designed to:

  • Deliver all required pre-professional courses
  • Provide a competitive edge for students entering the profession
  • Build strong accounting expertise alongside future-ready skills in technology, leadership, and sustainability

What if I want to complete a Master of Accounting (MAcc) degree?

The MAcc remains a primary pathway to the CPA designation and will continue to be open to qualified students across campus who meet admission requirements.

MAcc graduates consistently achieve among the highest CPA success rates in Canada and often place on the CPA National Honour Roll.

Where can I find updates about these CPA changes?

CPA Ontario’s website and communication channels will post the most up-to-date information. Waterloo’s SAF website will also share updates and resources as new details are released.

CPA Ontario is working with partners across the profession to launch the new CPA Professional Program in 2027. This modernized pathway blends technical excellence with ethics, 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.