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Accounting & Financial Management

University of Waterloo

Accounting: blue ink subject illustration
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Conceptual study artwork, not a photograph of teaching facilities.

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Checked 2026-11-05

Symbolic subject artwork; no university facility depicted

Deadlines

November 2026

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Next deadline

  • OUAC. Ontario high schools report midterm/final 4U/M grades

    2027 entry

    School deadline, not a student task. Universities receive these grades by November 26. Verbatim: "Deadline for the OUAC to receive all midterm or final grades available for 4U/M courses from Ontario high schools. Schools may report in-progress grades for full-year courses as soon as they are available." Universities receive these by the target date of November 26, 2026. This is a deadline on the high school, not on the student, but it governs which grades a university sees in the first round.

Other deadline details
No single OUAC deadline, deadlines are set by each university and sometimes by programOUAC Undergraduate application, applicants who are not Ontario high school students (Group B)2026 entry
  • No single OUAC deadline, deadlines are set by each university and sometimes by program
  • No single OUAC deadline
  • University, program, transcript, portfolio, interview, and audition dates still apply
Full source wording

Verbatim: "There is no specific Undergraduate application deadline if you are a Group B applicant. Deadlines vary at each university and sometimes depend on the program. Visit the university websites or contact the universities directly for their deadlines. If you are interested in a program but the deadline has passed, you may contact the university's admission office for help. Be aware of university-specific deadlines for submitting transcripts and portfolios, if required, and for arranging interviews and auditions. You must ensure the OUAC has enough time to process your choices before the universities' program deadlines." OUAC defines Group B as anyone who does not meet the Group A criteria, e.g. not currently taking an Ontario high school course, a Canadian outside Ontario, an international applicant, a postsecondary transfer student, or a mature applicant.

SourceChecked

Requirements

Admission requirements

High-school prerequisites
  • Any Grade 12 U English75% min.
  • MHF4UAdvanced Functions75% min.
  • MCV4UCalculus and Vectors75% min.
  • High-school diploma with six Grade 12 U or M courses, including the prerequisites.
Waterloo AFM Ontario high-school admissions
Application steps

Entry terms · September 2027

First-year entry.

Waterloo September 2027 application and document deadlines
  1. Step 1Check the admission requirements
    • Check the published entry route for your applicant category.
    Waterloo AFM Ontario high-school admissionsWaterloo AFM Ontario high-school admissions
  2. Step 2Apply through OUAC
    • Create your application and select this program.
    OUACOUAC
  3. Step 3Declaration of Academic Experience (DAE)
    • Complete the DAE in the Waterloo applicant portal. It updates your checklist with any required documents.
    Waterloo required documentsWaterloo required documents
  4. Step 4Apply directly to this programme through the official application; submit the applicant portal documents required for your education route.
    • Complete this item using the university’s applicant instructions.
    Waterloo AFM Ontario high-school admissionsWaterloo AFM Ontario high-school admissions
  5. Step 5Apply through OUAC by February 1, 2027. Submit requested documents through Waterloo by February 15.
    • Complete this item using the university’s applicant instructions.
    Waterloo AFM Ontario high-school admissionsWaterloo AFM Ontario high-school admissions
  6. Step 6Waterloo uses grades for admission. The SAFAA interview and assessment are inactive, and Waterloo does not review the AIF for AFM.
    • Complete this item using the university’s applicant instructions.
    Waterloo AFM Ontario high-school admissionsWaterloo AFM Ontario high-school admissions
Applicant pathways
Ontario high-school entry

Ontario high-school applicants; average text uses the university's own published guideline

  • Six Grade 12 U and/or M courses including
  • Any Grade 12 U English (minimum final grade of 75% is required)
  • Advanced Functions (minimum final grade of 75% is required)
  • Calculus and Vectors (minimum final grade of 75% is required)
  • Admission average: Mid-80s
Waterloo current exact programme admission requirements
Programme application choice

Applicants choosing Accounting and Financial Management

  • Apply to AFM or Sustainability and Financial Management, not both. Other permitted financial-management programme applications are listed on the source.
Waterloo current exact programme admission requirements
Ontario students taking IB

Ontario high-school students taking IB courses, including students completing an OSSD

  • Admission uses your school's converted Ontario Grade 12 U/M marks.
  • Meet the Ontario course prerequisites listed above.
Waterloo: Ontario students taking IB
British Columbia high school

BC high-school applicants

  • Six Grade 12 academic courses and a high-school diploma.
  • English Studies 12 or English First Peoples 12, at least 75%.
  • Pre-Calculus 12 and Calculus 12 or AP Calculus, at least 75% in each.
  • Published admission average: Mid-80s.
  • Upload second-semester midterm grades when available.
Waterloo AFM British Columbia high-school admissions
Alberta high school

Alberta high-school applicants

  • High-school diploma and five academic courses at level 30 or 31.
  • English Language Arts 30-1, at least 75% in the final blended grade.
  • Mathematics 30-1 and Mathematics 31, at least 75% in each.
  • Published admission average: Mid-80s.
Waterloo AFM Alberta high-school admissions
IB diploma route

Full International Baccalaureate diploma applicants outside the Ontario-equivalency route

  • Six IB courses including at least three Higher Level courses. At least 28 points before diploma bonus points.
  • English A HL or SL at least 4, or English B HL at least 5.
  • Mathematics: Analysis and Approaches HL or SL, at least 4. Waterloo recommends HL.
Waterloo AFM International Baccalaureate diploma admissions
American curriculum

Applicants in an accredited American high-school system

  • High-school diploma and at least 88% final Grade 12 average.
  • Grade 12 English, AP Calculus and Algebra (Pre Calculus), at least 80% in each.
Waterloo AFM American-system high-school admissions
Recommended Ontario courses

Helpful background only

  • Principles of Financial Accounting
  • Mathematics of Data Management
Waterloo AFM Ontario high-school admissions

Degree requirements

Required courses and electives
  • Complete 20.0 units: 13.5 required, 2.5–3.0 in the required specialization, and 3.5–4.0 electives.
ReferencesWaterloo 2026–27 BAFM Honours academic calendarWaterloo AFM first-year schedule for Fall 2026 and Winter 2027Waterloo SAF co-op requirements and six sequencesWaterloo AFM 111 academic calendarWaterloo AFM 112 academic calendarWaterloo AFM 113 academic calendarWaterloo AFM 132 academic calendarWaterloo AFM 182 academic calendarWaterloo AFM 191 academic calendarWaterloo AFM 205 academic calendarWaterloo AFM 206 academic calendarWaterloo AFM 207 academic calendarWaterloo AFM 208 academic calendarWaterloo AFM 241 academic calendarWaterloo AFM 244 academic calendarWaterloo AFM 274 academic calendarWaterloo AFM 285 academic calendarWaterloo AFM 291 academic calendarWaterloo AFM 321 academic calendarWaterloo AFM 335 academic calendarWaterloo AFM 373 academic calendarWaterloo AFM 391 academic calendarWaterloo AFM 433 academic calendarWaterloo AFM 480 academic calendarWaterloo BET 100 academic calendarWaterloo COMMST 111 academic calendarWaterloo ECON 101 academic calendarWaterloo ECON 102 academic calendarWaterloo ACTSC 127 academic calendarWaterloo AFM 121 academic calendarWaterloo AFM 127 academic calendarWaterloo ACTSC 291 academic calendarWaterloo AFM 272 academic calendarWaterloo AFM 273 academic calendarWaterloo AFM 311 academic calendarWaterloo SFM 309 academic calendarWaterloo AFM 323 academic calendarWaterloo AFM 341 academic calendarWaterloo AFM 345 academic calendarWaterloo AFM 346 academic calendarWaterloo STAT 374 academic calendarWaterloo AFM 415 academic calendarWaterloo AFM 416 academic calendarWaterloo AFM 362 academic calendar
Credits and degree requirements
  • Maintain a 60% cumulative overall average and a 70% cumulative major average.
  • Complete AFM 111 and COMMST 111 for the Undergraduate Communication Requirement.
  • The first year is provisional. A 70% cumulative major average in the required 100-level courses taken in 1A and 1B is required to progress to second year.
ReferencesWaterloo 2026–27 BAFM Honours academic calendarWaterloo AFM first-year schedule for Fall 2026 and Winter 2027Waterloo SAF co-op requirements and six sequencesWaterloo AFM 111 academic calendarWaterloo AFM 112 academic calendarWaterloo AFM 113 academic calendarWaterloo AFM 132 academic calendarWaterloo AFM 182 academic calendarWaterloo AFM 191 academic calendarWaterloo AFM 205 academic calendarWaterloo AFM 206 academic calendarWaterloo AFM 207 academic calendarWaterloo AFM 208 academic calendarWaterloo AFM 241 academic calendarWaterloo AFM 244 academic calendarWaterloo AFM 274 academic calendarWaterloo AFM 285 academic calendarWaterloo AFM 291 academic calendarWaterloo AFM 321 academic calendarWaterloo AFM 335 academic calendarWaterloo AFM 373 academic calendarWaterloo AFM 391 academic calendarWaterloo AFM 433 academic calendarWaterloo AFM 480 academic calendarWaterloo BET 100 academic calendarWaterloo COMMST 111 academic calendarWaterloo ECON 101 academic calendarWaterloo ECON 102 academic calendarWaterloo ACTSC 127 academic calendarWaterloo AFM 121 academic calendarWaterloo AFM 127 academic calendarWaterloo ACTSC 291 academic calendarWaterloo AFM 272 academic calendarWaterloo AFM 273 academic calendarWaterloo AFM 311 academic calendarWaterloo SFM 309 academic calendarWaterloo AFM 323 academic calendarWaterloo AFM 341 academic calendarWaterloo AFM 345 academic calendarWaterloo AFM 346 academic calendarWaterloo STAT 374 academic calendarWaterloo AFM 415 academic calendarWaterloo AFM 416 academic calendarWaterloo AFM 362 academic calendar
Work and practical requirements
  • Co-op normally requires four credited work terms, including at least three standard terms, and four professional development courses, including PD 1 and PD 12.
  • Default Stream 1 work terms: Winter of Year 2, Fall of Year 3, then Fall and Spring of Year 4. Waterloo lists five other approved sequences.
ReferencesWaterloo 2026–27 BAFM Honours academic calendarWaterloo AFM first-year schedule for Fall 2026 and Winter 2027Waterloo SAF co-op requirements and six sequencesWaterloo AFM 111 academic calendarWaterloo AFM 112 academic calendarWaterloo AFM 113 academic calendarWaterloo AFM 132 academic calendarWaterloo AFM 182 academic calendarWaterloo AFM 191 academic calendarWaterloo AFM 205 academic calendarWaterloo AFM 206 academic calendarWaterloo AFM 207 academic calendarWaterloo AFM 208 academic calendarWaterloo AFM 241 academic calendarWaterloo AFM 244 academic calendarWaterloo AFM 274 academic calendarWaterloo AFM 285 academic calendarWaterloo AFM 291 academic calendarWaterloo AFM 321 academic calendarWaterloo AFM 335 academic calendarWaterloo AFM 373 academic calendarWaterloo AFM 391 academic calendarWaterloo AFM 433 academic calendarWaterloo AFM 480 academic calendarWaterloo BET 100 academic calendarWaterloo COMMST 111 academic calendarWaterloo ECON 101 academic calendarWaterloo ECON 102 academic calendarWaterloo ACTSC 127 academic calendarWaterloo AFM 121 academic calendarWaterloo AFM 127 academic calendarWaterloo ACTSC 291 academic calendarWaterloo AFM 272 academic calendarWaterloo AFM 273 academic calendarWaterloo AFM 311 academic calendarWaterloo SFM 309 academic calendarWaterloo AFM 323 academic calendarWaterloo AFM 341 academic calendarWaterloo AFM 345 academic calendarWaterloo AFM 346 academic calendarWaterloo STAT 374 academic calendarWaterloo AFM 415 academic calendarWaterloo AFM 416 academic calendarWaterloo AFM 362 academic calendar

Program facts

Entering average~Mid-80s
Work experience4 scheduled work terms · 4 months each

Waterloo lists four co-op terms in the default sequence, beginning in the winter of second year.

University work-study information
Waterloo SAF co-op requirements and six sequencesCheck work experience options

Majors & specializations

Complete one specialization. A second is optional. This is the 2026–27 academic calendar list.

Assurance and Advisory

BAFM

Study assurance, business controls and ways to assess the reliability of financial information.

Courses

Waterloo’s Fall 2026 and Winter 2027 first-year schedule, followed by the 2026–27 calendar requirements. Later course timing depends on your specialization and co-op sequence.

1A · Fall 20265 listed

Waterloo’s published first-year schedule totals 2.5 units. Business Value Creation counts as one integrated course.

  • AFM 191Introduction to Financial Reporting and Managerial Decision Making 10.5 credits

    Prepare financial statements and use accounting information for private-company decisions.

    Waterloo AFM 191 academic calendar
  • AFM 111Professional Pathways and Problem-Solving0.5 credits

    Develop professional judgment, problem-solving, communication and career-planning skills.

    Waterloo AFM 111 academic calendar
  • AFM 112Analytic Methods for Business 10.5 credits

    Use data mining and emerging technologies to analyse accounting and finance problems.

    Waterloo AFM 112 academic calendar
  • AFM 415Special Topics0.5 credits

    Studies a selected issue in accounting and financial management. The topic changes by offering.

    Business Value Creation: Foundation. Quest lists the two half-unit codes for this integrated course.

    Waterloo AFM 415 academic calendar
  • AFM 416Special Topics in Finance0.5 credits

    Studies a selected finance topic. The topic changes by offering.

    Business Value Creation: Foundation. Quest lists the two half-unit codes for this integrated course.

    Waterloo AFM 416 academic calendar
Waterloo AFM first-year schedule for Fall 2026 and Winter 2027
1B · Winter 20275 listed

Waterloo’s published first-year schedule totals 2.5 units. Business Value Creation counts as one integrated course.

  • AFM 121Introduction to Global Financial Markets0.5 credits

    Explore global capital markets, financial assets and financial decision-making.

    Waterloo AFM 121 academic calendar
  • AFM 182Introduction to Financial Reporting and Managerial Decision Making 20.5 credits

    Analyse and forecast financial information for public-company stakeholders.

    Waterloo AFM 182 academic calendar
  • AFM 113Analytic Methods for Business 20.5 credits

    Extend the analytical and statistical methods used in accounting and finance.

    Waterloo AFM 113 academic calendar
  • AFM 415Special Topics0.5 credits

    Studies a selected issue in accounting and financial management. The topic changes by offering.

    Business Value Creation: Consumers. Quest uses the same codes as 1A for different material.

    Waterloo AFM 415 academic calendar
  • AFM 416Special Topics in Finance0.5 credits

    Studies a selected finance topic. The topic changes by offering.

    Business Value Creation: Consumers. Quest uses the same codes as 1A for different material.

    Waterloo AFM 416 academic calendar
Waterloo AFM first-year schedule for Fall 2026 and Winter 2027
Additional required courses20 listed

The calendar lists these required courses without assigning them to a term here. AFM 205, 206, 207 and 208 are quarter-unit courses.

  • AFM 132Introduction to Business Stages0.5 credits

    Compare business models and decision-making across stages of a company’s life.

    Waterloo AFM 132 academic calendar
  • AFM 205Introduction to Financial Services0.25 credits

    Explore financial services, professional ethics and how financial problems are approached in the workplace.

    Waterloo AFM 205 academic calendar
  • AFM 206Introduction to Tax0.25 credits

    Apply Canadian personal income tax rules to employment income, deductions and credits, and prepare returns with software.

    Waterloo AFM 206 academic calendar
  • AFM 207Introduction to Performance Analytics0.25 credits

    Use performance measures and technology to analyze results, with attention to professional ethics.

    Waterloo AFM 207 academic calendar
  • AFM 208Introduction to Assurance0.25 credits

    Learn what assurance providers do and practise introductory tasks from a financial statement audit.

    Waterloo AFM 208 academic calendar
  • AFM 241Impact of Technology on Business0.5 credits

    Explore technology investment and emerging trends in accounting and finance.

    Waterloo AFM 241 academic calendar
  • AFM 244Analytic Methods for Business 30.5 credits

    Use regression, classification and clustering as foundations for business analytics.

    Waterloo AFM 244 academic calendar
  • AFM 274Introduction to Corporate Finance0.5 credits

    Study corporate decisions about investments, financing, capital structure and dividends.

    Waterloo AFM 274 academic calendar
  • AFM 285Introduction to Sustainability and Sustainable Business0.5 credits

    Identify sustainability risks and opportunities in business decisions and review reporting frameworks.

    Waterloo AFM 285 academic calendar
  • AFM 291Intermediate Financial Accounting 10.5 credits

    Study financial statement preparation, asset valuation and its effects on measured income.

    Waterloo AFM 291 academic calendar
  • AFM 321Personal Financial Planning and Taxation0.5 credits

    Build and assess personal budgets and financial plans across life stages, considering Canadian taxes.

    Waterloo AFM 321 academic calendar
  • AFM 335Business Law for Financial Managers0.5 credits

    Study contracts, business organization, property and torts, and prepare a legal risk plan.

    Waterloo AFM 335 academic calendar
  • AFM 373Cases and Applications in Corporate Finance0.5 credits

    Use cases to apply financial-management theory to corporate decisions.

    Waterloo AFM 373 academic calendar
  • AFM 391Intermediate Financial Accounting 20.5 credits

    Study how liabilities, income and corporate equity are measured and reported.

    Waterloo AFM 391 academic calendar
  • AFM 433Business Strategy0.5 credits

    Develop business strategies that fit an organization's environment and goals.

    Waterloo AFM 433 academic calendar
  • AFM 480Introduction to Organizational Behaviour0.5 credits

    Examine how individuals and groups act within organizations, including motivation, teamwork and decisions.

    Waterloo AFM 480 academic calendar
  • BET 100Foundations of Entrepreneurial Practice0.5 credits

    Develop an entrepreneurial approach to spotting opportunities and turning ideas into action.

    Waterloo BET 100 academic calendar
  • COMMST 111Leadership, Communication, and Collaboration0.5 credits

    Practise communication, leadership and teamwork in an accounting and finance context.

    Waterloo COMMST 111 academic calendar
  • ECON 101Introduction to Microeconomics0.5 credits

    Study Canadian markets through consumer behaviour, producer decisions, prices and government policy.

    Waterloo ECON 101 academic calendar
  • ECON 102Introduction to Macroeconomics0.5 credits

    Study inflation, employment, growth, interest rates and other economy-wide measures.

    Waterloo ECON 102 academic calendar
Waterloo 2026–27 BAFM Honours academic calendar
Capital markets · choose one3 listed

Take one course from this group.

  • ACTSC 291Global Capital Markets and Financial Analytics0.5 credits

    Use computational and analytical tools to value assets and study investment risk.

    Waterloo ACTSC 291 academic calendar
  • AFM 272Global Capital Markets and Financial Analytics0.5 credits

    Use computational and analytical tools to value assets and study investment risk.

    Waterloo AFM 272 academic calendar
  • AFM 273Financial Instruments and Capital Markets0.5 credits

    Value financial instruments and examine financial risk and diversification.

    Waterloo AFM 273 academic calendar
Waterloo 2026–27 BAFM Honours academic calendar
Ethics · choose one2 listed

Take one course from this group.

  • AFM 311Connections to Ethical Context0.5 credits

    Work through ethical questions faced by accounting and finance professionals.

    Waterloo AFM 311 academic calendar
  • SFM 309Sustainability and Business Ethics0.5 credits

    Examine how financial and business decisions intersect with sustainability, governance and social responsibility.

    Waterloo SFM 309 academic calendar
Waterloo 2026–27 BAFM Honours academic calendar
Finance and accounting analytics · choose one5 listed

Take one course from this group.

  • AFM 323Quantitative Foundations for Finance0.5 credits

    Apply analytical and statistical tools to investment management and corporate finance.

    Waterloo AFM 323 academic calendar
  • AFM 341Accounting Information Systems0.5 credits

    Study how organizations select and evaluate accounting information systems and assure their reliability.

    Waterloo AFM 341 academic calendar
  • AFM 345Business Applications of Social Media Analytics0.5 credits

    Use text and sentiment analysis on social media data to investigate business problems.

    Waterloo AFM 345 academic calendar
  • AFM 346Applications of Predictive Analytics in Accounting and Finance0.5 credits

    Apply predictive analytics to accounting and finance problems such as fraud, defaults and bankruptcy.

    Waterloo AFM 346 academic calendar
  • STAT 374Quantitative Foundations for Finance0.5 credits

    Apply analytical and statistical tools to investment management and corporate finance.

    Waterloo STAT 374 academic calendar
Waterloo 2026–27 BAFM Honours academic calendar
Additional published courses
  • ACTSC 127Introduction to Global Capital Markets and Financial Analytics0.5 credits

    Explore global finance and foundational financial decisions using computation and data analysis.

    Waterloo ACTSC 127 academic calendar
  • AFM 127Introduction to Global Capital Markets and Financial Analytics0.5 credits

    Explore global finance and foundational financial decisions using computation and data analysis.

    Waterloo AFM 127 academic calendar
  • AFM 362Corporate Taxation0.5 credits

    Calculate corporate income and apply Canadian corporate taxation concepts.

    Waterloo AFM 362 academic calendar
Elective choices
  • The 2026–27 calendar requires 3.5–4.0 elective units, depending on the specialization.
  • Introductory markets: choose AFM 121, AFM 127 or ACTSC 127. Taking AFM 127 or ACTSC 127 instead of AFM 121 also requires CS 115 or CS 135.
  • Capital markets: choose AFM 272, AFM 273 or ACTSC 291.
  • Ethics: choose AFM 311 or SFM 309.
  • Finance and accounting analytics: choose AFM 323, AFM 341, AFM 345, AFM 346 or STAT 374.
  • One course may count from any cross-listed set.
Study routes

Complete one specialization. A second is optional. This is the 2026–27 academic calendar list.

  • Business Analytics
  • Enterprise Performance and Risk
  • Entrepreneurial Mindset
  • Financial Markets
  • Professional Accountant
Study locations
Published academic-unit location
The School of Accounting and Finance lists the AFM programme director’s office in Hagey Hall, room 3102. This is a programme contact office; individual Accounting and Financial Management course rooms are separate.Waterloo: named afm academic-unit location
ReferencesWaterloo 2026–27 BAFM Honours academic calendarWaterloo AFM first-year schedule for Fall 2026 and Winter 2027Waterloo SAF co-op requirements and six sequencesWaterloo AFM 111 academic calendarWaterloo AFM 112 academic calendarWaterloo AFM 113 academic calendarWaterloo AFM 132 academic calendarWaterloo AFM 182 academic calendarWaterloo AFM 191 academic calendarWaterloo AFM 205 academic calendarWaterloo AFM 206 academic calendarWaterloo AFM 207 academic calendarWaterloo AFM 208 academic calendarWaterloo AFM 241 academic calendarWaterloo AFM 244 academic calendarWaterloo AFM 274 academic calendarWaterloo AFM 285 academic calendarWaterloo AFM 291 academic calendarWaterloo AFM 321 academic calendarWaterloo AFM 335 academic calendarWaterloo AFM 373 academic calendarWaterloo AFM 391 academic calendarWaterloo AFM 433 academic calendarWaterloo AFM 480 academic calendarWaterloo BET 100 academic calendarWaterloo COMMST 111 academic calendarWaterloo ECON 101 academic calendarWaterloo ECON 102 academic calendarWaterloo ACTSC 127 academic calendarWaterloo AFM 121 academic calendarWaterloo AFM 127 academic calendarWaterloo ACTSC 291 academic calendarWaterloo AFM 272 academic calendarWaterloo AFM 273 academic calendarWaterloo AFM 311 academic calendarWaterloo SFM 309 academic calendarWaterloo AFM 323 academic calendarWaterloo AFM 341 academic calendarWaterloo AFM 345 academic calendarWaterloo AFM 346 academic calendarWaterloo STAT 374 academic calendarWaterloo AFM 415 academic calendarWaterloo AFM 416 academic calendarWaterloo AFM 362 academic calendar

Careers

  • Auditor
  • Business consultant
  • Entrepreneur

Employers in student profiles

1
  • KPMG
Scope and qualifications

Waterloo profiled an AFM student who worked as a staff accountant in KPMG’s audit practice.

Waterloo career and co-op examples, plus one student profile.

Professional recognition

Waterloo lists a CFA Institute affiliation. Starting in 2027, the CPA pathway uses coursework and professional program assessments. Waterloo’s Master of Accounting remains a pathway for eligible graduates.

Scope and qualifications

Waterloo career and co-op examples, plus one student profile.

Costs

Program or faculty

First-year estimate

2026–27 · Two terms · CAD

Ontario example · Choose your fee category

Tuition and incidental fees$9,000
Books and supplies$1,500
Residence
Residence
$8,254
Meal plan
Meal plan
$8,040
Estimated total$26,794

Accounting and finance tuition increases significantly in upper years.

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