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University of Waterloo Accounting and Financial Management Transfer Credit Policy


CGA Ontario Courses 

University Equivalent 

Financial Accounting Fundamentals (FA1) 

AFM 101 

Introduction to Financial Accounting

Micro and Macro Economics (EM1) 

ECON 101
ECON 102

Introduction to Microeconomics
Introduction to Macroeconomics

Business Law (LW1) 

AFM 231
MTHEL 100 

Business Law 

Commercial and Business Law

Financial Accounting: Assets (FA2) 

AFM 291

Intermediate Financial Accounting 1 

Business Quantitative Analysis (QU1) 

ECON 221
STAT 202

Introductory Statistics and Sampling for Accounting
Statistics for Economists

Management Accounting Fundamentals (MA1) 

AFM 102

Introduction to Managerial Accounting 

Business Communication (CM1) 

Two half-credit courses required. Any two of the following: business communications, effective writing or an English course such as SPCOM 223 or ENG 210F.  
Have completed a four year bachelor's degree from this institution.

Financial Accounting: Liabilities and Equities (FA3) 

AFM 391 

Intermediate Financial Accounting 2 

Corporate Finance Fundamentals (FN1) 

AFM 271

Managerial Finance 1

Managing Information Systems (MS1) 

AFM 241

Introduction to Business Information Technology 


Advanced Management Accounting (MA2) 

AFM 481 

Cost Management Systems 

Personal and Corporate Taxation (TX1) 

AFM 361
AFM 461 

Taxation 1
Taxation 2

External Auditing (AU1) 

AFM 351 or
AFM 451

Audit Strategy

Financial Accounting: Consolidations and Advanced Issues (FA4) 

AFM 491 

Advanced Financial Accounting 


*Advanced Corporate Finance (FN2) 

AFM 371

Managerial Finance 2

*Advanced External Auditing (AU2)

+Advanced External Auditing (AU2)

AFM 501 and AFM 502

ACC 650 and ACC 621

Contemporary Issues in Assurance and Accounting and Control Systems in a Computer Environment

Contemporary Issues in Assurance and Accounting and Control Systems in a Computer Environment

*Advanced Personal and Corporate Taxation (TX2) 

AFM 461

Taxation 2

*Management Auditing (MU1)

AFM 452

Comprehensive Operational Auditing

*Information Systems Strategy (MS2)

AFM 341

Accounting Information Systems


Note: All course equivalents listed are only available to full-time University of Waterloo students.
A grade of “65%” is required in each of the equivalent courses in order to obtain a transfer credit.

*Challenge Examination
+Course equivalents are only offered through MACC.  

For more information, please contact Sati Bandyopadhyay by phone at (519) 888-4567 ext. 32533, or by email at

Transfer credit policies are subject to change without notice.   

Updated as of February 18, 2014.