Bachelor of Accounting & Financial Management

Frequently Asked Questions

Find the answers to commonly asked questions about the Accounting and Financial Management Admissions Assignment (AFMAA), the admissions process and what will happen on the day of the AFMAA. If you can't find the answer you need, email Patty Mah at afm@uwaterloo.ca.

Q1: How competitive is the Accounting and Financial Management (AFM) program?
A: The AFM program is a highly competitive program simply because of the total number of applications we receive from year to year (approximately 3,200 in 2010) and the number of spaces we have available (300 for 2010 - 85 for AFM-PA co-op work option and 215 for AFM-FM co-op work stream).

Q2: Why should I write the AFMAA?
A: The AFMAA provides you with the opportunity to showcase your writing and communication abilities, as well as provide further explanation of your leadership and teamwork experiences. Each student's assignment will be marked without reference to his or her admission average or biographical information. This is advantageous for the student because every student's assignment will be marked equally, fairly and without bias.

"The AFMAA allows the prospective student to demonstrate other qualities about themselves through their writing skills and communication abilities...I like to think of the AFMAA as Waterloo saying 'Please go on, we'd love to hear more about you.'"
Gavin, 3A AFM student

Q3: Why is the AFMAA so important?
A:  The AFMAA will assist in selecting students who are not only academically strong but also possess the potential skills and attributes that will make them successful both in the classroom and in the workplace. In an ever-changing business environment, students from our AFM program will be ahead of the pack. The AFMAA will assist the School of Accounting and Finance in identifying students with the potential ‘soft skills’ that employers are looking for. By selecting strong, well-rounded students who will excel academically and hone their skills and attributes, AFM students will be well-prepared for successful careers in accounting or financial management.

Q4: How will applicants be selected to write the AFMAA?
A: Ontario Secondary School students will be selected to write the AFMAA based on their final grade 11 marks and any available grade 12 interim and final marks in U and M courses as of mid-March. The minimum average for selection will be between 83% and 85%. In addition, selected applicants will need to have 12U English with a minimum mark of 75% (or if the grade 12 English mark is not available than at least a 75% final grade in 11U English), plus U-level Advanced Functions and Calculus and Vectors.

Q5:The first sample AFMAA question asks: "Of the 2 co-op work options (Financial Management or Public Accounting), which did you apply to and why"? How can I check this?
A: If you are unsure about which of the 2 AFM co-op work options you have applied for, you are strongly encouraged to check your record at the Ontario Universities’ Application Centre website or through your uWaterloo Quest account.

Q6: Are the admission process (including the AFMAA) and criteria the same for both Financial Management and Public Accounting co-op work options?
A: Yes. Exactly the same.

Q7: Does the University pay my traveling expenses to write the AFMAA? What if I do not have adequate transportation to come to Waterloo?
A: Traveling and other expenses related to writing the AFMAA are your responsibility but if the costs are prohibitive or reasonable transportation cannot be arranged, you may request to write the Assignment under the supervision of an approved proctor closer to home.

Q8: What if I live 400km outside of the driving radius of University of Waterloo?
A: If you cannot travel to Waterloo, you will need to arrange to write the AFMAA with a proctor.

Q9: If I need to arrange for a proctor, does Waterloo, or do I, need to pay the proctor for their time while supervising me in writing the AFMAA?
A: Although most proctors will not require a fee, if it is necessary, it is your responsibility to pay for the service of a proctor.

Q10: Who can I ask to be my proctor?
A: The person you ask to be your proctor must not be related to you in any way (including by marriage or common law) and must not reside at the same address as you. The person you select must be a professional from one of the following occupations:

  • Teacher/educational professional (active or retired) above the pre-school level
  • Administrative employee of a university, school, or college
  • Religious institution official (e.g. priest, rabbi, pastor, minister, pundit, nun, monk)
  • Accountant (CA, CMA, CGA)
  • Lawyer
  • Professional engineer
  • Law enforcement officer
  • Health care worker (for applicants with special personal care needs only)

Q11: I am aware that I must present appropriate photo ID when I write the AFMAA either at the University of Waterloo or with an approved proctor. What can I use as acceptable  photo identification?
A: All efforts should be made to arrange to have a government issued driver's license, a passport, a permanent resident card or a photo health card. A high school student card will not suffice.

Q12: What if I don’t have an eligible photo ID?
A: If you do not possess a driver’s license, passport, permanent resident card or photo health card, you will need to have a passport photo taken. Sign and date the back of the photo and have the photo notarized. Alternatively, you can also choose to combine another form of photo ID (eg. a student card) with a government-issued non-photo ID with signature (eg. SIN card, non-photo health card, etc).

Q1: What is the AFMAA?
A: The AFMAA is a 2 hour assignment written under supervision that requires no preparation or previous background in the areas of business, accounting or mathematics. Applicants selected to write the AFMAA will respond to 2 or 3 questions/topics. Sample AFMAA questions are available.

Q2: When will I hear if I have been invited to write the AFMAA?
A: Beginning mid-March 2011, applicants who have been selected to write the AFMAA will receive an invitation by email to write the AFMAA on Saturday, April 2, 2011. Students will be required to complete an online form to confirm their attendance for the AFMAA.

Q3: How can I prepare for the AFMAA?
A: No preparation or previous background in the areas of business, accounting or mathematics is necessary, however, you may want to practice writing responses to some of the sample questions plus review the Next steps section.

Q4: Do I have to write and pass the AFMAA to be admitted to the AFM program?
A: Yes, in order for you to be considered for admission to the AFM program, you must first be invited to write the AFMAA and you must have an acceptable performance on the Assignment.

Q5: A 2 hour writing assignment seems rather long. Will I be required to write for the entire 2 hours?
A: The 2 hours provided to you to write may seem like a lengthy amount of time. However, if you were to spend 30 minutes answering each question, the remaining 30 minutes within the 2 hour allotment will provide you with ample time to proof and edit your work prior to submitting your assignment. If you complete the AFMAA prior to the 2 hour time limit and are satisfied with the answers you've given, you may hand in your AFMAA early.

Q6: What if I cannot write the AFMAA on Saturday, April 2, 2011 at the designated start time because of a previous appointment or engagement?
A: The AFMAA is an internationally administered admissions test. Every effort must be given to attempt to write the AFMAA on the set date. If you cannot write the AFMAA on Saturday, April 2, 2011, you will need to contact Patty Mah as soon as possible. Alternate writing dates will only be granted in exceptional circumstances. Late requests for alternate writing dates may not be accommodated.

Q7: If I confirm to come to Waterloo, but because of poor weather, transportation issues or other last minute problems, I am unable to attend, what can I do?
A: In the event of circumstances that will prevent you from writing on the day/time of the Assignment, you must contact 519-888-4567, ext. 37152 as soon as possible to discuss alternate arrangements.

Q8: What if I have a disability and require special provisions for writing the AFMAA. For example, I normally get extra time to write tests and exams now in high school. Could I be given additional time or other accommodations to complete the AFMAA?
A: The University of Waterloo has a great deal of experience with students who require special provisions for writing tests, examinations, assignments etc. If you require information and assistance, please email Patty Mah or call 519-888-4567 ext. 37152 as early as possible prior to the AFMAA.

Q9: I have never been a leader on any teams or school projects. Will that hinder my chances of doing well on the AFMAA?
A: No, although the AFMAA is intended to measure certain attributes such as leadership and teamwork skills, an understanding of these skills is just as important as actually possessing or experiencing such skills.

Q10: What happens if I arrive late for the AFMAA on the day that I write it?
A: Registration will begin at 12:30p.m. on the day of the AFMAA. The actual writing of the Assignment will begin at 1:30p.m. We encourage you to arrive early to give yourself ample time to register and get settled in your writing room by 1:15p.m. If for good reason, you are late for the 1:30p.m. start, some reasonable accommodations may be made.

Q11: Am I responsible for returning the AFMAA if I write it using a proctor?
A: No, once you have completed the Assignment with your selected proctor, the proctor is responsible for mailing it to the University.

Q12: Is there an AFMAA fee?
A: Yes. A non-refundable payment is required when you confirm your intent to write the AFMAA.

Q13: When do I pay the AFMAA fee?
A: Qualified applicants will be sent email invitations to write the AFMAA on a rolling basis between February 15 and March 14, 2011. Within this email invitation, you will be provided with instructions and online links on how to confirm your attendance to write the AFMAA as well as how to pay the AFMAA fee.

Q1: What factors will be used to make final admission decisions?
A: There are 3 factors which will be used to make admission decisions for the AFM program:

  1. the grade 11 and 12 academic record, or equivalent
  2. the AFMAA and
  3. the Admissions Information Form (AIF).

Q2: If my admission average is extremely strong, will I automatically receive an offer to the AFM program?
A: No. Your academic record is only one component of the criteria to which the AFM Admissions Committee will use when determining admission. Your academic record will first be used to determine eligibility for writing the AFMAA.

Offers of Admission will be determined based on 3 criteria:

  • your academic record as of April 2012,
  • your performance in the AFMAA, and
  • your responses from your Admission Information Form (AIF)

Q3: How important is the Admissions Information Form (AIF)?
A: Applicants who are invited to write the AFMAA but who do not do particularly well will have their academic records and AIF reviewed individually. A strong AIF may serve to support admission to the program and possible consideration for a Fellowship.

Q4: Will I be considered automatically for all entrance scholarships?
A: Yes. The SAF encourages all applicants to apply for OSAP and UW Bursary to ensure that you are considered for all scholarships offered through the University of Waterloo and the SAF. As a student applying to the AFM program (Financial Management or Public Accounting), you will automatically be considered for all entrance scholarships that do not require a separate application. You may be eligible for more than one scholarship and can potentially be offered up to $47,000 in scholarship money!

Q5: When will I know if I am going to be admitted and when do I have to respond?
A: Your decision will be communicated by post mail in early to mid-May. You can check your admission status through your uWaterloo Quest account beginning May 15, 2011. Please note that you are required to confirm your acceptance of your Offer of Admission by June 2, 2011.

Q6: English is my second language. Will that be taken into consideration when the AFMAA is being marked?
A: The identity of applicants will not be known during the scoring of the AFMAA, so information provided on the OUAC application form including “first language” will not be a factor in the assessment of the AFMAA.

Q7: If I’m offered admission to the AFM program, but my grades drop at the end of the year, will my offer be revoked?
A: All Offers of Admission are conditional based on your fulfillment of specific criteria for your program. It is a requirement that students offered conditional acceptance to the AFM program for September 2011 will meet all of the conditions stated on their Offer of Admission. Depending on the degree that conditions are not met, your offer of admission may be revoked.

Q8: If I perform poorly on the AFMAA, will I be able to write it again?
A: No. The AFMAA is a test of your ability to think on your feet and demonstrate your competence in writing and answering the 3 AFMAA questions within in a specific time limit.

Q9: What can I do if I am not admitted?
A: There are a number of options for you if you are not admitted to the AFM program:

  1. Consider accepting an offer of admission to another related program at the University of Waterloo or another university to which you have been admitted.
  2. If your academic record is not strong, consider returning to high school to up-grade your record and re-apply the next year.
  3. If you have been accepted at a College for Accounting or Business, consider attending college and re-apply after completion of a 2- or 3-year diploma.

AFM
The School of Accounting and Finance is the only English speaking professional school of its kind in Canada. We offer 2 undergraduate (Accounting and Financial Management and Computing and Financial Management) and 3 graduate (Master of Accounting; Master of Taxation; PhD in Accounting) programs to provide students with the technical, analytical, evaluative, and communication skills needed to prepare for successful careers in public accounting, finance, industry, government and not-for-profit sectors. In conjunction with the Faculties of Mathematics and Science, the School also administers 2 undergraduate programs (Mathematics/Chartered Accountancy; Biotechnology/Chartered Accountancy) and 1 graduate program (Master of Quantitative Finance).