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School of Continuing Studies | University of Toronto

Obtain a Advanced Certificate in Accounting & Finance (ACAF)

The Advanced Certificate in Accounting and Finance (ACAF) program is an online education program developed by Chartered Professional Accountants of Canada (CPA Canada) for those aspiring to careers in accounting and finance, but not as qualified CPAs. The program consists of eleven courses: six technical courses and five applied courses.
Association’s Requirements for Certification:
1. Meet the entrance requirements:
i. Complete the five Entry Courses:

The following courses are accepted towards exemptions from the ACAF courses:

ACAF Entry Courses

School of Continuing Studies ACAF Approved Courses

IntroFA 

Introductory Financial Accounting 

0984: Accounting: The Fundamentals 

IntroMA 

Introductory Management Accounting 

0983: Management Accounting 

IFR1 

Intermediate Financial Reporting I* 

0982: Intermediate Financial Accounting and Analysis 

IFR2 

Intermediate Financial Reporting II* 

0982: Intermediate Financial Accounting and Analysis 

Law 

Business Law 

0973: Business Law 

*A minimum grade of 60% is required and a passing grade in all other courses. Courses must be completed within the ten years prior to admission to ACAF, unless otherwise approved through relevant practical experience. Your admission is determined by the date you enrol in ACAF.
AND
i. Complete 30 credit hours (or equivalent one year of full-time study) at a post-secondary institution.

OR

i. Three years of relevant work experience.

1. Register for the ACAF through your provincial or regional Chartered Professional Accountants (CPA) body.
2. Request an official transcript through your post-secondary institution. Once the assessment is completed you will be notified of which courses you need to complete.
3. Complete the Technical required courses.

The following courses are accepted towards exemptions from the ACAF courses:

ACAF Technical Courses 

AFR 

Advanced Financial Accounting* 

0914: Advanced Financial Accounting 

Finance 

Corporate Finance* 

0976: Financial Management 

Assurance 

Audit and Assurance* 

2331: External Auditing 

Tax 

Taxation* 

0975: Taxation for Canadian Business 

IMA 

Intermediate Management Accounting* 

0915: Advanced Management Accounting 

IT 

Information Technology 

1209: Management Information Systems 

 

*A minimum grade of 60% is required and a passing grade in all other courses. Courses must be completed within the ten years prior to admission to ACAF, unless otherwise approved through relevant practical experience. Your admission is determined by the date you enrol in ACAF.
1. Complete AFAC’s Applied courses. Please see below for a list of the Applied Courses:

Applied Courses:
• Ethics and Workplace Skills*
• Accounting Software Applications**
• Business Applications***

And the choice of two electives:

• Applied External Audit
• Applied Personal and Corporate Taxation
• Not-for-profit Accounting***
• Public Sector Accounting
* All entry and technical courses or equivalents must be completed before starting Ethics and Workplace Skills. Ethics and Workplace Skills must be completed before starting any other applied courses.
** Introductory Financial Accounting must be completed before starting Accounting Software Application.
*** Ethics and Workplace Skills AND Accounting Software Application must be completed before starting Business Applications or Not-for-Profit Accounting.
For complete information on program fees, visit your provincial or regional body’s website.