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School of Continuing Studies | University of Toronto

Obtain a Advanced Certificate in Accounting & Finance (ACAF)

Earn the Advanced Certificate in Accounting & Finance (ACAF)

The Advanced Certificate in Accounting and Finance (ACAF) 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.

ACAF chart


CPA Ontario has recognized the following courses offered by the School of Continuing Studies towards exemptions from the ACAF entry and technical courses:

ACAF Entry Courses School of Continuing Studies ACAF Approved Courses
Intro FA 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
ACAF Technical Courses School of Continuing Studies ACAF Approved Courses
AFR Advanced Financial Accounting* 0914: Advanced Financial Accounting 
Finance Corporate Finance* 0976: Financial Management 
Assurance Audit & 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 enrolment into the ACAF Applied Course, Ethics and Workplace Skills, unless otherwise approved through relevant practical experience.

ACAF Program Requirements

Individuals interested in earning the ACAF are advised to submit transcript(s) to CPA Ontario for assessment. CPA Ontario will confirm your eligibility for the ACAF program and provide the best advice for achieving any missing prerequisites.

The minimum entry requirement into the ACAF program with CPA Ontario is 30 credit hours (or equivalent one year of full-time study) at a post-secondary institution or three years of relevant work experience. All entry courses and technical courses must be successfully completed before enrolling in any applied courses.

ACAF Applied Courses
Ethics and Workplace Skills
Accounting Software Applications
Business Applications
And the choice of two electives:

·      Applied External Audit

·      Applied Personal & Corporate Taxation

·      Not-for-profit Accounting

·      Public Sector Accounting

ACAF applied courses are currently offered exclusively by CPA Ontario in an online format with examinations taking place in person in the Greater Toronto Area, Ottawa and London with the exception of Business Applications which has an online examination. There are no exemptions from the applied courses.


Updated: March 2017
The Association may offer designations in addition to the one(s) identified. The University of Toronto School of Continuing Studies is committed to providing current and accurate information about the requirements of the Association leading to the designation(s) identified. Given that everyone has a unique combination of education and professional experience, contact the Association directly to confirm your pathway to the designation.