Frequently Asked Questions (FAQs)
1. How does York’s MFAc differ from other accounting graduate degrees?
Graduate accounting degrees—quite new and rare in Canada—are designed to lead to professional certification as an accountant. The MFAc program targets practicing accounting and accounting-related professionals who have an interest in specializing in the accounting ramifications of corporate governance and expanding their already existing skill-sets.
2. Will this program accelerate my career?
The program is designed to advance the careers of corporate managers, regulators and professional accountants by providing them with the skills they need to promote compliance with corporate governance in the private, public and not-for-profit sectors. You’ll gain a firm understanding of how legislative requirements and ethical considerations impact contemporary information systems in order to produce transparent financial reporting. You’ll also be well prepared to play an important role in motivating management to engage in appropriate behaviour.
Opportunities abound to share your knowledge in the classroom and to consider your own work experience when reflecting on course content. Relatively small class sizes (approximately 20 students) will encourage networking and engagement with professors, peers and experienced guest professionals.
3. Is there a demand for professionals in the field?
Yes. The Ontario Securities Commission, the Canadian Bankers Association and the three major accounting certification bodies (CA, CGA and CMA), have emphasized the importance of a formal program focusing on financial accountability and corporate governance.
Professionals working in the private, public and not-for-profit sectors, such as forensic accountants, internal auditors and compliance and risk officers, are also encountering increased demand for the specialized skills and knowledge unique to the area of financial accountability. Indeed, all organizations and businesses face strict regulatory requirements relating to financial accountability and seek professionals with a strong background in this area. Those working in traditional accounting areas, such as external auditors and chief financial officers, are now expected to have knowledge of, and skills in, financial accountability.
4. Can I apply directly from my undergraduate program?
The MFAc program focuses predominantly on mid-career professionals; however, a few spaces are open to exceptional students proceeding directly from a relevant undergraduate program. These students must possess an undergraduate Honours degree, ideally specializing in Accounting, and have graduated with a minimum A average. It is anticipated that this group of exceptional students will bring up-to-date theoretical knowledge to the classroom and will contribute to a highly interactive learning environment.
5. I work full-time and have a handful of other commitments. How can I fit my studies in?
The program is designed primarily as a part-time program to accommodate the schedules of working professionals. As a part-time student, you’ll have up to eight terms to complete the program. Courses will be available in the evenings, on weekends and through the fall, winter and summer terms.
A full-time option is also available for those who have more time to devote to studying.
6. Is there an online or distance learning option for the program?
We are currently considering the possibility of offering distance learning and online options for the MFAc program, such as blended courses with both in-class and online components. However, we are currently only offering in-class options.
In the future, there will likely be a number of options for part-time study, including weekend/evening classes that can accommodate various work-week schedules.
7. What will the full-time and part-time weekday course schedules, and the weekend part-time course schedule look like?
Full-time options will be offered in 2010-11. Part-time courses are planned for weekends or evenings. Information will be posted to the MFAc website as it becomes available.
8. Can applicants who have graduated from other York programs (MBA, BBA, etc.) apply for advanced standing to earn credits towards the MFAc?
,
There are currently no equivalent courses to those we offer in the programs mentioned above, although they are appropriate preparation for our program. We are certainly willing to consider transfer credit courses which have substantial duplication of content with our courses.
9. Does the MFAc have a networking element that connects students with other professionals in the field?
One of the strengths of our program is the potential for networking opportunities with other students and through our professors. Class sessions with guest speakers will provide you with opportunities to get acquainted with professionals working in the field. There will be a student organization to enable you to make friends and gain contacts by participating in their activities and initiatives.
10. How much will the MFAc cost? And, are there financial assistance options through York?
Tuition for the MFAc program is $25,000, excluding incidental fees of approximately $1,000 for all graduate students. Payment for tuition is invoiced at the beginning of each term. For more information on tuition and fees, visit www.yorku.ca/osfs/fees.
The MFAc program is designed primarily to appeal to professionals working in areas related to financial accountability. As such, it is anticipated that the great majority of students—and, in particular, those studying on a part-time basis—will be supported by their employers. A limited number of bursaries will be allotted to full-time students. For additional information on financial assistance, visit the Faculty of Graduate Studies Web site.
11. What pre-requisites are needed to be accepted into the MFAc program?
To be considered for admission, candidates must have one of the following: An Honours Bachelor’s Degree or its equivalent (typically a four-year full-time program from a recognized postsecondary institution, with a minimum B+ average in the final two years of full-time equivalent study); and a professional designation in Accounting (CA, CMA, CGA or their international equivalents); OR a professional designation in Law (pending review of the candidate's application by the graduate program admissions committee to ensure students have a sufficient background in accounting to succeed in the program);
An Honours Bachelor’s Degree specializing in Accounting or its equivalent from a recognized postsecondary institution, with a minimum 'A' average in the final two years of study. Candidates will be admitted at the discretion of the Admissions Committee.
Applicants with an Honours Bachelor’s degree in an area other than those listed above may be considered for admission if they have at least five years work experience at a senior level in the field of accounting.
All applicants must submit a Curriculum Vitae and provide three letters of reference. Students interested in the Major Research Paper option must also submit a written statement describing their proposed areas of research (1-2 pages long).
12. Will there be any other courses offered that focus on other aspects of the profession? (e.g., Internal Controls and Financial Statements Evaluation in Investments and Business, Internal Audit, Sustainability and Community Relations)
We have given careful thought to our core curriculum and do not plan to make immediate changes. We will monitor carefully the content of the program and conduct surveys from time to time with a view to staying contemporary and relevant. Topics such as those mentioned are covered but not necessarily in a course entirely devoted to them. It will be relatively easy for us to add elective courses and the core curriculum will be reviewed regularly.
13. Where can I find more information on the MFAc program?
We will be pleased to discuss the program in greater depth and welcome questions. Please send enquiries to us or call us.
14. Will the MFAc benefit fields outside of financial reporting?
There is a financial accountabilty component to most fields. The MFAc program is geared toward professionals in accounting, financial reporting or related areas who wish to advance their career by adding in-demand knowledge to their existing skill sets. This includes professionals in relevant fields such as CA, CMA, CGA, CPA, CFA or LLB. We welcome qualified applicants who have a real interest in the subject matter regardless of their field.
15. How well-recognized is the MFAc program?
We believe our program is innovative, relevant and fulfills an important need. It is taught by a well-qualified team of faculty. It should be very useful in providing knowledge and skills to students who participate and will provide useful networking opportunities. York is a leading university with a reputation in the areas covered.
16. Can MFAc course hours be applied to CA/CGA/CMA credit hours?
Our program is designed mainly for qualified professionals and thus our courses are unlikely to count as credits towards professional designations. However, our courses would likely be applicable to professional development requirements by the professional accounting and other associations.
17. Are there credit transfer or any exemptions for other designations or accreditations (CFA, CA, CPA, etc.)?
Our program is designed for professionals who have obtained qualifications such as yours. An important objective of the MFAc program is to improve your knowledge and skills beyond those of the professional designations. Transfer credits can only be given for courses which are sufficiently similar to those in the program. Most applicants with professional designations will not have taken courses with sufficient duplication.
18. Which courses can be taken as part of the course-option in lieu of the research project?
Students selecting the coursework option will complete two of the following:
- Earnings Management and Forensic Accounting
- Management and Control of E-Commerce Systems
- Accountability Issues in the Government & Not-For-Profit Sectors
- Accounting and Finance Issues in Pensions and Benefits
- Experiencing Financial Accountability
19. Do you have any arrangements for funding and/or the leave of absence of students in particular business, non-profit or government organizations?
We do not have any such arrangements at the present time. It is up to applicants and their employers to make appropriate arrangements to attend our full-time program.
20. Is there a summer semester option for either full-time or part-time study?
Yes, our program is offered year round in all three university semesters.
21. Is there a joint MFAc/MBA option?
No. This is a specialized degree designed for those who already have relevant qualifications which may include an MBA.
22. What jobs are available for MFAc graduates?
This program is designed for those already in positions requiring financial accountability skills. We will accept a limited number of students with limited work experience based on their academic performance. We believe that their recent exposure to relevant degree instruction will be valuable to our classes. The program is not designed to provide preparation for a career but the skills that it teaches are in demand and in combination with an existing degree it will probably add significant value to a resume for careers appropriate to the first degree.
23. I have a bachelor's degree from the Philippines and a CGA designation; am I eligible to apply for this program?
To be considered for admission, candidates must have one of the following: An Honours Bachelor’s Degree or its equivalent (typically a four-year full-time program from a recognized postsecondary institution, with a minimum B+ average in the final two years of full-time equivalent study); and a professional designation in Accounting (CA, CMA, CGA or their international equivalents); OR a professional designation in Law (pending review of the candidate's application by the graduate program admissions committee to ensure students have a sufficient background in accounting to succeed in the program); an Honours Bachelor’s Degree specializing in Accounting or its equivalent from a recognized postsecondary institution, with a minimum ‘A’ average in the final two years of study. Candidates will be admitted at the discretion of the Admissions Committee.
Applicants with an Honours Bachelor’s degree in an area other than those listed above may be considered for admission if they have at least five years work experience at a senior level in the field of accounting.
All applicants must submit a Curriculum Vitae and provide three letters of reference. Students interested in the Major Research Paper option must also submit a written statement describing their proposed areas of research (1-2 pages long).
If you think you may qualify and would like us to evaluate your application it is necessary for you to apply; we will then determine your eligibility.
