Admissions · University of Waterloo
What Average Do You Need for Waterloo AFM?
Short answer: the mid-80s, with a 75% floor in each of three courses. Waterloo's Accounting and Financial Management page says the admission average is the mid-80s and requires a final grade of at least 75% in any Grade 12 U English, Advanced Functions and Calculus and Vectors. In Fall 2022, 62.4% of Waterloo's commerce and business entrants from Ontario high schools came in at 90 or above, and 18.2% below 85.
Waterloo says: an admission average in the mid-80s, no AIF[1][2][3]
The Numbers
| Average | Share of the entering class |
|---|---|
| 95+ | 29.5% |
| 90-94 | 32.9% |
| 85-89 | 19.3% |
| 80-84 | 12.6% |
| 75-79 | 5.5% |
| 70-74 | 0.1% |
Required Grade 12 Courses
- ENG4U: English
- MHF4U: Advanced Functions (free unit tests: Polynomial Functions, Polynomial Equations, Rational Functions, Trigonometric Ratios, Trigonometric Functions, Exponential & Logarithmic Functions, Combining Functions)
- MCV4U: Calculus & Vectors (free unit tests: Limits, Derivatives, Curve Sketching, Optimization, Derivatives of Trig, Exp and Log, Geometric Vectors, Cartesian Vectors, Lines and Planes)
Recommended
- MDM4U: Data Management
Six 4U or M courses including any Grade 12 U English, Advanced Functions and Calculus and Vectors, each with a final grade of at least 75%. Waterloo also recommends Principles of Financial Accounting, a Grade 11 course, alongside Data Management. AFM is co-op only.
MHF4U builds on Grade 11 Functions, so if that's shaky, start with MCR3U.
No AIF, no assessment
Waterloo's Admission Information Form page says the AIF is not used in the application process for Accounting and Financial Management or Sustainability and Financial Management, and the AFM program page lists no admissions assessment, interview or video. That makes AFM one of the few Waterloo programs where the average and the three course minimums are the whole file.
The 75% minimums are per course and final. A 74 in Calculus and Vectors is a missed requirement, whatever the average.
Why the range and the class disagree
Mid-80s is the range Waterloo names. The CUDO table is who registered in Waterloo's commerce, management and business administration group: 29.5% at 95+, 32.9% at 90 to 94, 19.3% at 85 to 89, 12.6% at 80 to 84 and 5.6% below 80. The entering average was 90.4.
CUDO reports by group, so this is every Waterloo business entrant, not AFM alone. Read the table as the class you'd share a building with, not the bar for an offer.
What these numbers mean for you
An 85 is in the range Waterloo names and inside the band 19.3% of the class came from. An 88 is above the middle of the range and below 62.4% of the class. With no AIF to carry a file, the average and the three course minimums are what move; the recommended courses are listed as recommended, not required.
Am I Cooked for Waterloo AFM?
Drop your top 6 into Am I Cooked, pick Waterloo AFM, and get a straight verdict against the same published numbers as this page.
Check my averageSee the numbers Am I Cooked uses for Waterloo Accounting and Financial Management.
Waterloo AFM FAQ
What average do you need for Waterloo AFM?+
Waterloo says the admission average for Accounting and Financial Management is the mid-80s, with a final grade of at least 75% in English, Advanced Functions and Calculus and Vectors. In Fall 2022, 62.4% of Waterloo's commerce and business entrants from Ontario high schools had 90 or above.
Does Waterloo AFM use the Admission Information Form?+
No. Waterloo's AIF page says the form is not used in the application process for Accounting and Financial Management or Sustainability and Financial Management.
What courses do you need for Waterloo AFM?+
Any Grade 12 U English, MHF4U and MCV4U, each with at least 75%, inside six 4U or M courses. Waterloo recommends Principles of Financial Accounting and MDM4U.
Is an 84 enough for Waterloo AFM?+
An 84 is just under the mid-80s range Waterloo names, and 18.2% of the Fall 2022 commerce and business entrants came in below 85. The three 75% course minimums still apply.
Sources
- University of Waterloo, program page. The range on the program page on the day checked. “Admission average: Mid-80s. Six Grade 12 U and/or M courses including Any Grade 12 U English (minimum final grade of 75% is required), Advanced Functions (minimum final grade of 75% is required), Calculus and Vectors (minimum final grade of 75% is required). Recommended courses: Principles of Financial Accounting, Mathematics of Data Management. Co-op only” Checked 2026-10-21.
- University of Waterloo, Admission Information Form. Which programs use the AIF, on the day checked. “Accounting and Financial Management, Sustainability and Financial Management: The AIF is not used in the application process for these programs.” Checked 2026-10-21.
- OUInfo (Ontario Universities' Info). The grade range and prerequisites on the program's OUInfo page on the day checked. “Accounting and Financial Management (Co-op Only): Grade range: Mid-80s. Prerequisites: Any Grade 12 U English (min. 75%); Advanced Functions (min. 75%); Calculus and Vectors (min. 75%); plus 3 additional 4U/M courses” Checked 2026-10-21.
- Council of Ontario Universities, Common University Data Ontario (CUDO). Fall 2022 entering class: full-time first-year students who came straight from an Ontario high school. “B. Admission · University of Waterloo · Fall 2022” Checked 2026-09-17.
Requirements change every cycle. Check the official admissions page before you apply.