I would like to have some input from current students (especially those with a business/finance background) about waiving classes (I am now in the process of registering for pre-term).
General rule of thumb: waive anything and everything that you possibly can. Definitely try to waive out of Management of People at Work a.k.a. MANPAW, and Managerial Economics or MGEC: they may both be interesting subjects, but I at times felt I was wasting time -- a whole lot of time!
One may not waive out of Ethics at Wharton, but even if you were allowed to do so I would advice against doing so because it is a truly cool course; if you're lucky you'll get Pr. Donaldson - he is super good at what he does.
If you understand accounting, but cannot completely waive out of Financial Accounting either by credentials or by exam, try to at least take accelerated ACCT with Peggy Bishop Lane in the first semester - people enjoy her class a lot.
Hmmm, waiving everything you can is an option, although there are downsides to it. I wouldn't waive too much, but both approaches are valid in function of your objectives.
However, I FULLY agree with waiving MANPAW, the worst class I have had since primary school.
As for advanced accounting, beware: I'm a CFA level 3 candidate, so while not being a superstar in accounting, I do know a bit about it. Advanced accounting is really tough. Only do it if you're really good at it - the teacher is fantastic by the way, and it's true that people who are good at accounting (I'm not one of them) loved her class. The problem is that basic accounting is much easier - there is no intermediate level.
Finally, ethics with Donaldson is easily one of the best classes on the first year at Wharton.
Wharton admits, join the rugby team!! It'll be by far the best experience of your MBA life