I'm a current 4th year at the UofA and in fact am working on my thesis tonight as we speak!
The environment is conservatory based, you are expected to stage manage a number of shows at every level of your development, culminating in both sming and asming in our Timms Center, which is a category C spirit of equity stage with the senior acting company. We do recieve one credit from the CAEA, and there is also a placement for all 4th years with Edmonton Opera which will grant you a second credit if you choose to apprentice with them.
I can talk all day but it might get boring, send me a message if you have any specific questions. But to sum up, I wouldn't trade the last 4 years of my experiences with this degree for anything!