In the AdS/CFT correspondence, gauge theory calculations beyond the planar approximation correspond to quantum corrections in gravity or in string theory. Recently, the partition function on the three-sphere of Chern-Simons-matter theories has been computed at all orders in the 1/N expansion, and this leads to predictions for quantum corrections in M-theory/string theory. Using the ideas of effective field theory, we show that some of these corrections can be calculated reliably by doing one-loop calculations in supergravity. A similar reasoning has been used recently to calculate logarithmic corrections to black hole entropy, and we use it here to perform a successful test of AdS_4/CFT_3 beyond the leading, planar approximation.