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    Masters in Finance in Canada: Top Universities, Cost, Scholarships, Admission Eligibility, and Career Opportunities

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    Bhavya Rawal

    Study Abroad Expert


    Master in Finance in Canada is chosen by international students who are interested in analyzing and interpreting economic trends, financial markets, assets, liabilities, and investments. The study aims to assist government and private enterprises in the financial decision-making process.

    • The duration of Masters in finance in Canada usually spans between 12 to 20 months.
    • The top Canadian universities to study Masters in Finance are the University of Toronto, McGill University, University of British Columbia, etc.
    • The cost of studying a Masters in Finance in Canada is approximately 35,000 USD per year.
    • Students with graduate degrees in finance pursue careers like financial analysts, investment bankers, tax advisers, financial managers, and others.
    • The average salary of an entry-level analyst working in both banking and non-banking domains is 60,000 USD/ per year.

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    Top Universities offering Masters in Finance in Canada

    Given below is a table of the top universities in Canada for Masters in Finance based on the QS World University Rankings by Subject 2019: Accounting & Finance.

    Ranking City Name University
    25 Toronto University of Toronto
    39 British Columbia University of British Columbia
    51-100 Quebec McGill University
    101-150 Ontario Queen’s University 
    101-150 Quebec Universite de Montreal
    101-150 Edmonton University of Alberta
    101-150 Ontario University of Waterloo
    101-150 Ontario Western University
    101-150 Toronto York University
    201-250 Quebec Concordia University

    Masters in Finance in Canada: Course Curriculum

    Post-graduate degree in finance is available as MS, MA and MBA in Finance in Canada. However, each program teaches students basic concepts of financial systems within various organizations such as financial reporting, investment, and tax law. The standard curriculum structure of most finance programs is given below:-

    • Financial Analysis & Reporting:- This section comprises the learning of accounting and its related terms such as assets, liabilities, financial statements and shareholders’ equity wealth.
    • Corporate Finance:- Students are taught valuation in terms of time, debt and equity securities. It provides them an opportunity to gain insights into different organizations and their financial statements.
    • Business Communication:- This course builds up students’ both verbal and written communication skills. This is achieved by developing reports, memos, and emails and conducting lead meetings and presentations.
    • Business Taxation:- When studying MS in Finance, it is crucial that students have a thorough knowledge of the federal income tax system and know how to perform credits and debits for business expenses.
    • Investment Analysis:- By conducting analyses of portfolios' securities, students learn about their functions and the markets they occupy.

    Cost of Pursuing Masters in Finance in Canada

    International students planning to pursue an MS in Finance in Canada must cover the number of tuition fees along with living expenses and pre-arrival costs.

    Pre-Arrival Costs

    These are the one-time expenses made before or along with the admission process. The major elements of the pre-arrival costs are tabulated below:-

    Expenses Costs (USD)
    Application Fees 75-150
    Canadian Study Permit Application Fee 150
    Biometric Fee 85
    Health Insurance 10,000
    IELTS 185-190
    TOEFL 160-250
    Airfare 450-1400

    Tuition Fees for Masters in Finance in Canada

    Given below is an overview of tuition fees for international students who are planning to study finance programs at the top universities in Canada. For further information, students are advised to visit universities’ official websites.

    University Course Tuition Fees (Per Year) (USD)
    University of Toronto Master of Arts (MA) Financial Economics 17,827 
    Master of Finance 32,895 
    Master Financial Risk Management 47,572 
    Master in Financial Insurance 38,625 
    McGill University Master of Management in Finance 17, 760
    Master of Business Administration- Finance 32,930 
    Universite de Montreal Master of Science (M.Sc) in Applied Financial Economics 20,350
    University of Alberta Master of Arts in Economics & Finance 7,875 
    York University Master of Finance 59,388 
    Concordia University Master of Science in Finance 27,825 

    Living Costs

    The cost of living in Canada differs across various parts of the country. The basic structure of the average cost of living in Canada for international students is discussed below:-

    Expenses Costs (USD)
    Accommodation 190-570
    Books & Supplies 230
    Food (Per Meal) 8-20
    Transportation 70
    Other Related Expenses 55-115

    Scholarships

    As one of the most coveted education destinations, Canada offers various kinds of financial support to international students in the form of scholarships, grants and bursaries.

    • Banting Postdoctoral Fellowships:- Canadian government offers various kinds of scholarships and fellowships to international students planning to pursue postgraduate study and will positively contribute to the country’s economic and social growth.

    Amount:- $70,000 per year (taxable)

    Duration: 2 Years (non-renewable)

    • NSERC Postgraduate Scholarships:- These scholarships are offered to outstanding international students undertaking courses related to natural sciences or engineering fields at a recognized university/ college.

    Value:- $17,500

    Duration: 12 months (non-renewable)

    • Vanier Canada Graduate Scholarships Program:- The Government of Canada founded the Vanier Canada Graduate Scholarships program to provide financial assistance to students pursuing their graduate studies in the social sciences and humanities, natural sciences and/or engineering and health.

    Amount:- $50,000 per year

    Duration:- 3 Years (non-renewable)

    For more information related to scholarships in Canada for international students, Click Here.

    Admission Process for Masters in Finance in Canada

    Like most programs, the admission process for masters in finance varies from university to university. The admission process for international students is divided into two parts, eligibility criteria and admission requirements.

    Eligibility Criteria for MS in Finance in Canada

    The section given below dwells into common prerequisites related to the admission process of Canadian universities such as academic preparations and standardized tests. It is important to note that these eligibility criteria are exclusively for international students only.

    • Academic Qualification: Prospective applicants must have completed their undergraduate degree from an accredited university/ institution with prerequisite classes in fields like business statistics, financial theory, business finance, etc.
    • Minimum GPA: Generally, candidates who want to study masters in finance must have a minimum GPA of 3.0. Whereas, transfer students must have scored at least a 2.0 GPA. Most online graduate programs do not have the minimum GPA requirement for admission.
    • Standardized Test Scores: International students applying for MS in Finance in Canada must submit the test scores of standardized tests like GMAT or GRE. The minimum requirements of these tests vary from university to university.
    • English Proficiency Requirements: Non-native English speakers are required to prove their proficiency in the English language. International students can submit the scores of tests like the International English Language Testing System (IELTS) or Test of English as a Foreign Language (TOEFL) for the same.
    University TOEFL  IELTS
    University of Toronto - 7.0
    The University of British Columbia 90 iBT 6.5
    McGill University 567 PBT/ 86 iBT 6.5
    University of Waterloo 100 iBT 7.5
    Western University 550 PBT/ 213 CBT/ 86 iBT 6.0

    Master in Finance in Canada Admission Requirements

    Given below are the admission requirements common for the majority of Canadian universities offering Masters in Finance programs.

    • Transcripts: Applicants must submit official transcripts of all previous qualifications along with their certified copies. International students are required to provide English/ French language translations as well.
    • Resume/ CV: To secure admission in Master in Finance, students need to submit an updated version of their resume or curriculum vitae showing a detailed academic and work history.
    • Work Experience: Various master’s programs in finance such as executive MBAs require students to show proof of a minimum of two years of relevant work experience. Applicants with significant career achievements gain a competitive edge during the selection process and can qualify for paid fellowships.
    • Personal Statement: A personal statement is an important application document that allows prospective candidates to set themselves apart from other applicants by describing their academic and professional accomplishments. Most universities require a one-to-two page statement to determine the students’ motivations and aspirations for the future.
    • Letters of Recommendations: Candidates are expected to submit at least two letters of recommendation along with their applications. These letters should be from academic and professional references attesting the student’s personal achievements and professional qualities.

    Masters in Finance in Canada Admission Timeline

    • International students who are planning to take standardized tests are advised to set aside two-to-three months to prepare for the exam.
    • Generally, the results of the GMAT and GRE are announced within 5-20 days and 10-15 days respectively.
    • Each university has its own application deadlines. Graduate schools usually set their deadlines two months prior to the commencement of the semester.
    • Applicants are advised to provide themselves at least 4-6 weeks to draft a proper resume and personal essay. A substantial amount of time should be provided for securing letters of recommendation.

    In case of any queries, students are encouraged to contact the school’s admission specialists.

    Career Opportunities after Masters in Finance in Canada?

    Pursuing masters in finance from Canada opens a large number of doors in the financial, services and industry sectors of the economy. Some of the highest paid jobs in Canada for international students along with their job descriptions are discussed below:-

    Accountant:- Students who are interested in monitoring the financial health of organizations by analyzing the records can opt for this career option. The job profile particularly involves preparing taxes and recommending necessary changes to increase the company’s revenue and reduce its expenditures.

    Budget Analyst:- The job of a budget analyst is to collaborate with management to create budgets. They examine and formulate the company's budget proposals to meet state and federal demands and regulations.

    Job Profile  Median Annual Salary (USD/ Year)
    Accountant  70,500 
    Budget Analyst 76,220 
    Financial Analyst 85,660 
    Market Research Analyst 63,120 
    Risk Manager 85,773

    Financial Analyst:- A financial analyst determines a company’s financial worth by analyzing and evaluating its financial reports and statements. By collecting relevant data, they examine the economic market and suggest bonds and stock options to provide insights into the company’s economic standing.

    Market Research Analyst:- Market Research Analysts conduct surveys and polls to forecast sales and marketing trends by monitoring consumer’s behavior. Their job also includes the task of creating reports to measure the buyer’s interest and spending.

    Risk Manager:- Students opting for this profession will explore several variables that influence potential gains and losses, including workplace accidents, natural disasters, market fluctuations, and legal issues.

    The specialized nature of masters in finance in Canadian universities provides students an opportunity to clarify their academic interests, professional goals, and personal needs. According to the Bureau of Labor Statistics (BLS), the demand for personal financial advisors will increase by up to 7% between 2018 and 2028. Thus, the wide coverage of finance yields diverse career prospects for international students.