Are you interested in helping international organizations manage their finances and investment decisions? Do you want to dive into the world of bull and bear markets around the world and make a lot of money? Then a Master’s in Finance in Canada may be the right choice for you. Home to some of the best universities and colleges, Canada is a learning destination where thousands of Indian students study with the best and build a vibrant career.
What do You need to Know?
According to IRCC statistics, about 1.39 lakh Indian students were studying in Canada in 2019, which was about 34.5% of the total student population.
A significant part of them enters the fields related to finance. Why shouldn’t they? Again, according to Canadian government statistics, Masters in Finance and Financial Management Services earn some of the highest salaries in Canada. Masters in Finance programs in Canada provide students with a comprehensive understanding of financial markets, institutions, and tools.
These programs equip graduates with the necessary skills and knowledge to pursue careers in investment banking, corporate finance, risk management, and other financial services. Canadian universities offer a range of finance programs, including traditional Master in Finance (MFin), Masters of Business Administration (MBA) with a finance specialization, and specialized Master’s programs such as Master in Financial Engineering.
What all is covered in this post?
To make it easier for you, we have created a quick guide to everything you need to know about a master’s in finance in Canada.
Why study a master’s in finance in Canada?
No wonder, there are several reasons why someone might choose to study in Canada. Some of the reasons why choosing Canada for pursuing a master’s in finance is the right choice:
- High-quality education: Canadian universities are known for their high-quality education and research. They are also internationally recognized and respected.
- Strong job market: The finance industry in Canada is strong and well-developed, providing many opportunities for graduates with a Master’s in Finance.
- Multicultural society: Canada is a multicultural society, and studying in Canada provides the opportunity to interact with people from diverse backgrounds.
- Affordable cost of living: Compared to other countries, Canada has a relatively low cost of living, making it an affordable option for students.
- Post-study work opportunities: International students in Canada may be eligible to work in Canada for up to three years after graduation through the Post-Graduation Work Permit Program (PGWPP).
- Multilingual: Canada is a bilingual country, and many institutions offer classes in both English and French, which can be beneficial for students who want to improve their language skills.
- Global reputation: Canada is known for its stability, multiculturalism, and diversity, which makes it a desirable location for studying and working. A degree from a Canadian university can open doors globally.
- Vibrant student life: Canada is home to many vibrant student communities, with a wide range of extracurricular activities and clubs. This can be a great way to meet new people and make friends.
Eligibility to pursue MS in finance in Canada
The following section examines the general prerequisites for admission to Canadian universities, such as academic preparation and standardized tests. It is important to note that these eligibility requirements are for international students only.
- Academic Requirements: Prospective candidates must have a bachelor’s degree from an accredited university/institution and have completed the required courses in business statistics, financial theory, business finance, etc.
- Minimum GPA: As a general rule, candidates seeking a master’s degree in finance must have a minimum GPA of 3.0. Transfer students, on the other hand, must have at least a 2.0 GPA (73-76%) on a 4.0 scale. Most online graduate programs do not require a minimum grade point average for admission.
- Standardized competitive test scores: International students applying for a master’s degree in finance in Canada must submit standardized test scores such as the GMAT or GRE. The minimum requirements for these tests vary from university to university.
- English Language Requirements: Non-native English speakers must demonstrate their English language skills. International students can submit IELTS or TOEFL test results for the same.
The application process for some of the top financial universities in Canada is briefly discussed below:
- Select a course and university to pursue a master’s degree in finance in Canada.
- Submit the application form and fee.
- Submit all required documents, including transcripts and bachelor’s degree (if applicable) and any additional requirements such as SOP, CV, LOR and proof of work experience as directed by the university.
- You may also be asked to participate in an interview process.
- If your university offers scholarships or financial aid, apply for them.
- Wait for the admission decision.
Documents required for Master’s in Finance in Canada
Online application to Canadian universities that offer a master’s degree in finance involves submitting the following documents:
- Statement of Purpose (SOP)
- Updated summary
- Two letters of recommendation
- Transcripts from all previous postsecondary institutions attended
- Proof of GMAT/GRE scores
- Confirmation of English proficiency scores
- Work experience form, if available
Top Universities to study Masters in Finance
Master of Finance in Canada is one of the most sought-after programs among international students. It is preferred by students interested in analyzing and interpreting economic trends, financial markets, assets, liabilities and investments. Canada’s top financial universities offer international students innovative, rewarding and unique experiences.
The table below lists some of these programs as well as other relevant information:
|University||Program||Duration||Tuition Fees (in CAD)|
|University of Winnipeg||Financial Management Diploma||2 years||12,240/year|
|Humber College||Graduate Certificate in Professional Accounting Practice||1.5 years||17,468/year|
|Humber College||Graduate Certificate in Financial Planning||1 year||18,048/year|
|University of Toronto||Master of Financial Risk Management||10 months||66,650|
|McMaster University||Master of Finance||2 years||6432/year|
|University of Alberta||M.B.A in Finance||2 years||7680/year|
|University of Alberta||Master of Accounting||2 years||7680/year|
|Western University||Master of Financial Economics||16 months||37,562/year|
Explore a broader range of courses available in Canada
Cost of studying MS in Finance in Canada
International students must bear the tuition fees for the various Canadian Masters in Finance courses in which he/she is enrolled. The duration of the course is of 2 years.
Below are the average tuition fees for various Canadian Masters in Finance courses offered at various Canadian universities for international students:
|Name of the University||Average Tuition Fees (per annum)|
|Concordia University||Master of Science MSc in Finance: $27,825|
|McGill University||Master of Management in Finance: $17,760 Master of Business Administration in Finance: $32,930|
|Universite de Montreal||Master of Science (M. Sc) in Applied Financial Economics: $20,350 Masters in Financial Engineering Canada: $29,900|
|University of Alberta||Master of Arts in Economics & Finance: $7,875|
|University of Toronto||Master in Financial Insurance: $38,625 Master of Finance University of Toronto: $32,895 Master of Financial Risk Management: $47,572 University of Toronto Financial Engineering Certificate: $24,940University of Toronto Master of Financial Economics: $17,827|
|York University||Master of Finance: $59,388|
As we can see, the tuition fee varies in different graduate schools that offer Master of Finance in Canada. Students must also pay an average fee of $75 – $150 and $150 for a Canadian study permit.
Scholarships for pursuing Masters in finance in Canada
Being one of the most desirable destinations for education, Canada offers various types of financial support to international students in the form of scholarships, grants and scholarships. Solar programs cover the total cost of studying for a master’s degree in finance.
Here are some scholarships for Masters in Finance in Canada with the respective award amount:
- Vanier Canada Graduate Scholarships: This scholarship is awarded to doctoral and master’s students and is worth $50,000 per year for up to three years.
- BMO Financial Group Scholarships for Graduate Students in Finance: Scholarship amount not specified.
- CIBC Scholarships for Business Administration Students: Scholarship amount not specified.
- TD Canada Trust Scholarships for Community Leadership: The scholarship amount has not been determined.
- Scotiabank Women in Leadership Scholarship: The scholarship amount is $10,000, payable in two installments of $5,000.
- Richard Ivey Scholarship: This scholarship is open to full-time students who have been accepted into the Ivey MBA program. The amount of the scholarship is not specified.
Studying a Master of Finance in Canada can be an excellent choice for those who want to pursue a career in the financial industry. Canadian universities offer high-quality education and research in the field of finance, and the country has a strong and well-developed financial industry that provides many employment opportunities for graduates. Canada also has a low cost of living, making it an affordable option for students. Do you want to make a uniform decision? Or are you still struggling? Why don’t you connect to our study abroad experts?
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Masters in Finance in Canada: FAQs
A Masters in Finance (MFin) degree in Canada is a graduate-level program that focuses on the study of financial theory, investment analysis, and financial management. It is designed to prepare students for careers in the financial industry, such as investment banking, asset management, and risk management.
Typically, applicants to a Masters in Finance program in Canada should have a bachelor’s degree in a related field, such as economics or business, and strong performance in mathematics and statistics courses. Some programs may also require work experience in the finance industry.
A Masters in Finance degree in Canada usually takes one to two years to complete, depending on the program and whether the student is studying full-time or part-time.
Graduates of a Masters in Finance program in Canada can pursue a wide range of career opportunities in the financial industry, such as investment banking, asset management, risk management, and financial consulting. Many graduates also go on to pursue doctoral degrees in finance or related fields.
Yes, there are online Masters in Finance programs available in Canada. These programs are designed to be flexible and allow students to balance their studies with other commitments, such as work or family. It is important to check the accreditation of the program before enrolling.
Anushree has 4+ years of experience in the career counseling industry as a Senior Content Writer. She has also worked as a Social Media Marketing Expert for a startup and Content Quality Analyst for Publishing and E-learning Industry. She has done her Master’s in Commerce and PGDM in Finance & Trade and Marketing & HR, but she is currently following her passion for writing.