Masters of Finance in Canada

Masters of Finance in Canada

Masters of Finance in Canada
Prashant Thapa

Master of Finance in Canada is a one-two year academic program that is rising in popularity in Canada and the world. Graduate degree in Finance comprises business law, financial management, business and technology, entrepreneurship, and risk management.

 Today's world revolves around investment, international trade and global business, so Mfin in Canada gives you a career head start in many business and finance sectors.  

Hence, a Master of Finance in a Canadian university is the right choice for students pursuing careers in various business areas like financial modelling, accounting, investment and treasury services, risk management and securities evaluations.

MSc in Finance in Canada prepares you to thrive in modern business environments and gives you the deepest and broader knowledge of the financial theory of real-world application.

Finance courses in Canada cost from CAD 30,000 to CAD 70,000 per year, and Canadian universities provide internships and job placement opportunities.

Why Study a Master of Finance in Canada?

  •       Canada offers affordable and flexible master's and postgraduate Finance programs encompassing various specializations.
  •       Most Canadian Universities offer a Master's in Finance without GRE and GMAT.
  •       The job outlook of the Financial sector is increasing in Canada and is projected to escalate.
  •       Finance professionals earn from CAD 50,000 to CAD 150,000 a year in Canada.
  •       You can get 1-3 years of work permit after a Master's in Finance and eventually progress to get a Permanent Residency in Canada.

Top Universities for Master of Finance in Canada.

The best Canadian universities offering MS in Finance/MFin are:

  1.     University of Toronto
  2.     McGill University
  3.     University of British Columbia
  4.     University of Alberta 
  5.     University of de Montreal
  6.     University of Calgary
  7.     Queen's University
  8.     Concordia University
  9.     University of Windsor
  10.   Ryerson University
  11.   Saint Mary's University
  12.   Wilfrid Laurier University
  13.   McMaster University
  14.   Western University
  15.   Carleton University
  16.   University of Ottawa
  17.   University of Guelph
  18.   Brock University
  19.   University of Lethbridge

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Master of Finance in Canada Fees

The tuition fees for a Master's in Finance in Canada range from CAD 35,000 to CAD 70,000 annually for international students. The total cost of a Master of Finance in Canada depends on the subject tracks, specialisations, awarded scholarships, etc.

Name of University

Annual tuition fee

Course duration

Wilfrid University

48, 052

20 months

Concordia University

39,933

20 months

Saint Mary's University

76,047

1  year

Toronto University

56,595

2 years

McMaster University

40472

16 months

University of Waterloo

42,839

2 years

Queen's University

71,816

1 year

University of British Columbia

9131

2 years

Western University

91,565

16 months

University of Alberta

37,256

2 years

Master of Finance in Canada Entry Requirements for International Students

Though the standardized test GRE and GMAT are vital to students looking for a Master of Finance in Canada, these are not among the mandatory entry requirements.

International students need to meet the eligibility of English Language Proficiency and Academic requirements to study Master of Finance in Canada.

The English Language requirement is mandatory for students from non-English speaking countries. Students can score eligible scores on English Language Proficiency tests like ELTS, TOEFL and PTE. The essential requirement is IELTS 6.5, no less than 6.0 in each module, and equivalent scores on other tests. Top universities in Canada require 7.0 in IELTS.

In addition, a minimum of 70% in four years bachelor's degree in management, commerce and business administration or other relevant fields is required for academic criteria. Three years bachelor's degree can apply with relevant work experience or need to do a prerequisite course before a graduate degree.

 Canada Universities Requirement Criteria for Master of Finance for International Students

Universities and colleges in Canada have set distinct requirements for international students. The standard criteria for admission to the Master in Finance are academic certificates, language proficiency test certificates and other supportive documents, including financial and reference letters. 

The university requirements for a Master of Finance, according to Canadian universities, are given below:

  1. University of Alberta
  •       Master of Financial Management
  •       MBA in Finance
  •       Course Duration: Two Years
  •       English Language Proficiency Test : IELTS: 6.5(no less than 6.0 in each component), TOFEL: 100(no less than 21 in each section), PTE: 61 with no less than 60 in each subject.
  •       Academic Requirements: Complete Four years of Bachelor's in relevant fields with a minimum 3.0 GPA(first division). Students from irrelevant backgrounds must prove their reason for changing the academic field.
  •       Transcripts, character and migration certificate of Higher Secondary and Bachelor level
  •       Statement of purpose explaining how the MFM relates to the applicant's goals.
  •       Two letters of reference
  •       CV highlighting work experience.
  1. Western University
  •       Master of Financial Economics(MFE)
  •       Course Duration:  16 months(with summer internship)
  •       English Language Proficiency Test : IELTS: 6.5(no less than 6.0 in each component), TOFEL: 86 (no less than 20 in each section)
  •       Academic Requirements: Complete a four-year Bachelor in relevant fields with a minimum of 70%. Students from irrelevant backgrounds must prove their reason for changing the academic field.
  •       Transcripts, character and migration certificate of Higher Secondary and Bachelor level
  •       Statement of purpose (Sop).
  •       Two letters of reference.
  •       CV highlighting work experience.
  1.     University of British Columbia
  •       MSc in Business Administration: Finance Specialization 
  •       Course Duration: Two Years
  •       English Language Proficiency Test : IELTS: 6.5(no less than 6.0 in each component), TOFEL: 90(no less than 22(Reading and Listening), and 21(writing and speaking)
  •       GRE: 310 and GMAT: 550
  •       Academic Requirements: Complete Four years of Bachelors's in relevant fields with a minimum B+ Range or 76 %.
  •       Transcripts, character and migration certificate of Higher Secondary and Bachelor level
  •       A short formal essay of 750 words
  •       Letters of recommendation
  •       CV highlighting work experience.
  1.     Queen's University
  •       Master's in Finance(MFin)
  •       Course Duration:  12 months
  •       English Language Proficiency Test : IELTS: 6.5(no less than 6.0 in each component), TOFEL: 88 (no less than 24 in writing, 2 2 in Speaking and reading and 20 in listening
  •       Academic Requirements: Complete Four years of Bachelor's in relevant fields with a minimum of 70%. 
  •       Level 1 in GMAT and GRE
  •       Transcripts, character and migration certificate of Higher Secondary and Bachelor level
  •       Statement of purpose (Sop).
  •       Two letters of reference.
  •       CV highlighting work experience.
  1. University of Waterloo
  •       Master of Quantitative Finance
  •       Course Duration: Two Years
  •       English Language Proficiency Test : IELTS: 7.5 (no less than 7.0.in writing and speaking), TOFEL: 100(no less than 26 in writing and speaking), PTE: 68 with no less than 65  in writing and speaking.
  •       University Entrance Examination
  •       Academic Requirements: Complete Four years of Bachelor's in relevant fields with a minimum of 80%.
  •       Transcripts, character and migration certificate of Higher Secondary and Bachelor level
  •       Statement of purpose explaining how the MFM relates to the applicant's goals.
  •       Two letters of reference
  •       CV highlighting work experience.
  1. McMaster university
  •       Master of Finance
  •       Course Duration:  16 months
  •       English Language Proficiency Test : IELTS: 6.5(no less than 6.0 in each component), TOFEL: 86 (no less than 20 in each section )
  •       Academic Requirements: Complete Four years of Bachelors's in relevant fields with a minimum of 75-79%.
  •       GMAT: 600
  •       Transcripts, character and migration certificate of Higher Secondary and Bachelor level
  •       Statement of purpose (Sop).
  •       Two letters of reference.
  •       CV highlighting work experience.
  1. Saint Mary's University
  •       Master of Finance(MFIN)
  •       Course Duration: 1 year
  •       English Language Proficiency Test : IELTS: 6.5(no less than 6.0 in each component), TOFEL: 80  (no less than 20 in each section ), and PTE: 58
  •       Academic Requirements: Complete Four years of Bachelor's in relevant fields with a minimum 3.0 GPA.
  •       GMAT: 600
  •       Transcripts, character and migration certificate of Higher Secondary and Bachelor level
  •       Statement of purpose (Sop).
  •       Two letters of reference.
  •       CV highlighting work experience.
  1. University of Toronto
  •       Master of Finance(MF)
  •       Course Duration:  2 years
  •       English Language Proficiency Test : IELTS: 6.5(no less than 6.0 in each component), TOFEL: 89-99  (no less than 22in writing)
  •       Academic Requirements: Complete Four years of Bachelor's in relevant fields with minimum 3.0 GPA Students from irrelevant backgrounds must prove their reason for changing academic fields.
  •       Transcripts, character and migration certificate of Higher Secondary and Bachelor level
  •       Statement of purpose (Sop).
  •       Two letters of reference.
  •       CV highlighting work experience.
  1. Concordia University
  •       Master of Science in Finance(MSc in Finance)
  •       Course Duration:  20 months
  •       English Language Proficiency Test : IELTS: 7.0(no less than 6.5 in each component), TOFEL: 95  (no less than 20 in each section) and PTE: minimum 52
  •       Academic Requirements: Complete Four years of Bachelor's in relevant fields with minimum 3.0 GPA Students from irrelevant backgrounds must prove their reason for changing academic fields.
  •       Transcripts, character and migration certificate of Higher Secondary and Bachelor level
  •       Statement of purpose (Sop).
  •       Three letters of recommendation.
  •       CV highlighting work experience.
  1. Wilfrid Laurier University
  •       Master of Fianace(MFin)
  •       Course Duration:  20 months
  •       English Language Proficiency Test : IELTS: 7.0(no less than 6.5 in each component), TOFEL: 100  (no less than 21 in each section)
  •       Academic Requirements: Complete a Four year Bachelor's in relevant fields with a minimum 3.0 GPA.
  •       GMAT: 650
  •       Transcripts, character and migration certificate of Higher Secondary and Bachelor level
  •       Statement of purpose (Sop).
  •       Three letters of recommendation.
  •       CV highlighting work experience.

Scholarship for Master of Finance in Canada

Most Canadian universities provide domestic and international students scholarships to help with tuition costs and research work.

The famous scholarships for international students pursuing a Master of Finance in Canada are:

  •       Canada Graduate Scholarship
  •       Vanier Canada Graduate Scholarships Program
  •       Study in Canada Scholarship

For the Master of Finance, Canadian universities have specific scholarships and financial aid for international students. The list of university scholarships is given below.

Name of University

Scholarship/ Financial Aids

University of Alberta

ALTF Graduate Award in Entrepreneurship and Innovation

BMO Financial Group Graduate Scholarship

Western University

 

Ontario Graduate Scholarships

 

University of British Columbia

Spring Graduate Scholarship

EduCanada Study in Canada Scholarships

Queen's University

Smith Business Awards

International Students Loans

University of Waterloo

Ontario Student Assistance  Program

McMaster University

The Myra Baillie Academic Grant

Saint Mary's University

Entrance Scholarship

University of Toronto

Teaching and Research Assistantship

Concordia University

Concordia International Tuition Award of Excellence

Wilfrid University

Laurier Graduate Scholarships

Dean's Graduate Scholarship

 

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Application Requirements for international students while applying for Master of Finance in Canada

  •       Official Intermediate level transcripts, characters, provisional certificates
  •       Official Bachelors level transcript, character and provisional certificate
  •       2-3 references (at least 2 academic and 1 professional is asked by most of the universities)
  •       Resume with all academic and professional achievements
  •       Sample of work, if  required
  •       Statement of Purpose
  •       Proof of Scholarships, if any
  •       A valid English Proficiency test result
  •       A valid standardized tests(GRE/GMAT) result, if required
  •       Passport

Scope of Master of Finance in Canada

Canada offers various career options after completion of a Master of Finance. The top jobs after MS in Finance are corporate finance officer, actuary, sales and marketing agent, accountant, wealth manager, forensic accountant, business analyst, etc.

Graduates in Finance can get jobs in commercial banks, insurance companies, NGOs and INGOs, brokerage firms, industries, colleges and universities.

The finance professionals' average annual salary is from CAD 60,000 to CAD 150,000. We have mentioned some of Canada's most popular finance and accounting jobs and the median salary according to the designations.

Designation

Average Salary in CAD per annum

Financial Analyst

78,000

Senior Financial Advisor

11,5000

Financial Advisor

87,4480

Actuary

96,000

Sales Agent

80,000

Banker

77,810

Accountant

74,000

Assistant Finance professor 

90,000

Cost Estimators

56,250

Controller

82,000

Financial Manager

87,000

Property/ Real Estate Manager

79,000

Outstanding  MFIN graduate gets hired by top financial institutions of Canada like Royal Bank of Canada, Toronto-Dominion Bank, Neo Financial and Vanta Group, and the cities like Calgary, Edmonton, and Vancouver are the highest paying cities for Financial professions.

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