Masters in Finance in Canada is a highly sought-after program for international students looking to advance their careers in the finance industry. The program offers a comprehensive curriculum that covers various aspects of finance, including financial analysis, investment management, and financial modeling. According to statistics, the average requirement admission for Masters in Finance in Canada is a bachelor's degree in a related field and a minimum GPA of 3.0.
With an average tuition fee of 30,000 CAD to 88,000 CAD (17.96 lakhs to 52.70 lakhs INR) per year for international students, the program is affordable and provides great value for money. Upon graduation, students can expect to earn a average median salary of CAD 80,000. Students with graduate degrees in finance pursue high paying jobs in Canada like financial analysts, investment bankers, tax advisers, financial managers, and others.
Universities in Canada for Masters in Finance
Given below is a table of the top universities in Canada and range of Masters in Finance programs they offer with admission deadlines:
| University | Programs Offered | Admission Deadlines |
|---|---|---|
| University of Toronto | Master of Finance | Round 3: Apr 26, 2023 Round 4: July 19, 2023 |
| University of British Columbia | MS in Business Administration (Finance) | March 14, 2023 |
| University of Waterloo | Master of Quantitative Finance | January 15, 2023 (Closed) |
| McGill University | Master of Management in Finance | MBA Finance | January 15, 2023 (Closed) |
| University of Alberta | MBA Finance | Master of Financial Management | MA in Economics and Finance | September Intake Deadline: Apr 1, 2023 January Intake Deadline: Sep 15, 2023 |
| Queen’s University | Master in Finance | Fall: Mar 1, 2023 (Closed) Winter: Sep 15, 2023 |
| Universite de Montreal | MS in Finance | Fall: Mar 1, 2023 (Closed) Winter: Sep 15, 2023 |
| Concordia University | MS in Finance | Fall Deadline: Feb 1, 2023 (Closed) |
| York University | Master of Finance | Summer 2023 Deadline: Mar 15, 2023 Fall 2023 Deadline: Aug 15, 2023 |
Masters in Finance in Canada: Eligibility Requirements
Like most programs, the admission process for Masters in Finance varies from university to university. The admission process for international students can be divided into three major parts, application deadlines, eligibility criteria and admission requirements.
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.
General Admission Requirements
| Category | Requirement |
|---|---|
| Academic Requirement | Undergraduate transcripts with prerequisite classes in fields like business statistics, financial theory, business finance, etc |
| GPA Requirement | GPA of 3.0 out of 4.0 (83 - 86%) |
| English Proficiency Requirements | IELTS: 6.5 - 7.5 | TOEFL iBT: 80 - 100 |
| Standardized Test Scores | GMAT: 600 - 650 | GRE: 300 - 310 |
| Additional Requirement | Letters of recommendation | Statement of purpose | Essay | Resume | Work Experience | Financial Proof |
Masters in Finance in Canada: Fees
The cost of a Master's in Finance program in Canada for international students can vary depending on the university and the specific program. However, in general, international students can expect to pay higher tuition fees than domestic students.
Masters in Finance Canada Tuition Fees
| University | Annual Tuition Fees(CAD) | Annual Tuition Fees(INR) |
|---|---|---|
| Western University | 120,500 | 72.22 lakhs |
| University of Alberta | 30,578 | 18.32 lakhs |
| University of Montreal | 30,800 - 34,100 | 18.46 lakhs - 34.1 lakhs |
| Concordia University | 27,294 | 16.35 lakhs |
| University of British Columbia | 9,313 | 5.58 lakhs |
| University of Toronto | 45,630 | 27.34 lakhs |
| York University | 28,057 | 16.81 lakhs |
| Queen's University | 73,300 | 43.93 lakhs |
| University of Waterloo | 14,992 | 8.98 lakhs |
Cost of Living in Canada
The monthly cost of living in Canada for an international student ranges around 2,500 CAD i.e around ~1.5 lakhs. The cost of accommodation, books & materials, transport, food & beverages, etc make up the cost of living for an international student. Basic living expenses are as follows:
| Expense | Cost of Living in Canada in CAD | Cost of Living in Canada in INR |
|---|---|---|
| Books and Material (yearly) | Up to 1,665 CAD | Up to 1 lakh |
| Health Insurance (monthly) | 550- 915 CAD | 33,000 to 55,000 |
| Food (monthly) | 250 CAD | 15,000 |
| Transport (monthly) | 30- 65 CAD | 2,000-4,000 |
| Entertainment (monthly) | 135 CAD | 8,000 |
| Phone & Internet (monthly) | 30 CAD | 2,000 |
Scholarships for Masters in Finance in Canada
As one of the most coveted education destinations, Canada offers various kinds of scholarships for Masters in Finance in Canada to international students in the form of scholarships, grants, and bursaries. The scholarships cover up to the total cost of studying master’s in Finance. Following are some of the popular scholarships available for international students.
- 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 USD 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.
- Amount: 17,500 USD
- 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 USD per year
- Duration: 3 Years (non-renewable)
To know more about the top scholarships to study in Canada for Indian Students watch the video below
Masters in Finance in Canada: Subjects and Specializations
Post-graduate degree in finance is available as MS, MA and MBA. 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 and reporting
- Financial management and strategy
- Risk management and derivatives
- International finance and emerging markets
- Business Communication
- Investment Analysis
- Corporate finance and investment banking
Masters in Finance in Canada: Job Opportunities
Pursuing masters in Finance from Canada opens a large number of doors in the financial, services and industry sectors of the economy. The average salary of the Master’s in Finance graduates in Canada is 123,000 CAD per year. Some of the highest paid jobs in Canada for international students along with their job descriptions are discussed below:-
Following are the average annual salaries in Canada for master’s in Finance graduates according to payscale:
| Job Profiles | Average Annual Salary (CAD) | Average Annual Salary (INR) |
|---|---|---|
| Chief Financial Officer | 156,122 | 93.48 lakhs |
| Manager, Financial Planning & Analysis | 95,648 | 57.27 lakhs |
| Financial Director | 93, 832 | 56.18 lakhs |
| Financial Controller | 91,714 | 54.92 lakhs |
| Senior Business Analyst | 85,620 | 51.26 lakhs |
| Senior Financial Analyst | 84,577 | 50.64 lakhs |
| Associate Portfolio Manager | 81,156 | 48.59 lakhs |
| Financial Analyst | 68,558 | 41.09 lakhs |
| Risk Analyst | 65,257 | 39.07 lakhs |
Masters in Finance in Canada Highlights
| Program Name | Master in Finance/Master of Finance |
| Program Modes | Full-time, Part-time |
| Degrees Available | Master of Finance | Master of Financial Economics | Master of Financial Risk Management | Master of Financial Insurance | Master in Accounting | Finance MBA Finance |
| Top Universities | University of Toronto University of Alberta University of British Columbia Queen's University McGill University |
| Average Tuition Fee | 30,000 – 88,000 CAD |
| Average Salary | 123,000 CAD |
| Top Job Profiles | Financial Director | Financial Analyst | Risk Analyst | Financial Controller | Chief Financial Officer |
Masters in Finance in Canada: University Comparison
Comparing top universities in Canada for Master in Finance on the basis of admission requirements including GPA and standardized scores.
| University | Required Scores | Other Requirements |
|---|---|---|
| University of Toronto | GPA: 3.00 | IELTS: 7.0 | GMAT: 670 | 2 LORs, 1 Essay in 250 words, interview |
| University of British Columbia | GPA: 3.33 | IETLS: 7.0 | GMAT: 550 or GRE: 310 | 3 LORs and Statement of interest, |
| University of Waterloo | GPA: 2.50 | IELTS: 7.5 | GMTA/GRE: Not Required | 3 LORs, interview |
| McGill University | GPA: 3.69 | IELTS: 6.5 | GMAT: 667 | 2 LORs, Essay in 500 words, |
| University of Alberta | GPA: 3.00 | IELTS: 7.0 | GMAT: 550 or GRE: 310 | 2 LORs, statement of intent in 1-2 pages, interview |
| Queen’s University | GPA: 3.70 | IELTS: 6.5 | GMTA/GRE: Not Required | 2 LORs, Resume, two years of work experience, interview |
| Universite de Montreal | GPA: 3.00 | IELTS: 7.5 | GMAT: 630 or GRE: 306 | LORs, resume |
Masters in Finance in Canada: Country Comparison
Masters in Finance in Canada vs Masters in Finance in USA
| Parameter | Masters in Finance in Canada | Masters in Finance in USA |
|---|---|---|
| Duration | 1-2 years | 10-24 months |
| Average tuition fees | 55,000 USD/year | 64,000 USD/year |
| Cost of living | USD 1500-2000 per month | USD 2500- 3000 per month |
| Financial Support | Scholarships, fellowship, loan, work-study | Scholarships, fellowships, loan, work-study |
| Visa | Study-permit | F-1 visa |
| Work permit after graduation | PGWP allows for up to 3 years of work experience after graduation | OPT allows for up to 12 months of work experience after graduation |
| Average salary | CAD 60,000 to CAD 120,000 | USD 75,000 to USD 150,000 |
| Exams accepted | GRE- Average 320 | GRE- Average 340 |
| English language proficiency tests | IELTS- average 7.0 | TOEFL iBT- average 100 | IELTS- average 6.5 | TOEFL iBT- average 90 |
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% in the upcoming 10 years. Thus, the wide coverage of finance yields diverse career prospects for international students attracting them to take admission at the top universities in Canada.
FAQ`s
Ques. How much does Masters in Finance cost in Canada?
Ans. The fees for Masters in Finance in Canada can range from 30,000 CAD to 88,000 CAD, which is equivalent to 17.95 lakhs to 52.67 lakhs INR, depending upon the university you enroll to.
Ques. Is GMAT required for Masters in Finance in Canada?
Ans. For Masters in Finance in Canada the average GMAT score required is 550. However, there are several Canadian universities, like University of Waterloo, that do not require a GMAT score for admission.
Ques. Which university is best for MBA in Finance in Canada?
Ans. Some of the top universities that offer an MBA in Finance in Canada are:
- University of Toronto
- University of British Columbia
- McGill University
- University of Alberta
Ques. Can I do Masters in Finance in Canada without GRE?
Ans. Yes, it is possible to pursue a Masters in Finance in Canada without GRE. However, the student should have completed a four-year undergraduate degree in a non-business stream with a good GPA.
Ques. Which city is best for finance jobs in Canada?
Ans. Canada has a strong, globally competitive financial sector that has proven to be stable, resilient and well respected. Ontario continues as the number one best job market in Canada, according to the latest BMO Labour Market Report Card.
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