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Masters In Finance In Canada: Top Universities, Eligibility & More

Masters of Finance in Canada

The Master’s in Finance programme in Canada holds a coveted position as one of the most highly sought-after programmes. The field of finance is witnessing rapid global growth and is applicable across various domains, encompassing the analysis and interpretation of financial markets and economic trends, as well as the management of money, banking, and financial operations.

Masters in finance in Canada for international students has been the most preferred due to its abundant selection of courses and specialisations, alongside its commitment to delivering excellent quality education. Moreover, the country offers a promising career outlook. Pursuing an MS in Finance in Canada can be a manageable endeavour for students who adhere to the guidance provided in this article. This blog talks about that and more.

Masters In Finance: Highlights

Name of the programmeMS in Finance
Duration1-2 years for Masters
Eligibility CriteriaBachelor’s from Canada or any other known university overseas for Masters
Required GPAMasters – 3.0
English Language Proficiency scoresIELTS: 6.5-7.5TOEFL: 88-110
Average Tuition FeeCA $30,000 to CA $88,000
Average Salary after graduation CA $83,000

Why Study Masters In Finance In Canada? 

Canadian universities are well-equipped to prepare students with the skills and knowledge required for a successful career in the financial sector. The MS in Finance (MFin) is a highly sought-after finance programme offered by top universities and colleges in Canada, available in both full-time and part-time formats. Here’s why pursuing a masters in finance in Canada is an ideal choice:

The MSc Finance curriculum at most Canadian institutions focuses on providing practical knowledge and ample opportunities for career acceleration and personal growth. By completing a master’s degree in finance, you gain the expertise and abilities needed to thrive as a valuable decision-maker in the field.

A Masters in Finance degree from Canada sets you on a promising career path. Canadian universities have strong connections within the business community, granting you access to a professional network and fostering a solid foundation for your future career.

Universities In Canada For Masters In Finance

The Master’s in Finance in Canada offers students a strong grounding in financial principles while enabling them to advance in their areas of interest. These course specialisations can include banking, investments, risk management, or international finance. During the second year of the programme, students have the opportunity to choose a specialisation by selecting from a range of elective courses. If you’re wondering what are the best universities in Canada for a master in finance, here is a list of them along with their fees per semester: 

Name of the universityTuition Fees
University of TorontoCA $90,370
McGill UniversityCA $21,520
University of British ColumbiaCA $21,717
University of AlbertaCA $28,281
Queen’s UniversityCA $73,300
McMaster UniversityCA $56,916
Western UniversityCA $17,000
Simon Fraser UniversityCA $37,731
Trent UniversityCA $20,000 – CA $25,000
University of MontrealCA $50,765

Eligibility Criteria

The comprehensive two-year MS in Finance programme enables students with the necessary knowledge and skills to advance in their understanding of finance and pursue a successful career in the financial industry.

The common eligibility requirements for the Masters in Finance in Canada include:

Eligibility CriteriaRequirements
Academic BackgroundPossession of a bachelor’s degree in a relevant field of study from an eligible university, with a minimum of 80% marks or above.
Standardised Test (GRE/GMAT)Attainment of the required score on the GRE or GMAT (generally, a score of 650 or higher is considered advantageous).
English Proficiency Test (IELTS/TOEFL)Non-native English-speaking students must demonstrate their English proficiency by achieving the minimum required score on the IELTS or TOEFL (typically, a score of 6.5 or 88, respectively, is considered beneficial).

The following documents are also necessary for applying for admission to Masters in Finance in Canada:

  1. Completed online admission application form
  2. Evaluated academic transcripts from all educational institutions attended
  3. 2-3 Letters of Recommendation
  4. Resume
  5. Writing Sample or Statement of Purpose
  6. Some universities may require a video essay or question
  7. Payment of non-refundable admission application fee.

Specific Test Scores For The Above Universities

Name of the universityGMAT/GREIELTS/TOEFL
University of TorontoGMAT: 670IELTS: 7.0TOEFL: 100
University of British ColumbiaGMAT: 550GRE: 310IELTS: 7.0TOEFL: 90
McGill UniversityGMAT: 667IELTS: 6.5TOEFL: 86
University of AlbertaGMAT: 550GRE: 310IELTS: 7.0TOEFL: 100
Queen’s UniversityNot requiredIELTS: 6.5TOEFL: 88
McMaster UniversityGMAT: 600IELTS: 6.5TOEFL: 92
Western UniversityGMAT: 670IELTS: 6.5TOEFL: 86
Simon Fraser UniversityGMAT: 550IELTS: 6.5TOEFL: 95
Trent UniversityGMAT: 560IELTS: 6.5TOEFL: 86
University of MontrealGMAT: 630GRE: 306IELTS: 7.5TOEFL: 104

Cost Of Studying In Canada

The annual tuition fee for a master’s in finance course typically falls within the range of CA $30,000 to CA $88,000.

When pursuing a masters in finance in Canada , the expenses go beyond the tuition fee. Additional costs, including application fees, travel expenses, daily living expenses, and miscellaneous charges, must be taken into account by the students. Below, we have provided the average tuition fee and average living costs, although it is important to note that the living expenses will vary depending on the individual’s lifestyle and the specific area of residence.

ParticularsCost (Monthly)
Off-Campus Accommodation CA $550
On-Campus AccommodationCA $1,611
TransportationCA $100
Food CostCA $720
Utility CostCA $180
EntertainmentCA $60
GroceriesCA $64
ClothesCA $133
Total Cost of Living with Off Campus Accommodation CA $1,807
Total Cost of Living with On Campus Accommodation CA $2,868
Annual Cost of LivingCA $21,684

Scholarships For Masters In Finance In Canada

Canada provides a range of scholarships, grants, and bursaries for international students pursuing a Masters in Finance. These scholarships can cover the entire cost of studying for a masters in Finance in Canada. Here are a few notable scholarships available to international students.

Name of the ScholarshipOffered ByAmount
Vanier Canada Graduate Scholarships ProgrammeCanadian GovernmentCA $50,000
Banting Postdoctoral Fellowships Canadian GovernmentCA $70,000
NSERC Postgraduate ScholarshipsCanadian GovernmentCA $17,500

Job Prospects After MS In Finance In Canada 

Finance graduates have diverse employment opportunities across sectors including investment banking, insurance, retail banking, and more. Top recruiting organisations such as Boston Consulting Group, Bain & Company, JP Morgan Chase & Co, McKinsey & Co, Barclays, HDFC, Goldman Sachs, Morgan Stanley, KPMG, and others actively seek out finance graduates for their expertise and skills. Given below are some of the vibrant salary packages offered to recent graduates:

Profession Average Salary 
Finance ManagerCA $93,252 per annum
Tax Advisor CA $60,195 per annum
Project ManagerCA $84,482 per annum
Financial Analyst CA $65,908 per annum

Masters In Finance Vs MBA 

Students aspiring to pursue a finance career are often advised to enhance their education through the pursuit of a Master of Business Administration (MBA). This comprehensive degree encompasses a wide-ranging curriculum covering finance, markets, accounting, entrepreneurship, and management. Alternatively, a progressively favoured choice is a specialised master’s degree in finance, commonly referred to as a Master of Finance (MF) or Master’s in Finance, offering a more concentrated approach. 

Conclusion

The Masters in Finance programme offered by Canadian universities offers students a chance to explore their academic interests, career objectives, and personal aspirations through its specialised nature. The Bureau of Labor Statistics (BLS) predicts a 7% increase in demand for personal financial advisors over the next 10 years, indicating a wide range of career opportunities in the field of finance. This diversity in career prospects attracts international students to seek admission at the top universities in Canada for their finance studies.

FAQs

1. Is pursuing a Master’s in Finance in Canada worth it?

Undoubtedly, pursuing an MS in Finance in Canada can serve as your pathway to success due to its global recognition and abundant international career prospects it offers.

2. Is GMAT required for Masters in Finance in Canada?

GMAT is not an absolute requirement when applying for an MS programme in Finance from a Canadian university. Certain universities in Canada provide courses that do not necessitate the GMAT as a prerequisite for admission.

3. Is a Master’s in Finance in demand in Canada?  

For graduates aspiring to explore career opportunities in diverse finance fields like banking, corporate finance, risk management, and financial planning, an MS in Finance programme is highly appropriate. Indian students interested in pursuing a master’s degree in finance can consider Canada as the ideal choice, given its strong and multifaceted economy.

4. How much does Masters in Finance cost in Canada?

The MS in Finance course typically has an average annual tuition fee ranging from CA $30,000 to CA $88,000.

5. What is the average salary of master in finance in Canada?

In Canada, graduates with an MBA in Finance have the potential to earn up to CA $90,000 per year, while those with an MS in Finance can expect a yearly salary of CA $79,500.

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Masters of Finance in Canada

Masters In Finance In Canada: Top Universities, Eligibility & More

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