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MS in Finance in Canada attracts international students seeking careers in banking, corporate finance, risk management, and financial planning. Masters in Finance in Canada is a 1 to 2-year program offered to students with a bachelor’s degree. To pursue a Master in Finance in Canada, you need a minimum GPA of 3.0 and an IELTS score of 6.5 or above. The tuition fee to pursue the program ranges from CAD 9,690 to 92,630 annually. Upon graduation, students can expect to earn an average median salary of 73,000 CAD (44.89 lakhs INR). Students with graduate degrees in finance pursue high-paying jobs in Canada like financial analysts, investment bankers, tax advisers, and financial managers.
Why Study MS in Finance in Canada?
According to the QS Business Master's Rankings 2024: Finance, 9 Canadian universities rank within the top 150 globally. Compared to the US, Canada offers Master's programs with generally lower tuition fees at an average of INR 33.5 Lakhs. Canada also offers post-graduation work permits after an MS in Finance in Canada, allowing them to gain valuable work experience after graduation. Stats Can report says finance & insurance is the biggest employer with 50 to 60% of jobs within Canada’s FIRE (Finance, Insurance, Real Estate) industry.
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Universities in Canada for Masters in Finance
Given below is a table of the top universities in Canada and the range of Master in Finance programs they offer with admission deadlines:
| QS World University Rank 2024 | Programs Offered | Admission Deadlines | Total Tuition Fees (CAD) |
|---|---|---|---|
| 21 | University of Toronto MSc Finance | July 17, 2024 | 92,630 |
| 30 | McGill University Master of Management in Finance | November 15, 2024 | 63,362 |
| 34 | University of British Columbia MS Business Administration - Finance | March 15, 2024 (Closed) | 9,690 |
| 111 | University of Alberta MBA in Finance | March 1, 2024 (Closed) | 28,847 |
| 112 | University of Waterloo Master of Quantitative Finance | January 15, 2024 (Closed) | 28,309 |
| 114 | Western University MS Financial Economics | January 15, 2024 (Closed) |
17,888 |
| 141 | Universite de Montreal MS in Finance | September 15, 2024 | 26,942 |
| 189 | McMaster University Master of Finance | March 14, 2024 (Closed) |
45,533 |
| 209 | Queen’s University Master in Finance | September 15, 2024 | 73,300 |
| 318 | Simon Fraser University M.Sc Finance | May 2, 2024 | 54,333 |
| 353 | York University Master of Finance | June 12, 2024 | 88,350 |
| 387 | Concordia University MS in Finance | February 1, 2024 (Closed) | 20,325 |
Masters in Finance in Canada Specializations
Master's in Finance in Canada is offered as a postgraduate program known as -
- Master of Science (MSc) in Finance
- Master of Finance (MFin)
- Master of Business Administration (MBA) with a specialization in Finance
Masters in Finance in Canada covers concepts of financial systems within various organizations such as financial reporting, investment, and tax law. The different specializations offered in the program are as given below -
| Specializations | Topics Covered | Potential Job Roles | Average Annual Salary (CAD) |
|---|---|---|---|
| Financial Analysis | Financial Modeling, Corporate Valuation, Investment Analysis, Risk Management | Financial Analyst, Corporate Finance Analyst, Investment Banking Analyst, Credit Risk Analyst | 75,000 - 120,000 |
| Investment Management | Portfolio Theory, Asset Allocation, Security Analysis, Alternative Investments | Portfolio Manager, Investment Advisor, Wealth Manager, Research Analyst | 80,000 - 150,000 |
| Risk Management | Credit Risk Management, Operational Risk Management, Market Risk Management, Financial Derivatives | Risk Analyst, Risk Manager, Internal Auditor, Compliance Officer | 85,000 - 130,000 |
| Fintech | Blockchain Technology, AI in Finance, Big Data Analytics, Cybersecurity | Fintech Consultant, Blockchain Analyst, Data Scientist (Finance), Cybersecurity Analyst | 90,000 - 140,000 |
| Sustainable Finance | Green Finance, Impact Investing, Sustainable Investment Strategies, ESG Integration | Sustainable Finance Analyst, ESG Specialist, Impact Investment Manager, Climate Finance Specialist | 70,000 - 110,000 |
Specializations like FinTech and Risk Management are experiencing particularly high growth due to the increasing technology use in the finance sector.
Masters in Finance in Canada Admission Requirements
The admission process for international students can be divided into three major parts, application deadlines, eligibility criteria and admission requirements.
Application Deadlines
Admissions to MS in Finance in Canada for Indian students occur throughout the year. There are 3 common intakes or admission cycles for Canadian universities which are -
- Fall intake (September)
- Winter intake (January)
- Summer intake (May)
The most common intake for international students applying for Masters in Finance in Canada is the fall intake.
Eligibility Criteria for MS in Finance in Canada Admissions
The admission requirements for MFin in Canada vary as per the university. However, some minimum requirements are -
| Parameter | Minimum Requirement |
|---|---|
| Academic Requirement | 4 year Bachelor’s degree in finance, business, economics, or mathematics |
| GPA | 3.0 to 3.5 out of 4.0 |
| Work Experience | 2 years in finance or related field (Optional) |
| IELTS | 6.5 or above |
| GMAT Score | Top Universities (McGill University, University of Toronto): Above 650
Mid-Range Universities (Western University, Queen’s University): 600 to 650 |
| GRE | 300 - 310 |
| Documents Required | Statement of Purpose (SOP), Letters of Recommendation (LORs), Resume, Essay, Financial Proof |
You should apply 3 to 6 months in advance to strengthen your application and gather all the required documents.
Masters in Finance in Canada - Admission Scenario
Finance programs in Canada are highly competitive with an average acceptance rate of 15 to 25%. Let us have a look at the data of GRE and GPA for 16 shortlisted students for Masters in Finance in Canada program:
- Average GRE Score: The average GRE score for the shortlisted students is approximately 318.42.
- Average GPA: The average undergraduate GPA for the shortlisted students is approximately 3.41.
Masters in Finance in Canada: College-Specific Admission Requirements
The specific admission requirements across some of the top colleges in Canada include -
| Category | Degree Requirements | Language Scores | Average GMAT/GRE Scores |
|---|---|---|---|
| University of Toronto | Bachelor’s with 3.0 GPA | IELTS: 7.0 | TOEFL IBT: 100 | GMAT score of 656 |
| University of British Columbia | Bachelor’s with B+ or 76% | IELTS: 7.0 | TOEFL IBT: 100 | Optional, not required |
| University of Waterloo | Bachelor’s with 80% aggregate | IELTS: 7.5 | TOEFL IBT: 100 | Optional, not required |
| McGill University | Bachelor’s with 3.75 GPA | IELTS: 6.5 | TOEFL IBT: 86 | GMAT score of 694 |
| University of Alberta | Bachelor’s with 3.5 GPA in last 2 years | IELTS: 7.0 | TOEFL IBT: 92 | GRE score of 80% in the quant section |
| Queen’s University | Bachelor’s degree with 3.0 GPA | IELTS: 7.0 | TOEFL IBT: 100 | GMAT: 600+ | GRE: 315 |
| Universite de Montreal | Bachelor’s with 3.0 GPA on 4.3 scale | French language proficiency proof | GMAT: 630+ |
| Concordia University | Bachelor’s degree with a 3.0 GPA | IELTS: 7.0 | TOEFL IBT: 95 | Not required |
| York University | Bachelor’s degree with B+ average in last 2 years | IELTS: 7.0 | TOEFL IBT: 100 | Not required |
Cost of Studying Masters in Finance in Canada
The MS in finance in Canada fees range from CAD 10,000 to 60,000 annually. The cost includes the tuition fees for the course and the cost of living in the country.
Masters in Finance Canada Tuition Fees
The average tuition fee for MFin in Canada can cost you anywhere from INR 5.9 Lakhs to 56.6 Lakhs annually depending on the university you opt for. The tuition fee across some popular colleges for MS in Finance in Canada include -
| University | Annual Fee (CAD) | Equivalent Fee (INR) |
|---|---|---|
| University of Toronto | 92,630 | 56.6 Lakhs |
| McGill University | 63,362 | 38.7 Lakhs |
| University of Alberta | 28,847 | 17.6 Lakhs |
| University of Waterloo | 28,309 | 17.3 Lakhs |
| Universite de Montreal | 26,942 | 16.4 Lakhs |
| McMaster University | 45,533 | 27.8 Lakhs |
| Queen’s University | 73,300 | 44.8 Lakhs |
| Simon Fraser University | 54,333 | 33.2 Lakhs |
| York University | 88,350 | 54.1 Lakhs |
Affordable Colleges for MS in Finance in Canada
Some colleges in Canada offer MFin at lower costs such as -
| University | Annual Fee (CAD) | Equivalent Fee (INR) |
|---|---|---|
| University of British Columbia | 9,690 | 5.9 Lakhs |
| Western University | 17,888 | 10.9 Lakhs |
| Concordia University | 20,325 | 12.4 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. This includes the cost of accommodation, books & materials, transport, food & beverages, etc
Scholarships for Masters in Finance in Canada
As one of the most preferred education destinations for study abroad, Canada offers financial help for Masters in Finance in Canada international graduates as scholarships, grants, and bursaries. Some of the top scholarship options you can explore are -
| Scholarship Name | Offered By | Eligibility | Award Amount |
|---|---|---|---|
| Banting Postdoctoral Fellowships | Canadian Government | High academic performance | 70,000 CAD/year |
| Vanier Canada Graduate Scholarships Program | Government of Canada | International graduate students pursuing graduate studies in social sciences, humanities, natural sciences, or engineering and health | 50,000 CAD/year |
| International Entrance Scholarships | Humber College | International Applicants showing high academic performance | 2,000 CAD |
| Vice-Chancellor Scholarship | York University | International Applicants showing high academic performance | 10,000-20,000 CAD |
Masters in Finance in Canada Job Opportunities
The Government of Canada website lists various financial occupations experiencing high labour shortages, including Risk Management Specialists. Pursuing a Masters in Finance from Canada opens doors in the financial services and industry sectors.
Post Graduate Work Permit in Canada
To work in Canada post your MS in Finance degree, you can apply for your Post Graduate Work Permit (PGWP) within 180 days of completion of your program.
- You can apply if you have graduated from a designated learning institution (DLI) in Canada with a valid study permit.
- The PGWP is an open work permit, allowing you to work for any employer in Canada.
Work Permit Length:
- Programs lasting more than 8 months but less than 2 years: PGWP valid for the length of your study program + 8 months (e.g., 1-year program = 18-month PGWP)
- Programs lasting 2 years or more: PGWP valid for 3 years
MS in Finance in Canada Jobs and Salaries
The average annual salary of Masters in Finance graduates in Canada is 73,000 CAD. The average annual salaries in Canada for Masters in Finance graduates according to payscale are:
| Job Profiles | Average Annual Salary (CAD) | Average Annual Salary (INR) |
|---|---|---|
| Risk Management Director | 98,485 | 60.2 Lakhs |
| Chief Financial Officer | 137,779 | 84.2 Lakhs |
| Financial Director | 120,131 | 73.4 Lakhs |
| Financial Controller | 95,474 | 58.3 Lakhs |
| Senior Business Analyst | 91,523 | 55.9 Lakhs |
| Senior Financial Analyst | 86,365 | 52.8 Lakhs |
| Financial Analyst | 71,437 | 43.6 Lakhs |
| Risk Analyst | 72,514 | 44.3 Lakhs |
| Tax Advisor | 72,411 | 44.2 Lakhs |
| Operations Manager | 80,296 | 49.1 Lakhs |
Top Recruiters for Graduates of Masters in Finance in Canada
The top recruiting companies in Canada for Master's in Finance (MSc Finance in Canada, MFin, or MBA with a Finance specialisation) graduates are -
- Financial Institutions: Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), Scotiabank, Toronto-Dominion Bank (TD)
- Insurance Companies: Manulife, Sun Life Financial
- Investment Firms: Mackenzie Investments, Fidelity Investments Canada
- FinTech Companies: Wealthsimple, Nuvei, Mogo, lululemon Athletica Inc. (Financial Services Division)
- Management Consulting Firms: McKinsey & Company, Bain & Company, Boston Consulting Group (BCG), Accenture
Financial centres like Toronto, Montreal, Vancouver, and Calgary have higher finance-related job opportunities for MS in Finance graduates. According to the Bureau of Labor Statistics (BLS), the demand for personal financial advisors will increase by up to 7% in Canada in the upcoming 10 years. Thus, Masters in Finance in Canada offers diverse career prospects for Indian students, allowing them to pursue a rewarding career in the finance sector.
Frequently Asked Questions
Ques. How much does Masters in Finance cost in Canada?
Ans. The fees for Masters in Finance in Canada can range from CAD 9,690 CAD to 92,630, equivalent to INR 5.95 lakhs to 59.2 lakhs, depending upon the university you enrol in.
Ques. Is GMAT required for Masters in Finance in Canada?
Ans. For Masters in Finance in Canada the average GMAT score required is 600. However, several Canadian universities, like the University of Waterloo do not need a GMAT score for admission to Master in Finance in Canada.
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. Which city is best for finance jobs in Canada?
Ans. Canada has a strong, globally competitive financial sector. Ontario continues as the number one best job market in Canada, according to the latest BMO Labour Market Report Card.
Ques. What is the most affordable master’s degree in Canada related to finance?
Ans. Some of the cheapest MS in Finance degrees in Canada include -
- University of Manitoba - Master of Finance (MFin): CAD 29,760 - ₹14.88 lakhs
- University of Alberta - Master of Science (MSc) in Finance: CAD 37,800 - ₹18.90 lakhs
- University of British Columbia - MS in Finance - CAD 9,690 - ₹5.90 lakhs
- Western University - MSc in Finance - CAD 17,888 - ₹10.90 lakhs
Ques. Which is better MS in Finance in Canada or Masters in Finance in USA?
Ans. Pursuing Masters in Finance in Canada or USA depends on your career aspirations. Some of the factors that can help you decide between the two are -
| 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 |
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