Masters in Finance in Canada for International Students in (2024)

Canada is a dream destination for many, in terms of their educational journey. With world-class universities, better career opportunities, a greater standard of living and quality of life, it is one of the best places to pursue your postgraduate degrees from. Canada offers a multitude of courses and colleges and caters to all major fields such as finance, management, administration, etc. If you’re someone who’s always been interested to pursue a Masters in Finance in Canada, there are a plethora of options for your particular area of interest such as risk management, asset pricing, investment, banking and much more.

Who knows, the next Big Short might be made on you, or you might be the next Saurabh Mukherjea!

To know more about how to pursue your Masters in Finance in Canada, and how Admissify can help you out, read on! 

Courses in Canada 

Masters in Finance in Canada is one of the most desirable courses, however, it is often assumed that owing to their appeal, they are hard to be a part of. This is where Admissify comes in, and offers you end-to-end services. From counseling and consultation to handling your living accommodation, Admissify acts as your study abroad guide for all your foreign educational needs.

Colleges with Courses offering a Master in Finance 

Some universities offering postgraduate programs, specifically a Masters in Finance, along with their courses are:-

College Name	Course(s) Offered	Duration
University of Toronto	Masters in Accounting and Finance Master of Finance	2 years
Concordia University	M.Sc in Finance	2 years
McGill University	Master of Management in Finance MBA Finance	2 years
University of Alberta	Master of Arts in Economics and Finance	2 years
York University	Master of Finance	2 years
Trent University	Financial Analytics M.Sc	16 months
University of Waterloo	Masters of Quantitative Finance	16 months

Requirement & Eligibility 

Applicants should check the exact requirements for their particular colleges on the official website, as they might differ from college to college, and course to course. However, these documents are the major documents required by colleges as part of their admission process:-

• Bachelor’s in Finance or an undergraduate degree in a related field of study.
• Academic transcripts from every level of study, such as your mark sheets.
• Two letters of recommendation (LORs), if required. 
• English language proficiency scores
• Proof of GRE/GMAT scores
• Statement of Purpose (SOP)
• An updated CV/Resume
• Work experience, if possible.

Is GMAT/GRE compulsory or not?

One of the major elements of studying in a foreign country is a candidate’s scores in competitive exams like GMAT, which is required by many universities for admitting new applicants for their courses. However, that is not the case for every Canadian university. Some universities that offer postgraduate programs in Finance are:-

Name of College	Course Offered	Duration
University of Toronto	Master of Financial Economics	1 year
Simon Fraser University	Master of Financial Management	1 year
HEC Montreal	Master of Finance	1 year
University of Waterloo	Master of Financial Services	1 year
Concordia University	Master of Financial Risk Management	1 year

How much does it cost to study in Canada?

Studying Masters in Finance in Canada involves a lot of costs such as tuition costs, living expenses, health insurance and other relevant expenditures. A table to suggest a rough estimate of these costs is given below. However, one should keep in mind that these costs can vary from person to person, as these are dependent on many factors such as the course you choose, the college you opt for, and the province and region you live in amongst others.

Cost of Study

The cost of a Masters in Finance program in Canada for international students can vary depending on the university and the course of choice. However, as the norm suggests, international students can expect to pay more tuition fees than domestic students.

A table of popular universities and their annual tuition fees can be seen below. However, these can vary so we request all applicants to have a look at the official websites for the latest figures:-

Name of University	Annual Tuition Fees (in CAD)
University of Waterloo	14992 CAD
University of Montreal	30800-34100 CAD
Queen’s University	73300 CAD
York University	28057 CAD
Concordia University	27294 CAD
University of British Columbia	9313 CAD
University of Alberta	30578 CAD

Cost of Living

In Canada, the cost of living for an international student can be assumed to be roughly 2500 CAD. These constitute expenses other than tuition costs, such as health insurance, books and study material, transportation, cellular service, etc. A table with approximate expenditures occurred, can be found below:-

Nature of Expense	Frequency of expense	Amount spent (CAD)
Books and Study Material	Yearly	Up to 1665 CAD
Health Insurance	Monthly	550-950 CAD
Food	Monthly	250 CAD
Transport	Monthly	30-70 CAD
Entertainment	Monthly	135 CAD
Phone and Internet	Monthly	30 CAD

Scholarships offered to students pursuing Masters in Finance in Canada

There are plenty of scholarships offered to international students willing to pursue their Masters in Finance from Canada. These include scholarships offered by the Government of Canada, as well as universities. 

Some scholarships have a requirement to be a graduate for their eligibility, and some don’t have this set of requirements. These are mentioned below:-

Government Scholarships

Name of Scholarship	Offering Body	Eligibility	Award (in CAD)
Banting Postdoctoral Fellowships	Government of Canada	International graduates with high academic records	70000 CAD
Vanier Canada Graduate Scholarships Program	Government of Canada	International Graduates	50000 CAD

University Scholarships 

Name of Scholarship	Offering Body	Eligibility	Award (in CAD)
Vice-Chancellor Scholarships	York University	International students with high academic records	10000-20000 CAD
International Entrance Scholarships	Humber College	International students with high academic records	2000 CAD

How to Apply for Admission in Canada to pursue a Masters in Finance?

Now that you know what Canada has to offer to you. If you want to aim for the best universities for Masters in Finance, how do you apply to a course and university of your choice? Simple, you just contact Admissify and we’ll take care of the rest. Smooth as butter, like the Canadians say. 

But to put it simply,  the process is different for every course and university, however, some common steps that all universities offer are listed below briefly.

Steps to Apply

• Choose a course and a university that you want to attend. Do your research and make sure that the course and university are a good fit for you.
• Submit the application form and the application fee. Make sure that you fill out the application form correctly and submit it on time.
• Submit all the required documents, such as transcripts, bachelor’s degree (if required), and additional requirements like SOP, Resume, LORs, and proof of work experience. 
• Then comes the interview round, where you have to be prepared to answer questions about your academic background, your career goals, and why you want to attend the university.
• In the meanwhile, you can also apply for scholarships. There are many scholarships and financial aid programs available, so be sure to research your options and apply for as many as you qualify for.
• Wait for the admission decision. 

Future Prospects

The benefits offered by a lucrative degree like a Masters in Finance from Canada are innumerable, one of which includes a great variety of career options. And it doesn’t end there, these options are often bundled with competitive and lucrative salaries. 

Canada is a highly developed mixed economy, which defies expectations of the economists when it comes to YoY growth, hence the financial sector in the country has great potential and a high number of vacancies, which can be filled by postgraduates from reputed universities who have a Masters in Finance. 

Profiles for Graduates with Masters in Finance

Some in-demand job roles and profiles for people who have a postgraduate degree in finance are:-

• Risk Manager
• Budget Analyst
• Market Research Analyst
• Tax Advisor
• Project Manager
• Portfolio Manager
• Business Analyst 

So, the sky’s the limit when it comes to prospects after pursuing a Masters in Finance from Canada for international students. 

Summary

Simply put, pursuing a Masters in Finance in Canada is a great opportunity for one’s career and skill set. There are lots of globally recognized and respected colleges in Canada that offer postgraduate degrees, such as York University, and the University of Waterloo, amongst others. Some universities require entrance exam results while some don’t, hence the utility of the GMAT score is purely dependent on your choice of course and university.

Admissify can help you be a part of the course and university you desire with end-to-end support from consultation, to counselling, to living arrangements. The cost of living and study varies and is dependent on multiple factors such as choice of course and university, region of residence, and other minute things. 

There are also scholarships offered by the Canadian government, as well as universities for graduates and students alike, with a sizable reward. With great prospects and career paths, there has never been a better time to pursue a Masters in Finance in Canada. As the Canadians say, “Canada is free and freedom is its nationality!”

FAQs

Is GMAT/GRE required for Finance Masters in Canada?

GMAT/GRE are not compulsory to pursue a Masters degree in Canada. They are required by certain universities, and some universities offer courses without the need of a GMAT score.

What are possible jobs after a degree in Masters in Finance in Canada?

There are many options and career choices to choose from after a Masters in Finance, such as Investment Banking, Risk Analytics, Project Management, etc. 

Are there job vacancies in Canada for finance graduates?

Job vacancies in Canada are plenty for finance graduates owing to its highly developed financial sector, which requires people on a regular basis. 

Are there any scholarships for international students in Canada?

Yes, there are many scholarships for international students and graduates in Canada. Both government and university scholarships are available such as Vice-Chancellor scholarships offered by York University.

Is it difficult to apply for colleges in Canada to pursue a Masters in Finance?

Not at all. Admissify is there to help you out with all your international admission needs and to get you into a college and course of your choice, best suited to your needs and requirements.