fbpx

Would you like a Free Profile Evaluation?

Ameer Khatri MBA Consultant
Coming Soon

MiF in Canada

July 05, 2023

635

Avg. GMAT

30

Avg. Age

51K CAD

Avg. Cost of Study

9 – 24 

Avg. Months Duration 

 77K CAD

Avg. Salary

Table of Contents

Why Study MiF in Canada?

The need for qualified individuals in the finance sector has never been higher than it is in the ever-changing global economy of today. There is a pressing need for professionals with the knowledge, skill, and strategic thinking to make informed financial decisions as firms attempt to negotiate the complexity of an interconnected world. A Master’s in financial program in Canada presents a unique chance for aspirant financial professionals in this dynamic environment.

Canada, known for its robust and stable economy, has made a name for itself as a worldwide financial centre and a top choice for higher education. Students have an excellent opportunity to learn about finance thanks to the nation’s dynamic financial landscape, which is supported by well-regulated markets, a wide variety of financial institutions, and a business-friendly climate.

 In Canada, a Master’s in Finance program offers a thorough curriculum created to give students a profound understanding of financial theories, analytical methods, and business procedures. Students receive a comprehensive education that combines academic knowledge with practical application through a combination of challenging coursework, real-world case studies, and industrial internships. With the help of this unique combination, graduates can take on the challenges of contemporary finance and significantly improve organisations.

The multicultural society of Canada is one of the clear benefits of earning a Master’s in Finance there. International students find themselves immersed in a rich tapestry of cultures and viewpoints thanks to the community’s diversity and welcoming atmosphere. Exposure to different cultures improves learning in general and gives pupils the global perspective they need to succeed in a world that is becoming more interconnected.

Beyond academic endeavours, Canada provides an unmatched lifestyle. International students can benefit from a well-rounded experience that includes education and personal development thanks to its breathtaking natural landscapes, safe and welcoming cities, and high living standards. Students’ sense of belonging and increased understanding of other cultures are made possible by the multicultural society of Canada.

Program Costs + Living Expenses : MiF in Canada

CAD 30K – 60K 

Avg. Tuition Fee per year for international students

CAD 15K – 25K

Avg. Tuition Fee per year for        domestic students 

+ 

$800 – $2K 

Avg. Living Cost off Campus per month.

$250 – $300

Misc. Expenses per month

CAD 45,000

Avg. Cost of Study

  • Tuition: The cost of a master’s degree in finance varies greatly between Canadian universities and provinces. The typical tuition cost for overseas students is from CAD 15,000 to CAD 35,000 per year. However, tuition costs for selective programs or prestigious universities may be greater.
  • Accommodation: Depending on the city, the cost of lodging can change. the style of lodging and the area’s proximity to the institution. The cost of on-campus living halls or dorms for students normally ranges from 8,000 to 15,000 Canadian dollars per academic year. Off-campus private apartments or roommate rent can range from CAD 600 to CAD 1,500 per month, depending on the area.
  • Utilities: Additional costs include things like electricity, heating, water, and internet services. Depending on the size of the residence and usage, the typical monthly utility expense might range from CAD 100 to CAD 200.
  • Transportation: The cost of transportation differs between cities in Canada, where there is a robust public transit infrastructure. Public transport monthly passes normally cost between CAD 80 and CAD 120, though prices may vary in other cities. If you intend to drive, be aware that there will be extra costs like petrol, insurance and parking.
  • Food and Groceries: Your eating habits, dietary preferences, and whether you cook at home or eat out will all affect how much food and groceries will cost you. The typical monthly cost of food might be between CAD 300 and CAD 500. In general, cooking meals at home is less expensive than eating out.
  • Health Insurance: International students studying in Canada are required to get health insurance. Depending on the province and available coverage options, health insurance premiums can change. Health insurance for international students often costs between 600 and 1,200 Canadian dollars per year.
  • Miscellaneous Expenses: These costs include books, supplies for classes, personal care products, spending on entertainment and other luxuries. Depending on lifestyle and personal preferences, these costs can differ significantly. It’s a good idea to set aside an extra $200 to $500 per month for unforeseen costs.

Eligibility Criteria : MiF in Canada

  • Graduation

Most institutions demand that applicants have a four-year bachelor’s degree in a math-intensive subject like finance, engineering, or physics. If a student has at least one year of finance-related work experience or has passed the first level of the CFA or FRM exams, several universities may still accept their application even with a three-year undergraduate degree.

  • GPA for college

While the average GPA at premier institutions can go as high as 3.6 on a scale of 4.0, most universities require a minimum of 3.0 on a 4.0 scale when applying. If your college grades are expressed in percentages or on a scale of one to ten, you can use services provided by companies like WES to translate your GPA into Canadian currency.

  • Scores from the GMAT or GRE

For the Masters in Finance program, universities typically require applicants to take the GMAT or the GRE and submit their scores. Universities require applicants to have a minimum GMAT score of 500 (or 302 on the GRE). At prestigious universities, the typical GMAT score is roughly 660, or 321 on the GRE. However, if applicants have job experience or have passed the first level of the CFA or FRM exams, certain colleges could be willing to forgo the GMAT or GRE requirement.

  • Tests of English Proficiency (TOEFL/IELTS)

When applying for one of Canada’s Masters in Finance programs, applicants must provide their English Language Test results. IELTS band 6.5 is the minimal score often accepted, and no band lower than 6.0

Documents Requirement

  • Undergraduate Transcripts: Students must collect signed and stamped transcripts from their undergraduate college and upload the same to the university application portal.
  • Resume: A updated one or two-page resume detailing their educational background and relevant work experience, additional courses or certifications.
  • A Statement of Purpose: A one or two-page long document describing why the student wants to pursue a Masters’ in Finance. Some universities might ask specific essay questions too. 
  • Two to three letters of Recommendation: Two to three letters of recommendation by teachers, supervisors at work or clients that speak to the candidates’ ability to study finance and work in finance.
  • GMAT / GRE Test scores: The official GMAT / GRE test scores must be submitted to the university.
  • TOEFL / IELTS Test scores: The official English language test scores must be submitted to the university
  • Certificates: If students have pursued relevant credentials like a CFA or an FRM, they are encouraged to submit proof of the same as this might make their application more competitive.
  • Work Experience Proof: If candidates have work experience, they should procure appointment letters or experience letters to prove their work experience. Candidates with work experience have a higher chance of securing scholarships

Types of Financial Aid Available : MiF in Canada

Graduate Scholarships from Vanier Canada

International students pursuing a master’s or doctorate degree in Canada are eligible for this award. For up to three years, the scholarship offers $50,000 per year.

Ontario Graduate Scholarship (OGS)

The Ontario Graduate Scholarship (OGS) is a merit-based award accessible to graduate students in Ontario. The scholarship offers $15,000 over the course of a year.

Awards from the Trudeau Foundation

Students pursuing PhD degrees in the social sciences or humanities are eligible for the Trudeau Foundation Scholarship. Up to $60,000 each year for up to three years is offered under the award.

The Master’s Canada Graduate Scholarship (CGS-M)

Students pursuing a master’s degree at a Canadian institution are given the CGS-M. The scholarship offers $17,500 over the course of a year.

Scholarships at HEC Montréal

For international students pursuing a master’s in finance, HEC Montréal has a number of scholarships available. The amount of these awards ranges from $5,000 to $15,000.

Global Leaders of Tomorrow Full Scholarship

The Canadian government provides this scholarship to foreign students studying for a master’s degree there. The award pays for travel, housing, and educational costs.

Scholarships for the Rotman Master of Finance

Students pursuing a master’s in finance can choose from a number of scholarships offered by the Rotman School of Management. The amount of these awards ranges from $10,000 to $40,000.

Career Prospects : MiF in Canada

The pay offers for the Master’s in Finance program in Canada are good and competitive. An entry-level MS Finance graduate in Canada can expect to make around 60,000 CAD per year.

Many employment openings in the country’s financial industry are likely to become available when graduates of a reputable Canadian university’s MS in Finance program submit their applications.

Here are some of the top Canadian companies that look for MiF graduaes:

  • Royal Bank of Canada (RBC)
  • Toronto-Dominion Bank (TD)
  • Bank of Nova Scotia (Scotiabank)
  • Bank of Montreal (BMO)
  • CIBC (Canadian Imperial Bank of Commerce)
  • Manulife Financial
  • Sun Life Financial
  • Brookfield Asset Management
  • Suncor Energy
  • Enbridge
  • Magna International
75%

Employed within 3 months of graduation

60K - 80K

Avg. Salary

Most Sought After Jobs

Financial Analyst

          Investment Banking Analyst

Portfolio Manager

Risk Manager

          Corporate Finance Manager

    Private Equity Associate

Hedge Fund Analyst

            Financial Consultant/Advisor

Treasury Analyst

Financial Planner

Credit Analyst

Visa and Stay Prospects : MiF in Canada

  • The Canadian government has a points-based system for assessing the eligibility of international students for a student visa. The points system considers factors such as your academic record, language proficiency, financial resources, and ties to Canada.
  • To get a student visa, you need to score at least 67 points out of 100. You can also get additional points for factors such as having a job offer in Canada or having a spouse or common-law partner who is a Canadian citizen or permanent resident.
  • The cost of a student visa varies depending on your nationality. For example, the cost of a student visa for citizens of India is CAD 150, while the cost of a student visa for citizens of the United States is CAD 100.
  • Once you have been granted a student visa, you will be allowed to enter Canada and stay for the duration of your program. You will also be able to work part-time on campus during your studies.
  • After completing your studies, you will be eligible to apply for a PGWP. The PGWP allows you to work full-time in Canada for up to three years. This gives you the opportunity to gain Canadian work experience and improve your chances of finding a permanent job in Canada.
  • Student visa: International students who want to study in Canada must apply for a student visa. The student visa allows students to study in Canada for the duration of their program.
  • Eligibility requirements: To be eligible for a student visa, students must meet the following requirements:
    • Be enrolled in a full-time course of study at a recognized educational institution in Canada.
    • Have a valid passport and visa.
    • Have sufficient financial resources to support themselves during their studies.
    • Have a clean criminal record.
  • Application process: The application process for a student visa can be found on the website of the Canadian government. The application must be submitted at least three months before the start of the course.
  • Processing time: The processing time for a student visa is typically two to three weeks.
  • Stay prospects: After completing their studies, international students who have a student visa are eligible to apply for a Post-Graduation Work Permit (PGWP). The PGWP allows graduates to work in Canada for up to three years after completing their studies.

Top 5 Colleges for MiF in Canada

UniversityDetailsSuggested
Smith School of Business

Master of Finance

Duration: 12 months

Format: Full-time

Avg. Working Experience: 2 years*

Location: Kingston, Ontario

Smith Business School MiF
SFU BEEDIE School of Business

MSc Finance

  • The 16-month full-time MFin programme at SFU Beedie is offered.
  • International students must pay a fee of $50,111 CAD.
  •  After earning your degree, you can expect to earn an average salary of $67,856.
  • Working Experience is preferable
SFU BEEDIE MiF
Rotman School of Management

Master of Finance

  • The 20-month, full-time MFin from Rotman programme.
  • International students must pay $89,480 in fees.
  • After earning your degree, you can expect to make an average salary of $99,400, bonus included.
  • Working Experience of 2 years or more is needed.
Rotman School of Management MiF
University of Manitoba

Master of Finance

  • The three-term, full-time MFin programme.
  • The price of the programme is $38,800 for international students.
  • After earning the degree, you can earn an average salary of $76,000 CAD, plus a bonus.
  • Working Experience is preferable
University of Manitoba MiF
Schulich School of Business

Master of Finance

  • The Schulich MFin programme lasts 1.5 years and is full-time.
  • Numerous student clubs are available through Schulich Business School’s MFin programme.
  •  After earning your degree, you can expect to earn an average salary of $72,000.
  • Working Experience is preferable
Schulich School of Business MiF

Application Process & timeline

We strongly advise all our clients to have a proper excel sheet or a timetables mapped out.
Once you are done with GMAT the entire application process usually take 4-6 weeks

Step 1

GMAT / GRE Score

2-3 months.

If you are not sure about what score to target then look at the average score of the schools you want and shoot above the average. 

Step 2

Profile Evaluation

 1-2 weeks.

Get your profile evaluated from a professional consultant and figure out what schools you can target based on your profile

Step 3

Application Prep

3-4 weeks at least. 

Start writing at least 1 month in advance of their 1st deadline. First application usually takes the longest.

Step 4

Interview Prep

1 week

School will notify you and give you roughly 1 week to schedule your interview. Ideally, start your prep ASAP and Do some mock interviews.

FAQs about MiF in Canada

Graduates of the MFin programme may find employment prospects in a range of industries and jobs, both in Canada and abroad since Canadian employers are increasingly seeking employees with foreign experience and education. For their graduates, some colleges additionally provide career counselling and help with job placement.

First you have to create an account at hec.edu/applytomasters and then begin to fill in your application. You are able to submit an application when:

· your application form is 100% complete

· you have uploaded all the required documents

· you have paid the application fee of €110

You can enter all types of work experience in the Education and Experience section as well as detailing these experiences on your CV (Resumé).

Yes, scholarships are offered expressly for students from other countries who are studying in Canada, including students from India. On the websites of specific colleges, as well as through third parties like the Canadian Bureau for International Education (CBIE), students can conduct a scholarship search.

What Can We Do For You?

Profile Evaluation

Take our Free Profile evaluation and figure out your strengths and weakness

Application Prep

We help guide our clients through the entire application journey

Interview Prep

Need Help with your Interview Prep? We got you covered via mock interviews

What Our Client Say

Open chat
Hi,
This is Ameer
How can I help you?