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Masters in Finance Canada – Universities, Process, Fees & Jobs

Updated on 15 September, 2023

Master’s in Finance in Canada is one of the most sought-after programs. Finance is a specialization that is rapidly gaining ground worldwide and is relevant in almost everything, starting from analyzing and interpreting financial markets, and economic trends, to managing money and banking and financial operations. It also helps students to plan, synthesize, and uncover all the unknown aspects of a balance sheet and make better financial decisions in various types of finance – Public Finance, Corporate Finance, and Personal Finance. 

A plethora of courses and specializations in Canada, excellent quality education, and a bright career scope makes Canada one of the favourite destination amongst international students. Pursuing MS in Finance in Canada is not difficult provided students follow the information provided in this article.

Study & Settle in Canada – Know where to start!

MSc Finance in Canada: Program Highlight

Type of ProgramDegree/Certificate/PG Diploma
Duration2 years
Average annual tuition feesCAD 30,000 – CAD 88,000
Top programs in Canada
  • Graduate Certificate in Financial Planning
  • Financial Management Diploma
  • MBA in Finance
  • Master of Management in Finance
  • Master of Finance
  • Master of Financial Economics

Best Universities in Canada for Masters in Finance

Here is a list of the top universities in Canada for master’s in finance, as per the QS World University Rankings 2023. 

Name of the universityPopular programs offeredAverage tuition fees for international students
McGill University

Master of Management in Finance 


MBA Finance 

Master of Management in Finance: CAD 57,465/year


MBA Finance: CAD 99,500/year

University of Toronto

Masters in Accounting and Finance


Master of Finance 

Masters in Accounting and Finance: 87,459/year 


Master of Finance: 44,740 / year

University of AlbertaMaster of Arts in Economics and FinanceCAD 14,648 / semester
Universite de MontrealMSc in Applied Financial EconomicsCAD 34,200/year
York UniversityMaster of FinanceCAD 26,714.30
Concordia UniversityMSc in FinanceCAD 42,000

Master of Finance in Canada: Admission Process

The admission process for a master’s in finance in Canada takes place three times a year – fall intake (starts from September), winter intake (commencing from January) and summer intake (beginning from May). Aspirants must keep an eye on when the universities roll out their admission forms. Here are the steps they can follow to ensure a smooth application process.

  1. Choose the preferred university that offers MSc in Finance
  2. Go through the entry requirements
  3. Check the documents that should be attached along with the application form and submit them before the deadline
  4. Pay the application fees and wait for confirmation
  5. Apply for a Canadian student visa on receiving the confirmation

Eligibility Criteria for Masters in Finance in Canada

Here are the eligibility criteria for a master’s in Finance in Canada:

  • Undergraduate or Bachelor’s degree in any related field of study has a strong hold on mathematics, calculus, advanced functions, and English
  • Average 680 in GMAT or 325 in GRE
  • A minimum score of 6.5 to 7.5 in IELTS or 88-110 in TOEFL
  • Some institutions will consider three years of professional experience in a related field

Masters of Finance in Canada: Documents Required

Students should check and submit all the required documents along with their application while applying for post-graduation in finance in Canada, which are as follows:

  • Academic transcripts from every level of study
  • Two letters of recommendation
  • English language proficiency scores
  • Proof of GRE/GMAT scores
  • Statement of Purpose (SOP)
  • An updated CV/Resume
  • Work experience letter (if applicable)

Masters in Finance in Canada: Cost of Study

The cost of studying at the best universities in Canada for a master’s in finance can be divided into three parts – pre-arrival cost, tuition fees, and cost of living. 

Parameters for cost of studyAverage costs
Pre-arrival cost

University application fees – CAD 50 – CAD 250 


Canada student visa fees – CAD 150

IELTS registration fees – ₹ 15,575

GMAT application fees – $275

GRE application fees – $213

Tuition feesCAD 30,000 – CAD 88,000 (annually)
Cost of livingCAD 15,000 – CAD 20,000 (annually)

Scholarships for Masters in Finance in Canada

ScholarshipOffered by Funding benefits
Banting Postdoctoral FellowshipThe Canadian GovernmentCAD 70,000
International Entrance ScholarshipsHumber CollegeCAD 2,000
Vanier Canada Graduate Scholarships ProgramThe Canadian GovernmentCAD 50,000
Vice-Chancellor ScholarshipYork UniversityCAD 10,000 – CAD 20,000

Masters in Finance in Canada: Career Opportunities 

Graduates in finance can find a job in various sectors such as investment banking, insurance, retail banking, and many others at top recruiting organizations such as Boston Consulting Group, Bain & Company, JP Morgan Chase & Co, McKinsey & Co, Barclays, HDFC, Goldman Sachs, Morgan Stanley, KPMG, etc.

Job profileAverage Base Salary/year
Finance ManagerCAD 93,252
Financial AnalystCAD 65,908
Tax AdvisorCAD 60,195
Risk Management DirectorCAD 141,813
Project ManagerCAD 84,482

Study Overseas with upGrad Abroad

Do you wish to study abroad? Get in touch with upGrad Abroad’s consultants who will help you out in choosing the correct option from the wide array of foreign universities and courses. During the first year of studying with upGrad Abroad, you will study online at a partner university in India. In the next year, you will take off abroad to study on-campus at a university of your choice. 


Is GMAT required for a master’s in Finance in Canada?

Most institutions require GMAT for MS in Finance in Canada, although some take GRE scores as well. However, there is the New York Institute of Technology, which offers a master’s in finance in Canada without GMAT scores for its MBA in Finance. However, GMAT scores are always recommended.

Is Canada good for MS in Finance?

Canada is one of the best places to pursue your master’s course in finance, especially for its top-class learning environment and most importantly, global recognition for its degrees. Students can expect lucrative job opportunities after graduating from a leading Canadian institution at some of the most lucrative profiles.

Which Canadian university has the best finance program?

There are many institutions offering acclaimed master’s courses in Finance in Canada. They include the Universities of British Columbia, York and Toronto, along with McGill University, McMaster University, Universite Laval, Universite de Montreal and Queen’s University.

Is GRE required for MS in Finance in Canada?

International students applying for master’s courses in Finance in Canada should provide test scores of examinations such as GRE/GMAT. The minimum score requirements will vary across universities. GMAT is sometimes not required, although most institutions accept GRE scores. Check the eligibility criteria carefully.

Is there scope for Finance in Canada?

There is a lot of scope for Finance in Canada since there are excellent future growth prospects, going by the rising demand for skilled finance graduates in the country. Applications have also increased for Finance in Canada, owing to the flourishing economy and handsome starting salaries for qualified graduates. Many of these programs also do away with the work experience requirement, which is another big plus point for young graduates.

What can I do with a finance degree in Canada?

You can always venture into working as a financial analyst, consultant, advisor or investment/corporate banker. You can also venture into further studies and research in the field. There are umpteen job opportunities available for finance graduates in Canada.

What is the most affordable master’s degree in Canada related to finance?

Some of the most affordable master’s degrees in Finance include the two-year program available at the University of Saskatchewan, as per reports. This is a research/thesis-based master’s program. On average, you will need INR 18-19 lakh per year in tuition costs based on estimates.

What are the job opportunities for Finance in Canada?

Finance graduates can take advantage of numerous job opportunities, including information technology auditing, investment banking, financial advisor positions, senior accounting positions, hedge fund management, insurance advisor positions, risk managers, etc.

Pratishtha Ghosh

A post graduate in Journalism and Mass Communication, Pratishtha enjoys penning down things significant. What interests her the most is exploring and researching on gamut of study abroad.

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