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How to Pursue Masters in Finance in Canada without GMAT?

Updated on 23 October, 2023

Mrinal Mandal

Mrinal Mandal

Study Abroad Expert

masters in finance in canada without gmat

Canada is one of the leading educational destinations worldwide, known for its top-ranked universities and wide spectrum of educational programs. Canada is also preferred by MBA aspirants for its cutting-edge infrastructure, reputed B-schools, and premier faculty. The country also offers excellent career prospects for skilled MBA graduates. Yet, many applicants do not have GMAT scores for various reasons. In this case, do you think a master’s in finance in Canada without GMAT is possible? Read on to know more about the answers to this question.

Is it possible to pursue a master's in finance without GMAT in Canada? 

You can pursue MS finance in Canada without GMAT, provided you meet the other eligibility criteria at leading universities. However, most institutions mandate either the GMAT or GRE for admissions. This means that you can pursue your MS or MSc finance in Canada without GMAT, only if you have a valid GRE score. 

A few other institutions do not require either GMAT/GRE, although the number is negligible. Many institutions also have other conditions for GMAT waivers, including adherence to the minimum degree and academic criteria and conditions like English language proficiency, letters of recommendation, resume, and work experience requirements. 

What do universities look for if they are waiving the GMAT? 

In most cases, they will look for an alternative GRE score. At the same time, some universities look for the minimum GPA (based on their criteria), academic degrees, and subjects of study. Some look at work experience, English language proficiency, and references/recommendations. On the whole, you can skip the GMAT only if you provide an alternative GRE test score for master’s courses in finance in Canada. 

Universities that offer MS in Finance in Canada without GMAT

Here is the list for your perusal: 

Name of the InstitutionQS World Ranking by Subject 2022 (Business & Management Studies)Eligibility Criteria
University of Toronto (Rotman)32
  1. 4-year undergraduate degree (recognized) with GPA of 3.0 (minimum). 
  2. At least two years of work experience in finance or a related field. 
  3. GRE scores in place of GMAT. Exemptions are given for those passing CFA Level II or higher, graduates from the University of Toronto, those passing CFE/UFE via the CPA designation, or those with professional P. Eng or Actuarial Science designations. 
  4. Two professional/work references. 
  5. A written essay of 250 words. 
  6. Interviews. 
  7. Proficiency in English- IELTS 7.0 or TOEFL iBT 100. 
McGill (Desautels)50
  1. Undergraduate degree and other academic qualifications. 
  2. CV with employment/professional history. 
  3. GRE scores in place of GMAT. Exemptions are only for those with degrees from Canadian universities. 
  4. English proficiency scores (TOEFL/IELTS). 
  5. Essay. 
  6. Two letters of reference. 
HEC Montreal85
  1. A university degree that is recognized by the State. 
  2. GRE or TAGE MAGE in place of GMAT. The minimum score in GRE should be 630 or more. The minimum TAGE MAGE score should be 300 or more. Exemptions are given to those who have studied in Canada. 
  3. English language proficiency. 
Alberta School of Business125

Full-Time MBA in Finance- 

  1. Recognized undergraduate degree with a minimum GPA of 3.0. 
  2. GRE scores in place of GMAT. 
  3. English language proficiency scores. 
  4. Professional work experience. 
  5. Two letters of reference. 
  6. Statement of Intent (Letter). 
  7. Admissions Interviews. 
McMaster (DeGroote)251-300
  1. 4-year undergraduate degree or equivalent. 
  2. Minimum B+ as the average, equivalent to McMaster's 8.5 GPA. 
  3. Minimum one term (each) of algebra, university-level calculus, and statistics. 
  4. GRE score in place of GMAT (equivalent to a GMAT score of 600). 
  5. Two letters of reference. 
  6. CV. 
  7. No work experience is required for this program. 
The John Molson School of Business (Concordia University)251-300
  1. Bachelor’s degree with a minimum average of B in the last two years and a minimum GPA of 3.0.
  2. GRE scores in place of GMAT. 
  3. English language proficiency. 
Simon Fraser (Beedie)201-250
  1. Four-year undergraduate degree with CGPA of 3.0 (minimum) or GPA of 3.33 (minimum). 
  2. GRE score (minimum 155 in every section) in place of GMAT. 
  3. Graduate work is taken into account. 
  4. GMAT is also waived for those passing CFA Level 1 or higher and those who are graduates of Simon Fraser University. 
  5. English language proficiency (IELTS 7.0, TOEFL iBT 93, PTE 65, CAEL 70, TOEFL PBT 580, and Cambridge English Qualifications- C1 Advanced (193 minimum) and C2 Proficiency (200 minimum), are the options). 

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Frequently Asked Questions

How to do an MS in finance in Canada without GMAT?

You can apply at universities that also take GRE scores in place of the GMAT. This is the best option for applicants. There are a few universities that also take applications without GMAT/GRE scores. However, they have other criteria pertaining to work experience, academic degrees and percentages, and so on.

How to get admission in an MS in finance in Canada without GMAT?

You can get admission if the university offers a chance to submit GRE scores. You can also get admitted if you meet other criteria (academic degree, GPA, subjects of study, work experience, essay, interviews, letters of reference, etc.) at an institution that does not make GMAT/GRE scores mandatory for applicants.

Can GMAT be waived?

GMAT scores or scores in other tests are often waived by leading universities in Canada for their undergraduate students or others who have studied in Canada. They are sometimes waived for those with GRE scores or scores of other admission tests like TAGE MAGE. They are also given to those passing CFA Level 1 or higher at times or even those with other professional certifications.

Know More About GMAT:

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GMAT Results & GMAT ScoresValidity of GMAT ScoreGMAT Preparation Books

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