Masters in Finance in Canada: A Guide 2026

A Master's in Finance in Canada offers international students access to world-class education, strong industry connections, and excellent post-graduation work opportunities. Canadian universities are recognized globally for their rigorous finance programs, combining theoretical knowledge with practical application. With relatively affordable tuition compared to the US and UK, combined with immigration-friendly policies, Canada has become a top destination for finance students worldwide.

This comprehensive guide covers everything you need to know about pursuing a Master's in Finance in Canada, from admission requirements and costs to top universities and career prospects.

Table of Contents

1. Master's in Finance in Canada: Course Overview
2. Why Study Master's in Finance in Canada
3. Requirements to Study Master's in Finance in Canada
   1. Academic Requirements
   2. English Language Proficiency
   3. Standardized Tests
   4. Application Documents
4. Cost to Study Master's in Finance in Canada
   1. Tuition Costs
   2. Living Expenses
5. Best Universities for a Master's in Finance in Canada
6. Cheapest Universities in Canada for a Master's in Finance
7. Career Opportunities for a Master's in Finance Graduate in Canada
   1. Career Scope
   2. Salary Expectations
   3. Immigration Opportunities
8. Conclusion
9. FAQs - Master’s in Finance in Canada

Master's in Finance in Canada: Course Overview

Master's in Finance programs in Canada typically span 1 to 2 years and focus on advanced financial theory, quantitative analysis, corporate finance, investment management, and risk assessment. Most programs are professionally oriented, designed to prepare graduates for immediate entry into the financial services industry.

Program Duration: 1-2 years

Common Specializations:

• Corporate Finance
• Investment Management
• Financial Risk Management
• Financial Engineering
• Quantitative Finance
• Financial Technology (FinTech)

Program Structure: Coursework-based programs emphasize classroom learning and case studies, while thesis-based options incorporate research components. Many programs offer co-op placements or internship opportunities, providing valuable on-the-job experience in the industry.

Why Study Master's in Finance in Canada

Global Recognition: Canadian degrees are respected worldwide, with universities consistently ranking among the top globally for business and finance education.

Strong Job Market: Canada's robust financial sector, centered in Toronto, Montreal, and Vancouver, offers abundant career opportunities in banking, investment management, insurance, and fintech.

Post-Graduation Work Permit (PGWP): International graduates can obtain a work permit for up to three years, allowing them to gain Canadian work experience and potentially pursue permanent residency.

Affordable Education: Tuition fees are generally lower than comparable programs in the US, UK, or Australia, making Canada a cost-effective choice.

Multicultural Environment: Canada's diverse, welcoming culture provides international students with a supportive learning environment and networking opportunities.

Pathway to Permanent Residency: Canada's immigration programs favor international graduates with Canadian education and work experience, making it easier to settle permanently.

Requirements to Study Master's in Finance in Canada

Academic Requirements

Undergraduate Degree: A four-year bachelor's degree or equivalent from a recognized institution. Most programs require a degree in finance, business, economics, accounting, mathematics, or related fields.

Minimum GPA: Typically 3.0 on a 4.0 scale (or equivalent), though competitive programs may require 3.3 or higher. Top-tier universities often expect GPAs above 3.5.

Prerequisite Courses: Many programs require coursework in:

• Calculus and statistics
• Financial accounting
• Corporate finance
• Microeconomics and macroeconomics

Students without these prerequisites may need to complete bridging courses before starting the program.

English Language Proficiency

International students must demonstrate English proficiency through standardized tests:

• IELTS Academic: Minimum overall: 6.5-7.0 (no band below 6.0)
• TOEFL iBT: Minimum overall: 89 (no skill below 22)
• Duolingo English Test: Minimum 120-125
• PTE Academic: Minimum overall: 60-65

Standardized Tests

GMAT (Graduate Management Admission Test):

• Recommended score: 600-700+
• Top programs expect 650+
• Required by most top-tier universities, though some have waived this requirement

GRE (Graduate Record Examination):

• Accepted as an alternative to the GMAT at many institutions
• Competitive scores: 310+ (Quantitative + Verbal)

Some universities have made GMAT/GRE optional, especially post-pandemic, but strong scores significantly improve admission chances for competitive programs.

Application Documents

Required Documents:

• Completed online application form
• Official transcripts from all post-secondary institutions
• Degree certificates
• English language test scores
• GMAT/GRE scores (if required)
• Resume/CV highlighting academic achievements, work experience, and extracurricular activities
• Statement of Purpose (500-1000 words) explaining career goals and motivation
• Two to three letters of recommendation from professors or employers
• Copy of passport
• Application fee (CAD 100-250)

Cost to Study Master's in Finance in Canada

The total annual cost to study a master’s in finance in Canada typically ranges from CAD 40,000 to CAD 90,000 for international students, including the tuition and living expenses. Below is a comprehensive breakdown: 

Tuition Costs

Tuition fees for Master's in Finance programs in Canada vary based on the university, program duration, and student status.

Average Tuition Range for International Students: CAD 25,000 to CAD 70,000 per year

Additional Academic Costs:

• Application fees: CAD 100 - 250
• Textbooks and materials: CAD 1,000 - 2,000 per year
• Technology fees: CAD 200 - 500 per year
• Student association fees: CAD 100 - 300 per year

Living Expenses

Monthly Living Costs (Average):

• Accommodation: CAD 800 - 1,800
• Food: CAD 300 - 500
• Transportation: CAD 100 - 200
• Health insurance: CAD 50 - 80
• Utilities and internet: CAD 100 - 150
• Personal expenses: CAD 200 - 300

Annual Living Expenses:

• Major cities (Toronto, Vancouver): CAD 15,000 - 20,000
• Medium cities (Ottawa, Montreal): CAD 12,000 - 16,000
• Smaller cities: CAD 10,000 - 14,000

Total Annual Cost (Tuition + Living):

• CAD 40,000 to CAD 90,000 for international students

Best Universities for a Master's in Finance in Canada

1. University of Toronto - Rotman School of Management

Program Name: Master of Finance (MFin)

Location: Toronto, Ontario

Tuition Fee: ~CAD 80,000 (international students)

Key Features:

• Located in Canada's financial capital with access to Bay Street
• Highly quantitative curriculum focusing on financial engineering and risk management
• Strong emphasis on data analytics and programming (Python, R)
• Specialized streams: Asset Management, Corporate Finance, Risk Management

2. University of British Columbia - Sauder School of Business

Program Name: Master of Finance (MFin)

Location: Vancouver, British Columbia

Tuition Fee: ~CAD 52,000 (international students)

Key Features:

• Focus on sustainable finance and responsible investment
• Experiential learning through Applied Finance Labs
• Strong Asia-Pacific connections and networking
• Dual degree options with other business specializations

3. York University - Schulich School of Business

Program Name: Master of Finance (MF)

Location: Toronto, Ontario

Tuition Fee: ~CAD 42,000 (international students)

Key Features:

• CFA Institute University Recognition Program member
• Four specialization options: Capital Markets, Corporate Finance, Risk Management, Derivatives
• Integrated case-based learning approach
• Excellent value for money with a strong reputation

4. McMaster University - DeGroote School of Business

Program Name: Master of Finance (MFin)

Location: Hamilton, Ontario (near Toronto)

Tuition Fee: ~CAD 38,000 (international students)

Key Features:

• Co-op work term option (extends program to 16 months)
• Strong focus on applied learning and real-world projects
• Smaller class sizes allowing personalized attention
• Excellent return on investment

5. Queen's University - Smith School of Business

Program Name: Master of Finance (MFin)

Location: Kingston, Ontario

Tuition Fee: ~CAD 47,000 (international students)

Key Features:

• Team-based learning environment
• International study tour component
• Strong consulting and corporate finance focus
• Prestigious brand recognition in Canada

6. McGill University - Desautels Faculty of Management

Program Name: Master of Management in Finance (MMF)

Location: Montreal, Quebec

Tuition Fee: ~CAD 38,000 (international students)

Key Features:

• Bilingual environment (English and French)
• Access to Montreal's vibrant financial sector
• International exchange opportunities
• Strong quantitative and analytical focus

7. HEC Montréal

Program Name: M.Sc. in Finance

Location: Montreal, Quebec

Tuition Fee: ~CAD 30,000 (international students)

Key Features:

• Programs offered in both French and English
• One of the most affordable options with strong quality
• Research-oriented curriculum with thesis option
• Specializations in financial engineering and risk management

8. Simon Fraser University - Beedie School of Business

Program Name: Master of Finance (MFin)

Location: Vancouver, British Columbia

Tuition Fee: ~CAD 42,000 (international students)

Key Features:

• Mandatory 4-month co-op work term
• Focus on technology and innovation in finance
• Small cohort sizes for personalized learning
• Strong emphasis on ethical finance practices

Cheapest Universities in Canada for a Master's in Finance

For budget-conscious international students, several Canadian universities offer quality Master's in Finance programs at lower tuition rates:

1. Memorial University of Newfoundland

• Program: M.Sc. in Management (Finance specialization)
• Tuition: ~CAD 12,000 per year
• Location: St. John's, Newfoundland

2. University of Saskatchewan - Edwards School of Business

• Program: M.Sc. in Finance
• Tuition: ~CAD 20,000 per year
• Location: Saskatoon, Saskatchewan

3. Lakehead University

• Program: Master of Business Administration (Finance concentration)
• Tuition: ~CAD 22,000 per year
• Location: Thunder Bay, Ontario

4. University of Regina - Paul J. Hill School of Business

• Program: M.Sc. in Management (Finance)
• Tuition: ~CAD 24,000 per year
• Location: Regina, Saskatchewan

5. University of New Brunswick

• Program: MBA with Finance specialization
• Tuition: ~CAD 25,000 per year
• Location: Fredericton, New Brunswick

6. Brandon University

• Program: MBA with Finance focus
• Tuition: ~CAD 18,000 per year
• Location: Brandon, Manitoba

Cost-Saving Tips:

• Apply for entrance scholarships and merit-based awards
• Consider smaller cities with lower living costs
• Work part-time (up to 20 hours/week during studies)
• Apply early for better scholarship opportunities
• Look for graduate assistantship positions

Career Opportunities for a Master's in Finance Graduate in Canada

Career Scope

Master's in Finance graduates in Canada enjoy diverse career opportunities across various sectors:

Financial Services:

• Investment Banking Analyst/Associate
• Portfolio Manager
• Financial Analyst
• Risk Management Specialist
• Private Equity Analyst
• Wealth Management Advisor

Corporate Finance:

• Corporate Finance Manager
• Financial Planning & Analysis Manager
• Treasury Analyst
• Mergers & Acquisitions Analyst
• Corporate Development Associate

Asset Management:

• Fund Manager
• Research Analyst
• Quantitative Analyst
• Investment Strategist

Insurance and Actuarial:

• Insurance Underwriter
• Actuarial Analyst
• Risk Consultant

Emerging Fields:

• FinTech Specialist
• Cryptocurrency/Blockchain Analyst
• ESG (Environmental, Social, Governance) Analyst
• Data Analytics Specialist

Top Employers:

• Big Five Banks (RBC, TD, Scotiabank, BMO, CIBC)
• Investment firms (Brookfield Asset Management, OMERS, CPP Investments)
• Consulting firms (Deloitte, PwC, KPMG, EY)
• Insurance companies (Manulife, Sun Life Financial)
• Technology companies (Shopify, Wealthsimple, fintech startups)

Salary Expectations

Entry-Level Positions (0-2 years):

• Financial Analyst: CAD 55,000 - 75,000
• Investment Banking Analyst: CAD 70,000 - 95,000
• Risk Analyst: CAD 60,000 - 80,000
• Corporate Finance Analyst: CAD 65,000 - 85,000

Mid-Level Positions (3-5 years):

• Senior Financial Analyst: CAD 80,000 - 110,000
• Portfolio Manager: CAD 90,000 - 140,000
• Investment Banking Associate: CAD 100,000 - 150,000
• Finance Manager: CAD 85,000 - 120,000

Senior-Level Positions (5+ years):

• Finance Director: CAD 120,000 - 180,000
• Senior Portfolio Manager: CAD 150,000 - 250,000+
• Vice President (Finance): CAD 130,000 - 200,000+

Location Impact:

• Toronto: 10-20% higher than the national average
• Vancouver: 5-15% higher than the national average
• Calgary: Competitive for energy sector roles
• Montreal: Slightly lower but balanced by the cost of living

Bonuses and Benefits: Many finance roles include performance bonuses (10-50% of base salary), stock options, health benefits, and retirement plans, significantly increasing total compensation.

Immigration Opportunities

Canada offers multiple pathways for Master's in Finance graduates to obtain permanent residency:

Post-Graduation Work Permit (PGWP):

• Valid for up to three years for programs 8+ months long
• Open work permit with no employer restriction
• Counts toward Canadian work experience for immigration

Express Entry System: Graduates can apply through three programs:

• Canadian Experience Class (CEC): For candidates with Canadian work experience
• Federal Skilled Worker Program (FSWP): Points-based system
• Federal Skilled Trades Program (FSTP): For specific trades

Provincial Nominee Programs (PNPs):

• Ontario Immigrant Nominee Program (OINP)
• British Columbia Provincial Nominee Program (BC PNP)
• Alberta Immigrant Nominee Program (AINP)
• Other provincial programs with specific streams for international graduates

Advantages for Master's Graduates:

• Additional points for Canadian education
• Points for Canadian work experience
• Higher Comprehensive Ranking System (CRS) scores
• Priority processing in some streams
• Pathway to citizenship after 3 years of permanent residency

Success Factors:

• Gain Canadian work experience during the PGWP period
• Improve language test scores (CLB 9+ recommended)
• Network within the industry
• Consider provincial nominee programs for faster processing

Conclusion

Pursuing a Master's in Finance in Canada offers international students an exceptional combination of quality education, affordable costs, strong career prospects, and clear immigration pathways. With programs ranging from CAD 25,000 to CAD 70,000, students can find options that fit their budget while receiving world-class training in finance.

Canadian universities provide rigorous academic preparation, industry connections, and practical experience through co-ops and internships. Graduates enter a robust job market with starting salaries between CAD 55,000 and CAD 95,000, with significant growth potential in major financial centers like Toronto, Vancouver, and Montreal.

The pathway to permanent residency through the Post-Graduation Work Permit and various immigration programs makes Canada particularly attractive for those seeking long-term career opportunities. Combined with Canada's multicultural environment, high quality of life, and welcoming immigration policies, a Master's in Finance from Canada represents an excellent investment in your future.

Whether you choose a top-tier program at the University of Toronto or a budget-friendly option at Memorial University, Canadian Master's in Finance programs deliver strong returns through career advancement, competitive salaries, and the opportunity to build a life in one of the world's most desirable countries.

Start your application process early, prepare thoroughly for required tests, and research scholarship opportunities to maximize your chances of admission and financial support. Your Canadian finance education journey awaits.

Contact Maple International Education now and leap towards your finance studies in Canada!

FAQs - Master’s in Finance in Canada

1. Which university is best for masters in Finance in Canada?

The University of Toronto's Rotman School of Management is widely considered the top choice, ranking in the global top 10 for finance programs with strong industry connections in Toronto's financial hub. However, "best" depends on your priorities: UBC Sauder excels in sustainable finance and Asia-Pacific connections, York Schulich offers excellent value for money with CFA alignment, and HEC Montreal provides the most affordable option. Consider your career goals, budget, and preferred location when choosing.

2. Is MS Finance better than an MBA?

MS Finance is better if you want specialized, technical finance expertise and plan to work in investment banking, portfolio management, or quantitative roles. It's more focused, shorter (12-16 months vs 2 years), and often less expensive than an MBA. An MBA is better for general management skills, career switching, entrepreneurship, or leadership roles across industries. Choose MS Finance for depth in finance; choose MBA for breadth in business management.

3. Is a finance master's better than a CFA?

A Master's in Finance and CFA serve different purposes and complement each other. A Master's degree provides comprehensive academic knowledge, networking opportunities, a credential for immigration, and access to campus recruitment. The CFA is a professional certification focused on investment management, costs less (around USD 4,000 total), and is globally recognized by employers. Many professionals pursue both: the Master's for career entry and credentials, and the CFA for specialized investment expertise. If you must choose one, select the Master's for immediate career transition and immigration benefits.

4. How long is a masters in finance in Canada?

Most Master's in Finance programs in Canada are 12 months (one year) for full-time students. Some programs range from 16 to 24 months, particularly those offering co-op work terms, internships, or thesis-based research options. Part-time programs can take 2-3 years to complete. The standard duration for professional, course-based programs at top universities like Toronto, UBC, and York is 12 months.

5. Can I get PR after 1 year masters in Canada?

Yes, you can obtain permanent residency (PR) after completing a 1-year Master's program in Canada. Here's the pathway: After graduation, apply for a Post-Graduation Work Permit (PGWP) valid for up to 3 years. Gain at least one year of Canadian work experience in a skilled occupation (NOC TEER 0, 1, 2, or 3). Apply through Express Entry's Canadian Experience Class (CEC) or Provincial Nominee Programs (PNP). Your Canadian education gives you additional points in the Express Entry system. The entire process typically takes 3-4 years from study start to PR approval.

6. Who earns more, CFA or MBA?

Long-term earning potential is comparable, but varies by role. CFA charterholders in investment management, portfolio management, and research analyst roles typically earn CAD 90,000-250,000+ as they advance, with senior portfolio managers exceeding CAD 300,000. MBA graduates in consulting, corporate finance, and general management earn CAD 85,000-200,000+, with senior executives reaching CAD 250,000+. CFA holders often earn more in pure investment roles, while MBA graduates may earn more in executive management and consulting. Many high earners hold both credentials. Your choice should align with your career path rather than salary alone.