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Masters in Finance in Canada

Top Universities, Eligibility, Cost of Study, Scholarships and Jobs

Masters in Finance in Canada

Why Study Business Finance In Canada?

Canada is one of the most common countries where international students opt for finance courses. According to 2020 statistics, it has welcomed about 400,000 international students including Indians to pursue graduate and undergraduate courses in finance and budgeting. It has always been a key choice for education for Indians.

The country provides a lot of emphasis on the diversity and inclusivity of international students. It has also developed an International Education Strategy with an estimated budget of 147.9 million dollars for the next five years.

There are various reasons why students prefer different parts of the world including India prefers studying in Canada. The first reason is that the country provides permanent residents ad work visas. This is one of the top five reasons why students opt for Canada to study finance and other courses. The universities providing degree in Finance is one of the finest in the country. The finance courses in Canada help students to help develop skills regarding planning, budgeting and analysing the finances of businesses, banks and business institutions. In the country, the salary of those with a finance background is also very high and has been increasing every year. 

The next cause is finance. Accommodation in Canada is much cheaper compared to other countries like the United States, the UK, and Australia. The universities also charge a nominal tuition fee which is more affordable than in most other countries. The country also provides various types of Finance courses. Hence the choice increases for the students and they can select the course that they want to pursue. Another factor that attracts more international students to the universities of Canada is its simpler eligibility criterion for admission. These universities do not demand IELTS scores or TOEFL scores as high as those demanded by universities in the UK or the USA.

The future is also secured for the students. Canada has one of the best banks and finance industries like the Royal Bank of Canada, Toronto-Dominion bank, bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce.

Some of the top universities to study finance in Canada are:

  • Centennial College 
  • Fanshawe College 
  • George Brown College 
  • University of Alberta 
  • Humber College 

Popular Business Finance Courses In Canada

Canada provides a combination of diplomas, bachelor’s and master’s degree courses in finance that helps students to choose the courses.

Some of the most popular finance courses that are offered by universities in Canada are:

  • MBA in finance
  • Financial management diploma
  • BCom in Finance
  • BSc in economics and finance
  • Graduate certificates in finance
  • Master’s degree in finance
  • Master of financial economics
  • Masters of management in finance

Duration Of Finance Courses In The Canada

Graduate Students: the diploma courses in finance programs usually range from two to three years. However, there are also four-year courses for the bachelor’s degree. The bachelor of commerce and finance majors are all four-year online courses that are provided by certain universities like Athabasca University.

Post-graduate Students: a post graduate diploma course in Canada can be covered in one or two years. However, in general masters degree in finance takes two years of time.

Cost of studying Finance Courses degree in Canada:

Graduate Students: the average cost required for a graduate program in Canada is around 30,000 CAD per annum. Depending on the course and discipline, the range can vary from CAD 12,000 to Cad 30,000. For the finance course, 10,000 to 17000 Cad is required for one-year courses. UG degree programs in finance can range from 20,000 to 50,000 CAD per year.

Postgraduate Students: For international students, the average cost of tuition fees is around 30,000 to 88,000 CAD. The tuition fees vary depending on factors like the type of postgraduate degree, the mode of education whether the course is online or whether it is full-time or part-time. 



Average Tuition fees (in CAD)

University of Toronto

Masters in Finance, Accounting

Finance: 44740 per year

Accounting: 87,459 per year

Concordia University

MSc in Finance

40,000 in total

McGill University

Master of Management in Finance

MBA Finance

Management: 57,465 per year

MBA: 54,990 per year

York University

Master of Finance

26,714 per semester

University of Alberta

Master of Arts in Economics and Finance

14,648 per semester

University De Montreal

MSc in Applied Financial Economics

32,597 per year

Cost Of Living In The Canada

Canada is ranked as the 24th most expensive country in the world to live in. It may not be as costly as countries like the UK, the USA or Australia. Cost of living is 7.2 percent lower than in the United States. For Indian students, the cost of living shall be 197.3 per cent higher compared to India. Rent in Canada is also 511.3 per cent higher than in India. For an international student, about CAD 20,000 to 30,000 is required to cover the tuition fees and other living expenses like food, rent, and other basic requirements.

International students also require a minimum bank balance to get a visa to Canada. The citizen and immigration Canada need proof stating that the students have sufficient money and funds to manage their lives in Canada. In case a college does not provide living expenses, the students need to prove that they have 10000 dollars for 12 months of living expenses. In case the spouse is here, additional 4000 dollars are required and 3000 dollars for any dependent.

Students also require to get their medical and health insurance before going to Canada since healthcare is very expensive in this country. this should be done within a few weeks of reaching Canada. 

In order to manage their expense, students can take various measures. Deciding the location of residence is an important factor that contributes to the monthly expense. Cities like Vancouver and Toronto are very expensive to stay and it is difficult to find affordable housing. If possible the students can try to find residents in the suburban areas where the rent is lower than in the cities. In case the college provides reasonable on-campus boarding options, opting for them can be financially benefitting. It can also save the amount that are required for transportation which is about 80 to 120 CAD per month.

However, there are some cities that provides abolished fares for students. All these factors should be considered. Flight fares are also high for international travellers. In case students wish to fly to other counties like their own country during holidays, they should plan their trip earlier and buy flight tickets as early as possible since with time, the plane fare also increases especially during holiday time like Christmas.

The average monthly student food expenses in Canada are around 200 - 600 CAD per month. Students should also try to minimize their food intake from cafes and restaurants on a daily basis since it is expensive and can affect their health. They should try to cook their own food which is economic and beneficial for health. 

Although the living expense and education fees are comparatively cheaper in Canada compared to some countries, all international students should try to opt for scholarships that cover at least the tuition fees before travelling to Canada. Along with that, students can also take up part-time jobs in restaurants and certain organisations that allow students to work and earn their living. This would help them to pay their rent and meet up their daily expenses.

Any universities also allow online courses or evening classes where working students can take admission. Overall, Canada is a good option to pursue higher education for Indian students. since they get residential and working visas easily, many students aim to get admission to the renowned universities of Canada rather than other countries.

Finance Courses In The Canada With Scholarships

Scholarships help students to opt for higher education and have experience in international education. Many students who excel academically may not have the financial capacity to study at international universities. All developed countries seek international students with high academic excellence to come to their country and pursue education. This is done by providing various types of scholarship programs. Since there are a lot of students who wish to study in international universities and the number of seats is limited, the eligibility criteria for most scholarship programs are high academic skills, knowledge and the ability to bring change in society after completion of the degree.

Some of the common scholarships that are provided in the field of finance in Canada are:



Award (in CAD)

C.Douglas Mellor Prize, McGill University

Should be graduate in finance

Should have high academic excellence


Kenneth F Byrd Prize, McGill University 

Should have a graduate certificate in finance.

They should have high academic skills


International Entrance Scholarships, Humber College 

Applicable for international students with high academic performance


Vice Chancellor Scholarship, York University

Applicable for international students with high academic performance


Banting Postdoctoral Fellowships, Canadian Government

International graduate students with high academic performance


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Frequently Asked Questions

Many Indian students remain interested in pursuing a master's in finance from Canadian institutes. Canada is usually considered the best option for pursuing a master's because of its diverse and strong economy. Canada has a lot of top-class universities that promise high-quality education and a welcoming culture. So, Canada can be deemed as the ideal country for higher education.

Usually, a Masters degree in Canada can last for a span of 2 years. Most major subjects take two years to complete. However, there are a few courses that can be wrapped up within a year. Even if any student is planning to pursue an executive MBA, then also the course duration remains one year. No matter which course you plan to pursue, you can consult our experts for the best guidance.

Masters in finance is not the same as CFA. Unlike a Masters degree in finance, CFA doesn’t cover a broad range of topics. The CFA institute usually offers the CFA program. This American institute focuses solely on courses related to investment knowledge. If you have more questions about the CFA or the Master's degree in Canada, feel free to ask our experts any time.

Thousands of students plan to move to Canada to study finance. This is because Canada offers international students a host of benefits. Some of the reasons why you should plan your Finance masters in Canada are –

  • High-quality Education
  • Diverse Range of Programs
  • Expert Faculty
  • Research Opportunities
  • International Environment
  • Post-graduation Work Opportunities
  • Financial Industry Hub
  • Quality of Life
  • Affordability

Know more about all these aspects in detail from AbroAdvice experts.

If you are planning to study Master's in finance in Canada, you are in luck. There are many fully-funded scholarship options for international students in Canada. Students can easily use this grant money to manage the high cost of higher education in Canada. Some of the scholarship programs cover even the living expenses. So, consult with our experts beforehand to aim for the program best suited for your needs.

The minimum entry requirements for Masters in Finance in Canada are –

  • Bachelor’s degree in any related field of study
  • The average score of 325 on the GRE or 680 on the GMAT
  • A minimum score of 88-110 in TOEFL or 6.5 to 7.5 in IELTS
  • Certain institutions may consider three years of professional experience in a related field

These rules may differ according to the university. So, always refer to our expert consultants before making a decision.

The ten best universities for pursuing Masters in Finance in Canada are –

  • University of Toronto
  • McGill University
  • Queen’s University
  • University of British Columbia
  • University of Western Ontario
  • York University
  • University of Calgary
  • Simon Fraser University
  • Concordia University
  • Carleton University

Our expert consultants can help you get details about all these universities and choose the best one for you.

To enrol yourself for a master's in finance program in Canada, you don’t need any professional experience in most places. If you have a MasterMasters's or Bachelor’s degree in a relevant field, that will be enough for you. But, certain universities or programs ask for professional work experience in finance-related jobs. For example, Cambridge Judge’s MFin program asks for two years of work experience.

You can find an array of job opportunities after completing your MS in Finance from a Canadian institute. Some of the most in-demand job profiles are –

  • Investment Banking Analyst
  • Financial Analyst
  • Risk Manager
  • Asset Manager/Portfolio Manager
  • Corporate Finance Manager
  • Private Equity Analyst
  • Hedge Fund Analyst
  • Financial Consultant
  • Quantitative Analyst
  • Credit Analyst
  • Financial Planner
  • Real Estate Analyst
  • Treasury Analyst
  • Financial Controller
  • Compliance Officer

We can help you understand how to proceed if you want to work in any such profiles.

The average tuition fee for a Master's in Finance in Canada can range between 30,000 CAD to 88,000 CAD per year. The tuition cost varies greatly depending on the university or the course you are choosing. It also depends on the area or the province you are enrolling yourself. You can consult with AbroAdvice experts to know the cost details before enrolling for one.

To apply for a study, permit in Canada, you need to follow these steps –

  • Get the Acceptance Letter
  • Check Eligibility
  • Gather Required Documents
  • Apply Online or Through a Visa Application Centre
  • Pay the Application Fee
  • Book the Biometrics Appointment
  • Attend the Interview

Once you are done with the interview, you will be notified via a POE letter if you are allowed.

The language proficiency tests that international students need to clear for studying MS in finance in Canada are –


You must score 6.5-7.5 to clear the IELTS exam. While for TOEFL, you need to score between 80-100. We can help you get the best guidance to ace these exams.

There are plenty of accommodation options near every university. No matter which university you choose, you can always find someplace near the campus. Moreover, many universities also provide on-campus accommodation options. These are usually cheaper than any standard apartments within the city. Many places also provide you with the option of sharing rooms. You can speak with our experts in advance to know about the accommodation details and choose the best option for you.

To apply for the Master's in Finance in Canada, you need a list of documents. They are –

  • Academic transcripts from your school
  • Two letters of recommendation
  • Scoresheets of English language proficiency tests
  • Scorecard of GRE/GMAT scores.
  • Statement of Purpose
  • An updated resume
  • Work experience letter (if applicable)

This is one thing that every international student must check before paying for their first semester. The relevant bodies must accredit the course you will choose. Otherwise, the course will not be considered valid in most countries and organisations. If you are unsure about the accreditation of the programs, you can consult with our experts.

While studying in Canada, students can take up part-time jobs while studying. They can also take a leave of absence to work for a temporary job. However, that depends on the discretion of the universities. Also, the Canadian government limits the maximum hours students can invest for a part-time job while studying. Consult with our experts, and know the rules before applying for one.

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