Job Opportunities In Canada After Masters In Finance

Last Updated on December 15, 2022

Canada is a country with many job opportunities after Masters in Finance. If you are an international student who wants to pursue Master of Finance degree, Canada is one of the most preferred destinations for higher education. Job prospects are incredible in Canada for foreign graduates who have earned their degrees in Canada. If you’re looking for job opportunities in Canada after your Masters in finance, infolearners.com provides you the best news about the job market in Canada, flexible and fixed term jobs, internships and more postgraduate financial news in Canada.

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Masters in Finance in Canada

Master in Finance in Canada is chosen by international students who are interested in analyzing and interpreting economic trends, financial markets, assets, liabilities, and investments. The study aims to assist government and private enterprises in the financial decision-making process.

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  • The duration of Masters in finance in Canada usually spans between 12 to 20 months.
  • The top Canadian universities to study Masters in Finance are the University of Toronto, McGill University, University of British Columbia, etc.
  • The cost of studying a Masters in Finance in Canada is approximately 35,000 USD per year.
  • Students with graduate degrees in finance pursue careers like financial analysts, investment bankers, tax advisers, financial managers, and others.
  • The average salary of an entry-level analyst working in both banking and non-banking domains is 60,000 USD/ per year.

Canada is now becoming a popular study abroad destination for most of the international students. Due to its steadily growing economy and the tight labor market, there are plenty of job opportunities after masters in Canada. It is also easier for master’s students to get Permanent Residency in Canada compared to other countries.

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Master in Finance in Canada is chosen by international students who are interested in analyzing and interpreting economic trends, financial markets, assets, liabilities, and investments. The study aims to assist government and private enterprises in the financial decision-making process. The duration of Masters in finance in the top universities in Canada usually spans between 12 to 20 months.

The cost of studying a Masters in Finance in Canada is approximately 35,000 USD per year. For an Indian student, an equivalent cost of nearly 26 lakh INR should be estimated while planning to study while staying in Canada. The degree provides a beneficial ROI with the average salary of an entry-level analyst working in both banking and non-banking domains being 60,000 USD per year. Students with graduate degrees in finance pursue careers like financial analysts, investment bankers, tax advisers, financial managers, and others. The average annual salary after completion of master’s in Finance in Canada ranges around 123,000 CAD per annum.

Top Universities Offering Masters in Finance in Canada

Canadian Universities provide quality education with affordable tuition fee. Furthermore, these universities also provide scholarships and grants for many international students.

University of TorontoUniversity of WaterlooUniversity of British Columbia and Concordia University are some of the top universities which provide placements to work full-time after graduation.

With study permit, Canada allows international students to work for part-time jobs to support themselves financially. They can work for 20 hours a week and can work full time during breaks and holidays.

Given below is a table of the top universities in Canada for Masters in Finance based on the QS World University Rankings by Subject 2022: Accounting & Finance.

Job Opportunities In Canada After Masters In Finance – CollegeLearners.com
RankingUniversityTotal Fees in CAD
#27University of Toronto89,480
#43University of British Columbia53,567
#10McGill University78,685
#101-150Queen’s University 71,595
#99Universite de Montreal32,597
#101-150University of Alberta14,648
#101-150University of Waterloo14,637
#101-150Western University21,070
#95York University26,714
#201-250Concordia University40,000
Masters In Finance In Canada - Top Universities to Target , With Fees
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Work Permit:

After completion of the master’s degree, students can apply for the Post Graduate Work Permit Program (PGWPP) within 90 days after graduation. This will allow you to work for a period equal to the length of your program and for a maximum of 3 years. When you get sufficient points you can apply for PR as the job opportunities in Canada are very high.

Students should have good English language skills to get a job in Canada. Most of the Canadians speak English. But there are some places such as Quebec, New Brunswick where most of the people speak French. If you like to work in these areas, then it is recommended to learn French.

Cost of Pursuing Masters in Finance in Canada

International students planning to pursue an MS in Finance in Canada must cover the number of tuition fees along with living expenses and pre-arrival costs.

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Pre-Arrival Costs

These are the one-time expenses made before or along with the admission process. The major elements of the pre-arrival costs are tabulated below:-

ExpensesCosts (USD)
Application Fees75-150
Canadian Study Permit Application Fee150
Biometric Fee85
Health Insurance10,000
IELTS185-190
TOEFL160-250
Airfare450-1400

Tuition Fees for Masters in Finance in Canada

Given below is an overview of tuition fees for international students who are planning to study finance programs at the top universities in Canada. For further information, students are advised to visit universities’ official websites.

UniversityCourseTuition Fees (Per Year) (USD)
University of TorontoMaster of Arts (MA) Financial Economics17,827 
Master of Finance32,895 
Master Financial Risk Management47,572 
Master in Financial Insurance38,625 
McGill UniversityMaster of Management in Finance17, 760
Master of Business Administration- Finance32,930 
Universite de MontrealMaster of Science (M.Sc) in Applied Financial Economics20,350
University of AlbertaMaster of Arts in Economics & Finance7,875 
York UniversityMaster of Finance59,388 
Concordia UniversityMaster of Science in Finance27,825 
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Living Costs

The cost of living in Canada differs across various parts of the country. The basic structure of the average cost of living in Canada for international students is discussed below:-

ExpensesCosts (USD)
Accommodation190-570
Books & Supplies230
Food (Per Meal)8-20
Transportation70
Other Related Expenses55-115
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Scholarships

As one of the most coveted education destinations, Canada offers various kinds of financial support to international students in the form of scholarships, grants and bursaries.

  • Banting Postdoctoral Fellowships:- Canadian government offers various kinds of scholarships and fellowships to international students planning to pursue postgraduate study and will positively contribute to the country’s economic and social growth.

Amount:- $70,000 per year (taxable)

Duration: 2 Years (non-renewable)

  • NSERC Postgraduate Scholarships:- These scholarships are offered to outstanding international students undertaking courses related to natural sciences or engineering fields at a recognized university/ college.

Value:- $17,500

Duration: 12 months (non-renewable)

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  • Vanier Canada Graduate Scholarships Program:- The Government of Canada founded the Vanier Canada Graduate Scholarships program to provide financial assistance to students pursuing their graduate studies in the social sciences and humanities, natural sciences and/or engineering and health.

Amount:- $50,000 per year

Duration:- 3 Years (non-renewable)

For more information related to scholarships in Canada for international students, Click Here.

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Jobs With Good Demands In Canada:

The following are some of the highly paid and jobs with high demand in Canada:

  1. Primary Production Managers
    • Average salary: C$69,653
    • Manufacturing management, project management, industrial automation programs will be helpful for this job. This particular field has the highest growth rate of 3.02% from the last 2 years.
  2. Physicians & Dentists
    • Average salary: C$142,000
  3. HR Recruiters
    • Salary: C$44,000 to $52,000.
    • These kinds of jobs are always in demand due to the establishment of new companies every other year.
  4. Nurses
    • Average salary: C$58,831.50
  5. Information security Analysis
    • Average salary: C$68,411
    • Cybersecurity, Information security management are the relevant fields for these kinds of jobs.
  6. Marketing Analysis
    • Average salary: C$60,000
    • Business analytics, data analytics, research analysis are considered for these kinds of jobs.
  7. Engineers
    • Salary: C$60,200 to $90,000
    • Mechanical, Civil and Computer Science engineers are in high demand for these jobs in Canada.
  8. Financial Analysts
    • Average salary: C$56,128
    • Vancouver, Ottawa, and Montreal are famous destinations for these types of jobs.
  9. Physiotherapist
    • Average salary: C$31,524
  10. Education
    • Average salary: C$55,477
    • Education management, MS in education will fall under this category.
  11. Logistic Workers
    • Average salary: C$28,744
    • Degrees in Supply chain management, logistics management are eligible for this type of job.
  12. Accountant
    • Average salary: C$56,000
    • Financial planning, Accounting practice are some of the degree needed for this job.
  13. Tourism and Hospitality Management
    • Average salary: C$66,000
  14. Office managers and administrative assistants
    • Salary: C$35,000 to $46,000
    • Office administration, project management degree is helpful for these kinds of jobs.

Above mentioned salaries may vary from time to time and from place to place. The students can also update their profile with their updated CV in job portals like LinkedInindeedfind a job etc. which will help to reach their profile to the companies.

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masters in finance canada eligibility

The section given below dwells into common prerequisites related to the admission process of Canadian universities such as academic preparations and standardized tests. It is important to note that these eligibility criteria are exclusively for international students only.

  • Academic Qualification: Prospective applicants must have completed their undergraduate degree from an accredited university/ institution with prerequisite classes in fields like business statistics, financial theory, business finance, etc.
  • Minimum GPA: Generally, candidates who want to study masters in finance must have a minimum GPA of 3.0. Whereas, transfer students must have scored at least a 2.0 GPA (~73-76%) on a 4.0 scale. Most online graduate programs do not have the minimum GPA requirement for admission.
  • Standardized Test Scores: International students applying for MS in Finance in Canada must submit the test scores of standardized tests like GMAT or GRE. The minimum requirements of these tests vary from university to university.
  • English Proficiency Requirements: Non-native English speakers are required to prove their proficiency in the English language. International students can submit the scores of tests like IELTS or TOEFL for the same.
UniversityTOEFL IELTS
University of Toronto7.0
The University of British Columbia90 iBT6.5
McGill University567 PBT/ 86 iBT6.5
University of Waterloo100 iBT7.5
Western University550 PBT/ 213 CBT/ 86 iBT6.0
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masters in finance requirements

Given below are the admission requirements common for the majority of Canadian universities offering Masters in Finance programs.

  • Transcripts: Applicants must submit official transcripts of all previous qualifications along with their certified copies. International students are required to provide English/ French language translations as well.
  • Resume/ CV: To secure admission in Master in Finance, students need to submit an updated version of their resume or curriculum vitae showing a detailed academic and work history.
  • Work Experience: Various master’s programs in finance such as executive MBAs require students to show proof of a minimum of two years of relevant work experience. Applicants with significant career achievements gain a competitive edge during the selection process and can qualify for paid fellowships.
  • Personal Statement: A personal statement is an important application document that allows prospective candidates to set themselves apart from other applicants by describing their academic and professional accomplishments. Most universities require a one-to-two page statement to determine the students’ motivations and aspirations for the future.
  • Letters of Recommendations: Candidates are expected to submit at least two letters of recommendation along with their applications. These letters should be from academic and professional references attesting the student’s personal achievements and professional qualities.

Masters in Finance in Canada Admission Timeline

International students who are planning to take standardized tests are advised to set aside two-to-three months to prepare for the exam. Generally, the results of the GMAT and GRE are announced within 5-20 days and 10-15 days respectively. Each university has its own application deadlines. Graduate schools usually set their deadlines two months prior to the commencement of the semester. Applicants are advised to provide themselves at least 4-6 weeks to draft a proper resume and personal essay. A substantial amount of time should be provided for securing letters of recommendation.

masters in finance canada fees

Given below is an overview of tuition fees for international students who are planning to study finance programs at the top universities in Canada. For further information, students are advised to visit universities’ official websites.

UniversityCourseTuition Fees (Per Year) (USD)
University of TorontoMaster of Arts (MA) Financial Economics17,827 
Master of Finance32,895 
Master Financial Risk Management47,572 
Master in Financial Insurance38,625 
McGill UniversityMaster of Management in Finance17, 760
Master of Business Administration- Finance32,930 
Universite de MontrealMaster of Science (M.Sc) in Applied Financial Economics20,350
University of AlbertaMaster of Arts in Economics & Finance7,875 
York UniversityMaster of Finance59,388 
Concordia UniversityMaster of Science in Finance27,825 

career options after masters in finance

Pursuing masters in Finance from Canada opens a large number of doors in the financial, services and industry sectors of the economy. The average salary of the master’s in Finance graduates in Canada is 123,000 CAD per year. Some of the highest paid jobs in Canada for international students along with their job descriptions are discussed below:-

Accountant: Students who are interested in monitoring the financial health of organizations by analyzing the records can opt for this career option. The job profile particularly involves preparing taxes and recommending necessary changes to increase the company’s revenue and reduce its expenditures.

Budget Analyst: The job of a budget analyst is to collaborate with management to create budgets. They examine and formulate the company’s budget proposals to meet state and federal demands and regulations.

Financial Analyst: A financial analyst determines a company’s financial worth by analyzing and evaluating its financial reports and statements. By collecting relevant data, they examine the economic market and suggest bonds and stock options to provide insights into the company’s economic standing.

Market Research Analyst: Market Research Analysts conduct surveys and polls to forecast sales and marketing trends by monitoring consumer’s behavior. Their job also includes the task of creating reports to measure the buyer’s interest and spending.

Risk Manager: Students opting for this profession will explore several variables that influence potential gains and losses, including workplace accidents, natural disasters, market fluctuations, and legal issues.

Following are the median annual salaries offered to the professionals in Canada after completing master’s in Finance:

Job Profile Median Annual Salary (CAD/ Year)
Chartered Accountant 104,000
Accounts Executive111,000
Budget Analyst142,000
Financial Analyst160,000
Financial Administrator147,000
Risk Management Director209,000
Tax Manager173,000
Tax Advisor125,000
Cost Accountant Manager167,000
Cost Analyst139,000

The specialized nature of masters in finance in Canadian universities provides students an opportunity to clarify their academic interests, professional goals, and personal needs. According to the Bureau of Labor Statistics (BLS), the demand for personal financial advisors will increase by up to 7% in the upcoming 10 years. Thus, the wide coverage of finance yields diverse career prospects for international students attracting them to take admission at the top universities in Canada.

masters in finance canada salary

When you’re considering going back to school, you need to make informed decisions about the investment you’re making and the financial returns you’re likely to see. Although even the most well-reasoned plans and calculations can’t always predict the future, looking at the careers that will be available to you after graduate school can help you develop realistic master’s in finance salary expectations.

Financial manager is among the top graduate degree jobs paying more than $100,000 in 2021, according to U.S. News & World Report. Other careers with a master’s of finance degree include financial analyst, personal financial advisor, financial examiner and financial services sales agents.

A question that prospective students often ask is how a master’s in finance degree compares to a Master of Business Administration (MBA), which may include a concentration in finance. A Master of Finance (MFin) or Master of Science in Finance (MS in Finance or MSF) is a graduate-level degree with a curriculum that consists of specialized finance coursework.

Rather than taking a collection of courses that stretch across all areas of business, as MBA students do, Master of Finance students take classes to broaden and deepen their knowledge of finance topics and develop advanced skills in the professional practice of financial management or analysis. Generally, students can start earning their Master of Finance degree with less work experience and complete their degree requirements faster than MBA students.

Compared to the traditional MBA, specialized master’s programs in finance and other areas of business are relatively new, having really come into popularity in the past couple of decades. However, they have been around long enough to see how a finance master degree salary stacks up to the earning potential conferred by an MBA. Generally, graduates with an MBA do earn more than those with specialized business master’s degrees, but a Master of Finance degree is the second highest paying graduate degree in business, according to U.S. News & World Report.

Given the more extensive experience requirements for an MBA program, as well as the longer time to complete a typical MBA and the greater likelihood of pursuing a management role with this background, the advantage attributed to MBA degrees may not tell the whole story. Getting your master’s degree earlier, as you can when opting for a Master of Finance program over an MBA, allows you to start reaping the financial benefits of graduate education earlier.

Students with a master’s in finance degree can and often do go on to hold financial manager roles with salaries on par with their peers with an MBA, but management isn’t their only lucrative career option. Graduates of specialized finance master’s degrees also advance to specialized and high-level roles in finance where they can command high salaries without having to pivot their careers toward management and administration.

Master’s in Finance Starting Salary

Median and average salaries may tell you what to expect from a Master of Finance salary long-term, but what about in the short term? Prospective students need to know what their starting salaries are likely to look like once they earn their graduate degree, especially because it’s during this time that they may have to begin repaying student loans or rebuilding their savings after investing money into their degree.

Class of 2020 graduates of business master’s degrees – including not only Master of Finance students but also MBA students and those in other specialized business programs – earned a $75,197 average projected salary, according to the National Association of Colleges and Employers. Starting salaries for new graduates of business degree programs vary widely according to factors such as job title, geographical location and the reputation of your business school. As a general guideline, some schools have reported that their Master of Finance graduates earned starting salaries ranging from $60,000 to $85,000 per year.

Masters in Finance Salary by Job Title

Your graduate degree certainly affects your earning potential, but employers don’t determine a salary to offer you based upon your degree. Rather, they calculate a salary to fit the job you will be doing and the different tasks and responsibilities that job entails. Aside from looking at general income ranges, the only way to really examine MS in finance salary potential is to break this data down by the job title you might hold with your graduate degree in finance. Many master’s in finance students go on to work in roles like financial analyst, personal financial advisor, financial examiner, investment banker or financial manager.

As you’re browsing the different finance jobs available with a master’s degree and the salaries that accompany them, keep in mind that earning potential shouldn’t be your only consideration when choosing a career – especially when all of your options allow you to earn a good living. Pay attention to the focus and job duties of each finance occupation and think about what you want to do with your degree.

Keep in mind that prospective Master of Finance students don’t need to know before they enroll exactly which career path they want to pursue after graduate school. As you work your way through a graduate-level finance curriculum, you may have the opportunity to delve deeper into the areas of finance study that you could apply to a variety of different positions.

Financial Analyst Salary With Master’s Degree

The first job you’re likely to get once you graduate with your master’s in finance degree is financial analysts. These professionals earned a median salary of $83,660 per year as of 2020, the United States Bureau of Labor Statistics (BLS) reported. The highest-paid financial analysts work in financial investments, including commodity contracts and securities. They earn a median wage of $94,450. The role of a financial analyst is to study and evaluate potential investments so that companies can make smart (and profitable) investment decisions. For senior financial analyst roles, for which you’re likely to qualify with a Master of Finance degree, Salary.com reported an average salary of $91,039 and a typical salary range of $82,997 to $100,414 in 2021.

The majority of financial quantitative analysts – 65 percent – reported having a master’s degree, according to O*NET. However, the BLS reported that you can become a financial analyst with only a bachelor’s degree. Bachelor’s degrees and post-baccalaureate certificates are equally common for financial quantitative analysts, each accounting for 13 percent of the occupation, O*NET reported.

MS in Finance Salary for Personal Financial Advisors

You could also find a position working as a personal financial advisor. Unlike the typical financial analyst, personal financial advisors work with individuals rather than corporations. Assessing investment options is only one part of a personal financial advisor’s role. Personal financial advisors work with clients on a number of different financial decisions, from choosing how and how much money to save for certain financial goals to planning their estates, making sound decisions about taxes and even buying insurance. The median salary for personal financial advisors was $89,330 as of 2020, the BLS reported.

Financial Examiner Salaries With a Master’s in Finance Degree

For financial examiners, whose job is to review financial statements and reports for the purpose of either assessing the financial health and risks of the organization or ensuring compliance with regulations, the BLS reported a median salary of $81,430 in 2020. The federal government employs 11 percent of the occupation and is by far the best-paying industry for financial examiners, with the industry reporting a median salary of $124,070. Just four percent of financial examiners reported having a master’s degree, according to O*NET.

Salaries for Investment Bankers and Other Financial Services Sales Agents

You have probably heard of the profitable role of investment banker, which the BLS categorizes as part of the securities, commodities, and financial services sales agents occupation. The $64,770 median annual salary reported for this occupation in 2020 doesn’t tell the whole story of investment bankers’ earning potential. While financial services sales agents working in credit intermediation earned a median salary of only $52,360, those working in financial investment activities earned $89,740 per year in 2020, according to the BLS.

Financial Manager Salary Potential

The highest-paid position in the field of finance is financial manager. Financial managers earned a median annual wage of $134,180 in 2020, the BLS reported. Financial managers working in company management or professional and scientific services earn even more – $149,300 and $154,790, respectively. Finance officers, treasurers, controllers and chief financial officers are all types of financial managers, and they all work to maintain the big-picture financial health of their company or organization. Among treasurers and controllers specifically, 32 percent of the occupation reported having a master’s degree, according to O*NET.

About the author

The Editorial Team at Infolearners.com is dedicated to providing the best information on learning. From attaining a certificate in marketing to earning an MBA, we have all you need. If you feel lost, reach out to an admission officer.
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