Masters In Accounting And Finance In Canada For International Students

Last Updated on December 14, 2022

Applying to a Masters in Accounting and Finance degree program in Canada is the next step on your career path, so let’s get started first by learning about how to apply to a university in Canada. This could be your first time dealing with this or it could be something you’ve been through many times for many different degrees. When applying for an MBA degree you have to have the grades, background, and the extracurricular activities that make you stand out from everyone else.

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masters in accounting and finance in canada for international students

Jobs in finance and accounting have always been in high demand due to the top-tier salary, job stability, and recognition they offer. A degree in accounting or finance from a renowned university can open the doors to several top career opportunities in the field.

The finance and accounting field has several specializations and is required in several institutions, including banks, government agencies, and financial entities. To pursue a career in the area, one needs to have a strong liking for numbers with the ability to analyze, compare and interpret figures and facts.

Canada is the top destination for studying finance, given its many work opportunities, scholarship options, and world-class educational institutions. Having a degree from a leading Canadian university makes you eligible for job opportunities not just in Canada but around the world.

Here is a list of the 8 Canadian universities that offer exceptional courses where you can study accounting and finance in 2021:

1. University of Toronto

The University of Toronto is a premier global institution offering higher education in several disciplines. The university has over 90 programs at the undergraduate and postgraduate level, with finance being one of its leading fields. The institution ranks #16 for graduate employability as per QS rankings (2020) and is ideal for careers in finance, accounting, economics, and more.

2. McGill University

Located in Montreal, Canada, McGill University was founded in 1821 by King George IV under the vision of James McGill. The public university is your best bet for quality education and ranked #35 by QS World University Rankings 2020 and offers 400+ programs. Well known for its MBA and programs in finance, analytics, law, and other fields, McGill deserves to be on your list of schools if you’re considering a career in banking.

3. University of British Columbia (UBC)

The University Of British Columbia (UBC) is the top educational institution in Vancouver, Canada. The school has a stellar on-campus recruitment program and ranked #3 for graduate employability in the QS 2019 survey. It offers a wide range of graduate and postgraduate degrees in international economics, business administration, and more. With industry-relevant programs and an experienced faculty, you’re sure to score a great accounting or finance job after graduating from UBC.

4. York University

York University in Ontario, Canada, is a public institute that was established in 1959. It is the 2nd largest institute in Ontario and 3rd largest in Canada, with over 11 faculties in various streams. The university has some great law, management, and finance programs and is also well-known for providing good financial aid to students. The university was voted as the #1 business school in The Economics, 2019, while it is ranked 5th in Time Higher Education Rankings (2019).

5. Queen’s University

Located in Ontario, Canada, Queen’s University was founded in 1841 by the royal charter of Queen Victoria and consistently finds mention among the top universities in Canada. The university offers 150+ graduate and undergraduate courses, with finance, accounting, and business administration being some of its most popular courses. Queen’s also has the Smith School of Business in Kingston, which is focused on providing programs in business management and includes finance, commerce, and accounting.

6. McMaster University

McMaster University is a prestigious institution located in Hamilton, Ontario, and home to over 4000+ international students. Established in 1887, it offers 3000+ programs with more than 70 research centers and institutes in Canada. McMaster University offers several graduate and postgraduate degrees in economics, commerce, accounting, and finance. The school ranked #4 in Canada as per QS (2020).

7. Université de Montréal

If you’re exploring a career in accounting, and you’ve got a flair for French, consider the Université de Montréal (UdeM). The public institution was founded in 1878 in Montreal, Canada, and offers specializations and graduate programs in finance, management, mathematics, and economics. UdeM ranked #7 in the list of Best Universities in Canada by Shanghai Ranking (2019).

8. Université Laval

Université Laval, located in Quebec City, is the first French-language university in North America. They offer 500+ programs with over 1000+ online courses and have intakes for fall, winter, and spring. For finance and economics, the university offers several distance learning programs around financial data management, analytics, and more, including a Master of Science in Business Administration (M.Sc.) and a Specialized Graduate Studies Degree (DESS).

In closing

As one of the world’s strongest economies, Canada offers a high standard of living and houses some of the best financial organizations across the globe. What’s more, you can even get a partial or full scholarship from the university or other institutes in Canada, ensuring that your learning experience is as enjoyable as ever.

Kickstart your journey in the world of finance and study in Canada for accounting, business management, commerce, economics, and more today!

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 moving to 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.

Looking for MBA in Finance? Explore more here!

Top Universities offering Masters in Finance in Canada

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.

RankingUniversity
#27University of Toronto
#43University of British Columbia
#10McGill University
#101-150Queen’s University 
#99Universite de Montreal
#101-150University of Alberta
#101-150University of Waterloo
#101-150Western University
#95York University
#201-250Concordia University

Masters in Finance in Canada: Course Curriculum

Post-graduate degree in finance is available as MS, MA and MBA in Finance in Canada. However, each program teaches students basic concepts of financial systems within various organizations such as financial reporting, investment, and tax law. The standard curriculum structure of most finance programs is given below:

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  • Financial Analysis & Reporting:- This section comprises the learning of accounting and its related terms such as assets, liabilities, financial statements and shareholders’ equity wealth.
  • Corporate Finance:- Students are taught valuation in terms of time, debt and equity securities. It provides them an opportunity to gain insights into different organizations and their financial statements.
  • Business Communication:- This course builds up students’ both verbal and written communication skills. This is achieved by developing reports, memos, and emails and conducting lead meetings and presentations.
  • Business Taxation:- When studying MS in Finance, it is crucial that students have a thorough knowledge of the federal income tax system and know how to perform credits and debits for business expenses.
  • Investment Analysis:- By conducting analyses of portfolios’ securities, students learn about their functions and the markets they occupy.

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.

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 in 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 

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

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 USD 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 USD

Duration: 12 months (non-renewable)

  • 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 USD per year

Duration:- 3 Years (non-renewable)

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

Admission Process for Masters in Finance in Canada

Like most programs, the admission process for masters in finance varies from university to university. The admission process for international students is divided into two parts, eligibility criteria and admission requirements.

Eligibility Criteria for MS in Finance in Canada

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

Master in Finance in Canada Admission 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.
LOR for CanadaSOP for FinanceSOP for CanadaHow to Submit LOR

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.

Career Opportunities after Masters in Finance in Canada

Pursuing masters in Finance from Canada opens a large number of doors in the financial, services and industry sectors of the economy. 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)
Accountant 52,100
Budget Analyst67,800
Financial Analyst59,400
Market Research Analyst51,207
Risk Manager89,749

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.

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