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Cost of Master in Finance in Canada: A comprehensive Guide

Your Roadmap to Financial Preparedness

Are you considering pursuing a Master of Finance (MFin) degree in Canada? Great choice! This blog is here to help you understand all the cost of master in finance in Canada. We’ll break down the tuition fees and living expenses and even explore some scholarships that can help ease the financial burden. By the end of this read, you'll have a clear picture of what to expect and how to plan your finances for a successful academic journey in one of the most student-friendly countries in the world. Let's dive in!

Cost of Master in Finance in Canada

cost of master in finance in canada

A crucial aspect to consider when planning for a Master of Finance (MFin) degree in Canada is the cost of Master in Finance in Canada tuition. The tuition fee for your MFin program may vary considerably due to factors such as the reputation, duration and whether or not you reside in Canada. To plan your finances well, you have to have a clear understanding of these fees.

The average cost of master in finance in Canada ranges between $30,000 and $88,000 annually. Nevertheless, these figures are approximate and may vary depending on the particular university and program. MFin programs in Canada offered by prestigious universities are likely to fall within this range.

The University of Toronto, McGill University, and Queen’s University UBC Sauder School of Business offer different Master in Finance programs addressing different inclinations. These schools influence a number of criteria combined—from comprehensive curricula to affordability—and they give options that might be valuable for your quality finance education and career growth in Canada.

Note: The tuition fees above are approximate and may change. For the most accurate and current information, please refer to each university’s website or contact their admissions office.

Cost of Master in Finance in Canada: Living Expenses

cost of master in finance in canada

For international students studying in Canada to earn an MFin degree, budgeting and planning for living expenses is necessary if they want their academic experience there to be fun and fruitful. Canada has a high standard of living, and the cost of master in finance in Canada varies significantly from city to another as well as lifestyle.

As you prepare and budget your finances, below is a breakdown of the average monthly living expenses for MFin students in Canada.

Expenses Cost of Living in Canada(Monthly)
Accommodation 1,800 CAD 
Food 250 CAD
Transportation 30- 65 CAD
Health Insurance 550- 915 CAD
Books and Material (yearly) Up to 1,665 CAD
Phone & Internet  30 CAD

1. Accommodation: A big chunk of your budget will be allocated towards housing, especially when considering the cost of Master in Finance in Canada. There are two types of accommodation: on-campus and off-campus. Universities provide on-campus housing, which costs between CAD 8,000 and CAD 10,000. The convenience and availability of campus facilities have made living on campus a preferred choice for many students.

2. Food: Budgeting for food costs, as well as considering the cost of Master in Finance in Canada, is a must. The average monthly grocery and restaurant spending for international students in Canada is between CAD 300 and CAD 400. This estimation depends on your dietary preference, eating habits and the availability of cheap food within or near where you stay. You can cook meals at home and visit local grocery stores to save on food costs.

3. Transportation: The cost of transportation will vary depending on the city and your choice of transport. A monthly pass for the subways or buses can cost you around CAD 80 to CAD 150, depending on where in Canada you are. In urban centres, public transport is convenient and also relatively cheap. Taxis are costlier, with fares ranging from CAD 40 to CAD 50 for a one-kilometre ride. When considering the cost of master in finance in Canada, it's important to budget for these transportation expenses accordingly.

4. Health Insurance: Students studying in Canada are supposed to have medical insurance. Health insurance costs differ from province to province and depend on the coverage selected. For instance, the Medical Services Plan (MSP) costs about CAD 74 per month in British Columbia. Health insurance is essential to provide accessibility to medical services and prevent unexpected medical bills. This consideration is important alongside the cost of a master's in finance in Canada.

5. Utilities: Other costs that need to be factored in include utilities like electricity, cooling, water, garbage, and internet. The average monthly utility charge is about CAD 165, and internet services cost around CAD 79. Energy conservation and the selection of affordable internet plans can control these costs.

6. Entertainment: It is crucial to save money for entertainment and leisure activities when one studies since it helps one maintain a stable lifestyle. Allocating approximately CAD 150 per month for entertainment costs, including movies, concerts, and social activities, could be a good approximation. You can also explore free or discounted student activities to stretch the entertainment budget.

7. Travel: The cost of Master in Finance in Canada can vary based on the student's location. Additionally, factors such as travel mode (plane or train) and the duration of the journey also influence the overall cost. Students typically spend around CAD 80 to CAD 110 per month on transportation. Taking advantage of booking and student discounts can help reduce travel expenses.

Cost of Master in Finance in Canada: Exploring Scholarships 

cost of master in finance in canada

The Canadian government extends various scholarships and fellowships to international students who intend to pursue postgraduate studies and contribute to the nation's economic and societal advancement.

School Scholarship Amount (CAD/USD)
University of Toronto International Student Scholarships 7,500 CAD
McGill University Entrance Scholarships for International Students 3,000 to 12,000 CAD
Government-funded Vanier Canada Graduate Scholarships (for doctoral-level studies) 50,000 CAD
Government-funded Banting Postdoctoral Fellowships (for postdoctoral studies) $70,000 per year (taxable)
External Commonwealth Scholarships (for students from Commonwealth countries) 35,500 USD

1. University-specific MFin in Canada scholarships for the cost of Master in Finance in Canada

University of Toronto: International Student Scholarships

Scholarships provide financial assistance that can help reduce the overall cost of master in finance in Canada, including tuition fees and living expenses.Recognition of Excellence: Receiving a scholarship from the University of Toronto is a recognition of your academic achievements and potential.

Amount- 7,500 CAD

McGill University: Entrance Scholarships for International Students

The scholarship provides financial support to recipients, helping them cover a portion of their tuition fees or other educational expenses associated with the MFin program.The exact amount of the scholarship may vary from year to year and may be awarded based on merit and available funds.

Amount- 3,000 to 12,000 CAD

cost of master in finance in canada

2. Government-funded MFin in Canada scholarships :

Vanier Canada Graduate Scholarships (for doctoral-level studies)

The scholarship is awarded for a duration of three years, ensuring consistent financial support throughout the majority of a doctoral program.

Amount- 50,000 CAD 

Banting Postdoctoral Fellowships (for postdoctoral studies)

The fellowship is awarded for a two-year period, providing postdoctoral researchers with a significant amount of time to advance their research projects and make substantial contributions to their respective fields.

Amount- $70,000 (taxable) per year

3. External MFin in Canada scholarships:

Commonwealth Scholarships (for students from Commonwealth countries)

The fellowship is awarded for a one to two years, and being part of the Commonwealth Scholarship community offers scholars access to a global network of like-minded individuals, which can be beneficial for their academic and professional development.

Amount- 35,500 USD

Conclusion

Understanding the cost of Master in Finance in Canada is crucial for prospective students to make informed decisions about their academic and financial future. By considering factors such as tuition fees, living expenses, and available financial aid, individuals can better prepare for the investment in their education and ultimately pave the way for a rewarding career in the finance industry.

 

Which MFin specialization has the most lucrative job market?


The specialization with the most lucrative job market in MFin can vary based on economic conditions and industry trends. Traditionally, fields like Investment Banking, Private Equity, and Quantitative Finance have been known to offer higher-paying opportunities due to the demand for top financial talent in these areas. However, emerging sectors like Fintech and Sustainable Finance are also gaining prominence and may present attractive prospects. It's essential for aspiring MFin students to research current market demands and align their career goals with the specialization that offers the best combination of personal interests and financial potential.

Which B-School is best for MFin in Canada?


The best B-School for MFin in Canada can depend on various factors such as program reputation, faculty expertise, and alumni network. Some renowned institutions for MFin programs in Canada include Rotman School of Management (University of Toronto), Desautels Faculty of Management (McGill University), and Ivey Business School (Western University). These schools are well-regarded for their finance programs and offer valuable networking opportunities with the financial industry. However, it's essential for prospective students to consider their specific interests and research each program's strengths to find the best fit for their career aspirations.

Which is the best city for MFin aspirants in Canada?


Toronto is often considered the best city for MFin aspirants in Canada. As the financial hub of the country, Toronto offers a robust financial services sector with numerous job opportunities in banking, investment management, and corporate finance. The city is home to major financial institutions and offers valuable networking prospects. Other cities like Vancouver and Montreal also have notable finance industries, but Toronto's prominence and diversity make it a top choice for MFin students seeking lucrative career prospects in Canada.

Are Canadian MFin programs globally recognized?

Yes, Canadian MFin programs are generally recognized globally. Canadian universities maintain high academic standards, and many business schools offering MFin programs hold prestigious international accreditations such as AACSB and EQUIS. These programs provide a comprehensive education in finance and equip graduates with valuable skills sought after by employers worldwide. Canadian universities have a reputation for producing skilled and knowledgeable finance professionals, and MFin graduates from Canada have successfully pursued careers in various countries, enhancing the global recognition of Canadian MFin programs.

Is an MFin from Canada worth it for international students?


Yes, pursuing an MFin from Canada can be worth it for international students. Canadian MFin programs offer high-quality education, reputable faculty, and valuable networking opportunities. Graduates benefit from Canada's strong economy and vibrant financial sector, which can lead to lucrative job prospects in the country and abroad. Additionally, studying in Canada provides exposure to a diverse and multicultural environment, fostering personal growth and cultural exchange. However, international students should consider factors such as tuition costs, visa regulations, and potential return on investment based on their career goals before deciding to pursue an MFin in Canada.

Know Your Author
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Rohit Rajaram
Study Abroad Expert
Rohit is a results-driven individual with a strong background in Education Mentorship, Program Management and Business Development. Holding a Master's degree in Management from ESCP Business School in Paris, Rohit combines academic excellence with extensive industry experience. Throughout his career, Rohit has consistently delivered exceptional results, driving sales, increasing turnover, and achieving targets. Known for his strategic acumen, Rohit formulates and executes successful business strategies, enhancing operational quality, customer satisfaction and key bottonline drivers. As the Co-Founder of MiM-Essay, a leading Early Career Degrees application consulting company, Rohit has successfully mentored over 10,000+ students, enabling them to secure admissions in top-ranked schools worldwide with significant scholarships. Under his leadership, the company has maintained high-quality service and exceptional client satisfaction rates. With expertise in analytics, product development and business excellence, Rohit has successfully driven the success of various initiatives. Committed to constant innovation, he is expanding the company's offerings by introducing digital and technology-powered products for comprehensive education solutions.
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