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Pursuing a Master of Finance (MFin) in Canada is a great choice for those looking to advance their careers in finance. Canada is known for its top-notch education and diverse job market, offering many opportunities for MFin graduates. However, it's important to understand the costs involved to plan effectively. This guide will give you a clear overview of the expenses associated with an MFin in Canada, helping you make a well-informed decision about your education and finances.
Cost of Master in Finance in Canada
A crucial aspect to consider when planning for a Master of Finance degree in Canada is the cost related to it. 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. Top 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 give options that might be valuable for your quality finance education and career growth in Canada.
| Top MBA Prpgrams in Canada | Fees |
| Schulich School of Business MBA program | CAD 84,100 |
| Queens University MBA program | CAD 73,300 |
| UBC Sauder School of Business MBA program | CAD 9,313 |
| McGill University MBA program | CAD 63,345 |
| HEC Montreal MBA program | CAD 23,800 |
Living Expenses for MFin Students 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.
Financing Your 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 scholarships
Pursuing a business education in Canada offers a unique blend of high-quality education, diverse cultural experiences, and excellent career prospects. To make this journey more accessible, many Canadian business schools provide university-specific scholarships designed to attract and support talented students.
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
2. Government-funded scholarships :
Securing an MBA from a top-tier business school in Canada is a prestigious goal for many aspiring professionals worldwide. To support this endeavor, the Canadian government offers an array of scholarships designed to alleviate financial burdens and attract exceptional talent to its renowned educational institutions.
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 scholarships:
For students pursuing a Master of Finance (MFin) degree at leading Canadian business schools, external scholarships offer additional financial support beyond university-specific and government-funded options.
Commonwealth Scholarships (for students from Commonwealth countries)
The fellowship is awarded for 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 a Master's 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.
