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MFE Admission and Procedures

About the MFE Program

Admissions video


The presentation slides for our 2018 MFE Open House event are available here.

New for Fall 2019 Admissions: We may choose to conduct skype, phone or in-person interviews as part of the candidate assessment process.

We will be accepting applications for Fall 2019 admissions starting November 15, 2018 via the SGS Online Admission System.
Online application site opens Nov 15, 2018 Online application process may be started.
Application deadline Jan 22, 2019 Online application process is closed. All documents and video interview must be received by 11:59pm Toronto time [EST].
Candidate assessment Early to mid-Feb 2019 Admissions Committee meet and evaluate applications, and may interview candidates.
First round Late Feb/ Early Mar First round offers extended with a 2 week response date.
Second round Mid-Mar Second round offers extended with a 2 week response date.
Third round offers Late Mar Third round offers extended with a 2 week response date.

Application Requirements

a) (Minimum) GRADE requirement: B+ (3.3 out of 4.0 GPA, or 78%) in the final year of a four-year program (exceptions can be made for stellar candidates with a 3 year degree).

A B+ equivalent differs worldwide. Candidates can refer to the database on degree and grade equivalencies for International Students, provided by the School of Graduate Studies, University of Toronto.

b) (Minimum) COURSE requirements: Applicants must have a strong preparation in economics, including full year* courses in:

  1. intermediate-level micro theory (at the UofT, we prefer ECO 206Y, but also accept ECO 204Y, 200Y)
  2. intermediate-level macro theory (at the UofT, we prefer ECO 208Y, but also accept ECO 202Y, 209Y)
  3. calculus (at the UofT, we prefer MAT 133Y, 135Y, 137Y, 157Y)
  4. statistics (at the UofT, we prefer ECO 227, but also accept ECO 220Y, STA 257H/261H)

* A full-year course is equivalent to 2 one-semester courses. See FAQ page for components in required courses.

c) APPLICATION requirements:

The application must be supported by:

  1. At least 2 letters of reference from academic** advisors or instructors uploaded online (or in signed/sealed envelopes)
  2. A no longer than 2 pages 'statement of interest' (see FAQ)
  3. A resume or CV (curriculum vitae) - 2 pages max.
  4. An accepted English Language Test (TOEFL, IELTS, MELAB) sent directly from the testing centre. Please also upload the unofficial copy of your English Test scores to your online application – required of candidates whose most recent post-secondary degree was offered from an institution whose language of instruction was other than in English. See here for minimum scores.
  5. Official GRE (preferred) or GMAT (accepted) scores *** sent from the testing centre. Please also upload the unofficial copy of your GRE or GMAT score to your online application – required of candidates whose post-secondary studies were from other than a Canadian university. See here for minimum scores.
  6. Scanned copies of official academic transcripts from all attended post-secondary institutions uploaded to the online application, if presented an offer of admission, an official copy in sealed and signed envelopes will be required.
  7. A recorded video interview whereby the link will be emailed after fees have been paid, on Friday mornings, and more frequently leading up to the deadline date.
  8. Some candidates may be invited to interview in order to provide more information to the admissions committee.

**    A work reference is accepted in exceptional cases.
***  Students who barely meet the minimum grade requirement, or have not done advanced work in economic theory and/or econometrics are encouraged to take the GRE preferrably, or GMAT test.

Notes for Potential Applicants
  1. Satisfying minimum requirements does not guarantee acceptance into the Program. [Candidates are ranked against the competing applicant pool: In 2016-17 there were 450 applications received for 30 program spots.]
  2. The MFE is a full-time program with one start date, mid-August, and does not offer rolling admissions nor part-time studies.
  3. Transfer Credits:  The School of Graduate Studies may permit up to 1.0 full course equivalents (FCEs) in transfer credits, subject to approval by the Program.
  4. How applications are assessed: Each qualified applicant will be evaluated on the basis of academic performance, letters of reference, the specific courses completed and, in the case of an international student, GRE scores and in some cases, test scores in English language proficiency. Preference is given to applicants who have completed (with high standing) advanced-level courses in any or all of economics, mathematics and econometrics. Relevant work experience or training in finance is NOT required, but is also taken into account, as is professional certification, such as the CFA Institute (www.cfainstitute.org).
  5. Candidates can check the status of their application by logging into their profile on the SGS Online Admissions Site.
  6. We do not do pre-assessments.
  7. Go here to view the web page on Frequently Asked Questions.
How to Apply
Apply via the SGS online admissions system.

Under 'Program Selection' chose ‘Department: Economics Program: Financial Economics’; Degree Program: ‘Master of Financial Economics’, and Attendance Type: ‘Full Time’. A non-refundable online application processing fee of $150 CDN applies.

The application package is a self-administered package. Applicants are responsible for ensuring that all the required documents reach the Master of Financial Economics Program Office and the School of Graduate Studies, University of Toronto by the application deadline.

Students who are completing a program of study at the time of their application for admission should arrange transcripts in early January which reflect previous fall term grades. Such students, should they be given an offer of admission, must ensure the MFE Program Office receives their final transcript AFTER their convocation date.

If applying to more than one graduate program (including the MA in Economics program) at the University of Toronto, you are required to direct separate transcripts, GRE, GMAT and English Language Tests to each program. Inform your referees that they would receive reference request emails for each program you apply to. (Once you enter your referee information including email address into the online application site, they will be emailed a reference webform.)

Where to Direct Documentation
Official documentation can be directed to:

Ayesha Alli, Program Officer
Master of Financial Economics (MFE) program
Department of Economics, University of Toronto
Room 170S, Max Gluskin House (GE), 150 St. George Street
Toronto, Ontario, Canada M5S 3G7

For More Information
Please download our 2018-19 Admissions Guide. You may also contact Ayesha Alli, MFE Program Officer at mfe@utoronto.ca. Due to the high volume of inquiries during admissions season, please anticipate a slower response time.