Fees and financial aid
Calculate your costs
Learn about the fees and expenses for the MFRM program, and the financial aid available to you as a Rotman student.
Tuition for the program
The Tuition Fee for students entering the MFRM program in September 2019 is:
Domestic Student Fee: $39,850
International Student Fee: $63,430
Tuition (academic) fees, University incidental fees and Rotman ancillary fees are set annually by the University and are subject to change. Fees are subject to approval at the University of Toronto Governing Council’s annual meeting in spring.
The Rotman School strives to recruit the best candidates to its programs, and is committed to helping you afford your education by providing you with a broad range of financial options.
GRI Entrance Awards
Ranging from $2,500 to $15,000, GRI Entrance Awards are granted to future MFRM students demonstrating exceptional merit.
To recognize the achievement of our female applicants, one $10,000 GRI Women in Risk Management Entrance Award will be granted to a top female candidate starting the program.
Scotiabank Latin American Scholarship
Up to three awards of $25,000 for future students of the Master of Financial Risk Management, Full Time or Morning or Evening MBA programs, who meet the following criteria:
Students from Latin America may be eligible for this award. Preference given to students with demonstrated academic achievement. Additional preference given to students with strong leadership qualities with demonstrated impact. Selections will be based on academic merit. Recipients could be a citizen or a Permanent Resident of Canada, but originally from Latin America. Scotiabank employees are eligible if they meet the above conditions.
Peter Christoffersen Scholarship
One award of $4,000 will be granted to an incoming MFRM student who displays high academic merit as well as strong leadership and interpersonal skills as part of their application to the program.
This award was established in memory of Professor Peter Christoffersen who passed away in June 2018. Professor Christoffersen was an outstanding scholar whose work had a profound influence in the world of business and finance. He was a leading expert in financial economics and risk management, and was actively engaged in the conception, design and launch of the Master of Financial Risk Management program at Rotman. An exceptional teacher and researcher, Professor Christoffersen held the TMX Chair in Capital Markets and was twice-named a Bank of Canada fellow.
No separate application is required and all applicants will be automatically considered for entrance awards when their application is reviewed for admission.
Tip: The earlier you apply, the greater your chance of an entrance award.
Ontario Graduate Scholarship
Jointly supported by the Ontario Government, the University of Toronto and donors to the Rotman School, these scholarships are intended to encourage and support academic excellence at the master’s and doctoral levels and are awarded to domestic students enrolled in full-time studies who have obtained a first class standing. An Ontario Graduate Scholarship at the Rotman School of Management is held for one year and valued at $10,000 to $15,000 per year, thanks to the generous support of our donors.
The Rotman School’s deadline for 2019-20 OGS applications is: For Canadian citizens or Permanent Residents: May 1, 2019.
Students interested in applying for an Ontario Graduate Scholarship should consult the Rotman Office of the Registrar and Academic Services website for reference on eligibility, conditions and application forms.
Loan programs and interest subsidies
Professional Student Loan Plan (PSLP) with BMO and RBC
All domestic students (Canadian citizens, permanent residents) can access an interest subsidized loan to cover the full cost of their tuition, University incidental fees and Rotman-specific ancillary fees from the Bank of Montreal (BMO) or the Royal Bank of Canada (RBC). International students (those on study visas) can also access a BMO or RBC loan secured with a qualified Canadian resident co-signer, cash collateral, or standby letter of credit. The Rotman School pays the interest incurred on this specialized student loan for the duration the student is enrolled in the MFRM program up to June 30 of their graduating year.
Rotman Interest Subsidy Program (RISP)
Students who have obtained student or education loans from an officially recognized financial institution (in Canada or in their home country) can enroll in the Rotman Interest Subsidy Program (RISP). The Rotman School may provide a subsidy for the interest incurred on a student loan for the duration the student is registered in the MFRM program up to June 30 of their graduating year. The subsidy will be calculated based on the prime interest rate (in Canada) and a loan amount not to exceed the tuition, University incidental fees and ancillary fees of the MFRM program.
The Master of Financial Risk Management program is considered a full time program, and as such, students are eligible for Canadian government loan programs. Each provincial government in Canada administers and maintains a student financial aid program in cooperation with the federal government’s Canada Student Loan (CSL) program. When you apply to your provincial government for assistance, you are also automatically considered for a loan through the CSL. For more information, consult the Ontario Student Assistance Program (OSAP) website.
Lifelong Learning Plan (LLP)
The LLP allows individuals to withdraw amounts from their registered retirement savings plans (RRSPs) to finance their own education or that of their spouse/partner. Amounts withdrawn under the LLP do not count towards income and the RRSP issuer does not withhold taxes on these amounts. Withdrawals must be repaid over a period of no more than 10 years.
For more information, consult the Canada Revenue Agency website.
Registered Education Savings Plan (RESP)
An RESP is an education savings account that is registered with the Government of Canada for parents who want to save for their child's post-secondary education. Once the child (the RESP beneficiary) has graduated from high school and enrolled full-time or part-time in a qualifying post-secondary educational program, the Plan holder can request, on his or her behalf, to withdraw money from the RESP to help pay for their studies.
Educational Assistance Payments include the interest earned in the RESP as well as any Canada Education Savings Grants, provincial grants and Canada Learning Bonds received. The money can be used to pay for post-secondary school expenses like tuition, books and transportation. For more information, consult the Canada Revenue Agency website.
Financial aid for international students
Professional Student Loan Plan with BMO and RBC
The Rotman School has partnered with the Bank of Montreal (BMO) and the Royal Bank of Canada (RBC) to provide MFRM students with the interest-subsidized PSLP, specifically tailored to help students meet the educational costs of the MFRM degree. International students (those on a student visa) will be considered with a qualified Canadian resident co-signer or cash collateral.
International students can also be considered for a non-cosigned BMO loan for up to 100% of their program tuition fees with a Standby Letter of Credit issued from any BMO-approved bank in the student’s home country. With a Standby Letter of Credit, the bank in the student’s home country guarantees to pay the BMO loan amount should the student end up not re-paying it. The bank will then collect from the student the amount it pays to BMO.
The Rotman School pays the interest incurred on the BMO or RBC loan for the duration the student is enrolled in the MFRM program.
Government of Canada International Scholarship Programs
The Government of Canada has a number of scholarships available to international students for study/research in Canada. These are organized by country of origin. Examples are:
- Canadian Commonwealth Scholarship
- Equal Opportunities Scholarship Program, Canada-Chile
- Government of Canada Awards Program
- Organizations of American States Fellowships Programs
Loan assistance for students from the United States
The United States provides financial assistance to U.S. citizens studying at the Rotman School through the USA Federal Direct Loan Program. Details and application instructions can be found on the University of Toronto’s Enrolment Services website.
International Peace Scholarship Fund for Women (IPS)
IPS is a program providing grants-in-aid for selected women from other countries for graduate study in the United States and Canada. An applicant must be qualified for admission to full-time graduate study and working toward a graduate degree in the college or university of her choice in the United States or Canada. A student holding citizenship in the United States or Canada is ineligible. For more information, visit www.peointernational.org.
International students are also eligible for many of the School’s scholarships, fellowships, and teaching and research assistantships. A number of organizations also offer scholarships, fellowships and loans to citizens of various countries to study in Canada. These programs have not been screened by the Rotman School, and students are individually responsible for applying.