ADMISSION INFORMATION

An applicant must have completed or must be in the final year of completing a four-year or an Honours Degree in an undergraduate program (or equivalent) with at least a B+ (78%) standing in the final year of that program. Applicants must have a strong preparation in economics, including full-year courses in both intermediate-level micro and macro theory, and full-year university level courses in each of calculus and statistics. (Note: A full-year course = 2 one-semester courses). Previous training in finance is useful but not required. Each application must be supported by letters of reference from two academic advisors or instructors. Satisfaction of these minimum requirements does not guarantee acceptance into the Program.

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. Preference is given to applicants who have completed (with high standing) advanced-level courses in any or all of economics, mathematics and econometrics.

Applicants are also advised to have completed the Canadian Securities Course prior to beginning the program. Please consult the website at www.csi.ca for further information.
Applicants without a degree from a Canadian university are required to write the GRE, and in some cases, may be required to demonstrate their facility of the English language.

Admission Rates
The Master of Financial Economics Program received final Provincial approval in April 2002. Of the more than 300 applicants who applied for September 2008, a total of 23 students were admitted.

Exemption Policy
No exemptions are granted for previously-completed undergraduate course work. As a general rule, exemptions are also not granted for previously-completed graduate course work. However, in the exceptional case, a student who has previously completed graduate course work may be exempted from one or more of the required MFE courses, but that student will still be required to complete a total of 12 Economics and Management courses prior to being awarded a degree.

Graduate Records Examination (GRE)
The GRE General Test is required for all applicants without a degree from a Canadian university. This requirement must be met before a decision will be made on the application. Minimum GRE scores do not exist. However, the average score for previous MFE applicants was 740+ in the Quantitative portion and 4.5 on the Analytical component of the test. GRE Test scores 2 years or older will NOT be accepted.

All candidates are encouraged to take the Graduate Records Examination. Others who feel that their academic record is a poor measure of their potential for graduate work in economics or who have not done advanced work in economic theory and/or econometrics have much to gain from doing well on this test.

Arrangements must be made for official results to be sent directly to the department. Please note below, the codes required when forwarding your official GRE results to the department.

Institution Code – 0982/Department Code - 1801

Under no circumstances can the GMAT be substituted for the GRE.

Graduate Record Examinations
Educational Testing Service
P.O. Box 6000
Princeton, New Jersey
08541-6000, U.S.A.
www. gre.org

English Language Requirements
Applicants whose primary language is not English and who have graduated from a non-Canadian university where the language of instruction and examination was not English, must demonstrate their facility in English by completing one of the following tests.

Test & Minimum Score Requirements:

TOEFL
Paper Based Test - Overall Score 580/TWE 5.0
Computer Based Test - Overall Score 237/Essay Rating 5.0
Internet Based Test - Overall score 93
Writing score 22, Speaking score 22

IELTS
7.0

MELAB
85

* Arrangements must be made for official results to be sent to the University of Toronto.

Test of English as a Foreign Language (TOEFL)
The TOEFL examination is offered in two formats: the traditional paper-based format including the Test of Written English (TWE) and the computer-based format including an essay rating component. All applicants must satisfy the minimum score requirement listed above to be considered for admission.

TOEFL results must be sent directly to the School of Graduate Studies using the institutional code 0982.

Test of English as a Foreign Language (TOEFL)
Educational Testing Service
P.O. Box 6151
Princeton, New Jersey
U.S.A.., 08541-6151
www.toefl.org

International English Language Testing Service (IELTS)
IELTS
University of Cambridge Local Examinations Syndicate
1 Hills Road,
Cambridge, U.K.
CB1 2EU
www.ielts.org

Michigan English Language Assessment Battery (MELAB)
MELAB
English Language Institute
University of Michigan
3020 North University Building
Ann Arbor, Michigan
USA 48109-1057
www.lsa.umich.edu/eli/

NOTE: The English Language Requirement must be met before a decision will be made on the application.