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MFRM Admissions criteria

Are you the right fit?

We look for students with strong quantitative skills, a solid academic track record, and a high potential for professional achievement in risk management.

Applicants must meet the following requirements:

1. A recognized four-year undergraduate degree or equivalent:

Minimum B average required across courses in the final year but most students admitted will have a considerably higher GPA. Business, commerce, economics, mathematics, engineering or actuarial science degrees will be preferred, but other 4-year undergraduate degrees will be considered if there is evidence of strong quantitative skills. If you studied outside of Canada, consult the School of Graduate Studies' site for details of the minimum admission requirements for your country of study.

Study impacted by COVID-19

2. Quantitative proficiency:

Evidence of a high level of proficiency (a GPA of at least 3.0) in quantitative subjects such as calculus, linear algebra, statistics and econometrics is required. In cases where evidence of quantitative ability is not obvious, applicants may be asked to supply a GMAT/GRE score or other supplementary evidence of quantitative ability.

3. Computational proficiency:

Prior to starting the program, all admitted students must complete a four-week Python for Business Course that will be offered by the Rotman School of Management.
The course is to ensure everyone in the program has a minimum base level ability with Python. It will consist of two tests and a guided capstone project. The course is a beginner to moderate level. Students can expect to commit six hours to the course over four weeks. The course and capstone must be completed by the end of June.

4. Prerequisites:

Before the program begins in September, admitted students must have completed courses in the following areas as part of their undergraduate degree:

  • Foundations of Finance
  • Financial Accounting
  • Financial Derivatives
  • Investments

If you have not completed courses in these areas as part of your undergraduate degree, you can obtain an offer of admission that is conditional on passing a qualifying exam for each prerequisite that is missing. Contact us if you have further questions after reviewing the detailed prerequisite information.

5. English language proficiency:

Applicants must demonstrate the ability to communicate in English in one of the following ways:

a) An undergraduate degree from a university at which the language of instruction and examination was English 

b) Satisfactory performance on a standardized English Language Test. Minimum TOEFL score of 100 is required, with a minimum of 22 in both writing and speaking, or a minimum IELTS Academic Test with a score of 7.0 with at least 6.5 across all bands. CAEL CE is now accepted as well, with a 70 minimum total with at least 60 in each part.

Note: results from the Special Home Edition of the Internet-based TOEFL Test (launched in select countries in March 2020) will be considered from applicants for this application cycle until further notice.

If you have studied at an English-language university outside of Canada, official confirmation of English as the language of instruction and examination from your university will be required.

6. Two academic references:

Two recommendation forms must be completed online by your referees. While both referees should be academic, applicants who are applying to the MFRM with some work experience, are welcome to submit one academic and one professional reference. If possible, we encourage you to have at least one reference from a professor who taught you in a quantitative course.

7. On-line application (includes written essay)

The application fee is $195 CAD.

8. Video Questions & Real-time Written Response

All candidates will be asked to record a video response to two questions and complete a real-time writing exercise in order to demonstrate their professionalism and communication skills.

9. Admissions interview

Shortlisted candidates will be interviewed. Interviews are by invitation only. 


If you have any questions about your application, feel free to contact our Recruitment and Admissions Officer, by telephone at 416.978.2230 or by email at

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Key Facts


  • 10 months, full-time


  • September, one intake per year

Program fee (2024 entry)

  • Domestic = $41,040 CAD
  • International = $72,480 CAD 

Employment rate

  • 100% (Class of 2022, within six months of graduation)


  • #1 in Canada
  • #4 in North America
  • #18 in the world

QS World University Rankings: Masters in Finance Rankings 2023