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How to apply

Master of Financial Risk Management: how to apply and important deadlines

How to apply and important deadlines 

You’ve reviewed what we’re looking for and you’re ready to start your application. Great! Before you do, we thought it would be helpful to detail the supplemental items required as part of the online application form, and their associated deadlines.

2024 entry is closed. Check back for 2025 entry deadlines.

Don't forget—the earlier you apply, the more entry awards you'll be considered for by the team. 

Supplemental items

As part of the online application form you will be asked to submit the following documents. We do not require official documents as part of the application; we will only ask for official documents from applicants who accept an offer to join the program. Once you’ve started an application form you may also access these through your online profile, under the ‘Submit Supplemental Items’ section.

1. Academic transcripts

At the time of your application, we require an unofficial transcript from each institution where you have attended for credit.

If you accept an offer of admission, we will require your official transcript to be sent directly from each institution where you have attended for credit. These transcripts are required before the program begins in September; you do not have to send them when you apply.

Please take a look at our transcript guide on how to submit unofficial transcripts and to understand our requirements for official transcripts if you are accepted into the MFRM program. The mailing address is contained within.


Please note that only an unofficial copy of your academic transcript to-date is required by the Application Deadline date. You may upload this copy to the Supplemental Items section of your application. Successful applicants who are granted conditional admission into the program will be asked to submit a final official copy upon graduation.

2. Course outlines for prerequisite courses

If you have completed, or are currently taking, one or more of our four prerequisite courses, a complete course outline must be uploaded for each course:

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

If you are unsure whether a course meets our prerequisite, you are still encouraged to upload an outline. We will assess each outline to determine whether the prerequisite has been met. Applicants who have not completed one or more of the above courses, will still be eligible for conditional admission into the program.

3. Resume

You will be asked to upload a copy of your resume.

4. Official confirmation of English language proficiency

If you have graduated from a non-Canadian university where the language of instruction and examination was not English, you will be asked to submit a TOEFL, IELTS or CAEL CE score that meets our minimum requirement:

  • 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. Minimum CAEL CE is 70 total with at least 60 in each part.

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.

We accept an unofficial (scanned) language test result at the time of application. Anyone admitted to the program will be required to submit official results directly from the testing organization. 

5. 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. Full instructions on how to send out your reference requests will be detailed on the online application form.

If you wish to submit an additional work or research letter of reference, they should be emailed to the MFRM inbox by the referee.

6. GMAT or GRE score

A GMAT or GRE score is NOT required for entry into the MFRM program. However, if you have taken either exam and wish to include your score as part of your application, please see instructions on how to do so below:

  • Include your GMAT or GRE score in the MFRM application  
  • Upload an unofficial copy of the score report to the Supplemental Items section of your application  
  • Order an official copy of the score report to be sent directly to Rotman. The test codes are: GMAT -  BTD-KS-65, GRE - 0853 

7. CFA

If you have completed Level I, II or III of the CFA Study and Examination program, you may be exempt from our prerequisite courses. More information may be found here.

Please see instructions on how to be considered for an exemption below:

  • Indicate the level of the CFA program you have obtained on the MFRM application form
  • Request that a letter is sent to us directly from the CFA Institute ( confirming the level you have obtained. The letter should be sent directly to:

Rotman's Master of Financial Risk Management

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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