Financial Economics

The Master of Financial Economics (MFE) program is a non-thesis degree program offered jointly by the Department of Economics and the Rotman School of Management. The 18-month MFE program provides students with a broad understanding of financial theory as well as the economic framework upon which that theory is based, both in the classroom and through practical real-world experience. Students are expected to complete a mandatory winter or summer internship to enhance their development in the program and prepare themselves for an eventual career in industry. Graduates of the program receive a professional degree called the Master of Financial Economics.

• Applicants are admitted under the General Regulations of the School of Graduate Studies. Applicants must also satisfy the program's additional admission requirements stated below.

• An appropriate bachelor’s degree with at least a mid-B (75%) standing in the final year of the program.

• Successful completion of courses in calculus, intermediate microeconomics, intermediate macroeconomics, and statistics.

• Applicants who do not hold a degree from a Canadian university must submit an official Graduate Record Examination (GRE) General Test score or a Graduate Management Admission Test (GMAT) score. See the program's website for details.

• Evidence of strong communication skills, both oral and written.

• Relevant work experience and/or previous training in finance is useful but not required.

• Admission is competitive, so accepted applicants will normally have achieved a standing considerably higher than the minimum requirements.

Duolingo English Test:Tests completed on or after July 1, 2024: Overall score of 120 with a score of 120 in production.

Tests completed before July 1, 2024: Overall score of 120, with no subscore below 100.

International Baccalaureate English:A minimum score of at least 4 (predicted or final) in Higher Level or Standard Level English A: Literature or English A: Language and Literature. English B Higher Level is not acceptable. Learn more about IB English.

International English Language Testing System (IELTS):The minimum requirement is an overall band of 6.5, with no band below 6.0. Results from IELTS (Academic) for UKVI test sittings are accepted. Learn more about IELTS.

Note: We do not accept the IELTS Indicator test or results from the IELTS One Skill Retake. Applicants must achieve the scores listed above on a single date.

Pearson Test of English (PTE) Academic:The minimum requirement is an overall score of 65 with no part below 60. Results from PTE (Academic) UKVI test sittings are accepted. Learn more about PTE.

Test of English as a Foreign Language (TOEFL):Tests completed before January 21, 2026:

- The minimum requirement is a total score of 89 with 22 in each of Speaking and Writing
- Applicants must achieve the scores listed above on a single date. TOEFL MyBest (super-scored) results will not be used.

Effective January 21, 2026 there will be a new TOEFL scoring format. Admission requirements for the new scale are under review and will be posted once finalized.

Paper based test: Tests will be reviewed on an individual basis. Learn more about TOEFL

We do not accept TOEFL Essentials, TOEFL ITP or TOEFL ITP Plus for China for admission purposes.