Mathematical Finance

Financial engineering is one of the fastest-growing areas of applied mathematics.

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

• Applicants must have an appropriate bachelor's degree in a quantitative, technical discipline with a minimum of a mid-B standing in the final two years.

• Applicants who have completed their studies outside of Canada must meet the SGS minimum standards for English proficiency:

  • paper-based TOEFL exam: 580 and 4 on the Test of Written English (TWE)

  • Internet-based TOEFL exam: 93/120 and 22/30 on the writing and speaking sections

• Applicants must also show evidence of strong mathematical ability. Appropriate workplace experience will be considered in lieu of formal education.

• Admission to the program is competitive. Those accepted into the program will normally have achieved a standing considerably higher than the minimum mid-B standing or have demonstrated exceptional ability through appropriate workplace experience.

• Applicants must satisfy the Admissions Committee of their ability to do rigorous quantitative analysis at an advanced level. The broad background required for this program makes it likely that many strong applicants will not possess all the background requirements. It is expected that applicants will have extra depth in certain areas and need to do additional work in others. Admission may be conditional upon the applicant's satisfactory completion of the required background material.

• Applicants must answer three admission-related questions as part of the application; responses to all three questions should be limited to one page.

• An interview may be required.

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.