MFE Admissions

Fall 2021 Entry – Important Application Deadlines 

Applications for Fall 2021 entry open through School of Graduate Studies Online Admissions Application Portal: October 20, 2020

Highly recommended deadline to pay C$155 MFE application fee: January 1, 2021

Final deadline to complete application and submit supporting documents (including references): January 15, 2021

Note: We may extend the final application deadline (by a week) for applicants who will receive their Fall 2020 semester grades after January 15, 2021 provided they have met all other application requirements and paid the application fee by January 1, 2021.

Admissions Criteria

Applicants must meet the School of Graduate Studies (SGS) and MFE program admission requirements.

A Recognized Four-Year Undergraduate Bachelor’s Degree or Equivalent:
Applicants must have completed, or must be in the final year of an appropriate four-year bachelor’s degree program (or its University of Toronto evaluated equivalent) with a minimum mid B standing (3.0/4.0 GPA or 75%) in the final year of that program. Applicants educated in a country other than Canada should check the University of Toronto equivalent qualifications table.

Strong Preparation in Economics:
Applicants must have successfully completed the following university-level courses prior to the official start date of the Fall 2021 program:

• Intermediate Microeconomics (for example, at U of T: ECO 204 or ECO 206)
• Intermediate Macroeconomics (for example, at U of T: ECO 208 or ECO 209)
• Intermediate Statistics (for example, at U of T: ECO 220 or ECO 227)
• Calculus (for example, at U of T: MAT 133)

Quantitative & Analytical Proficiency:
Applicants with an undergraduate degree from a non-Canadian university must demonstrate their quantitative/analytical proficiency by meeting the following requirements on the GRE or GMAT scores (applicants must have taken these tests within two years prior to the final application deadline – no exceptions):

• GRE:
  • Minimum required Quantitative score: 160
  • Minimum required Analytical Writing score: 3.5
• GMAT:
  • Minimum required Quantitative score: 49
  • Minimum required Overall score: 710

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

• An undergraduate degree from a Canadian university (irrespective of whether the language of instruction is English or French). Applicants who are currently completing their undergraduate program at a Canadian university and who have been in Canada for less than two years are advised, but not required, to submit standardized English Language Proficiency test scores.
• An undergraduate degree from a university in one of the following countries: Australia, the Bahamas, Barbados, Botswana, Ghana, Guyana, Hong Kong, Ireland, Jamaica, Kenya, Lesotho, Liberia, Malawi, Malta, Namibia, New Zealand, Nigeria, Papua New Guinea, Sierra Leone, Singapore, South Africa, Swaziland, Tanzania, Trinidad and Tobago, Uganda, United Kingdom, United States of America, Zambia, and Zimbabwe.
• An undergraduate degree from a university at which the language of instruction and examination was English. Applicants from a non-English speaking country (other than Canada) whose degree was conducted in English must have that institution mail (address below) an official written statement to the MFE program confirming English as the language of instruction and examination. Address: MFE Program – Admissions Office, Department of Economics, University of Toronto, 150 St. George Street, Toronto, ON M5S 3G7 Canada.
• Satisfactory performance on one of the following standardized English Language Proficiency Tests  (applicants must have taken these tests within two years prior to the final application deadline – no exceptions):
  • Test of English as a Second Language (TOEFL):
    • Minimum required overall score on the Paper Based Test (PBT): 610
    • Minimum required overall score on the Internet Based Test (iBT): 110
    • For the Fall 2021 entry application cycle: we will accept scores from the TOEFL iBT Special Home Edition; however, we do not accept scores from TOEFL ITP or TOEFL ITP Plus for China.
  • International English Language Testing System (IELTS):
    • Minimum required overall score: 7.5
  • Canadian Academic English Language Assessment (CAEL):
    • Minimum required overall score: 70
    • Minimum required score in each part: 60

Evidence of Strong Communication Skills, Both Oral and Written:
Applicants must:

• Submit a one-page “Statement of Interest”.
• Complete a (pre-recorded) “Video Questions Interview”.
• Submit a one-page resume.

Two Academic References:
Applicants must arrange for two academic references. Applicants with at least two years of professional experience may request the MFE program for permission to submit one academic and one professional reference (details below).

How to Apply

Please read the SGS Admissions Instructions carefully (especially if you are a University of Toronto student/alumnus and/or you have previously applied to or registered in any division of the University of Toronto).

Start your application by creating a personal profile and choosing a password through the School of Graduate Studies Online Admissions Application Portal (Fall 2021 entry applications will open at 12:01 AM EST October 20, 2020).

If you have previously applied to or registered in any division of the University of Toronto: please contact SGS Student Services if there has been a change to your legal name, marital status, legal status in Canada, or citizenship since your last application. Enter your current information as part of your application. However, your university record will only be updated when you provide appropriate documentation. For example, if you previously applied as an international student but are now a permanent resident, you will be assessed international tuition fees until the appropriate documentation regarding your legal status in Canada is provided to SGS Student Services. Official correspondence, including letters of offer or refusal, will be sent to using the name recorded on your official primary record. If you have previously registered at the University of Toronto your personal information on record is available by logging on at www.ROSI.utoronto.ca. If you require specific instructions, contact admissions.sgs@utoronto.ca.

Upon completing your personal profile, an “Applicant Number” will be assigned and e-mailed to you which will allow you to log into your account to manage your profile and current/future applications. Login with your applicant number and password and complete rest of the application:

• Academic Background:
  You will be asked to supply a list of all post-secondary study taken, including current studies, even if a degree has not been awarded. At least one academic program must be provided.
• English Proficiency Requirement:
  Applicants with an undergraduate degree from a non-Canadian university in which English is not the language of instruction and examination will be required to provide details of their English language proficiency test (TOEFL/IELTS, report number, scores, date of completion).
• Program Selection: 
  • “Graduate Unit”: select ‘Department of Economics’
  • “Program”: select ‘Financial Economics’
  • “Degree Program”: select ‘Master of Financial Economics’
  • “Attendance Type”: select ‘Full-Time’
  • “Start Session”: select ‘Fall 2021’ (available after October 20, 2020).
• Academic References:
  You will be asked to provide the following information for each (of the two) academic referee: name, telephone number, relationship to you (e.g., instructor, supervisor), institutional affiliation, and institutional email address. The system will automatically email an electronic submission request to each referee with a valid institutional email address after the application fee has been paid. If the referee doesn’t have an institutional email address: leave the email address field blank, complete the remaining steps below, pay the application fee and then send an e-mail to mfe.admissions@utoronto.ca with your full (legal) name, application number, the referee’s name and their non- institutional email address. Provided you have paid the application fee, we will enter the referee’s e-mail address on the application system and send an e-mail requesting an online reference. We do NOT accept recommendations by mail or e-mail.
• Pay the C$155 Application Fee:
  We highly recommend that you pay the C$155 application fee by January 1, 2021 to meet the application deadline. Online payment is preferred.  Upon payment of the application fee, applicants will be assigned a “Student ID number”.
• Submit the Following Supporting Documents by January 15, 2021:
  • (If applicable) Unofficial TOEFL/IELTS/CAEL Scores: Applicants with an undergraduate degree from a non-Canadian university in which English is not the language of instruction and examination are required to scan and upload unofficial records of their TOEFL/IELTS/CAEL test scores (taken within the past two years of the final applications deadline) in PDF format (max file size: 500kb). Official TOEFL/IELTS/CAEL test scores are required only from applicants who accept an offer of admission; admitted students must have the test  agency issue and mail the official test score documents to (TOEFL: institution code 0982-00 and department code 0982-84): MFE Program – Admissions Office, Department of Economics, University of Toronto, 150 St. George Street, Toronto ON M5S 3G7 Canada. TOEFL/IELTS/CAEL test score document will not be checked off as received in the SGS online admission application system until after the MFE program has received the official TOEFL/IELTS/CAEL test scores by mail and subsequently recorded the scores in the SGS system.
  • Statement of Interest: Applicants are required to submit a one page “Statement of Interest in the MFE Program” (in PDF format).
  • One-page resume: Applicants are required to submit a one-page resume in PDF format. The resume must have an “Education” section that clearly indicates all past and current post-secondary enrollments (undergraduate or graduate) and any post-secondary degrees obtained or underway. Failure to report any such enrollments or degrees may result in an offer of admission being withdrawn.
  • MFE Video Questions Interview: Applicants are required to complete a “Video Interview” through Vidrecruiter.com. Applicants who have paid their fees (and thus been assigned a “Student ID number”) will receive an e-mail from “Vidrecruiter” with a link to the Video Interview. Prior to December 31, 2020, these e-mails will be sent out on a weekly basis; from January 1, 2021 through January 15, 2021, these e-mails will be sent on a daily basis. The Vidrecruiter system notifies the MFE program of applicants who have successfully completed the Video Question Interview. The MFE program will mark the “Video Interview Supporting Document” as having been submitted in the applications site (i.e. the applicants who have completed the interview do not have to “submit” any supporting documents for the Video Interview or notify us by e-mail).
  • (If applicable) Unofficial GRE/GMAT Scores: Applicants with an undergraduate degree from a non-Canadian university are required to scan and upload unofficial records of their GRE/GMAT test scores (taken within the past two years of the final applications deadline) in PDF format (max file size: 500kb). Official GRE/GMAT test scores are required only from applicants who accept an offer of admission. Applicants who accept an offer of admission must have the test agency to directly mail the official test score documents to (GRE: institution code 0982 and department code 1801; GMAT: institution code University of Toronto and department code BTD-88-30): MFE Program – Admissions Office, Department of Economics, University of Toronto, 150 St. George Street, Toronto ON M5S 3G7 Canada. GRE/GMAT test score document will not be checked off as received in the SGS online admission application system until after the MFE program has received the official GRE/GMAT test scores by mail and subsequently recorded the scores in the SGS system.
  • Scanned Transcript Submission: Applicants are required to upload a scanned transcript from each post-secondary institution attended in PDF format. The entire transcript for each institution, including transcript legend (usually printed on the back of a paper transcript), must be uploaded as a single PDF (.pdf) file. You cannot upload individual pages and the file size cannot exceed 4 megabytes (MB). We recommend scanning in greyscale at 72 dots per inch (DPI). The transcripts must be up-to-date, readable, and include the respective institutional grading scale(s) (so as to be used by the admissions committee to make a decision on your application). You can only submit one transcript per institution; if your institution issues separate transcripts for each degree, then you will need to combine the transcripts into one PDF document.
    
    If your Fall 2020 semester grades are going to be released after the final application deadline: as soon as these grades become available, e-mail your updated transcript (in PDF format) to mfe.admissions@utoronto.ca with your full (legal) name and application number. Scanned transcript alternative for Canadian universities only: In lieu of a scanned copy of a paper transcript, applicants may upload a PDF (.pdf) file of their academic history from their university’s student web service. Saving to PDF directly from your web browser is ideal; if this is not possible you may copy and paste the information into a word processing program and save to PDF from there. Where possible, the file should include the university’s grading legend and your name. Some universities do not include the same information on the student web service as they do on the transcript (e.g. class size or average). If the admissions committee determines that the file is incomplete you may be asked to submit a copy of the transcript instead.
  • Official (Paper) Transcripts: Admitted students will not be allowed to register in the MFE program unless they submit an official transcript confirming the information provided on the scanned transcript submitted with their application. Applicants with a degree from a Canadian university for which the language of instruction is French, are not required to submit English translations of official transcripts in the French language. Otherwise, official English translations must accompany all foreign documents not written in English. Applicants who apply while their most recent program is still in progress may be required to provide an additional final official transcript indicating the completion of that program including degree conferral. If this is the case the requirement will be indicated on the offer of admission. Successful applicants will be asked to submit an OFFICIAL copy of each transcript (in the original language) from each post-secondary institution attended by instructing the institution(s) to issue the official transcript to the University of Toronto and have that institution mail the transcript to the MFE program office in a sealed original envelope with a signature across the seal or obtain an official, “issued to student”, transcript from the institution and mail it to the MFE program office in a sealed original envelope with a signature across the seal. See the SGS web page on transcripts for additional information. Photocopies, faxes, or documents arriving in previously opened envelopes will not be considered official transcripts.