MFE Admissions

Summer 2022 Entry – Important Application Deadlines 

Applications for Summer 2022 entry open through a new Application System on September 30, 2021. (MFE does NOT have January/September starts.)

The final date that you MUST submit the application payment is January 10, 2022 and the final deadline for all the supporting documents including video interview to be received is January 17, 2022. Any fee paid after the fee payment deadline will not be refunded and your application will be listed as “deadline missed”. These late applications will not be reviewed regardless of the reasons.

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 are recommended to have successfully completed the following university-level courses prior to the official start date of the Summer 2022 program  (introductory, usually taken in year 1 or 2; intermediate, usually taken in year 2 or 3; or advanced, customarily taken in year 3 or 4):

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
      • Results from the TOEFL iBT Home Edition can be used to satisfy the English-language proficiency requirement; 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 (Academic)
      • Minimum required score in each part: 6.5
      • We do NOT accept the IELTS Indicator or General Training test.
    • 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” in PDF format.
  • Submit a one-page resume in PDF format.
  • Complete a (pre-recorded) “Video Questions Interview”.
• 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

If you are a first-time applicant, click the link to Create an Account to begin your application. You will receive a verification code via email as part of the account creation process. After entering your verification code, you will create a password for your account. You may save and return to your application at any point in the process.

To view the status of your application, including outstanding requirements, please log in to your account to view your applicant status portal. You can pay the application fees, upload application materials, including statements of interest, GRE/GMAT, and more, through your applicant status portal after submitting your application. Please check the detailed instructions in sequence below:

• Start New Application:
  “Application Type”: Fall 2021-Summer 2022

                                     Summer 2022
“Graduate Unit”: Department of Economics
“Attendance Type”: Full-time
“Program of Study”: Master of Financial Economics (Summer Start)

• Personal and Contact:
  You will be asked to provide name, citizenship and contact information.
• Academic History:
  You will be asked to supply a list of All post-secondary education institutions attended, regardless of whether a degree was obtained. Begin with the most recent (or current) institution attended, and continue in reverse chronological order.
• English Language Proficiency Requirement Check:
  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 (test type, test date, report number, scores).
• Additional Information:
  You will be ask to confirm your legal status and scholarship applied related to this application.
• Faculty Questions:
  You will be asked to provide supplementary information on the courses you have taken. If you haven’t taken any/some of the course(s) listed on this page, simply leave the corresponding field blank. Your application will still be considered and reviewed.
• Recommendations:
  You will be asked to provide the following information for each (of the two) academic referee: prefix, name, organization, position, telephone number, relationship to you (e.g., instructor, supervisor), and institutional email address. Non-institutional email address will NOT be accepted even if the system allows you to enter it. The system will automatically email an electronic submission request to each referee. Hard copy letters of recommendation by mail or letters of recommendation sent by email will NOT be accepted. It is the responsibility of the applicant to remind their referees of document deadlines and ensure they are met. On occasion an electronic invitation will end up in the spam folder of your referee. If your referee has not received the email notification, suggest that s/he search their spam folder to see if the email invitation arrived there.

If an existing referee is non-responsive, or if you need to update information on an existing referee , you can log into the applicant status portal and follow these next steps:

-Scroll to the bottom of the page (below the checklist) and click the link to re-visit the recommendations page (If all references are submitted, this link to the recommendation page will no longer be available in the status portal).

-You will be brought back to the recommendation page and from here, you can click “Edit” on a previously submitted referee and choose to “Exclude” or “Send Reminder” to this referee. The excluded referee will be removed from your checklist and admission consideration.

-Click “Add Recommender” to submit corrected information for the existing referee, or replace the referee altogether.

NOTE: Even though the system will allow you to enter more than two referees, MFE program will only check the FIRST TWO references received as only two are required. Providing more than two references will not boost your application.

• Signature and Review:
  You will be asked to sign and review your applications before proceeding to the payment option. No information can be edited after you click on “Submit Application”.
• Pay the C$155 Application Fee:
  We highly recommend that you pay the C$125 SGS application fee and the C$30 Supplemental application fee by January 1, 2022 to meet the fee payment deadline.
• Submit the Following Supporting Documents by January 17, 2022:

NOTE: Uploading documents we don’t listed as required (e.g., research papers, theses, etc.) will not boost your application.

• • Legible Transcript(s):
    Applicants are required to upload legible transcripts from all post-secondary institutions attended regardless of whether or not a degree was obtained in PDF format. The scanned transcript should include the respective institutional  legend/grading scales (usually printed on the back of a paper transcript). 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 and please make sure the file includes the course code and course name, university’s grading legend and your name.

NOTE: ONLY successful applicants will be asked to submit one OFFICIAL copy of each transcript (in the original language) from each post-secondary institution attended to the MFE program. Transcripts must be enclosed in an envelope provided by the issuing institution(s) and sealed or signed across the back of the envelope by an official of the issuing office. See the SGS web page on transcripts for additional information.

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.

• • One-Page Statement of Interest:
    Please select “Letter of Intent/Statement of Interest” from the drop-down list under “Upload Materials” 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 VidCruiter.com. You will receive an e-mail from “VidCruiter” with a link to the Video Interview within 2 business days of paying the C$155 application fee. The VidCruiter system notifies the MFE program of applicants who have successfully completed the Video Question Interview and the status of the video interview requirement will be changed to “Received” automatically within 2 business days on the applicant status portal. (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) Official GRE/GMAT and English Language Proficiency Test Scores:
    • (if applicable) Official 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 send the official test report to us electronically.

TOEFL: The institution code is 0982-00 and department code 0982-84.

IELTS: Please select “University of Toronto (Undergraduate and Graduate programs)” from the list of options. The University of Toronto (Undergraduate and Graduate Programs) is an IELTS “STED RO”. This means that we subscribe to the electronic score-sending service. You may wish to advise your test centre, specifically, that U of T is an STED RO when you make your request to have your scores sent to us.

CAEL: Results should be sent to University of Toronto, Enrolment Services, electronically.

• • • (if applicable) Official GRE/GMAT Scores:
      Applicants with an undergraduate degree from a non-Canadian university are required to send the official test report to us electronically.

GRE: The institution code is 0982 and the department code is 1801

GMAT: The institution code is University of Toronto and the department code is BTD-88-30

Frequently Asked Questions