What fraction of applications do you accept?
Admissions is on a competitive basis, and typically we admit less than 10% of the total applicants.
How many students does the program accept?
We aim to fill up to a maximum of 30 spots.
What courses should I take to strengthen my profile for admission into the MFI Program?
We seek applicants with a strong quantitative undergraduate training, e.g., those graduating with degrees in Statistics, Mathematics, Actuarial Science, Economics, Sciences, and Engineering. Below you will find a collection of suggested courses (using the University of Toronto course codes) that we recommend students should complete before applying to the program. For more details please see the
qualifications page.
- MAT 137Y (Calculus)
- MAT 235Y/237Y (Multivariable Calculus)
- MAT 223H/240H (Linear Algebra I)
- STA 257H (Introductory Probability and Statistics I)
- STA 261H (Introductory Probability and Statistics II)
- ACT 240H (Mathematics of Investment & Credit)
- ACT 245H (Financial Principles I)
- STA 347H (Probability Theory)
- STA 302H (Applied Regression Analysis)
- ACT 370H (Financial Principles II)
- STA 437H (Applied Multivariate Analysis)
- ACT 460H (Stochastic Methods for Finance)
It is not necessary to have all of the above courses, rather we seek students with a solid breadth and depth in their training to be successful in the program.
Can I take additional courses?
You may take other courses within Arts & Science in addition to the core courses at no additional cost to you. It is recommended that you take no more than one extra course per term.
Do you guarantee an internship?
The program has a dedicated internship coordinator who assists students throughout the internship process and beyond. The program offers its students business skills workshops, interview preparation, and resume consultations. While the program does not guarantee internships, to date we have achieved 100% internship placement record in the program and we are confident that our students will be successful in landing summer internships. Finally, some students may wish instead to complete summer research project with a University faculty member in place of the internship.
Should I find my own internship sponsor or should I wait for you to provide contacts?
Although the program has a dedicated internship coordinator, and will assist you in obtaining an internship, we strongly recommend that you start early in the academic year to seek out all opportunities and actively take part in all networking opportunities to maximize success.
What is your job placement record?
We have a 100% job placement record to date.
Where do MFI students end up working
Students have found positions in major banks, pensions, fintech, insurance and reinsurance companies, and our
industry partners are continually expanding.
When will I hear about admissions decisions?
We will be begin to make admissions offers early March. Offers will be made in several rounds until all spots are filled.
What is the graduate studies code for GRE?
We do not require a GMAT/GRE however should you wish to include a score if you have one, the Department of Statistical Sciences code for GRE scores is 0982.
Do I need to have a degree in Actuarial Science to be considered for this program?
NO! This program is geared towards those who have strong quantitative training, and trains students at the interface of data science, finance and insurance. Students in the past have come from Statistics, Mathematics, Engineering, Economics, Chemistry, and of course Actuarial Science.
Can I use my NSERC/OGS or scholarships in this program?
Certainly. While the program is a self-funded program, all graduate scholarships can be used to cover your costs in the program.
Does the program offer awards / scholarships?
The MFI Program is a professional full-time graduate program with a paid internship and professional programs typically do not offer any funding or scholarships. However we may allocate a one-time Entrance Award to selected students on acceptance (you do not need to apply for this). New for 2020, we added the
MFI Equity Award for qualified students. This is partially means tested and applications should be submitted at the same time as your application. Additionally at the end the academic year, we have three internal monetary awards:
Academic Achievement Award; Business Acumen Award; MFI Ambassador Award which are awarded to graduating students for performance.
Attached to the e-mail are my CV and a summary of my transcript. Would you please review these documents and give me an informal assessment of my chances for admission?
We do not provide assessments on applicant’s suitability for the program. Interested applicants should consult the application requirements and fill in as many gaps in their training as possible before applying to increase their chance of being successful.
May I submit my completed application before the deadline in order to get a head start on the admissions process?
You are welcome, and encouraged, to submit your application early. We will, however, NOT be able to provide admissions prior to the admission deadline.
I have a very strong business background, but my quantitative training is weak. Am I a suitable candidate for this program?
This is a quantitative program, and as such, students with weak quantitative training will not be accepted.
I studied at University XYZ where the official language of study and examination is English. The country where I studied, however, does not have English as a first language. Do I still need a TOEFL?
No. If the OFFICIAL language of instruction and examination is English, then there is no need to demonstrate English language proficiency through TOEFL.
I have already taken similar courses listed on the website, can I be exempt from them?
The program requirements are strict, and all students must complete all requirements and progress through the courses and program as one cohort. If, however, you can prove that you have completed all the content in a particular course to the same graduate level then in exceptional circumstances it may be possible to replace that course with another one from other programs such as the MSc in Statistics. Doing so will not alter the total number of required courses.
Do you offer financial aid?
As a professional program, student funding is not guaranteed through the Department of Statistical Sciences or the MFI Program. Please refer to the
SGS Admissions Awards page for opportunities available for applicants when applying for graduate studies.
I was excited to be admitted to the program, and I sent my deposit. Another opportunity has just opened up for me so may I have a refund of my deposit?
Congratulations on your other opportunity! Unfortunately, deposits are non-refundable as they represent holding a spot in the program which we are now unable to offer to another candidate.
Can I work part-time while enrolled in the program?
Given the rigorous pace of the MFI courses in addition to professional development and networking activities, students should not plan on being employed during the first two terms.