Greetings from the Director
A number of exciting and important problems at the interface of data science, finance, and insurance require a new breed of professionals.
Applications open in October for September 2022.
The Department of Statistical Sciences is pleased to announce the launch of its new professional Masters of Financial Insurance (MFI) program. The program received final approval from the Ministry of Training Colleges and Universities on Nov 24, 2015, and we were delighted to welcome our first cohort of bright, energetic, and motivated students in September, 2016.
Traditionally, the finance and insurance worlds are quite distinct, but this distinction is disappearing. Financial firms are taking exposure to insurance risks, insurance companies are providing guarantees to their clients that fundamentally intertwines them with the financial markets, and pension plans provide income guarantees which profoundly link their obligations to the these markets.
The MFI is a professional program that provides students with a sophisticated understanding of this complex interaction of the financial and insurance fields. The program contains a comprehensive set of offerings and students gain rigorous training in data science, actuarial science and finance. Graduates from this program will be well armed to face the highly skilled work required of them in the banking, insurance, pension and consulting industries.
The MFI program is a mathematically sophisticated program, and suitable candidates normally hold a Bachelors or Masters degree in a quantitative field such as: actuarial science, statistics, economics, mathematics or engineering. Students should have training in multivariable calculus, linear algebra, probability, statistics, and computation. Additional training in actuarial science, economics and finance will be an asset.
The MFI is a three semester program with the first and second semesters containing course work including substantial group projects. During the third semester, students take on an industrial internship. Courses are taught by University of Toronto faculty members as well as industry professionals to benefit from their real-world insights and know-how.
We are extremely excited about this new professional program and look forward to watching it grow and to see the careers of its graduates take flight. If you are top notch student with an interest in data science, actuarial science, and finance, we want to hear from you!