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Master'sCanada · Business / Finance
Master of Financial Risk Management (MFRM)
University of Toronto
✓ Last verified Oct 4, 2026
Entry requirements
- Grades
- Percentage — Minimum 80Required
- English(Any one of these tests)
- IELTS — Minimum 7Required
- TOEFL — Minimum 100Required
- Tests
- GMATOptional
- GREOptional
- Prior degree
- Four-year undergraduate degree or equivalent in a relevant field such as Business/Commerce/Management, Finance, Mathematics/Statistics, Economics, Engineering or Computer ScienceRequired
- statistics, calculus, linear algebra and econometrics courses with a minimum B in eachRequired
- Foundations of Finance, Financial Accounting, Financial Derivatives and Investments with a minimum B in each, completed before the programme starts in SeptemberRequired
- Other
- InterviewRequired
- EssayRequired
- Accepted English tests
- TOEFL: minimum 100 with 22 in Writing and Speaking (tests before 2026-01-21); from 2026-01-21 new scale minimum 4.5 overall, Writing 4.5, Speaking 4.0. IELTS Academic 7.0 with at least 6.5 in all bands. CAEL CE 70 total with at least 60 in each part. Waived for undergraduate degree from an English-language university.
- How grades are compared
- Programme minimum is a mid-B average (equivalent to 3.0 at U of T) across final-year courses. SGS International Credentials Equivalencies, China: Minimum GPA = 80% for grading scales where A- = 90%; 78% for grading scales where A- = 85% (https://www.sgs.utoronto.ca/future-students/admission-application-requirements/international-credentials-equivalencies/)
- Other requirements
- Two academic references (one preferably from a quantitative course instructor); current resume/CV; unofficial transcripts from all institutions; written essay, two video responses and a real-time written response. Interviews are by invitation for shortlisted candidates. Targets students progressing straight from undergraduate studies or early-career professionals with 1-2 years of work experience. CFA Level I or above completed within 3 years exempts the finance prerequisite courses. 10-month programme starting September 2027.