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Master of Accounting and Finance is a two-year program offered by the University of Toronto. The program is designed to provide students with a broad range of knowledge in finance, accounting, business law and corporate governance.
The program offers both full-time and part-time options for completion. The curriculum covers principles of accounting and finance, corporate governance issues, business ethics and social responsibility as well as financial reporting theory and practice.
Students will also learn about topics such as risk management, capital budgeting, international financial markets and asset pricing models.
The courses are taught by leading academics in their field who bring extensive industry experience to their teaching. This combination makes it possible for students to develop an understanding of how academic theory can be applied in practical situations.
MAcc in Canada Admission Process
The admission process for Masters in Accounting in Canada is characterized by the fulfillment of basic and program-specific requirements and eligibility. This section elaborates upon university-specific requirements.
Eligibility for MAcc in Canada
The following criteria must be fulfilled along with additional requirements by international students for securing a seat in Canadian University in Masters in Accounting program:
- 10+2+4 years of education is mandatory for admission to MAcc in Canada.
- Students must have an overall score between 70% to 75% in the last 2 years of bachelor’s degree.
- It is mandatory to have taken GMAT or GRE exam to be able to apply at Canadian universities.
- The prerequisite courses must have at least 60% while in bachelor’s to prove the required knowledge.
*Mere fulfillment of the above-given requirements does not guarantee an applicant admission to Masters in Accounting program in Canada.
Masters in Accounting Admission Requirements
Along with the supporting documents, there are some additional requirements from international students for admission to MAcc in Canada. These are as follows:
- How to apply for MAcc in Canada? There are two ways of applying for MAcc in Canada:
- OUAC (Ontario Universities’ Application Centre): If applying to Brock University.
- Official website: For all other universities for MAcc in Canada.
- Supporting Documents: The following documents must be submitted after the applications are accepted by the respective universities:
- Academic Transcripts: All academic transcripts from recognized institutions attended are to be submitted by an international student.
- Reference Reports: 2-3 LORs, out of which 1 (if 2 are mentioned) and 2 (if 3 are mentioned) must be from academicians.
- Statement of Interest: Reason for opting for this course, how will it help in career goals and if interested in another similar course/degree.
- Resume: This must include the applicant’s educational and professional experience.
- Graduate Studies Internal Scholarship or Award Application: To be considered for a scholarship or award automatically at Brock University.
- MAcc Prerequisite Form: If studied from more than one university in undergrad.
- Test Scores: The following test scores must be submitted to the respective university to be considered for admissions:
- Standardized Test Scores: GRE or GMAT are mandatorily required for admission
- English Language Proficiency (ELP) Test Scores: Proof of ELP must be submitted by the applicants as per the university requirements. The minimum acceptable scores are as follows:
| Test Name | York University | University of Saskatchewan | Carleton University | Brock University |
|---|---|---|---|---|
| TOEFL (IBT) | 100 | 97 | 86 | 105 |
| IELTS | 7.0 | 6.5 | 6.5 | 7.5 |
| PTE | – | – | 60 | 72 |
| CAEL | – | – | 70 | – |
Why Choose Masters in Accounting in Canada?
With an increasing demand for students with a MAcc degree in Canadian multinational companies, it is predicted that the admissions will grow by more than 2% in the upcoming admission sessions. Other than this, there are other reasons which can prove beneficial for students interested in studying Masters in Accounting in Canada:
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- According to the Labour Force Survey (2017), it is expected that unemployment in the Accounting sector would fall by 1.1% each year due to a high demand in Canada currently.
- The scope post-MAcc in Canada recorded an overall 10% growth in job opportunities and satisfaction for people working in this sector.
- Students pursuing Masters in Accounting can hone their skills in accounting strategies focusing on problem-solving, critical analysis, betterment in communication, etc.
- Around 1,800 jobs are vacant for students holding MAcc degree, alone in Toronto, Canada. Which points to the fact that it is one of the fastest-growing sectors in Canada.
Master of Accounting & Finance
Program: Master of Accounting & Finance
Field: Management
Degree: MAccFin
Duration: 16 months (4 academic terms)
U of T Scarborough’s Master of Accounting & Finance (MAccFin) program delivers a world-class, practical educational experience that prepares students for both the CPA and CFA Designations and provides real-world co-op experience.
The MAccFin is a professional graduate degree that is exclusively offered on a full-time basis designed to develop expertise in both the accounting and finance disciplines and their intersections. The program is housed within the Department of Management which has a long and distinguished history of providing an excellent education in Accounting and Finance. MAccFin offers a unique blend of courses designed to give students the opportunity to meet both the CPA Ontario and CFA requirements. Students will also complete courses in leadership, data analytics, and strategy, as part of their preparation to become strategic decision-makers and leaders of industry.
Programme Structure
Courses include:
- Advanced Topics in Financial Reporting
- Strategy, Govemance and Management Accounting
- Advanced Topics in Assurance
- Advanced Taxation
- Current Issues in Accounting and Assurance
- Economics and Quantitative Methods
Academic requirements
GPABB
English requirements
TOEFL®IBT93IELTS7
Other requirements
General requirements
- An appropriate four-year undergraduate degree with a specialization in accounting or equivalent, with a minimum overall average of a mid-B in all core courses. Admission to the program is extremely competitive, and meeting the minimum overall average does not guarantee admission.
- Applicants whose primary language is not English will need to submit English language proficiency test scores.
Masters in Accounting (MAcc) in Canada is taken up by those students who wish to become Public or Corporate Accountant, Auditor Fraud Examinee, IT Auditor, etc. The average annual cost of studying MAcc in Canada is around 42,300 USD, all expenses included. The full-time Masters in Accounting in Canada is 2 years long and is divided into 3 terms or semesters.
MAcc course in Canada majorly focuses on areas like Taxation, Banking, Insurance, Comptrolling & Financial Strategies, etc. An average starting salary for an Accountant in Canada is around 46,300 USD annually. International students are accepted across 4 Canadian Universities except for one and are offered scholarships ranging from 2,300 USD to 3,800 USD annually.
MBA Accounting V/S Masters in Accounting
We often tend to confuse between similar-sounding courses like MBA Accounting and Masters in Accounting in Canada. But in reality, there are huge differences in their course structure, scope, areas of study, job profiles, etc. Read the following section to understand the difference between the two options:
| Factors | MBA in Accounting | Masters in Accounting |
|---|---|---|
| Basic Difference | Broader business experience with a specialization in Accounting. | Focuses mainly upon Accounting- theory, application, critical thinking and practice. |
| Core Areas of Study | Economic Performance Analysis, AUdit Theory, Strategic Cost Management, etc. | Taxation, Management, Accounting, etc. |
| Duration | 1 year (common study) and 1 year (specialization) | 2 years |
| Job Profiles | Chief Financial Officer, Consultant, Business Analyst, Tax Accountant, etc. | Management Accountant, Government Accountant, Internal or External Auditor, etc. |
| Average Starting Salary | 59,400 USD | 46,300 USD |
Masters in Accounting in Canada Course Curriculum
In order to get information about the course syllabus, read on to understand the term wise areas of study offered. At Canadian Universities, the full-time Masters in Accounting is 2 years long. The course curriculum includes core areas of study, some of them are as follows:
| Term 1 | Term 2 |
|---|---|
| Strategic Performance Management | Integration & Team Management |
| Advanced Topics in Taxation | Integration & Analysis |
| Advanced Topics in Assurance | Information Technology & Systems |
| Advanced Topics in Corporate Finance | Corporate Governance |
| Advanced Financial Statement Analysis | Accounting for Governmental & Not-for-Profit Organizations |
Note: Term 3 is offered at Brock University where Co-op a paid experience on successful completion of MAcc in Canada for its students. This helps the students to gain professional experience and an opportunity to add it to their resumes as well.
Thus, students willing to Brock University for Masters in Accounting in Canada have a plus point for getting the university’s CareerZone advice as well.
Cost of Studying MAcc in Canada
Approximately 43,000 USD is required for one year to study at universities offering MAcc in Canada for international students, all expenses included. This cost also includes one-time payments that are not required to be paid in the second year of study.
Pre-arrival Expenses
When applying for a Masters in Marketing in Canada, the international applicants will have to spend on the given requirements to be eligible for MAcc admission.
| Expenses | Cost (in USD) |
|---|---|
| Pre-Arrival Expenses | |
| GRE Test | 205 |
| GMAT Test | 599 |
| TOEFL Test | 160-250 |
| IELTS Test | 185-190 |
| Application Fee | 68-113 |
| Health Insurance | 401-607 |
| Visa Application Fee | 235 |
| Post-Arrival Expenses | |
| Airfare | 1,400 |
| Hotel Accommodation | 200-800 |
| Meals | 45 (per meal in a day) |
| Travel | 25 (per day) |
| Financial Statement | 10,000 |
Monthly Expenses
These expenses are usually incurred on the regular requirements of an applicant while they stay in Canada. Some of the costs incurred on a monthly basis by applicants pursuing Masters in Marketing are as follows:
- Meal Plans: 7,600 USD (on an average)
- Transportation Costs: 82 USD (U-Pass)
- Personal Expenses: 1,000 USD to 2,000 USD approximately
Annual Expenses
The annual expenses include tuition fees (which excludes one-time payments in the second year), off-campus living expenses and cost to be incurred on books or other educational supplies while pursuing MAcc in Canada. Following table shows university wise costs that are to be incurred on a yearly basis:
| University Name | Tuition Fee (in USD) | Living Expenses (in USD) | Books & Educational Expenses (in USD) |
|---|---|---|---|
| York University | 40,550 | 10,900 | 570 |
| University of Saskatchewan | 35,700 | 4,380 | 1,150 |
| Carleton University | 33,370 | 10,550 | 905 |
| Brock University | 29,000 | 14,310 | 760 |
Note: Overall a 4% increase in tuition fee has been recorded for the 2018-2019 admission session, due to a hike in the inflation rate for the current fiscal year.
Job Prospects Post-MAcc in Canada
High demand for Accountants having a Masters in Accounting in Canada was then understood when despite a 3% increase in inflation in 2017, the overall salaries were hiked from 7% to 11%. Accountants working in various Canadian companies and government agencies have witnessed a new growth of nearly 10% in recruitment. More than 3,873 jobs for Accountants in Canada are vacant.
The accountants in Financial Services saw a 2% more hike than Legal Services hiring Accountants. The starting salaries offered in Canada is the highest for Chief Financial Analyst- 120,400 USD. The available job opportunities in Canada post-MAcc degree completion have been given below:
- Management Accountant: 50,210 USD
- Government Accountant: 43,250 USD
- External Auditor: 41,400 USD
- Internal Auditor: 46,450 USD
- IT Auditor: 50,230 USD
All these trends suggest that higher education in Canada with a Master in Accounting is a fruitful and high rewarding program offering a plethora of opportunities for international students.
The Master of Accounting and Finance at the University of Toronto is a great choice for students who want to gain a deeper understanding of business and the ways it can be applied to different industries. The program is focused on preparing graduates for careers in accounting, finance, and related fields by offering courses in both theory and practice.
The University of Toronto is one of Canada’s top-ranked universities, and it has been named as one of the best universities in the world by Times Higher Education World University Rankings. It provides students with an array of resources that will help them succeed throughout their time at school.
Students may be eligible for financial aid through various programs offered by the university. The Financial Aid Office handles all applications for scholarships or loans based on need or merit status.
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