Study Accounting
Accounting is the process of preparation, presentation and interpretation of financial information. An accountant is responsible for collecting, sorting, summarising and presenting financial data, as well as helping organisations and individuals to make decisions about how their finances are utilised. Businesses will normally work with an accountant when reporting their income, and paying their taxes. You will learn the basics of accounting, as well as how to use the newer technologies to optimise your work.
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.
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.
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 | – |
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.
Top Universities offering Masters in Finance in Canada
Given below is a table of the top universities in Canada for Masters in Finance based on the QS World University Rankings by Subject 2019: Accounting & Finance.
| Ranking | City Name | University |
|---|---|---|
| 25 | Toronto | University of Toronto |
| 39 | British Columbia | University of British Columbia |
| 51-100 | Quebec | McGill University |
| 101-150 | Ontario | Queen’s University |
| 101-150 | Quebec | Universite de Montreal |
| 101-150 | Edmonton | University of Alberta |
| 101-150 | Ontario | University of Waterloo |
| 101-150 | Ontario | Western University |
| 101-150 | Toronto | York University |
| 201-250 | Quebec | Concordia University |
Masters in Finance in Canada: Course Curriculum
Post-graduate degree in finance is available as MS, MA and MBA in Finance in Canada. However, each program teaches students basic concepts of financial systems within various organizations such as financial reporting, investment, and tax law. The standard curriculum structure of most finance programs is given below:-
- Financial Analysis & Reporting:- This section comprises the learning of accounting and its related terms such as assets, liabilities, financial statements and shareholders’ equity wealth.
- Corporate Finance:- Students are taught valuation in terms of time, debt and equity securities. It provides them an opportunity to gain insights into different organizations and their financial statements.
- Business Communication:- This course builds up students’ both verbal and written communication skills. This is achieved by developing reports, memos, and emails and conducting lead meetings and presentations.
- Business Taxation:- When studying MS in Finance, it is crucial that students have a thorough knowledge of the federal income tax system and know how to perform credits and debits for business expenses.
- Investment Analysis:- By conducting analyses of portfolios’ securities, students learn about their functions and the markets they occupy.
Cost of Pursuing Masters in Finance in Canada
International students planning to pursue an MS in Finance in Canada must cover the number of tuition fees along with living expenses and pre-arrival costs.
Pre-Arrival Costs
These are the one-time expenses made before or along with the admission process. The major elements of the pre-arrival costs are tabulated below:-
| Expenses | Costs (USD) |
|---|---|
| Application Fees | 75-150 |
| Canadian Study Permit Application Fee | 150 |
| Biometric Fee | 85 |
| Health Insurance | 10,000 |
| IELTS | 185-190 |
| TOEFL | 160-250 |
| Airfare | 450-1400 |
Tuition Fees for Masters in Finance in Canada
Given below is an overview of tuition fees for international students who are planning to study finance programs at the top universities in Canada. For further information, students are advised to visit universities’ official websites.
| University | Course | Tuition Fees (Per Year) (USD) |
|---|---|---|
| University of Toronto | Master of Arts (MA) Financial Economics | 17,827 |
| Master of Finance | 32,895 | |
| Master Financial Risk Management | 47,572 | |
| Master in Financial Insurance | 38,625 | |
| McGill University | Master of Management in Finance | 17, 760 |
| Master of Business Administration- Finance | 32,930 | |
| Universite de Montreal | Master of Science (M.Sc) in Applied Financial Economics | 20,350 |
| University of Alberta | Master of Arts in Economics & Finance | 7,875 |
| York University | Master of Finance | 59,388 |
| Concordia University | Master of Science in Finance | 27,825 |
Living Costs
The cost of living in Canada differs across various parts of the country. The basic structure of the average cost of living in Canada for international students is discussed below:-
| Expenses | Costs (USD) |
|---|---|
| Accommodation | 190-570 |
| Books & Supplies | 230 |
| Food (Per Meal) | 8-20 |
| Transportation | 70 |
| Other Related Expenses | 55-115 |
Scholarships
As one of the most coveted education destinations, Canada offers various kinds of financial support to international students in the form of scholarships, grants and bursaries.
- Banting Postdoctoral Fellowships:- Canadian government offers various kinds of scholarships and fellowships to international students planning to pursue postgraduate study and will positively contribute to the country’s economic and social growth.
Amount:- $70,000 per year (taxable)
Duration: 2 Years (non-renewable)
- NSERC Postgraduate Scholarships:- These scholarships are offered to outstanding international students undertaking courses related to natural sciences or engineering fields at a recognized university/ college.
Value:- $17,500
Duration: 12 months (non-renewable)
- Vanier Canada Graduate Scholarships Program:- The Government of Canada founded the Vanier Canada Graduate Scholarships program to provide financial assistance to students pursuing their graduate studies in the social sciences and humanities, natural sciences and/or engineering and health.
Amount:- $50,000 per year
Duration:- 3 Years (non-renewable)
For more information related to scholarships in Canada for international students, Click Here.
Admission Process for Masters in Finance in Canada
Like most programs, the admission process for masters in finance varies from university to university. The admission process for international students is divided into two parts, eligibility criteria and admission requirements.
Eligibility Criteria for MS in Finance in Canada
The section given below dwells into common prerequisites related to the admission process of Canadian universities such as academic preparations and standardized tests. It is important to note that these eligibility criteria are exclusively for international students only.
- Academic Qualification: Prospective applicants must have completed their undergraduate degree from an accredited university/ institution with prerequisite classes in fields like business statistics, financial theory, business finance, etc.
- Minimum GPA: Generally, candidates who want to study masters in finance must have a minimum GPA of 3.0. Whereas, transfer students must have scored at least a 2.0 GPA. Most online graduate programs do not have the minimum GPA requirement for admission.
- Standardized Test Scores: International students applying for MS in Finance in Canada must submit the test scores of standardized tests like GMAT or GRE. The minimum requirements of these tests vary from university to university.
- English Proficiency Requirements: Non-native English speakers are required to prove their proficiency in the English language. International students can submit the scores of tests like the International English Language Testing System (IELTS) or Test of English as a Foreign Language (TOEFL) for the same.
| University | TOEFL | IELTS |
|---|---|---|
| University of Toronto | – | 7.0 |
| The University of British Columbia | 90 iBT | 6.5 |
| McGill University | 567 PBT/ 86 iBT | 6.5 |
| University of Waterloo | 100 iBT | 7.5 |
| Western University | 550 PBT/ 213 CBT/ 86 iBT | 6.0 |
Master in Finance in Canada Admission Requirements
Given below are the admission requirements common for the majority of Canadian universities offering Masters in Finance programs.
- Transcripts: Applicants must submit official transcripts of all previous qualifications along with their certified copies. International students are required to provide English/ French language translations as well.
- Resume/ CV: To secure admission in Master in Finance, students need to submit an updated version of their resume or curriculum vitae showing a detailed academic and work history.
- Work Experience: Various master’s programs in finance such as executive MBAs require students to show proof of a minimum of two years of relevant work experience. Applicants with significant career achievements gain a competitive edge during the selection process and can qualify for paid fellowships.
- Personal Statement: A personal statement is an important application document that allows prospective candidates to set themselves apart from other applicants by describing their academic and professional accomplishments. Most universities require a one-to-two page statement to determine the students’ motivations and aspirations for the future.
- Letters of Recommendations: Candidates are expected to submit at least two letters of recommendation along with their applications. These letters should be from academic and professional references attesting the student’s personal achievements and professional qualities.
| LOR for Canada | SOP for Finance | SOP for Canada | How to Submit LOR |
Masters in Finance in Canada Admission Timeline
- International students who are planning to take standardized tests are advised to set aside two-to-three months to prepare for the exam.
- Generally, the results of the GMAT and GRE are announced within 5-20 days and 10-15 days respectively.
- Each university has its own application deadlines. Graduate schools usually set their deadlines two months prior to the commencement of the semester.
- Applicants are advised to provide themselves at least 4-6 weeks to draft a proper resume and personal essay. A substantial amount of time should be provided for securing letters of recommendation.
In case of any queries, students are encouraged to contact the school’s admission specialists.
Career Opportunities after Masters in Finance in Canada
Pursuing masters in finance from Canada opens a large number of doors in the financial, services and industry sectors of the economy. Some of the highest paid jobs in Canada for international students along with their job descriptions are discussed below:-
Accountant:- Students who are interested in monitoring the financial health of organizations by analyzing the records can opt for this career option. The job profile particularly involves preparing taxes and recommending necessary changes to increase the company’s revenue and reduce its expenditures.
Budget Analyst:- The job of a budget analyst is to collaborate with management to create budgets. They examine and formulate the company’s budget proposals to meet state and federal demands and regulations.
| Job Profile | Median Annual Salary (USD/ Year) |
|---|---|
| Accountant | 70,500 |
| Budget Analyst | 76,220 |
| Financial Analyst | 85,660 |
| Market Research Analyst | 63,120 |
| Risk Manager | 85,773 |
Financial Analyst:- A financial analyst determines a company’s financial worth by analyzing and evaluating its financial reports and statements. By collecting relevant data, they examine the economic market and suggest bonds and stock options to provide insights into the company’s economic standing.
Market Research Analyst:- Market Research Analysts conduct surveys and polls to forecast sales and marketing trends by monitoring consumer’s behavior. Their job also includes the task of creating reports to measure the buyer’s interest and spending.
Risk Manager:- Students opting for this profession will explore several variables that influence potential gains and losses, including workplace accidents, natural disasters, market fluctuations, and legal issues.
The specialized nature of masters in finance in Canadian universities provides students an opportunity to clarify their academic interests, professional goals, and personal needs. According to the Bureau of Labor Statistics (BLS), the demand for personal financial advisors will increase by up to 7% between 2018 and 2028. Thus, the wide coverage of finance yields diverse career prospects for international students.
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