collageFor anyone who is wondering about the GMAT, do not fret because it does not have to be a nightmare. In today’s world, everyone is going to have to take out a loan to go to school and have a degree to have a well-paying job. The Canadian university system requires you to take the GMAT test. This article is for those people who want an alternative way to get into the Masters in Finance Canada program. The GMAT test has been known as the one test that everyone goes through when they apply for their master’s online in finance or business administration. This article will give you all the information you need.
A Master’s in Finance can be a gateway to a lucrative career in many countries and is almost a necessity to work in an international finance position in the U.S. If you want to know how to study for a Masters’s in Finance in Canada without a GMAT, it is going to cost you quite a lot of money to go through the whole program.
Earning a master’s degree in Canada is a top goal for many international students. Many top universities in Canada require prospective students to take the GRE exam in addition to IELTS, TOEFL, or GMAT. But students from non-technical backgrounds find the GRE a tough nut to crack. Are you looking for information on masters in finance in Canada without GMAT, masters in finance Canada rankings, and the cheapest masters in finance in Canada? Are you looking for a Master’s in Finance Canada rankings? Are you interested in knowing more about master’s in finance Canada salary? Tired of looking for finance programs without the GMAT on the web? Collegelearners gives you all the answers you need on the aforementioned topics and so much more.
Masters In Finance that don’t Require GMAT Canada
Finance degrees teach students how to manage and keep track of funds. Finance students learn about all the stages of acquiring and allocating resources that are needed for capital investments. Finance studies offered by business schools prepare experts who can evaluate and optimize assets and financial resources to meet the objectives of an organization or individual.
Finance is a subject that analyses and interprets financial markets, economic trends, banking, assets, and liabilities, as well as investments. People who work in Finance analyze data and then make long-term financial planning, offering recommendations based on their findings. The aim is to help governments, companies, and people make better financial decisions.
A Bachelor’s or Master’s degree in Finance teaches you about managing money, banking, and financial operations, insurance, real estate companies, and public institutions. During courses, you will also develop your planning, synthesizing, and problem-solving skills. You will uncover all the secrets of balance sheets and you’ll become familiar with the various types of finance, such as. public finance, corporate finance, or personal finance.
Finance specialists have a knack for working with numbers, constantly forecasting current financial trends, and seeing how they’ll lead to profit. A financial specialist always makes sure companies or organizations meet their financial demands.
It’s true that working with numbers is not for everyone. If you enjoy it, however, you’ll make many people, organizations, and governments happy. People love receiving their salaries on time just as much as companies love financial growth. You can be one of the minds that make sure these, and many other transactions and economic-related activities actually happen in an organized fashion. As a bonus, you will probably be in charge of your family’s finances and you’ll always have the money for great vacations with the people you love.
Students who graduate with degrees in finance pursue careers such as: financial analyst, commercial or investment banker, stock, insurance, or real estate broker, economist, tax adviser, financial manager, and others.
universities in canada for masters in finance without gMAT
Applying to an MBA program without a GMAT score can be a tricky business. Most business schools in the U.S. and Canada require a competitive GMAT score to be considered for admissions. However, that’s not always possible for every applicant.
If you are an MBA candidate who’s not great at taking tests or earned a low GMAT score, don’t worry; you’re not out of luck. There are five programs in Canada that will accept your MBA application without the GMAT, as long as you meet certain specific other requirements.
These are the top Canadian schools that don’t require a GMAT:
1. Queen’s University Smith School of Business
At Queen’s University Smith School of Business, you do not need the GMAT if you apply to the Accelerated MBA for Business Graduates program. Ranked by The Economist as the third best business school in Canada, this prestigious program is available in Vancouver, Calgary, Edmonton, Toronto, Mississauga, Markham, Ottawa, and Montreal.
To enroll, applicants need two years of work experience and an undergraduate degree in business or a related field, such as statistics; management information systems; accounting; marketing; etc. MBA students complete their degree in just 12 months while they continue to work, earning an education that builds upon the fundamentals that students already have.
Instead of a GMAT score, this program relies on your application, resume, official transcripts, cover letter, references, and personal interview to decide if you are an appropriate candidate. Applicants are evaluated on their work experience, academic background, and leadership skills. However, if any of these areas are weak, the school may recommend a completed GMAT score to enhance your application.
2. Schulich School of Business – York University
At York University’s Schulich School of Business, the GMAT requirement for the full-time MBA program can be waived if you meet specific criteria. First, the student must have graduated from the Schulich BBA or iBBA programs within the last five years. Second, their GPA must have been an average of a B+ or higher. Under these two scenarios, a GMAT score is not required.
The Schulich MBA is ranked by The Economist as the second-best program in Canada. The Schulich MBA is known for its flexible study options and extensive selection of specialization options. Students can choose between both full and part-time enrollment and 18 areas of study. making this a uniquely customizable MBA.
Beyond waiving the GMAT, candidates interested in applying to Schulich must have at least two years of work experience and fill out an application that includes three essays, two videos, one resume, two references, and transcripts. Applications for entry for September 2019 have already begun, with Round 2 on February 1, 2019, and Round 3 on March 15, 2019.
3. Lakehead University Thunder Bay and Orilla, ON
At Lakehead University, a GMAT score is not required for admission to the MBA program if you successfully complete the Business Skills Development Program offered by the Faculty of Business Administration. This six-module program must be completed with a minimum average grade of 70 percent.
The full-time MBA program at Lakehead University is one year in length—three terms—and provides students with a comprehensive and integrated knowledge of business and management. Students will develop their analytical, decision-making, and communication skills throughout the course of the program.
Beyond the GMAT replacement modules, students must fill out a completed application to be considered. This application includes official transcripts, references, and a statement of academic intent.
4. Thompson Rivers University Business and Economics
At the Thompson Rivers University Business and Economics school, MBA candidates are not required to submit a GMAT score. It is a completely optional requirement that is to be used as supplementary information. Instead, to apply, students must focus on demonstrating their quantitative and computing skills through education and work experience.
The MBA program at TRU can be completed on a full-time or part-time basis. Full-time students graduate in two years, taking courses in managerial statistics, human resource management, strategic management information systems, and more. Part-time students can graduate in five years, though there is also an accelerated one-year program.
To apply to the TRU one-year MBA program, applicants must have completed a three or four-year undergraduate degree with a GPA of at least 3.0. Other application requirements include the TOEFL language test, IELTS test, or completion of the TRU ENGL 1100 course to demonstrate language proficiency.
5. New York Institute of Technology, Vancouver, BC
The New York Institute of Technology in Vancouver, BC offers both a Management MBA and a Finance MBA that do not require GMAT scores for admission. Instead, the GMAT is used as supplemental information only helpful if your score is satisfactory.
The Management MBA offered at NYIT is highly flexible with classes offered in New York, China, Abu Dhabi, and, of course, Vancouver. It’s an AACSB-accredited degree that offers students leadership and professional experience through coursework and participation in industry associations.
Other application information required by the New York Institute of Technology includes an undergraduate degree from an accredited college, a 3.0 GPA, official transcripts, and a completed application.
Masters in Finance in Canada Course Curriculum
The curriculum for master’s in finance in Canada differs by school. 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 for international students
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 |
masters in finance canada fees
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)
Admission Criteria For MBA without GMAT in Canada
The admission criteria of most Canadian colleges or universities include GMAT scores, IELTS/TOEFL scores, work experience, letters of recommendation (LOR), and curriculum vitae (CV), amongst other things. But in some colleges in Canada, there are several MBA programs that don’t require GMAT scores for admission. These programs are either executive programs where you need to have proven work experience or else MBA programs in which neither GMAT score nor work experience is required. Like most programs, the admission process for a master’s in finance varies from university to university. The admission process for international students is divided into two parts, eligibility criteria, and admission requirements.
masters in finance canada requirements
Eligibility Criteria for MS in Finance in Canada
The section given below dwells on common prerequisites related to the admission process of Canadian universities, such as academic preparation 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 for a master’s 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 a minimum GPA requirement for admission.
- Standardized Test Scores: International students applying for an MS in Finance in Canada must submit the test scores of standardized tests like the GMAT or GRE. The minimum requirements for 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 their scores on 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.
masters in finance canada toronto 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 a master’s 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 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 master’s 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.
Conclusion
The GMAT is a great way to measure your ability to think critically and analytically. The test is also a great predictor of success in graduate school. However, if you are not able to take this test or if you don’t want to take it because of time or cost constraints, there are other ways that you can prove your ability to succeed in business school and beyond.
Canada offers many different options for those who want to pursue an MBA without taking the GMAT. Some programs accept only a GRE score as proof of ability, but others require essays and recommendations from professors, employers, or others who know you well.
If you want to go into finance without taking the GMAT, then Canada is a great option for you. There are several top-ranked schools offering master’s degrees in finance without requiring applicants to take the GMAT exam.
collage