Answers Education Online

Studying Finance in Canada: The Complete Guide

The excellent reputation of Canada and its university system attracts many French students every year, especially in fields of specialization where international openness and English are essential to progress in your career.

Studying Finance in Canada is an opportunity to venture across the Atlantic and benefit from a North American education very different from what we know in France, while having of a passport to companies around the world thanks to your Anglo-Saxon diploma.

Where to study finance in Canada?

As with their American neighbors, the university system in Canada is very specific with and known around the world.

A large number of academic institutions exist in Canada: the Association of Universities and Colleges of Canada (AUCC) has 95. These establishments can be divided into two types:

  • The Universities offer training at any university cycle. To study in the field of finance, the students must join training courses within the management faculty generally called “School of Management” or “Business School”.

 

  • The Colleges or Vocational training schools offer short (2 years) and technical training. We can compare these training to French BTS or DUT. In the area of ​​finance, training is offered within the Business department. Not all colleges offer this type of training.

 

In this article, we will only talk about Canada outside Quebec.

Here is a list government institutions recognized for studying. It is necessary to integrate a program of one of these institutions to obtain to obtain your study visa.

Which courses to join to study finance in Canada?

Different types of training allow you to study finance according to our years of study or the types of institutions.

Within Colleges, two-year courses are offered under the name of Diploma degree. This type of training generally allows a continuation of studies at the University if the student so wishes thanks to equivalences. In the field of finance, these are generally courses geared towards accounting.

To study finance in more depth, you have to study in universities. As in the United States, the programs are divided between Undergraduate (first cycle of studies) and Graduate (second cycle of studies).

The Bachelor cycle (Undergraduate)

Regarding Undergraduate studies, students can integrate a Bachelor degree generalist in the field of commerce and management generally named:

  • Bachelor of Commerce,
  • Bachelor of Management,
  • Bachelor of Business Administration

Within these Bachelor, the student can choose a specialization in finance to be confronted from his first cycle of studies with lessons in finance. The Bachelor degree is completed in 3 or 4 years and is then named Bachelor of Honor (and it is equivalent to a French Master 1).

The Master cycle (Undergraduate)

The real specialization comes at the postgraduate level. Indeed, once in possession of a Bachelor degree or an international equivalent, students have the possibility of integrating a Master degree specializing in the field of finance that interests them.

The Master degree is the continuation of the Bachelor degree. According to the Universities, many training courses in finance exist. They last 1 or 2 years and can be more or less specialized. There are for example:

  • Master of Finance,
  • Master of Financial Risk Management,
  • Master of Accounting and Finance,
  • Master of Quantitative Finance,

A Master degree in Canada is equivalent to a Master 2 in France.

The Postgraduate cycle

It is also possible to follow finance courses within a MBA (Master of Business Administration). Although this training is initially general in the fields of business and management, some programs offer specializations focused on finance.

Students can also pursue a PhD (equivalent to a doctorate) in the field of finance. The student must then choose a specific specialty as his field of research.

The CFA (Chartered Financial Analyst) is an internationally recognized finance certification. Issued by the CFA Institute, a private American organization, the CFA requires a lot of work and investment. 38 Canadian establishments offer training courses combining finance and preparation for the various levels of this certification.

What are the registration formalities for finance training?

There is no system in Canada that centralizes registrations as we can have one in France through Parcoursup.

To apply, students must therefore submit their application individually to each University that they potentially wish to join. And the first rule to know is that you have to do it very early!

In fact, for Undergraduate programs, the deadline for submitting applications is generally set between January and March of the previous year, a date which differs depending on the institution and the course.

If you are applying for a Graduate program, the procedures should even be more anticipated. For Master degrees and MBAs, 12 to 18 months before the start date are generally recommended.

For PhDs, 15 months are considered necessary, the time to find a thesis tutor as well as to collect the various prerequisites requested.

What are the requirements to join the training?

The requirements differ depending on the training you wish to join. You will obviously need an English certification: IELTS where the TOEFL are the certifications mostly accepted by Canadian universities and higher institutions.

When you apply for a Bachelor degree in finance, you will usually be asked:

  • Your Baccalaureate results
  • Your bulletins for the two previous years
  • A cover letter
  • Two letters of recommendation
  • Your IELTS or TOEFL certification

Often, certain levels in academic subjects (mathematics for example) may be required of you by universities.

To join a Master’s degree in Finance or a MBA specialized in finance, you will need to have a Bachelor degree or an international equivalence. To apply you will generally be asked:

  • A Bachelor degree or an equivalence
  • Your undergraduate report cards
  • The test GMAT (Graduate Management Admission test) or the GRE
  • An IELTS or TOEFL certification
  • A cover letter
  • A CV
  • A try
  • A meeting
  • Internships or professional experiences (essential to join MBA)

Obviously, these requirements can be very different according to the Universities and their programs in terms of content or expectations.

What are the best universities to study finance in Canada?

According to the annual ranking QS World, Universities offering the best accounting and finance programs in 2020 are as follows:

  • University of Toronto
  • University of British Columbia (UBC)
  • McGill University
  • York University
  • Queen’s University at Kingston

The Canadian magazine McLean offers an annual ranking of universities in the country. Regarding Business School, the 2020 ranking is the next :

  • University of British Columbia (UBC)
  • University of Toronto
  • University of Alberta
  • York University
  • Western University

What is the cost of training in Finance in Canada?

University fees in Canada are known to be high. We must therefore expect to invest several thousand euros per year to access one of the training courses.

  • A Diploma degree from a College costs around 25,000 CAD (around 16,000 euros) for two years of study.
  • A Bachelor degree costs between 9,000 and 22,000 CAD (between 6,000 and 15,000 euros approximately) per year.
  • A Master degree in finance costs between 30,000 and 45,000 CAD (between 20,000 and 30,000 euros approximately) per year.

To help you finance your studies, different scholarships exist and can be of great help.

However, they remain accessible only to a minority of international students, and are mainly based on academic criteria, sports, or linked to atypical profiles.

Exit mobile version