Frequently Asked Questions


No, there is only one admission cycle for September entry.

There is no option for part-time study as students enter at the same time and progress as one cohort. The program has three semesters: two academic and one work term.

The MFI Program is highly competitive and typically we accept 5-10% of MFI applicants.

The MFI Program has around 30 spots per cohort therefore is a very selective and niche program. You will progress through the program term as one cohort and take classes together.

The “ideal MFI candidate” should have a drive and passion for challenges with a strong undergraduate background in quantitative methods (probability, statistics, applied mathematics); some knowledge of finance, insurance modelling and data science is nice to have. The candidate should also have excellent communication skills to communicate ideas, and good soft skills to be able to conduct themselves well in an interview. The advice would also be to follow the financial news and markets to know what is going on in the industry as you will be asked! All this along with exceptionally good organizational and time management abilities. Bear in mind this is a wish list of the ideal candidate, however successful candidates do not always have all these attributes.

Yes. You may still apply and upload your electronic transcript including fall grades (all courses completed to date). If you receive a conditional offer, you must complete all your courses before August 31 and have received confirmation of program completion and anticipated date of official convocation. You must send the official copy showing completion and convocation date before the admission condition is removed if you are not a U of T student.

U of T graduates are not required to purchase an official transcript. However, if you completed part of your degree at a different institution or completed a semester abroad you should include official transcripts for this study.

You will need to upload a letter of intent or personal statement as part of your application package. This is your opportunity to stand out. You should demonstrate an understanding of the requirements of graduate school and the MFI Program. You should also touch on why this program is an appropriate opportunity for you and how it fits in with your overall career goal. You should have an awareness of the industry and current trends, any areas of interest and why you are a good fit for the program both from an academic and personal focus.

We seek applicants with a strong quantitative undergraduate training, e.g., those graduating with degrees in Statistics, Mathematics, Actuarial Science, Economics, Sciences, and Engineering. Below you will find a collection of suggested courses (using the University of Toronto course codes) that we recommend students should complete before applying to the program.

  • MAT 235Y/237Y (Multivariable Calculus)
  • MAT 223H/240H (Linear Algebra I)
  • STA 257H (Introductory Probability and Statistics I)
  • STA 261H (Introductory Probability and Statistics II)
  • ACT 240H (Mathematics of Investment & Credit)
  • ACT 245H (Financial Principles I)
  • STA 347H (Probability Theory)
  • STA 302H (Applied Regression Analysis)
  • ACT 370H (Financial Principles II)
  • STA 437H (Applied Multivariate Analysis)
  • ACT 460H (Stochastic Methods for Finance)

It is not necessary to have all these courses, rather we seek students with a solid breadth and depth in their training to be successful in the program.

No, this program is geared towards those who have a strong quantitative undergraduate background and trains students at the interface of data science, finance, and insurance. Students come from a variety of backgrounds and typically less than half have an actuarial science degree.

This is a highly quantitative graduate program, and a business background alone would not be enough quantitative training to be successful in this program. You would need to have completed some higher-level math and statistics courses.

We will begin admission offers in early March and then on a rolling basis until all spots are filled. If you are placed on a waitlist, you will be informed.

We do not require a GMAT/GRE.

You may include one professional reference with your application however you will need two academic references preferably from a qualitative related course.

We welcome applications from mature students as industry experience is an asset, however from experience we have found that students have trouble returning to full time education if they have not completed some recent academic training to ensure academic success in the program.

If your primary language is not English and you graduated from a non-Canadian university where the language of instruction was not English, then you must demonstrate your ability in English by successfully completing an acceptable English Language Proficiency Test. This requirement must be met at the time of your application. Your official TOEFL or IELTS score report should be sent to UofT School of Graduate Studies.

No. As the MFI Program is a small boutique program in nature it is not possible to accommodate deferrals. If you wish to study in the following cohort, you will need to apply again through the regular application process.

The only method available to pay the deposit is by credit card by logging in to the Student Information System (ACORN (Accessible Campus Online Resource Network) at using your Join ID credentials. If you are unable to pay by credit card, please contact Student Accounts.



You do not need to register for courses. Your mandatory courses will be uploaded to your academic record on ACORN. You may choose your elective by submitting a course add form to the MFI Office for approval.

You may take other courses within Arts and Science in addition to core courses at no additional cost to you. It is recommended that you do not take more than one extra course per term.

No. Students take all classes together as one cohort and are expected to complete ALL mandatory requirements regardless of academic background.

Given the rigorous pace of the MFI courses, professional development, and networking activities, it is not recommended to have work commitments during the first two terms.

As a graduate student you may apply for TA positions which you are qualified for, however we do not recommend that you accept more than one course per term as the time commitment for program activities must take a priority to successfully complete the program.



Whilst the program cannot guarantee an internship, as this is dependent on the willingness and participation of the student, to date the program has a 100% record in securing summer work placements. Alternatively, some students, if they so wish, can complete a summer research project with a faculty member. Another point to note is that MFI students often secure full-time work or longer-term contracts beginning in May which can be leveraged as their work placement component therefore students are not restricted just to apply for summer four-month terms.

The success of securing a summer work placement is dependent on the joint efforts of our program administration and the student. Whilst you will be assisted heavily throughout the process and offered business skills workshops, interview preparation, resume consultations and a vast array of networking opportunities, you are also expected to seek out job openings and actively take part in networking events as early in the academic year as possible to maximize success.

Graduates of the MFI Program have found positions in a wide variety of positions including major banks, fintech, insurance and reinsurance, hedge funds, and consulting. More details of companies where our graduates are located can be found on our Careers Page.


Funding & Awards

MFI Students are not eligible for department funding as this is a professional program however there are opportunities for financial help. More details can be found on the MFI Awards and Funding page and the School of Graduate Studies’ Scholarships and Awards page.

Certainly. While the program is self-funded, all graduate scholarships can be used to cover costs in the program.