Awards and Funding
As a professional program, typically funding is not offered through the Master of Financial Insurance program, however there are some opportunities for financial assistance for both domestic and international students through various sources.
Master of Financial Insurance Entrance Scholarship
The MFI (Master of Financial Insurance) program offers an Entrance Scholarship of up to $2,000, awarded to students (either domestic or international) who have obtained the highest academic standing with previous study and would enrich the program with their knowledge and experience. Admitted students do not apply for this scholarship and will receive the award offer at the same time as their admission offer. The scholarship will appear as a credit on the students' tuition account in the second semester once a student is registered and has started the program.
Master of Financial Insurance Equity Award
In support of initiatives related to Equity, Diversity, and Inclusion (EDI), the MFI Program is offering an award to financially support students belonging to underrepresented groups and economically disadvantaged. Preference will be given to black and/or indigenous students. This award is open to both Domestic and International Students with awards ranging from $10,000 to $40,000 CAD, dependent on financial need and available funding.
To be eligible for this award you must have already applied to the MFI Program and submit all the following documents before the general admission deadline. You can submit the documents by email to mfi.info@utoronto.ca with “MFI Equity Award Application” in the subject line.
- MFI Equity Award Application Form
- Arts & Science Financial Needs Assessment Form
- Personal Statement (300 – 500) words
Please note the A&S Financial Needs Assessment Form is tailored to residents of Ontario however this form can be used as a measure for all applicants including international.
MFI Canadian Excellence Award
Increase Accessibility: By covering up to the full domestic tuition fees, this award makes the program accessible to Canadian students with financial need, allowing them to focus on their studies.
Recognize Academic Excellence: The award rewards students who have excelled academically in a quantitative undergraduate field, promoting high academic standards and excellence within the program.
Promote Diversity and Inclusion: By emphasizing financial need as a criterion, the award encourages applications from students of diverse socio-economic backgrounds.
Eligibility Criteria
Canadian Citizenship: Applicants must be Canadian citizens to ensure that the award benefits the domestic student population.
Financial Need: Applicants must demonstrate financial need through submitting standardized application documentation, ensuring that the award assists those who require it most.
Academic Excellence: Applicants must have achieved a high level of academic performance in a quantitative field of undergraduate study, such as mathematics, statistics, actuarial science, economics, computer science, engineering, or finance.
MFI Admission Application: Applicants must have already submitted an admission application to the Master of Financial Insurance program and meet entry requirements.
You can submit the documents by email to mfi.info@utoronto.ca with “MFI Canadian Excellence Award Application” in the subject line.
- MFI Excellence Award Application Form
- Arts & Science Financial Needs Assessment Form
- Personal Statement (300 – 500) words
Please note the A&S Financial Needs Assessment Form is tailored to residents of Ontario however this form can be used as a measure for all applicants including international.
Graduate Students’ Union Funding Opportunities
The Graduate Students Union provides information on funding opportunities, grants, and bursaries available to graduate students at the University of Toronto. More information here.
Federal or Provincial Loan Programs
If you are a domestic student, you may be eligible for Federal Student Loans/Grants, or assistance through provincial government loans from your home province/territory:
- Newfoundland Student Aid
- Nova Scotia Student Loans
- PEI Student Loan Program
- New Brunswick Student Aid
- Quebec Loans (English)
- Quebec Loans (Francais)
- Ontario OSAP (Ontario Student Assistance Program) Web site
- Manitoba Financial Aid
- Saskatchewan Loans
- Alberta Loan Programs
- British Columbia Student Financial Aid
- Yukon Financial Aid
- NWT Financial Assistance
- Nunavut Student Loans
Scotiabank and the University of Toronto have proposed a Professional Student Loan Plan for University of Toronto students enrolled in a professional program. Students have the option of borrowing funds from Scotiabank through the Scotia Professional Student Plan (SPSP).
Further information is available here
Note: University of Toronto students are not required to use Scotiabank as a lender. Students are free to pursue funding options at the financial institution of their choice.
International students should first seek funding from their home countries. If you are an international student, you may be eligible to apply for scholarships offered by your home government, or there are independent loan programs who also offer loans to international students such as Prodigy Finance or MPOWER Financing.
The University of Toronto School of Graduate Studies (SGS) offers some limited International Student Awards. Please refer to SGS website.
International students can also contact the Centre for International Experience.
Graduate Students’ Union Funding Opportunities
The Graduate Students Union provides information on funding opportunities, grants, and bursaries available to graduate students at the University of Toronto. More information here.
Student Workers Assistance Fund (SWAF)
CUPE3902’s SWAF provides funds to Unit 1 members (TA’s and RA’s) who are masters students. Further information can be found on the CUPE3902 website.
Additional Financing Options
Please remember that the MFI Program has a paid summer co-op work term. This may assist students with funding their education (pay is dependent on position/company/length of contract, minimally 16 weeks).
In addition, some graduate students supplement their academic year income by securing a Teaching Assistant (TA) position. Please note that the hiring decision rests entirely with the hiring professors’ preference and department.
For other funding options, for both domestic and international students, please refer to University of Toronto’s School of Graduate Studies (SGS): Awards & Funding – School of Graduate Studies (utoronto.ca).