FAQs Categories

What makes the MFE program unique?

• Economics
• Law
• Statistical and Actuarial Sciences
• Ivey Business School

The program offers Professional Development classes and Internship acquisition support. Completion of the required internship provides valuable work experience and professional network development.

How large is the MFE class?

Target enrollment is 25 students.

How large is the MFE class?

Target enrollment is 25 students.

How competitive is admission into the MFE program?

Admission to the MFE program is very competitive. The acceptance rate is approximately 8-12%.

How is the MFE program similar to the Chartered Financial Analyst (CFA) program?

The CFA is a professional certification that requires students to cover a broad range of foundational knowledge in accounting, economics and finance. The MFE program focuses on a subset of these topics and pursues them more rigorously. Graduates of the MFE Program will have a deeper understanding of the quantitative models underpinning modern finance and financial economics. Many of our incoming students have completed the CFA Level 1 prior to entry into the MFE program. Other students choose to write the CFA in June, after their first year.

Do the MFE and the CFA designation complement one another?

The CFA is a valuable certification to complete - with or without an MFE degree - for people committed to a career in finance. The MFE helps prepare you for some of the material, so that after completing the MFE many students will find it a bit easier to prepare for the CFA.

How long is the MFE program?

The MFE is a 16 month (four term) course-based program. It is offered on a full-time basis only with one intake per year (September). Students complete three terms of course work and a one term internship.

Are there various start dates?

No. There is one intake per year which occurs in September.

What is the exact starting date for the program?

Last Monday of August is usually the starting date for a mandatory two-week Refresher Series that is offered to help fill in some 'gaps' in education.

How does one progress through the program?

See information on courses and additional requirements.

Is an internship guaranteed?

It is each student’s responsibility to search for (and secure) their own internship to meet program requirements.

However, MFE students have access to their Career Services Officer who is exclusively dedicated to the program. Students also actively participate in weekly professional development sessions / workshops to develop their individualized search and application strategy.

Take advantage of unlimited 1:1s to assist with your individualized internship search plan.

How much do I expect to earn during my internship?

Internship salaries range between $15K and $35K with a median salary of $20K for four months.

Will I be able to graduate if I am not able to secure an internship?

Yes. You may complete a directed research project instead.

Do you offer financial support or scholarships?

Please see Student Finances for scholarship availability and financial support. 

How do students finance their studies?

Students typically arrange outside financing (either via loans, family support or savings from employment). Tuition is calculated as a total program fee and paid in four installments. 

Fee schedule

When budgeting, please take into consideration the total costs related to program attendance (fees, living expenses, health insurance for international students) in order to have an understanding of your financial commitment.

How much do I expect to earn during my internship?

Internship salaries range between $15K and $35K with a median salary of $20K. 

Are there scholarships I can apply for ahead of time?

Accepted students will automatically be considered for all internal MFE program managed scholarships when those are available.

Program applicants are encouraged to research additional funding sources.

What is the academic background of successful applicants?

We look for students with an excellent academic record in the last two years of university and one of the following four-year undergraduate degrees:

• in Economics
• in Finance/Business, with intermediate to advanced level microeconomics, macroeconomics and econometrics, or significant credits in alternative quantitative courses
• in a quantitative discipline such as mathematics, statistics, actuarial science or equivalent quantitative discipline
• a degree not listed above, with intermediate level courses in economics, math and/or statistics

A three-year international undergraduate degree may also satisfy the degree requirement.

How do I distinguish myself as an applicant?

• Possess exceptional quantitative background (advanced level understanding in courses such as Economics, Finance, Mathematics, Statistics, Engineering, Computer Science, etc.)
• Showcase your professionalism and communication skills – both written and verbal (verbal skills are assessed during phone/skype interview of shortlisted applicants)
• Have relevant work/volunteer experience
• Provide clear and thoughtful responses to supplementary questions
• Submit strong endorsements from professors/supervisors 

Is work experience required?

It is not required, but it helps with internship placements and post-graduate employment

Are there any preparatory courses or resources you recommend to applicants to strengthen skills before staring program?

Review your Math courses (Calculus and Linear Algebra), Econometrics-Statistics courses (specifically Inference & regression), and coding (R and Python).

How do I know whether I need to take the GRE?

If your undergraduate degree is not from a Canadian university, you are required to take the GRE.

You may also find it beneficial to take the GRE:

• If you feel that your academic record may not provide an accurate measure of your promise for graduate work in economics
• If you do not have an Honours Economics degree

However, please note that strong GRE performance does not offset a weak academic record.

What else do I need to know about the GRE?

Typically, the program does not accept students with GRE scores below 150 (new scale) on the Quantitative component.

Western’s Institution Code is 0984 and the Department Code is 1801. GRE scores need to be submitted to the university before the application deadline.

I am not sure if I am eligible to apply. Can you pre-assess my application?

Due to the high volume of applications received, we are unable to offer pre-assessment. It is impossible to predict how competitive an application will be prior to a thorough review of the entire pool, since the applicant pool changes from year to year. If you meet the minimum eligibility requirements, you are encouraged to apply.

The Admissions Committee assesses applications based upon:

• Academic Preparation
  • Does the applicant have sufficient quantitative and analytical skills to undertake the rigorous curriculum?
• References
  • Do the academic referees confirm the applicant has the intellect, aptitude, and initiative to successfully pursue graduate studies?
• Communication Skills
  • Does the applicant demonstrate a strong command of the English language? Oral communication skills will be evaluated in short-listed candidates in an admission interview.
• Professional Experience & Preparation
  • Does the applicant possess relevant professional experience in an internship/co-op or full-time capacity? (MFE is a direct entry program that does not require prior work experience).
  • Is the applicant pursuing a professional designation? E.g., CFA, FRM
• Extracurricular Activities
  • Does the applicant demonstrate leadership skills through extracurricular activities?

What is the application fee?

The application fee is $150 CAD.

How do I access the online application?

Access to the online application.

What is the application timeline?

Should I send all the supplemental application-related documents to the MFE office?

No. Please follow the submission instructions provided in the online application. Documents received by the MFE office will not be processed.

Why should I consider studying in Canada?

Canada’s approach to multiculturalism creates a very positive and welcoming environment for international students. Canada’s breathtaking natural beauty and the four seasons provide a beautiful backdrop to campus life, on one of the most beautiful university campuses in Canada.

What are your English language proficiency requirements?

Applicants whose first language is not English must furnish evidence of their proficiency in the use of the English language by a satisfactory* achievement within the last two years in one of the following:

• The Test of English as a Foreign Language (TOEFL). The minimum acceptable score is 86, with no individual score below 20 for the internet based version, or 550 for the paper and pencil version, although some programs require a higher minimum score. [Western's TOEFL ID is 0984].
• The International English Language Testing Service (IELTS Academic). The minimum acceptable score is 6.5 out of 9. The IELTS is offered in 6 test centres in the US and 3 in Canada.
• Duolingo scores will be accepted as proof of English proficiency for admission. The minimum required score is 115.
• The Canadian Academic English Language Assessment (CAEL Assessment). The minimum acceptable score is 60. The CAEL Assessment is offered in several countries throughout the world as well as Canada.
• Western English Language Centre. The requirement is successful completion of the High-Advanced level.
• Fanshawe College’s English for Academic Purposes (EAP) Program. The requirement is graduation from Level 10, English for Academic Purposes, with a minimum 80% in all components.

Students who are required to present evidence of proficiency in English must make their own arrangements to complete one of the above tests or programs and to have the official results sent directly to the School of Graduate and Postdoctoral Studies by the testing agency.

Please note, these are the minimum requirements of SGPS and are not reflective of successful MFE applicants. The program places strong emphasis on communication skills - the nature of the program (teamwork, internship component) necessitates excellent language ability and a very high level of proficiency.

Can you waive the English language proficiency requirement?

We may waive the TOEFL requirement if you have been studying for more than two years toward a degree at an accredited institution in Canada, or hold a degree from a country where the primary language is English. An interview is an important part of the admissions process, as success in the program requires excellent communications skills in English. 

What if my undergraduate degree is from a non-Canadian university?

Applicants are required to submit the GRE. Western’s Institution Code is 0984 and the Department Code is 1801.

Will I be able to work in Canada upon graduation from the MFE program?

SInce Canadian immigration laws may change any time we recommend that you check Western International webpage, especially Visas and Permits > Working and Volunteering section.

Do I require a special visa in order to complete the internship component?

Yes, you will require a co-op work permit. We advise you to apply for the co-op work permit when you apply for your study permit. You may apply for both in one application, once you have received an offer, or have accepted an offer.

Do you offer financial support or scholarships?

See MFE Funding, Scholarships, Finances above.

Alumni network

• Alumni (Industry Professional) Mentor matching
• 2 Additional Networking Events where alumni attend
• Connect with Alumni on LinkedIn (also through our exclusive Students and Alumni Group)

What career options are available for students upon graduation?

• Banks, Pension Funds, Investment Firms, Government, Financial Tech
• Risk, Quantitative Analysis, Financial Data Analysis, Front-Office positions

What employment opportunities were given to the past and current students?

• We do not “give” students internships or post-graduate jobs
• It is each student’s responsibility to secure their own internship / full-time role
  • However: you have support from your Career Services Officer throughout each step of the process
• Our graduates work in Public Sector and Private Sector financial