FAQ Categories

MFE General Program-Related Questions

MFE Timeline

MFE Summer Internship

MFE Funding, Scholarships, Finances

Application Related Questions

FAQs International Students

MFE General Program-Related Questions

What makes the MFE program unique?

The MFE is a collaborative program among Economics, Law, Ivey Business School and Statistical & Actuarial Sciences. 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 competitive is admission into the MFE program?

Admission to the MFE program is very competitive. Approximately 10% of applicants receive an offer of admission.

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.

MFE Timeline

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. 

How does one progress through the program?

See information on courses and additional requirements.

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MFE Summer Internship

Are internships guaranteed?

It is each student’s responsibility to secure an internship. We play a significant role in identifying opportunities, establishing employer relationships, and enhance your job search skills through the MFE professional development series included with tuition.

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. 

MFE Funding, Scholarships, Finances

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. 

Program applicants are encouraged to research additional funding sources.

Application Related Questions

What is the academic background of successful applicants?

We look for students with an excellent academic record in the last two years of university. Backgrounds include:


A four-year undergraduate degree in Economics


A four-year undergraduate degree in Finance/Business, with intermediate to advanced level microeconomics, macroeconomics and econometrics, or significant credits in alternative quantitative courses


A four-year undergraduate degree 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 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 
  • Read about our Application Assessment

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. 

If you feel that your academic record may not provide an accurate measure of your promise for graduate work in economics, or if you do not have an Honours Economics degree, you will find it beneficial to take the GRE. However, please note that strong GRE performance does not offset a weak academic record.

Given the global pandemic and the availability of testing centres, the MFE Admissions Committee will accept the GRE General at home test scores.

What else do I need to know about the GRE?

A minimum GRE score of 150 (new scale) on the Quantitative component is required.

Western’s Institution Code is 0984 and the Department Code is 1801. Students who take the exams when they are offered in October, December, or January will have their scores available in time to be considered by our Department. The deadlines for registering for the exams are about seven weeks before the exams are given. For information and registration forms, write to Graduate Record Examinations, Educational Testing Service, Box 955, Princeton, New Jersey 08541, U.S.A.

Given the global pandemic and the availability of testing centres, the MFE Admissions Committee will accept the GRE General at home. 

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

Due to the volume of applications received, we are unable to offer pre-assessment. Applicants can use the Admission Requirements checklist as a tool to determine their eligibility.

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?

Mid-October – online application available 

January 15 – application deadline. All supporting documents and application requirements must be submitted by this date to receive full consideration by the Admissions Committee.

Early February - shortlisted candidates will be contacted for an admission interview.

Late February – first round offers extended.

Late March - possible second round of offers extended.

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.

FAQs International Students

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) of the British Council. The minimum acceptable score is 6 out of 9. The IELTS is offered in 6 test centres in the US and 3 in Canada.
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.
Duolingo scores will be accepted as proof of English proficiency for admission. The minimum required score is 115.

Fanshawe College’s ESL Program. The requirement is graduation from Level 5, Advanced Academic Preparation, with a minimum 80% in all components.

Students who are required to present evidence of proficiency in English must make their own arrangements to write the TOEFL, IELTS, or CAEL and to have the official results sent directly to the School of Graduate and Postdoctoral Studies by the testing agency. Those graduates from Fanshawe College’s ESL Program must provide official proof of graduation.

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.

Given the global pandemic and the availability of testing centres, the MFE Admissions Committee will accept the English Language Proficiency Online test scores.

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.

Given the global pandemic and the availability of testing centres, the MFE Admissions Committee will accept the GRE General at home test scores.

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

Current immigration laws allow you to work in Canada for 16 months upon completion of the MFE provided you will be employed in your field of study.

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.


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