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Master of Financial Insurance University of Toronto




COVID-19 update: This course will start online and continue on campus later. Read more

Course info


The MFI is a full-time professional program based on three pillars: data science, financial mathematics, and insurance modelling. This program is appropriate for students with backgrounds in statistics, actuarial science, economics, and mathematics. Students with a quantitative background (such as physics and engineering) and sufficient statistical training are also encouraged to apply.

Program Requirements

​Students must successfully complete 5.5 full-course equivalents (FCEs) as follows:

​Nine required half courses (4.5 FCEs).

STA 2560Y Industrial Internship, a four-month summer internship (1.0 FCE). Students must submit a project proposal to the program director and select an advisor by April 15. Students will propose a placement site to be approved by the department. The department will provide approval of the proposal by May 15. An interim report is required by July 7. Students must prepare a final written report and deliver an oral presentation on the internship project at the conclusion of the internship.

Course options

Here are the different ways in which you can study Master of Financial Insurance.

Full Time (12 months)

Tuition fees

CAD$51,500.00 (29,18,551) per year




University of Toronto

St. George Campus,

27 King's College Circle,


Ontario (ON),

M5S 1A1, Canada

Entry requirement for international students

An appropriate bachelor’s degree from a recognized university in a related field such as statistics, mathematics, finance, and actuarial science, or any discipline where there is a significant quantitative component. Studies must include significant exposure to statistics, mathematics, finance, and actuarial science, including coursework in advanced calculus, computational methods, linear algebra, probability, and statistics.

International English Language Testing System (IELTS): The minimum requirement is an overall band of 6.5, with no band below 6.0.

Test of English as a Foreign Language (TOEFL): The minimum scores required for the different TOEFL tests are:

Internet-based Test:

Minimum Requirement: total score of 100 + 22 on Writing

Discretionary Range: total score 89-99 +19 - 21 on Writing

Cambridge Assessment English C1: Advanced or C2: Proficiency: A minimum overall score of 180, with at least 170 in each component.

Canadian Academic English Language Assessment (CAEL): The minimum score required to meet our English facility requirement is an overall score of 70 and no part below 60.

Canadian Test of English for Scholars and Trainees (CanTEST): The minimum requirement is a total score of 4.5, and no part below 4.

* Please check with your chosen school for the exact entry requirements for your programme.

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