Slide Slide Slide



To be considered for admission to the MMF Program, you must have the following minimum requirements:

You must have completed a bachelor’s degree in a quantitative or technical discipline from a recognized university with a GPA equivalent to a University of Toronto mid-B (75%) in the last two years of senior level courses.

Evidence of proven ability in areas such as linear algebra, multivariable calculus, differential equations, real analysis, at least one undergraduate course in statistics that covers topics such as confidence testing, applied multivariate analysis, time series analysis and basic regression are essential.

In addition to mathematics and statistics, knowledge of economics and finance as well as the use of programming languages such as MATLAB, C++, R, and Python are needed.

Applicants accepted to the MMF Program will normally have achieved a standing considerably higher than the minimum mid-B and will also have some workplace experience.

Graduates of recognized academic institutions outside Canada should hold an appropriate bachelor’s degree or its equivalent as assessed by the University of Toronto. Use the International Degree Equivalencies Tool to see which international credentials are required for admission to MMF.



Please follow all application instructions carefully. A complete application consists of the following:

The Application Form
The Application Form and Supporting Documents are submitted to the MMF Program on-line through a secure server hosted by the School of Graduate Studies. You must complete the online application form with all relevant information and pay the application fee ($230.00 Canadian) in order to be considered for admission.

The Application Essay
A maximum of 300 words using a minimum 12-point font and single spaced. The content of your essay should address the following questions:
What are your short-term and long-term goals and why?
How will your previous academic and professional experience contribute to help you achieve these goals?
How will your previous academic and professional experience help you to succeed in the Master of Mathematical Finance Program?

Electronic Transcripts
Applicants must provide transcripts from all postsecondary institutions attended whether or not a degree was obtained. All transcripts must be scanned and uploaded to the online application. Please note that certificates are not considered academic degrees and should not be uploaded in this section. You may note any certificates or professional designations on your CV.

Three Letters of Reference
All reference letters must be submitted electronically. It is advisable to contact your referees in advance to let them know that you will be requesting a reference letter for the purpose of your application to MMF and to inform them of the deadline to submit their reference letter. You will need the name, institutional email address and telephone number of each referee. Once you enter this information into the application form, the system will generate an automated request for your referee to upload their reference letter to your application. Referees should be professors or advisors who can speak to your academic ability and potential. A professional reference will be accepted if you have work experience relevant to the program.

This should be a current outline of your academic and professional accomplishments. Some areas that should be listed are your education, work experience and professional accomplishments, certifications, publications and other honours if applicable.

Test of English as a Second Language
International applicants may be required to submit a recognized test of English as a Second Language. Test scores must be submitted at the time of application. Your application will not be considered and no offer of admission made unless you have successfully demonstrated your command of the English language.



Application Deadline (Application and all Supporting Documents)
December 15, 2020 at 11:59pm EST

March 1, 2021 – Interviews for selected applicants begins.

March 31, 2021 – Decision Notifications to applicants begins.

April 30, 2021 – Decision Notifications to applicants closes.

All communication from the MMF Program regarding scheduling of interviews and Decision Notifications regarding admission will be made by email.


MMF is a self-funded, full-cost-recovery professional Program and therefore financial aid is NOT available to students. For the 2020-2021 academic year, tuition is $53,050.00 (Canadian) and incidental fees are $1,395.37 (Canadian).

International students will also be required to purchase the University Health Insurance Plan (UHIP) for the period of their registration (12 months).


All our courses are developed specifically for the MMF Program and are compulsory. Our courses are taught in our dedicated classroom and open only to MMF students. Our timetable is independent of the University of Toronto’s regular academic calendar. Courses in the MMF Program fall into three academic terms: Fall, Winter, and Summer. Courses begin in the third week of August and end in July of the following year.

(August – December)

(January – April)

(May – July)

Introduction To The Financial Industry Internship Operations Research
Information Technology   Financial Markets & Corporate Policy
Introduction To Financial Products   Workshop In Mathematical Finance
Data Science   Asset Management
Pricing Theory   Investment And Finance
Stochastic Analysis   Volatility Modelling And Forecasting
Risk Management   Risk Management Laboratory
Numerical Methods   Blockchain Fundamentals
Machine Learning For Finance    


MMF faculty, visiting professors, and instructors are innovative and prominent leaders in their fields. Our professors and instructors come from the University of Toronto, financial institutions, and international universities. All have substantial research and/or professional experience which they bring to MMF.


In addition to the minimum requirements listed above, international students who wish to apply to MMF must have excellent command of the English language. If you were educated in a country where the primary language of instruction and examination is not English, you must submit proof of English language proficiency at the time of your application.

Electronically reported test scores should be sent directly by the testing agency to the University of Toronto (Enrolment Services). The only test for which U of T will accept paper scores is MELAB (see below).

Test of English as a Foreign Language (TOEFL)

Educational Testing Service

Students must arrange for their score to be reported electronically to the University of Toronto (Enrolment Services) by the testing agency. The institution code for U of T is 0982. There is no need to specify a department.

Minimum Score Requirements:

Paper-Based Test with TWE:
Overall Score 580 and TWE score of at least 5

Internet-Based Test (IBT):
Overall Score 93 with Writing/Speaking 22

Michigan English Language Assessment Battery (MELAB)

English Language Institute (ELI)

Required score: 85

Applicants should arrange with MELAB to have their scores sent to the following U of T address. MELAB does not send scores to institutions electronically, therefore you must consider the time it takes for mail to be sent by post.

University of Toronto, Enrolment Services
172 St. George Street
Toronto, Ontario, M5R 0A3

International English Language Testing System (IELTS)

University of Cambridge Local Examinations Syndicate

Minimum required score: 7.0 (Academic) with at least 6.5 for each component.

After you have taken the test, please arrange with the testing agency to send your score electronically to the University of Toronto’s Admission and Enrolment Services (Undergraduate and Graduate Programs). There is no need to send a paper score sheet.

The Certificate of Proficiency in English (COP)

COPE Testing Limited

Required score: 76 (with at least 22 in each component and 32 in the writing component).

After you have taken the test, please arrange with COPE to send your score electronically to the University of Toronto, Enrolment Services. There is no need to send a paper score sheet.

Academic Preparation Course

International ESL Program
School of Continuing Studies, University of Toronto

Required score: a final grade of B in Level 60.

Canadian Academic English Language, Computer Edition (CAEL CE)

SGS has revised our regulations to include CAEL CE as an additional English language proficiency test acceptable for admission to graduate studies at U of T. CAEL CE is designed to measure the English language proficiency of prospective applicants planning to study at Canadian colleges and universities. The test is delivered in China, India, the Philippines, UAE, and the USA for students interested in educational opportunities in Canada.

Required score: 70 minimum total with at least 60 in each part. Results should be sent to University of Toronto, Enrolment Services, electronically.


Normally, if applicants meet any one of the following conditions, they are not required to submit proof of proficiency in English. Please do not assume you are exempt from providing an ELP test, check with the Program to be sure.

  • A Canadian citizen who studied at a Canadian university where the language of instruction is French
  • Has obtained an undergraduate or graduate degree from an institution recognized by the University of Toronto and where the language of instruction and examination is uniformly English
  • Completed a degree in one of the following countries: Australia, Barbados, Botswana, Ghana, Guyana, Hong Kong*, Ireland, Jamaica, Kenya, Lesotho, Liberia, Malawi, Malta, Namibia, New Zealand, Nigeria, Papua New Guinea, Sierra Leone, Singapore, South Africa**, Swaziland, Tanzania, Trinidad and Tobago, Uganda, United Kingdom, United States of America***, Zambia, and Zimbabwe

* Applicants from the Chinese University of Hong Kong are required to provide proof of English proficiency.

** Some applicants from South Africa may be required to provide proof of English proficiency as not all universities teach in English.

*** While textbooks and research materials used at universities in Puerto Rico are often in English, Spanish is the language of instruction in some universities.

The language of instruction and examination must be verified by the graduate unit and/or the School of Graduate Studies. Applicants should make arrangements for an official statement to be sent from their institution confirming the use of English as the language of instruction and examination.

Did you miss the recent MMF Information Session for interested applicants?
Listen to an archive of the session via the MMF Podcast below or on Spotify!

MMF Podcast

Information Session for MMF applicants: In this episode you’ll hear excerpts from the recent Information Session held online for interested applicants to the MMF program. The application window is now open for the Fall 2021 school year, with an application deadline of December 15th 2020. For more information on applying to MMF, visit us online at