Financial Insurance
Program Overview
The Department of Statistical Sciences offers a Master of Financial Insurance (MFI), a full-time professional program focused on producing students who will become leaders in the global financial insurance industry. The program stands on three pillars: statistical methods, financial mathematics, and insurance modelling. It provides students with education at the interface of these domains with sufficient depth and breadth so that students can provide both detailed analysis of specific financial insurance risks as well as provide a bird’s-eye perspective on how the embedded risks affect the firm enterprise wide.
This program is particularly appropriate for students with backgrounds in statistics, actuarial science, economics, and mathematics, but students with a quantitative background (such as those in physics and engineering) and sufficient statistical training are also encouraged to apply. The program welcomes applications from international students. For more information, visit the program website.
Quick Facts
Domestic | International | |
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Application deadline | MFI: Fall 2024 Entry 15-Jan-2024 | MFI: Fall 2024 Entry 15-Jan-2024 |
Minimum admission average | MFI: B+ (final 5.0 credits) | MFI: B+ (final 5.0 credits) |
Are any standardized tests required/recommended? | MFI: N/A | MFI: ELP requirement IELTS/TOEFL |
Master of Financial Insurance
Program Description
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.
Minimum Admission Requirements
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Applicants are admitted under the General Regulations of the School of Graduate Studies. Applicants must also satisfy the Department of Statistical Sciences' additional admission requirements stated below.
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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.
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An average grade equivalent to at least a University of Toronto B+ in the final year or over senior courses; applicants who meet the SGS grade minimum of mid-B and demonstrate exceptional ability through appropriate workplace experience will be considered.
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Three letters of reference including two academic references, one of which should be in a quantitative discipline.
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A curriculum vitae detailing the student’s educational background, professional experience, and skills.
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Applicants whose primary language is not English and who graduated from a university where the language of instruction and examination was not English must demonstrate proficiency in English using one of the official methods outlined in the SGS Calendar.
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Selected applicants may be required to attend an interview.
Admission to the program is competitive, and achievement of the minimum admission standards does not guarantee admission into the program.
Program Requirements
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Students must successfully complete 5.5 full-course equivalents (FCEs) as follows:
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Eight required half courses (4.0 FCEs).
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STA2546H Data Analytics in Practice (0.25 FCE).
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Any one of Statistical Sciences’ 0.25 FCE 4000-level graduate course offerings with significant financial, insurance, or data science components, with approval of the MFI program director.
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STA2560Y 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 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.
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Required Courses
Fall Session
Course Code | Course Title |
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STA2503H
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Applied Probability for Mathematical Finance
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STA2530H
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Applied Time-Series Analysis
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STA2535H
|
Life Insurance Mathematics
|
STA2536H
|
Data Science for Risk Modelling
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STA2550H+
|
Industrial Seminar Series
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Winter Session
Course Code | Course Title |
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STA2540H
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Insurance Risk Management
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STA2546H | Data Analytics in Practice |
STA2550H+
|
Industrial Seminar Series
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STA2551H
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Finance and Insurance Case Studies
|
STA2570H
|
Numerical Methods for Finance and Insurance
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STA45## | [To be selected by the student with approval of the Director.] |
Summer Session
Course Code | Course Title |
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STA2560Y
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Industrial Internship
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+ Extended course. For academic reasons, coursework is extended into session following academic session in which course is offered.
Program Length
3 sessions full-time (typical registration sequence: F/W/S)
Time Limit
3 years full-time

“Graduate school is definitely busy and challenging, but it is also fun! ”
- Sophia Chan
- Master of Financial Insurance Program