Financial Economics

Financial Economics: Introduction

Faculty Affiliation

Arts and Science; Management

Degree Programs

Financial Economics



The Master of Financial Economics (MFE) program is a non-thesis degree program offered jointly by the Department of Economics and the Rotman School of Management. The 18-month MFE program provides students with a broad understanding of financial theory as well as the economic framework upon which that theory is based, both in the classroom and through practical real-world experience. Students are expected to complete a mandatory winter or summer internship to enhance their development in the program and prepare themselves for an eventual career in industry. Graduates of the program receive a professional degree called the Master of Financial Economics.

Contact and Address

Telephone: (416) 978-2678

Master of Financial Economics Program
Department of Economics, University of Toronto
150 St. George Street
Toronto, Ontario M5S 3G7

Financial Economics: Graduate Faculty


Alexopoulos, Michelle - BSc, MA, PhD
Aivazian, Varouj - BSc, MA, PhD
Hussain, Sayed - BA, PhD
Melino, Angelo - BA, PhD
Mondria, Jordi - BA, MA, PhD (Director)
Rempel, Mark - BA, MA, MA, PhD
Tsoy, Anton - PhD


Davydenko, Sergei - MSc, MA, PhD
Dyck, Alexander – BA, PhD
McCurdy, Thomas - BA, MA, PhD
Stapleton, Maureen - MBA
Wang, Kevin - BSc, MA, PhD

Financial Economics: Financial Economics MFE

Master of Financial Economics

Minimum Admission Requirements

  • Applicants are admitted under the General Regulations of the School of Graduate Studies. Applicants must also satisfy the program's additional admission requirements stated below.

  • An appropriate bachelor’s degree with at least a mid-B (75%) standing in the final year of the program.

  • Successful completion of courses in calculus, intermediate microeconomics, intermediate macroeconomics, and statistics.

  • Applicants who do not hold a degree from a Canadian university must submit an official Graduate Record Examination (GRE) General Test score or a Graduate Management Admission Test (GMAT) score. See the program’s website for details.

  • Evidence of strong communication skills, both oral and written.

  • Relevant work experience and/or previous training in finance is useful but not required.

  • Admission is competitive, so accepted applicants will normally have achieved a standing considerably higher than the minimum requirements.

Program Requirements

Students must successfully complete a total of 7.5 full-course equivalents (FCEs) as follows:

  • 6.5 FCEs in coursework:

    • 0.5 FCE in ECO1010H Mathematics and Statistics for MA and MFE Students (Credit/No Credit).

    • 2.0 FCEs from the Department of Economics. These core courses are the same as those required for the MA degree in Economics plus ECO1500H Financial Economics: Asset Pricing.

    • 1.5 FCEs from the Rotman School of Management: RSM2306H Options and Futures Markets, RSM2300H Corporate Financing, and RSM2302H Security Analysis and Portfolio Management.

    • 2.5 FCEs in electives from either the Department of Economics or the Rotman School, subject to the condition that at least 1.5 out of the 2.5 elective FCEs must be taken from the Department of Economics.

  • 1.0 FCE: a one-session internship (FEC1000Y0; Credit/No Credit).

Program Length

5 sessions full-time (typical registration sequence: S/F/W/S/F)

Time Limit

3 years full-time

0 Course that may continue over a program. Credit is given when the course is completed.