Master of Financial Insurance

Minimum Admission Requirements

• 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.

• 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.

• 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.

• Three letters of reference including two academic references, one of which should be in a quantitative discipline.

• A curriculum vitae detailing the student's educational background, professional experience, and skills.

• 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.

• 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.

Completion Requirements

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

  • Eight required half courses (4.0 FCEs).

  • STA2546H Data Analytics in Practice.

  • 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.

  • STA2560Y Industrial Internship, a four-month summer internship. 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.

Required Courses

• Fall Session

  • STA2503H Applied Probability for Mathematical Finance

  • STA2530H Applied Time-Series Analysis

  • STA2535H Life Insurance Mathematics

  • STA2536H Data Science for Risk Modelling

  • STA2550H Industrial Seminar Series

• Winter Session

  • STA2540H Insurance Risk Management

  • STA2546H Data Analytics in Practice

  • STA2550H Industrial Seminar Series

  • STA2551H Finance and Insurance Case Studies

  • STA2570H Numerical Methods for Finance and Insurance

  • STA45## [To be selected by the student with approval of the Director.]

• Summer Session

  • STA2560Y Industrial Internship

MSc Program; Fields: 1) Statistical Theory and Applications; 2) Probability

Minimum Admission Requirements

• Admission to the MSc program is competitive, and applicants are admitted under the General Regulations of the School of Graduate Studies. Admission requirements for the Statistical Theory and Applications field and the Probability field are identical. Successful applicants have:

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

  • An average grade equivalent to at least a University of Toronto mid-B in the final year or over senior courses.

  • Three letters of reference.

  • A curriculum vitae.

• 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. See General Regulations section 4.3 for requirements.

Completion Requirements

• Both the Statistical Theory and Applications field and the Probability field have the same program requirements. All programs must be approved by the Associate Chair for Graduate Studies.

• Students must complete a total of 4.0 full-course equivalents (FCEs), of which 2.0 must be chosen from the list below:

  • STA2101H Methods of Applied Statistics I

  • STA2201H Methods of Applied Statistics II

  • STA2111H Probability Theory I

  • STA2211H Probability Theory II

  • STA2112H Mathematical Statistics I

  • STA2212H Mathematical Statistics II

• The remaining 2.0 FCEs may be selected from:

  • Any Department of Statistical Sciences 2000-level course or higher.

  • Any 1000-level course or higher in another graduate unit at the University of Toronto with sufficient statistical, computational, probabilistic, or mathematical content.

  • One 0.5 FCE as a reading course.

  • One 0.5 FCE as a research project.

  • A maximum of 1.0 FCE from any STA 4500-level modular course (each are 0.25 FCE).

• All programs must be approved by the Associate Chair for Graduate Studies. Students must meet with the Associate Chair to ensure that their program meets the requirements and is of sufficient depth.

• Part-time students are limited to taking 1.0 FCE during each session. In exceptional cases, the Associate Chair for Graduate Studies may approve 1.5 FCEs in a given session.

PhD Program

Minimum Admission Requirements

• Admission to the PhD program is competitive, and applicants are admitted under the General Regulations of the School of Graduate Studies.

• Applicants may be accepted via direct entry with a bachelor's degree in statistics from a recognized university with at least an A– average. The department also encourages applicants from biostatistics, computer science, economics, engineering, mathematics, physics, or any discipline where there is a significant quantitative component.

• Three letters of recommendation.

• A curriculum vitae.

• A letter of intent or personal statement outlining goals for graduate studies.

• 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. See General Regulations section 4.3 for requirements.

Completion Requirements

Course Requirements

• During Year 1, students must complete the following 3.0 full-course equivalents (FCEs):

  • (1.5 FCEs) All of:

    • STA2111H Probability Theory I,

    • STA2211H Probability Theory II, and

    • STA2503H Applied Probability for Mathematical Finance.

  • (0.5 FCE) One of:

    • STA2501H Advanced Topics in Actuarial Science or

    • STA4246H Research Topics in Mathematical Finance.

  • (1.0 FCE) One of:

    • STA2101H Methods of Applied Statistics I and STA2201H Methods of Applied Statistics II or

    • STA2311H Advanced Computational Methods for Statistics I and STA2312H Advanced Computational Methods for Statistics II or

    • STA3000Y Advanced Theory of Statistics.

Comprehensive Examination Requirements

• Within Years 1 and 2, students must complete a two-part comprehensive examination: 1) an in-class written comprehensive exam and 2) a research comprehensive exam.

  • Students must attempt the in-class written comprehensive by the end of Year 1. If a student fails this portion of the comprehensive exam, one further attempt will be allowed by the end of Year 2. Students who achieve A or A+ grades in all required coursework are exempt from the in-class written exam.

  • Students must attempt the research comprehensive exam by the beginning of Year 2, which includes a technical report and an oral presentation. If a student fails this portion of the comprehensive exam, one further attempt will be allowed at the end of Year 2.

  • Students must pass both the in-class written exam and the research exam to continue in the program.

Thesis Requirements

Conducting original research is the most important part of doctoral work. The thesis document must constitute significant and original contribution to the field. Students will have yearly meetings with a committee of no less than three faculty members to assess their progress. The completed thesis must be presented and defended within the Department of Statistical Sciences in addition to being presented and defended at the School of Graduate Studies.

Residency Requirements

Students must also satisfy a three-year residency requirement, whereby students must be on campus full-time and consequently in geographical proximity to be able to participate fully in the University activities associated with the program.

PhD Program

Minimum Admission Requirements

• Admission to the PhD program is competitive, and applicants are admitted under the General Regulations of the School of Graduate Studies.

• Applicants may be accepted via direct entry with a bachelor's degree in statistics from a recognized university with at least an A– average. The department also encourages applicants from biostatistics, computer science, economics, engineering, mathematics, physics, or any discipline where there is a significant quantitative component.

• Three letters of recommendation.

• A curriculum vitae.

• A letter of intent or personal statement outlining goals for graduate studies.

• 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. See General Regulations section 4.3 for requirements.

Completion Requirements

Course Requirements

• During Year 1, students must successfully complete a total of 3.0 full-course equivalents (FCEs) as follows:

  • STA3000Y Advanced Theory of Statistics

  and two of the following:

  • STA2101H Methods of Applied Statistics I and STA2201H Methods of Applied Statistics II

  • STA2111H Probability Theory I and STA2211H Probability Theory II

  • STA2311H Advanced Computational Methods for Statistics I and STA2312H Advanced Computational Methods for Statistics II.

• Courses must be chosen in consultation with the advisor and approved by the Associate Chair of Graduate Studies.

Comprehensive Examination Requirements

• Within Years 1 and 2, students must complete a two-part comprehensive examination: 1) an in-class written comprehensive exam and 2) a research comprehensive exam.

  • Students must attempt the in-class written comprehensive by the end of Year 1. If a student fails this portion of the comprehensive exam, one further attempt will be allowed by the end of Year 2. Students who achieve A or A+ grades in all required coursework are exempt from the in-class written exam.

  • Students must attempt the research comprehensive exam by the beginning of Year 2, which includes a technical report and an oral presentation. If a student fails this portion of the comprehensive exam, one further attempt will be allowed at the end of Year 2.

  • Students must pass both the in-class written exam and the research exam to continue in the program.

Thesis Requirements

Conducting original research is the most important part of doctoral work. The thesis document must constitute significant and original contribution to the field. Students will have yearly meetings with a committee of no less than three faculty members to assess their progress. The completed thesis must be presented and defended within the Department of Statistical Sciences in addition to being presented and defended at the School of Graduate Studies.

Residency Requirements

Students must also satisfy a two-year residency requirement, whereby students must be on campus full-time and consequently in geographical proximity to be able to participate fully in the University activities associated with the program.

PhD Program (Direct-Entry)

Minimum Admission Requirements

• Admission to the PhD program is competitive, and applicants are admitted under the General Regulations of the School of Graduate Studies.

• Applicants may be accepted via direct entry with a bachelor's degree in statistics from a recognized university with at least an A– average. The department also encourages applicants from biostatistics, computer science, economics, engineering, mathematics, physics, or any discipline where there is a significant quantitative component.

• Three letters of recommendation.

• A curriculum vitae.

• A letter of intent or personal statement outlining goals for graduate studies.

• 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. See General Regulations section 4.3 for requirements.

Completion Requirements

Course Requirements

• Students must successfully complete a total of 5.0 full-course equivalents (FCEs) as follows:

  • Year 1: complete 3.0 FCEs:

    • STA3000Y Advanced Theory of Statistics
      
      and two of the following:

    • STA2101H Methods of Applied Statistics I and STA2201H Methods of Applied Statistics II

    • STA2111H Probability Theory I and STA2211H Probability Theory II

    • STA2311H Advanced Computational Methods for Statistics I and STA2312H Advanced Computational Methods for Statistics II.

    • Courses must be chosen in consultation with the advisor and approved by the Associate Chair of Graduate Studies.

  • Complete an additional 2.0 FCEs at the graduate level. The additional courses must be approved by the Associate Chair of Graduate Studies.

Comprehensive Examination Requirements

• Within Years 1 and 2, students must complete a two-part comprehensive examination: 1) an in-class written comprehensive exam and 2) a research comprehensive exam.

  • Students must attempt the in-class written comprehensive by the end of Year 1. If a student fails this portion of the comprehensive exam, one further attempt will be allowed by the end of Year 2. Students who achieve A or A+ grades in all required coursework are exempt from the in-class written exam.

  • Students must attempt the research comprehensive exam by the beginning of Year 2, which includes a technical report and an oral presentation. If a student fails this portion of the comprehensive exam, one further attempt will be allowed at the end of Year 2.

  • Students must pass both the in-class written exam and the research exam to continue in the program.

Thesis Requirements

Conducting original research is the most important part of doctoral work. The thesis document must constitute significant and original contribution to the field. Students will have yearly meetings with a committee of no less than three faculty members to assess their progress. The completed thesis must be presented and defended within the Department of Statistical Sciences in addition to being presented and defended at the School of Graduate Studies.

Residency Requirements

Students must also satisfy a three-year residency requirement, whereby students must be on campus full-time and consequently in geographical proximity to be able to participate fully in the University activities associated with the program.

PhD Program

Minimum Admission Requirements

• Admission to the PhD program is competitive, and applicants are admitted under the General Regulations of the School of Graduate Studies.

• Applicants may be accepted via direct entry with a bachelor's degree in statistics from a recognized university with at least an A– average. The department also encourages applicants from biostatistics, computer science, economics, engineering, mathematics, physics, or any discipline where there is a significant quantitative component.

• Three letters of recommendation.

• A curriculum vitae.

• A letter of intent or personal statement outlining goals for graduate studies.

• 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. See General Regulations section 4.3 for requirements.

Completion Requirements

Course Requirements

• During Year 1, students must successfully complete a total of 3.0 full-course equivalents (FCEs) as follows:

  • STA3000Y Advanced Theory of Statistics

  and two of the following:

  • STA2101H Methods of Applied Statistics I and STA2201H Methods of Applied Statistics II

  • STA2111H Probability Theory I and STA2211H Probability Theory II

  • STA2311H Advanced Computational Methods for Statistics I and STA2312H Advanced Computational Methods for Statistics II.

• Courses must be chosen in consultation with the advisor and approved by the Associate Chair of Graduate Studies.

Comprehensive Examination Requirements

• Within Years 1 and 2, students must complete a two-part comprehensive examination: 1) an in-class written comprehensive exam and 2) a research comprehensive exam.

  • Students must attempt the in-class written comprehensive by the end of Year 1. If a student fails this portion of the comprehensive exam, one further attempt will be allowed by the end of Year 2. Students who achieve A or A+ grades in all required coursework are exempt from the in-class written exam.

  • Students must attempt the research comprehensive exam by the beginning of Year 2, which includes a technical report and an oral presentation. If a student fails this portion of the comprehensive exam, one further attempt will be allowed at the end of Year 2.

  • Students must pass both the in-class written exam and the research exam to continue in the program.

Thesis Requirements

Conducting original research is the most important part of doctoral work. The thesis document must constitute significant and original contribution to the field. Students will have yearly meetings with a committee of no less than three faculty members to assess their progress. The completed thesis must be presented and defended within the Department of Statistical Sciences in addition to being presented and defended at the School of Graduate Studies.

Residency Requirements

Students must also satisfy a two-year residency requirement, whereby students must be on campus full-time and consequently in geographical proximity to be able to participate fully in the University activities associated with the program.

PhD Program (Direct-Entry)

Minimum Admission Requirements

• Admission to the PhD program is competitive, and applicants are admitted under the General Regulations of the School of Graduate Studies.

• Applicants may be accepted via direct entry with a bachelor's degree in statistics from a recognized university with at least an A– average. The department also encourages applicants from biostatistics, computer science, economics, engineering, mathematics, physics, or any discipline where there is a significant quantitative component.

• Three letters of recommendation.

• A curriculum vitae.

• A letter of intent or personal statement outlining goals for graduate studies.

• 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. See General Regulations section 4.3 for requirements.

Completion Requirements

Course Requirements

• Students must successfully complete a total of 5.0 full-course equivalents (FCEs) as follows:

  • Year 1: complete 3.0 FCEs:

    • STA3000Y Advanced Theory of Statistics
      
      and two of the following:

    • STA2101H Methods of Applied Statistics I and STA2201H Methods of Applied Statistics II

    • STA2111H Probability Theory I and STA2211H Probability Theory II

    • STA2311H Advanced Computational Methods for Statistics I and STA2312H Advanced Computational Methods for Statistics II.

    • Courses must be chosen in consultation with the advisor and approved by the Associate Chair of Graduate Studies.

  • Complete an additional 2.0 FCEs at the graduate level. The additional courses must be approved by the Associate Chair of Graduate Studies.

Comprehensive Examination Requirements

• Within Years 1 and 2, students must complete a two-part comprehensive examination: 1) an in-class written comprehensive exam and 2) a research comprehensive exam.

  • Students must attempt the in-class written comprehensive by the end of Year 1. If a student fails this portion of the comprehensive exam, one further attempt will be allowed by the end of Year 2. Students who achieve A or A+ grades in all required coursework are exempt from the in-class written exam.

  • Students must attempt the research comprehensive exam by the beginning of Year 2, which includes a technical report and an oral presentation. If a student fails this portion of the comprehensive exam, one further attempt will be allowed at the end of Year 2.

  • Students must pass both the in-class written exam and the research exam to continue in the program.

Thesis Requirements

Conducting original research is the most important part of doctoral work. The thesis document must constitute significant and original contribution to the field. Students will have yearly meetings with a committee of no less than three faculty members to assess their progress. The completed thesis must be presented and defended within the Department of Statistical Sciences in addition to being presented and defended at the School of Graduate Studies.

Residency Requirements

Students must also satisfy a three-year residency requirement, whereby students must be on campus full-time and consequently in geographical proximity to be able to participate fully in the University activities associated with the program.