Statistical Sciences: Financial Insurance MFI

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

  • 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.

 

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.

​​Required Courses
Fall Session​
​STA 2503H
Applied Probability for Mathematical Finance​
​STA 2530H
​Applied Time-Series Analysis
​STA 2535H
Life Insurance Mathematics​
​STA 2536H
Data Science for Risk Modelling
STA 2550H+
Industrial Seminar Series
Winter Session
​ECO 2506​H
Economics of Risk Management​
​STA 2540H
Insurance Risk Management​
​STA 2550H+
​Industrial Seminar Series
​STA 2551H
Finance and Insurance Case Studies
STA 2570H
Numerical Methods for Finance​ and Insurance
Summer Session
STA 2560Y
​Industrial Internship

+ 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