MQF Admission Requirements

MQF Homepage | Admission requirements

Academic background requirements

Students from various disciplines are invited to apply for admission. Successful applicants have had backgrounds in quantitative fields such as actuarial science, computer science, economics, engineering, mathematics, physics, and statistics.

Submission of GMAT and/or GRE scores is optional and not required.

If you are applying to the Master of Quantitative Finance, then your background should closely match the following:

General requirements

  • A four-year honours degree (or equivalent) in a quantitative discipline with at least an 80% average

  • Strong analytical skills and ability to handle rigorous mathematical analysis

  • Programming skills: Python, Matlab, R, or C++

  • Superior verbal and written communication skills

  • General knowledge of financial markets and economics

  • Demonstrated interest in current developments in finance

  • Work or co-op experience is an asset 

Specific requirements

Our program involves a very high level of mathematical rigour and we expect our students to have a solid background in mathematics. Specifically, applicants should be familiar and comfortable with formal, proof-oriented mathematical reasoning and they should be proficient in all of the following subjects:

  • Single and multivariable calculus
  • Real analysis
  • Linear algebra
  • Advanced undergraduate probability
  • Advanced undergraduate statistics

Proficiency in these subjects is typically documented through strong grades in corresponding courses. At the University of Waterloo, these would typically include the courses PMATH 351 (Real Analysis) or PMATH 331 (Applied Real Analysis) as well as STAT 333 (Stochastic Processes 1) and STAT 330 (Mathematical Statistics). 

We recommend a working knowledge of at least one programming language such as Python. Other useful languages are VBA, SQL, or C++.

English language proficiency

For students required to meet University English language proficiency certification, the minimum scores required are as follows:

Internet-based
TOEFL (iBT)		 IELTS
(Academic)		 Cambridge English test
(C1 Advanced or C2 Proficiency)		 CAEL PTE
(Academic)		 EFAS
90;
writing 25;
speaking 25		 7.0;
writing 6.5;
speaking 6.5		 185;
minimum 176 in each area		 70;
60 per band;
70 writing;
70 speaking		 63;
writing 65;
speaking 65		 75%
overall in level 400 with at least 75% in writing, oral and academic skills

Upload copies of your ELP certification at the time of application. The Education Testing Service (ETS) uses 0996 as the Institution Code for the University of Waterloo and 01 as Department Codes for Graduate Studies and Postdoctoral Affairs when reporting TOEFL. For additional information, see the English Language Proficiency guideline.

How to apply

You must apply for admission online. There are no Winter or Spring admissions; the program starts in the Fall. 

Application deadline: January 6th.

We recommend you apply by December 1st to allow time for referees to respond. The review of completed applications starts in mid-December.

After your online application has been submitted, complete instructions as to how to upload your documents will be emailed to you from the University of Waterloo. It may take four or five business days before you receive these instructions.

References

As part of your application, you will be required to provide the names and contact information of three referees (two must be academic).

Your referees will be contacted directly by the university after you submit your application.

Required Documents

  • Copies of all your university transcripts (including those where you did not complete a degree)
  • Completed Statement of Interest and Program Specific Questions (you will receive access to these after paying the application fee)
  • Your résumé

The following are the program specific questions:

  • List all undergraduate and graduate degrees you expect to have when starting the program, along with the university you received it from.

  • List the course title, topics covered, and your final grade in all courses taken in the following areas: Mathematics (such as Calculus, Linear Algebra, Differential Equations, Real or Complex Analysis, Measure Theory, Optimization, etc.).

  • List the course title, topics covered, and your final grade in all courses taken in the following areas: Probability and Statistics.

  • List the course title, topics covered, and your final grade in all courses taken in the following areas: Finance, Economics, Computing/Computer Science, any other courses relevant to quantitative finance.

  • Describe your work experience in the financial area including company name, time period, your position, responsibilities and duties, or indicate not applicable.

  • List all programming languages (such as R, Matlab, C++, Python, etc.) that you know and your skill level (basic, intermediate, or expert).

If you experience problems uploading documents, please contact the admissions team.

Student selection after application

Selection process

The Master of Quantitative Finance (MQF) admits 20 to 25 students each year. Since we typically receive many applications for the program from qualified individuals, the competition is quite rigorous and standards of admission are high.

Applications reviewed

  • Review of applications will begin in mid-December. All applications completed by the January 6th deadline will be given full consideration. The applications are reviewed by the admissions committee who look closely at transcripts, supplemental information forms, references, and résumés.
  • From this review, a short list of applicants are selected for an interview.

Interview

The admissions interview is a comprehensive assessment designed to evaluate the qualifications and suitability of the shortlisted applicants. During the interview, applicants can expect questions related to their academic background, mathematical problem-solving abilities, and their motivation for pursuing this program. Communication skills will also be assessed.

Reading list

A list of recommended reading topics and resources has been provided to help students prepare for the program.

Admission offers

Admission offers are sent to the successful applicants by mid-March.

Fees and financing

Fees

For a complete breakdown of fees for full-time graduate study refer to the graduate fee schedule.

The Master of Quantitative Finance (MQF) program research paper option has three academic terms (full time) and one term for an internship. Students begin the program in September and complete the program in December of the following year. The regular schedule is 16 months long.

The thesis option normally requires three to five academic terms to complete. The time required depends upon the research progress of the individual student. 

Financial support

The program does not provide financial support to students.

Other potential sources of financial support available to graduate students are:

  • Natural Sciences and Engineering Research Council of Canada (NSERC) postgraduate scholarships
  • Limited research assistantships on an ad hoc basis.
  • Domestic, thesis students may be eligible for the Math Domestic Graduate Student Award (Math DGSA)
  • Ontario Student Assistance Program (OSAP)