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Master of Science in Finance

 (MSc Finance)

Recruitment Events

Have questions or want to chat about the MSc in Finance program?

Prospective Students

We welcome your interest in the Master of Science in Finance Program.

The Master of Science in Finance Program (MSc) is a thesis based program that provides students with a theoretical background in contemporary finance issues and a strong foundation in empirical research methods. The first year of the two-year curriculum is devoted to course work while the thesis is the second year focus.

Due to the research intensive nature of the program and individual student supervision at the thesis stage, applicants are carefully adjudicated and enrolment is limited. Only a handful of universities across North American offer programs that have a similar research focus at the Master’s level. The degree can be used as a platform for students who wish to pursue a PhD and it equips students with a competitive advantage in jobs that have a significant research component.

The ideal candidate will have completed an undergraduate degree in finance with excellent grades. The applicant must also supply a Statement of Intent, GMAT or GRE, and appropriate English test (where applicable) scores, three letters of reference, and a resume or curriculum vitae. In special cases we consider applicants with a strong quantitative background and a more limited exposure to finance and economics.


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Course Details

  • Core Courses

    *For the most up-to-date program information visit the USask Course and Program Catalogue.

    ECON 808 Econometrics

    The fundamentals of estimation and inference in the classical regression model, with applied laboratory sessions using actual economic data. Topics covered typically include: multiple linear and non-linear regression models; least squares; maximum likelihood; instrumental variables; statistical properties of estimators; asymptotic theory; restrictions; measurement error; serial correlation; heteroskedasticity; systems of equations.

    FIN 801 Advanced Corporate Finance

    Provides students with a fundamental understanding of the current issues of interest in research in the modern theory of corporate finance. It provides students with a theoretical background in areas such as firm theory, security issuance, capital raising, capital structure, and corporate governance. Presentation and discussion of articles from academic journals are used as tools to enhance student learning.

    FIN 802 Advanced Investment Theory

    Develops investment theory through the financial economics framework of Von-Neumann Morgenstern utility. This allows exploration of risk aversion, stochastic dominance, and portfolio optimization. MPT and CAPM are derived. Arrow-Debreu contingent claims and option pricing theory are addressed. Additional topics include risk-neutral valuation, stochastic discount factors, and the consumption CAPM.

    FIN 803 Empirical Methods in Finance

    Presents a critical look at current financial models and gives the student experience in the systematic analysis of financial data. Students are exposed to a suite of analytical tools that allow rigorous assessment of the characteristics of financial data and models.  

    FIN 805 Fixed Income Securities

    This course considers the financial concepts required to invest in fixed income securities. Topics include the mathematics required to evaluate fixed income cash flows, measuring and hedging fixed income portfolio risk, the yield curve in theory and practice, repurchase agreements, interest rate forward agreements, futures contracts, swaps, and mortgage-backed securities.

    FIN 990 Seminar in Finance

    A forum in which faculty members, visiting professors, and MSc students will present research papers.  All students participate in FIN 990.  Beginning in year two of their program, students are required to do a minimum of two presentations per academic year.

    FIN 994 Research in Finance

    Students undertaking research must register in this course each year until completion of the program.

    GSR 960 Introduction to Ethics and Integrity

    GSR 960 is an online course that you complete through Course Tools (Blackboard). This is a required course for all first year Graduate Studies students at the U of S. The purpose of this course is to discuss ethical issues that graduate students may face during their time at the University. You will complete modules dealing with integrity and scholarship, graduate student-supervisor relationships, conflict of interest, conflict resolution and intellectual property and credit.  This course must be completed in the student’s first term as a graduate student.

  • Electives

    *For the most up-to-date program information visit the USask Course and Program Catalogue.

    ECON 804 Research in Econometrics

    A research project serves as the primary tool to learn econometric techniques, but is augmented by a consideration of the theoretical aspects of econometrics.

    FIN 819 Advanced Derivative Securities

    Deals selectively with the theories, strategies, and applications of derivative securities. Topics include futures and forward contracts, swaps, standard options, exotic options and other derivative securities on different underlying assets; valuation techniques; empirical studies; governance and regulation of derivative securities trading and exposure; and management of financial risks.

    FIN 861 Advanced Theory of Finance

    Starts out with the classic Miller-Modigliani irrelevance theorem, which describes a frictionless financial markets set-up. Various deviations from this set-up, particularly with respect to agency costs, information asymmetries, and taxes, are then introduced. Students will also study how these market imperfections affect firms’ dividend policies and capital structures.

    FIN 866 Advanced International Corporate Finance

    Involves analysis of the problems, opportunities and questions confronting the financial management of multinational enterprises. Consideration is given to macro aspects of international finance including the problems of international liquidity and related institutional developments as inputs to the financial decision making of multinational enterprises. Students work closely with the instructor and review several academic journal articles in the area of global legal institutions, global corporate governance, global ownership structures, global cost of capital and capital structure.

    FIN 867 Advanced Portfolio Theory and Management

    Access to timely and relevant data provides a firm foundation for critical decisions in portfolio theory and management. Bloomberg and Wharton Research Data Services (WRDS) are integrated into the learning experiences of this course. Graduates can get credit towards their Bloomberg Markets Concept Certificate, an important boost to any finance resume, while learning how to extract key data and firm information, ranging from betas to Corporate Social Responsibility scores. Students gain hands on experience in choosing appropriate data sources for specific goals. Finally, Behavioural Finance is also explored in addition to the more traditional portfolio management topics, including but not limited to, portfolio selection, diversification, efficient frontier analysis and asset pricing. Graduates of this course will have a firm practical and theoretical foundation for business or academic finance careers.

    FIN 869 Advanced Management of Financial Institutions

    It is geared towards students who intend to broaden their knowledge in Financial Institutions beyond the knowledge of undergraduate studies and who may intend to work in the area of financial institutions in their thesis. This course will introduce papers which uses specialized methods used in this area of research in addition to papers that cover the current interesting area of research.

    FIN 871 Advanced Investment Practicum

    Gives students practical experience in the acquisition, managing, and monitoring of investment securities and entry and exit decisions with an application to managing the funds held in the Investment Account of the Student Managed Portfolio Trust (SMPT). Students will develop skills related to managing a group of financial analysts to compare and contrast the relative merits of investment opportunities among different industries and asset classes. The legal and ethical considerations of investing will be emphasized throughout.

    GSR 961 Ethics and Integrity in Human Research

    GSR 961 is an online course that you complete through Course Tools (Blackboard). This is a required course for students interested in doing research on human subjects.  Introduces students to the ethics of research with human subjects. Students will complete the Tri-Council Policy Statement: Ethics Conduct for Research involving Humans (TCPS) Tutorial and become familiar with the human ethics processes at the University of Saskatchewan.

  • Other Electives
    The electives listed above are what a typical student takes but is not an exhaustive list. Under the discretion of the program director and/or your thesis supervisor, alternative electives can be taken from other departments such as Economics, Law, Math and Psychology.
  • Course Schedule

    The Edwards MSc program architecture consists of the following:

    Year 1 Year 2
    • FIN 801 Advanced Corporate Finance
    • FIN 802 Advanced Investment Theory
    • FIN 803 Empirical Methods in Finance
    • FIN 805 Fixed Income Securities
    • FIN 990 Seminar in Finance
    • FIN 994 Research in Finance
    • ECON 808 Econometrics
    • GSR 960 Introduction to Ethics and Integrity
    • Electives
    • FIN 990 Seminar in Finance
    • FIN 994 Research in Finance
    • Optional: Additional Electives

    These courses comprise the basic structure for the fundamental development of your MSc program of study.  Depending on the academic background some students may be required to take ECON 804 in term 1 & 2 of the first year before taking ECON 808 in term 1 of year 2. 

    Between May and August you are expected to work on your thesis (literature review, methodology, collecting data, etc.). 

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MSc. Finance Student Profiles


What makes the MSc degree at the University of Saskatchewan unique compared to other MSc in finance programs is the requirement of students to perform original research which they must defend before an examination committee. 

During the thesis component of the MSc in Finance program the student will develop, under the supervision of an academic advisor, a research project consisting of the following three distinct stages:

  1. The identification, in conjunction with the academic supervisor, of an appropriate thesis topic and the completion of an oral proposal defense,
  2. The development and completion of the written thesis project involving regular interaction with the thesis supervisor, and
  3. A final defense of the thesis.

Successful completion of the final defense will require that the research project be completed to the satisfaction of the student's supervisory committee which, in most cases, will consist of the academic supervisor as the chairman, two other faculty members from within the department, and an external examiner selected from outside the department.

The transition from coursework to thesis is often the most difficult stage in the program as students may have difficulty in determining a topic that is appropriate for the thesis. Faculty will often have ideas that may be used as thesis topics. Students are therefore encouraged to familiarize themselves with the faculty and the research that is being conducted by them. To facilitate this process, brief faculty-student meetings will be arranged as required to determine the compatibility of students’ ideas and faculty research.

Research Supervisors

You do not have to select a supervisor before you enroll in the MSc Finance Program at Edwards. Instead, in your first year of study, you will be matched with a supervisor based on your area of interest. All students who are accepted into the MSc program are matched with a supervisor.

Name Research areas
Amarjit Gill

Corporate finance, entrepreneurial finance, risk and insurance, personal finance, and investment behaviour.

Abdullah Mamun Monetary policy and banking, bank risk management, financial economics, M&A
Min Maung Dividend signaling, asymmetric information, corporate governance, market timing, credit ratings
Dev Mishra Corporate finance, international corporate finance
Marie Racine

Asset pricing, risk measurement, ownership structure, corporate social responsibility, financial literacy, behavioral finance

Hamed Samarghandi Healthcare optimization, supply chain management, scheduling optimization
George Tannous Derivatives trading, option writing risks & rewards, derivative securities & bank risk management, corporate ownership structure & capital investment
Keith Willoughby Lean systems in the electronics industry, decision analysis in selecting cable television delivery options, operations research models in health care
Craig Wilson Corporate finance, corporate governance
Shan Wang Electronic commerce, Social commerce, Online communities, big data analytics, digital transformation and digital innovation
Fan Yang Corporate finance, financial markets

Application Deadline

The application deadline is January 31st of each year for the following September start date. 


Late applications may be accepted space permitting.


Admission Requirements and Tuition

  • Admission Requirements

    The Edwards MSc in Finance assesses applicants on a composite basis for admission purposes.  We look at a variety of factors when making admission decisions including undergraduate degree, grade point average, research interest, GMAT/GRE score, and reference letters. An interview may be required.

    Your Completed Admission Package Includes:

    • Completed Online Application Form and $120 Application Fee
    • Official GMAT Score or GRE Score
    • English Proficiency Scores (if required)
    • A Transcript of your Academic Record
    • Three Letters of Reference
    • Current Resume
    • Letter of Intent

    All documents must be uploaded to your online application. 

    4 Year Undergraduate Degree in Business or a related field

    Applicants must have a four-year undergraduate degree in business or a related field with a major or substantial number of courses in finance from a recognized university. Applicants must have a cumulative weighted average of at least 75% in the last two years of study (i.e. 60 credit units). Unofficial transcripts from all post-secondary institutions that you have attended must be uploaded to your application. Transcripts from the University of Saskatchewan do not need to be uploaded, but are required from all other institutions you have attended. For countries where degree certificates are issued, they must also be uploaded. If accepted, an official transcript of your academic record is to be sent directly from each institution attended. Visit Countries and Qualifications for a listing of countries and the equivalent academic requirements.

    Please note that applicants are required to have taken at least 6 credit units of Statistics and 3 credit units of Calculus. 

    GMAT (Graduate Management Admissions Test) or GRE (Graduate Record Examination)

    All applicants wishing to enter the program are required to write a GMAT or GRE exam. 

    • GMAT - The minimum accepted GMAT score is 500 (a score of 600 or higher is recommended, due to competition for limited space in the program). This test can be written at major centres throughout the world. For information on test centre locations, the nature of the exam, and scoring procedures, please visit the GMAT website. GMAT scores are valid for five years from the date the test is taken.
    • GRE - The minimum accepted GRE score is that which is equivalent to a 600 GMAT score. 

    Letters of Reference

    The Edwards MSc in Finance requires you to submit 3 confidential letters of recommendation, from professors or others or others that you have studied under.

    1. Contact your referees and ask them to provide a reference for you for the Edwards MSc in Finance program, and obtain an up to date email address.
    2. You will then fill out your referee’s complete information on the online application form, and enter their current email address.
    3. Once your application is completed, your referee’s will be sent a link where they can fill out an online form for your reference letter.

    Letter of Intent

    Your letter of intent is a chance to tell the Edwards MSc in Finance Selection Committee what unique and valuable contributions you can make to the program.

    Provide a brief description of your business and educational background, and your goals for the future. How will an MSc in Finance help you achieve your goals? Describe briefly what your research interests are.

    Discuss why you have decided to apply to the Edwards MSc in Finance program, and why it is a good fit for you. What specific parts of the Edwards MSc program are you looking forward too?

    Provide explanation as to why you should be accepted into the Edwards MSc Finance program rather than any other program.

    Make sure your letter of intent is unique and specific to the Edwards MSc in Finance program.  We don't want to read generic letters that sound like they could have been sent to any school; We want to know why you have chosen the Edwards MSc in Finance, and why we should choose you!


    Outline your previous education and work experience (if applicable) so the selection committee can have a good understanding of your background.

    Proof of English Proficiency

    Proof of English language proficiency may be required for international applicants and for applicants whose first language is not English. See the College of Graduate and Postdoctoral Studies Academic Information and Policies for more information. To see whether you will be exempt from this requirement, Click Here. All scores must be from one exam date, not to be combined with other exam dates.  Tests are valid for 24 months after the testing date and must be valid at the beginning of the student’s first term or registration in the graduate program. 

    Virtual English Proficiency Testing Requirements

    Language Test Type

    Minimum Required Score for Admission

    TOEFL iBT Special Home Edition (new)

    • Overall score of 86 with minimum scores of 19 in each area
  • Tuition

    The College of Graduate & Postdoctoral Studies at the University of Saskatchewan governs tuitions and fee structures for graduate programs across the university including the MSc program in Finance. Graduate fees are comparable to similar programs at other universities. The fee structure for graduate studies is provided below:


    Canadian Student Tuition 

    International Student Tuition 

    Per Term






    Total Program Tuition** $15,000 $33,750

    *The annual academic calendar for graduate studies consists of 3 terms.

    *The standard length of the MSc in Finance program is 2 years, although some students take longer to complete. If a student takes longer than two years to complete, they will be assessed appropriate tuition going forward. 

    Graduate studies tuition - Current tuition is also posted on the Money Matters website.

    Student Fees - All graduate students, including international graduate students, must pay the student fees. These fees are subject to review and revision at any time, and, they are non-refundable after the add/drop deadline for a given term. Current fees are posted on the Money Matters website. For information on how and when to pay graduate fees check the University Course Calendar for Payment of Tuition and Compulsory Fees.

  • Scholarships and Awards

    Students who are accepted into the program are eligible to receive funding based on the overall merits of their application and available funds.

    Additionally, Edwards has a dedicated award for self-declared First Nation, Métis, and Inuit graduate students:

    • Dean’s Circle awards (three awards valued at $10,000 each) recognize Indigenous graduate students who are entering or continuing a master’s program (Master of Business Administration, Master of Professional Accounting, or Master of Science) at Edwards. The award will be given out in the 2023-24 and 2024-25 academic years to students who are self-declared and have verified their Indigenous citizenship/membership based on the University of Saskatchewan’s deybwewin | taapwaywin | tapwewin policy. 

    For more information on other graduate student scholarships, please visit Award Search.

Ready to Study With Us?

If you would like more information on the Master of Science in Finance, please contact us:

Graduate Programs Office
Edwards School of Business
University of Saskatchewan
25 Campus Drive
Saskatoon, Saskatchewan, Canada
S7N 5A7

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