Commonly Asked Questions

Before you apply:

·        Why (or why not) the University of Toronto?

·        Should I apply for the MA, the MA(Doctoral Stream) or the MFE?

 

This is a new dilemma, the MFE only having been formally offered starting in fall 2002 and the doctoral stream starting in fall 2003.  The salient points are:

 

MA

MA (Doctoral Stream)

MFE

Entry Requirements?

Must have completed, or be in the final year, of a four-year or Honours Degree (or equivalent) with at least a mid-B (75%) standing in their final year.  Must have a strong preparation in economics, including full-year courses in calculus, and in intermediate micro macroand stats. Applicants without a degree from a Canadian university are required to write the General GRE, and may be required to write the TOEFL.

 

Same as MA, but only the top candidates who apply will be admitted.  Need marks substantially above mid-B. 

As for MA, but with at least a B+ average (78%) in the final year of the program, a strong background in economics, and full year courses in stats and calculus.  Advised to have completed the Canadian Securities Course prior to beginning the program.

Costs?

Costs (not including incidentals) just over $5000 for domestic students, or $9000 for international students for the 8 months.

As for MA.

Costs (not including incidentals) for 8 months in the first year and 4 months in the second year total $15,500 domestic or $32,250 international

 

What money is there for me to get?

TA work for 8 months (10 hrs/wk) earns you $8,468.  May be able to find extra income from private tutoring, eg ($20-$30 per hour), but don’t count on having the time to do it.  If you are an international student, you are not legally allowed to work more than 10 hours per week. 

 

Guaranteed funding package does NOT apply.  May apply for external scholarships and fellowships.

TA work for the 8 months (10 hrs/wk) gives $8,468.  Likely to be able to TA during the summer (another $4,234).  Graduate funding package applies, so total income for 12 months is guaranteed to be at least $12,000 plus tuition and fees, for a total of about $17,900 for domestic and $22,428 for international students for 2002-03.

Income from TA work is $8,468 for the first 8 months, and another $4,234 for the second 4 month term.

 

Summer work:  typically students have earned around $12,000-$15,000 during the summer – but this is not guaranteed.

 

Guaranteed funding package does NOT apply.  May apply for external scholarships and fellowships.

 

How long does it take?

It’s all over in 8 months (no research paper).

All over in 8 months, unless you choose to write a comprehensive exam for your PhD core sequence, in which case it’s all over by early to mid-June. 

 

Over in 16 months, with a 4 month break from study to do an internship

Math-Stat Review requirement?

Must take and pass MA Math-Stats review, or take and sit the exam for (not necessarily pass) PhD Math-Stats review.

 

Must take and pass PhD Math-Stats review.

Must take and pass MFE Math-Stats-Accounting review.

Compulsory subjects?

Must take microeconomics, macroeconomics, and econometrics (can choose between taking the MA or PhD first semester course).

 

 

Must take at least one of the entire first year PhD core sequences (micro, macro or econometrics).

Same compulsory subjects as for MA, but  add Financial Economics 1, and Risk Management 1 (first semester); and Corporate Financing, and Security Analysis and Portfolio Management (third semester). 

 

Elective subjects?

Have 5 electives.  Can do all subjects in economics department, any up to two subjects in another department subject to approval.  Note:  it can be difficult to secure a space in or to get permission to take, a course in the finance department,  depending on the course.

 

Subject selection as for MA, though have to do at least two fewer elective subjects (because PhD core course counts as 3 MA courses).

Course fairly structured (see below).  Have 5 electives, of which 3 must be from the economics department, and 2 may be from the Rotman school’s second year MBA program or above.

How many other students are there?

Around 30-40 students are in the regular MA stream.  The class size has typically been 60 for MA core courses, but can be as low as 2 in some elective courses, so you can really get personal attention if you want it. 

We expect around 10 per year.  PhD micro usually has around 20-30 students, PhD econometrics around 15-25 and PhD macro somewhere between 10 and 25.  Very variable depending on numbers of PhD students who accept offers, and numbers of Finance PhDs who have to take micro and econometrics.

 

Around 15 students are expected in the MFE, though class size is usually much larger (typically 60 in core economics courses, 40 or so in Financial Economics).

What if I want a job next year?

Can get higher marks than in if you did PhD courses, and have a bit more time to be involved in non-academic pursuits that might be important for getting a job.

Shows you are a very hardworking person.  Don’t have to worry about taking the first job that comes along because of student debt.

 

As for MA, but if you want a job in the financial industry you likely have better branding and contacts.

What if I want to do a PhD next year?

Doing easier courses than doctoral stream, so can get higher marks which may be an advantage in getting entry to other universities, and can concentrate more on field courses which may ultimately help you decide what you want to research

Nicely set up to avoid a completely hellish first year PhD at UofT, since you’ll only have to take (at most) 2 sequences.  Will have an easier time of first year at any other university than if did straight MA because of more rigorous nature of PhD core courses compared with MA equivalents

 

You’re not really thinking of a PhD are you?  Go, earn money, pay off your student debt.

 

On the MA versus MFE choice, the decision probably comes down to how much you think the brand name of the MFE is worth, compared with the straight MA, combined with your interest in doing courses offered by Rotman that it would be difficult to get into as a regular MA student.

 

On the MA versus Doctoral Stream MA, the main elements tradeoff is that the Doctoral Stream has extra scholarship funding guaranteed, but the coursework is substantially more difficult and less flexible in terms of course selection than the MA stream.  If you already know you want to do a PhD at UofT you are likely best off applying for the Doctoral Stream.  If you plan to do at least one of the PhD courses anyway, apply and take the money if you get it.  If you want to do a PhD elsewhere, but are unsure you are prepared for doing any of the PhD core courses, there are some finer points to consider.  Really, you should try to talk to a student already in the PhD program about your options BEFORE YOU APPLY.  Email the GEU (geu_utoronto@hotmail.com) and we’ll try to help out.

 

 

This Page is maintained by Julien Morissette
Last updated September 14, 2003.