Fees and financial support
Calculate your costs
Learn about the fees and expenses for the MFRM program, and the financial support available to you as a Rotman student.
Program fees
The program fee for students entering the MFRM program in Fall 2023 is:
Domestic student fee: $39,850
International student fee: $70,370
Please note:
Program (academic) fees, University incidental fees and Rotman ancillary fees are set annually by the University and are subject to change. Fees are subject to approval at the University of Toronto Governing Council’s annual meeting in spring.
Financial support
The Rotman School strives to recruit the best candidates to its programs, and is committed to helping you afford your education. The following list includes awards, scholarships and loans offered by the University and externally.
GRI Entrance Awards
Ranging from $2,500 to $15,000, GRI Entrance Awards are granted to future MFRM students demonstrating exceptional merit.
To recognize the achievement of our female applicants, one $10,000 GRI Women in Risk Management Entrance Award will be granted to a top female candidate starting the program.
Scotiabank Latin American Scholarship
Up to three awards of $25,000 for future students of the Master of Financial Risk Management, Full Time or Morning or Evening MBA programs, who meet the following criteria:
Students from Latin America may be eligible for this award. Preference given to students with demonstrated academic achievement. Additional preference given to students with strong leadership qualities with demonstrated impact. Selections will be based on academic merit. Recipients could be a citizen or a Permanent Resident of Canada, but originally from Latin America. Scotiabank employees are eligible if they meet the above conditions.
Peter Christoffersen Scholarship
One award of $4,000 will be granted to an incoming MFRM student who displays high academic merit as well as strong leadership and interpersonal skills as part of their application to the program.
This award was established in memory of Professor Peter Christoffersen who passed away in June 2018. Professor Christoffersen was an outstanding scholar whose work had a profound influence in the world of business and finance. He was a leading expert in financial economics and risk management, and was actively engaged in the conception, design and launch of the Master of Financial Risk Management program at Rotman. An exceptional teacher and researcher, Professor Christoffersen held the TMX Chair in Capital Markets and was twice-named a Bank of Canada fellow.
No separate application is required and for the awards mentioned above, and all applicants will be automatically considered for the entrance awards listed above when their application is reviewed for admission.
Tip: The earlier you apply, the greater your chance of an entrance award.
Ontario Graduate Scholarship
Jointly supported by the Ontario Government, the University of Toronto and donors to the Rotman School, these scholarships are intended to encourage and support academic excellence at the master’s and doctoral levels and are awarded to domestic students enrolled in full-time studies who have obtained a first class standing. An Ontario Graduate Scholarship at the Rotman School of Management is held for one year and valued at $10,000 to $15,000 per year, thanks to the generous support of our donors.
The Rotman School’s deadline for OGS applications is: For Canadian citizens or Permanent Residents: May 1 of the year you will start the program.
Students interested in applying for an Ontario Graduate Scholarship should consult the Rotman Office of the Registrar and Academic Services website for reference on eligibility, conditions and application forms.
Loan programs
Government loans
The Master of Financial Risk Management program is considered a full time program, and as such, students are eligible for Canadian government loan programs. Each provincial government in Canada administers and maintains a student financial aid program in cooperation with the federal government’s Canada Student Loan (CSL) program. When you apply to your provincial government for assistance, you are also automatically considered for a loan through the CSL. For more information, consult the Ontario Student Assistance Program (OSAP) website.
Lifelong Learning Plan (LLP)
The LLP allows individuals to withdraw amounts from their registered retirement savings plans (RRSPs) to finance their own education or that of their spouse/partner. Amounts withdrawn under the LLP do not count towards income and the RRSP issuer does not withhold taxes on these amounts. Withdrawals must be repaid over a period of no more than 10 years.
For more information, consult the Canada Revenue Agency website.
Registered Education Savings Plan (RESP)
An RESP is an education savings account that is registered with the Government of Canada for parents who want to save for their child's post-secondary education. Once the child (the RESP beneficiary) has graduated from high school and enrolled full-time or part-time in a qualifying post-secondary educational program, the Plan holder can request, on his or her behalf, to withdraw money from the RESP to help pay for their studies.
Educational Assistance Payments include the interest earned in the RESP as well as any Canada Education Savings Grants, provincial grants and Canada Learning Bonds received. The money can be used to pay for post-secondary school expenses like tuition, books and transportation. For more information, consult the Canada Revenue Agency website.
Financial aid for international students
Government of Canada International Scholarship Programs
Loan assistance for students from the United States
International Peace Scholarship Fund for Women (IPS)
IPS is a program providing grants-in-aid for selected women from other countries for graduate study in the United States and Canada. An applicant must be qualified for admission to full-time graduate study and working toward a graduate degree in the college or university of her choice in the United States or Canada. A student holding citizenship in the United States or Canada is ineligible. For more information, visit
PEO website.
International loans
International students are eligible for many of the School’s scholarships, fellowships, and teaching and research assistantships. A number of organizations also offer scholarships, fellowships and loans to citizens of various countries to study in Canada. These programs have not been screened by the Rotman School, and students are individually responsible for applying. International students are competitive candidates for employment — both summer and post-graduation — in Canada. International students may obtain a permit to work for three years after graduation.
International Loans
International students are also eligible to apply for a non-cosigned loan from MPower Financing or Prodigy Finance. Although Rotman has no formal agreement in place, these firms have indicated a willingness to entertain loans up to the entire tuition fee for international students attending Rotman. Please note that these loans and scholarships are governed by MPower Financing or Prodigy Finance, and all decisions regarding approval and eligibility are made by MPower Financing or Prodigy Finance.
