Masters In Finance In Canada Without GMAT In 2022: Top Colleges & Eligibility

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An important factor to consider studying in Canada is the scores in competitive exams like GMAT. If you are someone who does not have a good score or the resources to give this test, then this blog is for you.

Canada has plenty of universities that do not require a GMAT score for admission. One such course which is popular among students from all backgrounds is the Masters in Finance. A master’s degree in finance from a Canadian university is considered one of the most prestigious degrees in the field of finance and it is recognised across the globe.

In this post, we’re going to make your life simpler by taking you through a list of top universities to study for a master’s in Finance in Canada without GMAT. But first, some basics.

Reasons Why GMAT used for Master’s courses in Canada

GMAT (Graduate Management Admission Test) is a universal exam for MBA and MS programs along with its popular counterpart, GRE. A GMAT exam gauges a student’s logical thinking and analytical capabilities and hence is a potent tool for all master’s courses in Finance. A course in finance is usually logic-based and requires students to possess high levels of logical thinking.

However, there are many colleges that don’t require the GMAT and they gauge the analytical and logical skills of the students through other means. These include personal interviews, relevant work experience and academic performance.

Colleges that offer Masters In Finance In Canada Without GMAT

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Masters In Finance In Canada Without GMAT In 2022: Top Colleges & Eligibility
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1. Smith School of Business, Queen’s University

The Smith School of Business requires neither GRE nor a GMAT score if you are an applicant opting for their accelerated MBA program. The accelerated MBA is a 12-month fast-track course that is carefully designed to help you climb the corporate ladder at a faster rate.

The admission process for this program is also very simple. It starts with the primary assessment of the candidate. You kickstart it by filling up the application form and submitting the required documents such as resume, cover letter, letter of recommendation, and a copy of the transcripts. If everything is in order, you will be called for a personal interview.

1.1 Key Course: Accelerated MBA program

1.2 Fee: $78,500 per year

1.3 Eligibility

To apply for this program, the candidates must possess an undergraduate degree in business or any finance-related area. They should have also completed a course on any of the following subjects –

  • Accounting
  • Finance
  • Macro/microeconomics
  • Statistics
  • Marketing
  • Operations
  • Organisational Behaviour
  • Strategy

Apart from this, the student must have a minimum of 2 years of work experience in a relevant field.

2. Lakehead University

Lakehead University is well known for its wide array of postgraduate degree programs. Out of them, the MBA degree in Finance is one of the most sought-after courses by international students.

With an MBA in finance from Lakehead University, you will get access to countless career opportunities. Interestingly, Lakehead University also offers professional certifications such as –

These certifications boost your chances of getting recognised by top financial companies even further.

2.1 Key Course: MBA in Finance
2.2 Fee: $27,000 per year

2.3 Eligibility

To get admission to Lakehead University without a GMAT score, you should fulfil the basic requirement of completing the Business Skill Development Program offered by the Faculty of Business Administration. The student has to complete this six-module program and pass a qualifying exam with a minimum of 70%.

3. Thompson Rivers University

With campuses at Kamloops and British Columbia, this university is renowned for its master’s degree in finance. The course can be taken in both part-time and full-time modes. Students can take up their preferred mode of learning with flexible study options. At TRU, the GMAT scores are completely optional or used as additional information.

3.1 Key Course: Executive MBA in finance

3.2 Fee: $11,060 per year

3.3 Eligibility: Students must have a qualifying undergraduate degree and acceptable work experience.

4. New York Institute of Technology

The Vancouver campus of the New York Institute of Technology offers a master of business administration specialising in finance. And yes, you do not need a GMAT score for this program. The NYIT offers 18-course waivers, which the student can avail of with the successful completion of the undergraduate degree in an equivalent course.

4.1 Key Course: MBA in finance.

4.2 Fee: Around $8,000 per year

4.3 Eligibility

Though a GMAT score is not necessary for admission, a student still has to clear the IELTS or TOEFL exams with a passing score of 6.0 and 70%, respectively.

5. Ivey Business School

The Master of Science in Finance course Ivey Business School offers is recognised globally. The admission process to the Ivey Business School is crafted in the most efficient manner and revolves around the concept of equality for all students.

Though a GMAT score would multiply the chances of getting admitted to this school, students have the option to go without GMAT if they are eligible. However, the GMAT exemption is confirmed only after thoroughly reviewing the application.

5.1 Key Course: MS in Finance

5.2 Fee: $120,500 per year

5.3 Eligibility

The student has to mandatorily pass the English language proficiency test with a satisfactory score.

6. Gustavson School of Business

Peter. B Gustavson School of Business, situated inside the University of Victoria, is one of the few business schools in Canada that has both AACSB and EQUIS accreditation. The MBA program at Gustavson is ranked 36th in North America. It is a 12-month accelerated course specially designed for non-business graduates. The primary focus of this program is to build skills such as problem-solving, analytical thinking, and strategic planning among students.

6.1 Key Course: Master of Management degree in Finance

6.2 Fee: The tuition fee for the degree averages around 25,000 CAD, with English being the medium of education.

6.3 Eligibility

You do not need a GRE/GMAT score to gain admission to this school. However, the student should have completed a four-year undergraduate degree in a non-business stream with a good GPA.


These are the top universities that offer a master’s in finance in Canada without a GMAT score. However, in no way is this list exhaustive. Several other Canadian universities, like the Schulich School of Business, Concordia University, etc., do not require a GMAT score for admissions to their finance programs.

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Frequently Asked Questions

Will there be enough job opportunities for the Accelerated MBA in Finance?

Yes. A student pursuing an MBA in the accelerated mode is greatly valued. This is because the curriculum is tailor-made for the industry with real-life scenarios and experiential learning. Students have the chance to know more about the intricacies of the financial industry through this MBA degree. As a result, career opportunities are abundant.

Will the master’s degree be valued if it is done without a GMAT?

There is no relation between your graduation and GMAT. The GMAT exam is simply an exam helping the colleges with the screening process. There are thousands of famous colleges in the world that do not need GMAT for their admission process. Your value is ultimately dependent on your skill level and knowledge of the subject.

Is GMAT required for the part-time master’s degree?

No, the rule is the same for all modes of education. Universities that waive off GMAT waive it for both full-time and part-time models. However, the part-time mode requires a minimum of two years of professional experience in the finance sector to satisfy the admission process.

How does a course in Finance prepare you for the industry?

In this course, the students are taught about the nuances of handling money and funds. It transforms students into financial experts who are capable of managing and organising the financial resources of businesses. Apart from managing monetary assets, the graduates might also be also involved in audits, taxations, billing, and invoicing.

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Saket Kohli

An International Higher Ed professional with 7+ years of experience studying, working, and living across three geographies, currently on a mission to share his journey as an International Student.

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