Masters of Financial Insurance


The Department of Statistical Sciences is pleased to announce the launch of its new professional Masters of Financial Insurance (MFI) program. 

The program is now fully approved, and applications are being accepted.

Follow this link to the official MFI webpage



Traditionally, the finance and insurance worlds were quite distinct, but this distinction is fast disappearing. Financial firms are taking exposure to insurance risks, insurance companies are providing guarantees to their clients that fundamentally intertwines them with the financial markets, and pension plans provide income guarantees which profoundly link their obligations to the these markets. There are a number of exciting, challenging and important problems at the interface of the two worlds and a new breed of professionals are required to address them.

piThe Master of Financial Insurance (MFI) is a professional program that provides students with a sophisticated understanding of this complex interaction of the financial and insurance fields. The program contains a comprehensive set of offerings and students gain rigorous training in statistical science, actuarial science and finance. Graduates from this program will be well armed to face the highly skilled work required of them in the banking, insurance, pension and consulting industries.

The MFI program is a mathematically sophisticated program, and suitable candidates normally hold a Bachelors or Masters degree in a quantitative field such as: actuarial science, statistics, economics, mathematics or engineering. Students should have training in multivariable calculus, linear algebra, probability, statistics, and computation. Additional training in actuarial science, economics and finance will be an asset.

The MFI is a three semester program with the first and second semesters containing course work including substantial group projects. During the third semester, students take on an industrial internship. Courses will be taught by both industry professionals as well as University of Toronto faculty members.

Stay tuned for more information!

For inquiries, please contact the Program Director: Prof. Sebastian Jaimungal (

Program Requirements

The Master of Financial (MFI) program is designed as a 12 month (3 term) program comprised of 9 half courses [4.5 full course equivalents (FCEs)] and an industrial internship (1.0 FCE). Students proceed through the program as a single cohort, following a common course of study which is fully integrated and computer-laboratory intensive. Course projects and assignments are designed to integrate the material from multiple courses and their application in a real-world practical contexts. Excellence in communication and presentation skills is emphasized in both the oral and written components of the projects.

All core courses in this program are 0.5 FCE which run for twelve (12) weeks and meet for three (3) hours per week (excluding tutorials / computer labs). All courses are required and there are no options in the selection of courses.

The table below illustrates the time-line and collection of courses that students must complete each term.

Term Course Short Description
Term 1: Fall Applied Probability for Mathematical Finance ( STA 2503 H  – 0.5 FCE ) Discrete time modelling, stochastic calculus, financial derivatives: equity, interest rate and commodities, stochastic volatility and jumps
Applied Time-Series Analysis Time series modelling including AR, MA, ARMA, ARCH, GARCH, VAR, co-integration, non-linear models, quantile regression, volatility forecasting
Numerical Methods for Finance Monte Carlo methods, simulating SDEs, control variates, Brownian bridges, PDEs and finite difference methods
Life Insurance Mathematics Life insurance and annuity valuation, premium reserving, multiple decrements, multiple life insurance, expense loading, pension mathematics
Financial Insurance Seminar Series Current topics in finance and insurance, e.g., pensions, valuation, risk management, regulation and accounting
Term 2: Winter Insurance Risk Management Insurance & annuity guarantees, asset-liability management, regulatory and economic capital, insurance securitization, longevity bonds & derivatives, reinsurance, CAT bonds & options
Financial Insurance Case Studies Industrial case studies, e.g., Solvency II, Pension Benefits Act, valuing and managing complex annuity riders
Non-Life Insurance Mathematics probability and stochastic loss models and estimation, Bayesian statistics and credibility theory, generalized linear model and predictive modelling, stochastic claim reserving
Economics of Risk Management Portfolio risk, market, credit, interest rate, currency, country risk, counterparty, and operational risks
Financial Insurance Seminar Series Current topics in finance and insurance: e.g., pensions, valuation, risk management, regulation and accounting.
Term 3: Summer Industrial Internship Projects related to the finance-insurance field

 An internship is required for all MFI students. The internship provides a strong experiential learning component and students must complete a detailed report, and deliver a presentation of their findings. The program will have a dedicated internship coordinator to provide assistance in placing students in sought after internships.

Admissions Information

Admission to the professional Master of Financial Insurance (MFI) Program is on a competitive basis and candidates for this degree program are accepted under the general regulations outlined in the Calendar of the School of Graduate Studies.

“As one of the top Statistical Sciences Department, we receive many excellent applicants. Successful candidates have exceptional mathematical and statistical training with outstanding performance in their course work, outstanding letters of recommendations and well thought out statements of interests.”

The requirements below are a minimum only. Admission to the Department is on a competitive basis and successful candidates are typically much stronger than these minimum requirements. For an applicant to be successful, they must have:

  • A Bachelor’s degree from a recognized university in a related field such as Statistics, Actuarial Science, Economics, Mathematics, or any discipline where there is a significant quantitative component. Studies must include significant exposure to Statistics, Computer Science and Mathematics, including coursework in advanced calculus, computational methods, linear algebra, probability and statistics.
  • An average grade equivalent of at least a University of Toronto B+ in the final year or over senior courses.
  • Three letters of reference.
  • A letter of intent (limited to 500 words) explaining their interest in financial insurance and objectives for the program.  Applicants should also explain how their background is appropriate.
  • An interview may be required. Interviews may be waived for students who have clear evidence of the relevant academic and related background required for the program.
  • Applicants whose primary language is not English and graduated from a university where the language of instruction and examination was not English,  must demonstrate facility in English using one of the official methods as outlined in the Calendar of the School of Graduate Studies. Acceptable English proficiency tests and scores are listed here.
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