Everything about PhD in Finance in Canada

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Are you planning to pursue your studies abroad? Well, then Canada must be one of the finest places on your consideration list. Reasons being multiple; right from quality education to world class facilities, Canada is considered to be one of the best options for students planning to apply abroad. The Canadian education system is mostly public funded. Indian students who wish to apply abroad usually prefer to study in Canada. This is because of multiple reasons that range right from world class education to quality exposure. In this blog, we shall discuss a very popular course pursued by students, PhD in Finance in Canada. If you wish to know more about PhD in Finance in Canada for Indian Students, this blog shall be very helpful for you. Read on to know more.

Why Study PhD in Canada?

It goes without saying that Canada is one of the most preferred locations for pursuing higher studies by students. Canada is well known for its structured education system. It holds a position of importance globally because of its internationally recognized degree. The other factors that contribute in making Canada a priority in the destination list of the aspirants include the student life, academic curriculum, opportunity to work while studying

Top Universities for PhD in Finance in Canada

With the number of universities being too many in Canada, students often find it difficult to choose the right college. In this section, we have listed the top PhD in Finance Colleges in Canada.

University Location QS World University Ranking 2023
University of Toronto Toronto 34
University of British Columbia Vancouver 47
University of Alberta Edmonton 110
McGill University Montreal 31
University of Calgary Calgary 242
University of Waterloo Waterloo 154
Queen’s University Ontario 246

PhD in Finance in Canada Eligibility

To pursue PhD in Finance in Canada, you must meet the eligibility criteria set by the chosen university. The entry requirements may vary for different universities but a general criteria for admission to PhD in Finance in Canada is as mentioned:

  • You must have obtained a master’s degree from a recognized university with a minimum B average in the last two full years (or equivalent) of academic work.
  • GMAT or GRE may be required
  • Research Experience
  • Proof of English Language Proficiency

How to apply for PhD in Finance in Canada?

To apply, students must follow a step-by-step procedure to ensure that their application has been sent successfully. We have listed the step by step procedure below for students planning to study in Canada.

  • Finding a University
    Students must thoroughly research the available PhD in finance programs offered by the university and then choose one depending on their preference.
  • Getting the Documents Ready
    Applying to study in Canada is a lengthy ad cumbersome procedure and hence candidates must start their application as early as possible. Listed below are the documents required for applying –
    • transcripts and mark sheets for your academic records
    • language proficiency scores (IELTS Score for Canada)
    • letter of motivation
    • letters of recommendation (LOR)
    • Statement of Profit (SOP)
  • Filling the Application Form & Submission
    Once a student has chosen a university, they must fill up the application form carefully with their personal and academic details, submit the necessary documents as well as the payment of required application fee. Candidates must make sure all the details added are accurate and go through them once again before the final submission. 
  • Visa Application
    The next crucial step is visa application. Once the student’s candidature has been accepted by the university, they must start preparing for their visa application. Visa application generally needs around 60 days and all essential documents must be kept ready.

PhD in Finance in Canada Fees

The cost of pursuing PhD in Finance in Canada varies for different universities. So we have mentioned the average cost of pursuing PhD in Finance in various universities:

Name of University  Tuition Fees per year  In INR (per year)
University of British Columbia CAD 9,313 5.7 lakh
University of Toronto CAD 8,735 5.4 lakh
McGill University CAD 16,122 10 lakh

PhD in Finance in Canada Stipend

PhD is one of the toughest yet the most rewarding degree in the world. What’s fascinating about pursuing a PhD is that you get paid for it. PhD students are paid with a stipend amount that includes allowance provided to students to cover their daily expenses, research, and accommodation. Stipend for PhD in Finance in Canada varies for different universities. However, the average stipend paid to PhD in Finance in Canada is CAD 22,000 to CAD 25,000 (INR 13-15 Lakh) per annum.

PhD in Finance Scholarships in Canada

For students who need financial assistance, few scholarships are also provided to cover up for the studying expenses incurred. Listed below are the scholarships available for studying PhD in Finance in Canada. 

  • Vanier Canada Graduate Scholarship: A total of 167 scholarships are awarded and students are provided funding with a maximum amount of $50,000 (INR 28,00,000) during the tenure of the course. This scheme is only applicable for students who are nominated by a Canadian institution and are pursuing Masters and PhD courses.
  • Canadian Commonwealth Scholarship and Fellowship Plan: Only applicable for the students pursuing Masters as well as doctoral degrees in Canada. Candidates must be a citizen of India and must have completed their tertiary education in English. The candidate must also be less than 40 years of age. In this scholarship scheme, students are awarded grants on the entire tuition fee, travel expenses along with maintenance allowances.

PhD in Finance in Canada Job Opportunities

Those with a PhD in Finance in Canada can find a variety of job opportunities such as:

  • Senior Economist
  • Research Scientist
  • Senior Financial Specialist
  • Economic Staff
  • Consultant / Analyst
  • Information Organization Manager
  • Deputy Executive Secretary
  • Assistant Chief
  • Head of Research

PhD in Finance in Canada Salary

Salary for PhD in Finance in Canada varies for different job profiles. However, the average salary of PhD in Finance in Canada is CAD 66,000.

The table below mentions the average salary of a PhD in Finance in Canada along with their job profiles:

Job Role Average Salary per Annum In INR
Senior Economist CAD 103,671 64 lakh
Senior Analyst CAD 108,500 67 lakh
Research Scientist CAD 93,245 57.7 lakh


How long is a PhD in Finance in Canada?

PhD in Finance in Canada takes around 4-5 years to complete.

What are the admission requirements for PhD in Finance at McGill University?

Any graduate is encouraged to apply for PhD in Finance at McGill University. However, most of the students have undergraduate or a master degree in economics, finance, mathematics, statistics, computer science, engineering or physics. Other requirements include English Proficiency Test scores.

What are the IELTS requirements for pursuing a PhD in Finance from the University of British Columbia?

An overall IELTS score of 7.0 with 6.5 in other components.

So, this is all you need to know about a PhD in Finance in Canada. Hope it solved some of your major doubts and helped you make a decision. Planning to pursue studies abroad and need help with the process? Get in touch with our Leverage Edu experts at 1800 57 2000 for a free 30-minute counselling session. For more such content stay connected with Leverage Edu!

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