MA/MS in Applied Financial Economics is a master's degree in Economics programme offered by HEC Montréal in Montréal, Canada. The programme runs for 24 months, delivered on campus. It carries 45.0 credits. Tuition for international students is CAD 35,790 per total (CAD 4,676 per total for local students).
This 45-credit graduate program leads to a Master of Science (MSc) in applied financial economics at HEC Montreal, delivered on site at the Cote-des-Neiges campus in Montreal with day classes, full-time or part-time, over 16 to 24 months. The curriculum is rooted in economics and applies theoretical and empirical finance models, statistical, econometric, and machine learning methods, and microeconomic and macroeconomic modelling to asset pricing, portfolio allocation, risk management, and valuation. Compulsory courses cover capital markets, real estate economics, risk management, wealth management, econometrics, and time series analysis, with electives spanning industrial organization, monetary policy, insurance, derivatives, corporate finance, and portfolio management. Two completion pathways are offered: a French-language thesis stream of seven compulsory courses plus two optional courses (27 credits total) and an 18-credit thesis, or a supervised-project stream of twelve courses (36 credits) plus a 9-credit supervised project. The program suits students seeking careers in quantitative finance and economics, including work as economists, financial analysts, quantitative analysts, or arbitrage advisors.
Requirements
Minimum GPA:3.00 / 4.33
Admission Requirements: Applicants need an undergraduate degree of at least 90 credits in business administration or a related field, or an equivalent recognised by the programme administration. Where prior training does not meet the specialization's requirements, HEC Montréal requires one or more preparatory undergraduate courses in economics, finance, or econometrics before admission. The minimum cumulative GPA is 3.0 on a 4.3 scale for Quebec/Canadian applicants; the masters admission page this programme's own page defers to sets an equivalent French-system minimum of 12 out of 20. English is required at the intermediate-advanced level, met through an English-medium education or an approved test or programme, corresponding on HEC Montréal's own table to IELTS Academic 5.5-6.5, TOEFL iBT 72-94 (4-5.5 from January 2026), or PTE Academic 50-65. An admission test (TAGE MAGE or GMAT) is optional but strongly recommended to support the application. The application also requires two letters of recommendation, preferably from professors, and a one-page cover letter.
