Master of science (MSc) – Applied Financial Economics

Are you aiming for a stimulating career in microeconomics? Are you interested in mastering the use of econometric methods in finance or macroeconomics? Choose a specialization at the crossroads of finance and economics.

Overview

Your training

Understanding and applying theoretical and empirical models used in finance, which often take root in economics.
Acquisition of skills to facilitate decision-making in different types of organizations: analysis and micro and macroeconomic modeling; portfolio analysis and asset valuation.
Advanced knowledge in the use of statistical, econometric and machine learning methods for carrying out business analyses and forecasting.
Learning programming and data analysis languages adapted to current issues.
Personalized mentoring from professors who are renowned for their expertise and availability.
French language courses and the Experience  Québec course can help international students integrate into the Quebec and Canadian job markets. This pathway is offered to most students who choose the supervised project stream.
Marc-Antoine Viens

"I wanted to be a specialist in both financial planning and investment strategies at the individual level. The quantitative aspect of my master’s degree really helped me stand out from other candidates and get the job I have now."

–
Marc-Antoine Viens, graduate

Program characteristics

  • Graduate
  • 45 credits
  • Full-time
  • Part-time
  • Day
  • On-site
  • Côte-des-Neiges

Research in your field of study

  • Canada Research Chair in Economics
  • Jacques-Parizeau Research Chair in Economic Policy
  • Centre for Interuniversity Research and Analysis on Organizations (CIRANO)
  • Centre for Productivity and Prosperity
  • Financial Education Lab
  • MacroMontréal
  • Retirement and Savings Institute

Putting academic theory into practice

  • The NBI – HEC Montréal Fund is one of the largest investment funds managed by students in Canada. It’s a unique opportunity to gain hands-on experience on top of academic training.
  • The National Bank Capital Markets trading room at HEC Montréal, supplied with real-time financial data and linked to the Bloomberg and Reuters information and analysis services, is like an actual trading room at a major financial institution.

A step towards your future career

Organizations trust the expertise acquired by students of this master’s degree. This is evidenced by examples of recently proposed supervised projects.

  • Analysis of the impact of economic and financial developments on an organization.
  • Study of climate change risks on investment portfolios.
  • Assessment of the impacts of monetary and government policies on particular firms or financial markets.
  • Creation of forecasts based on econometric advancements and machine learning.
  • Assessment of cybersecurity risks in financial institutions.

Your master’s degree could also serve as a springboard to a career in research. Some recent thesis topics attest to this.

  • Improving the credit risk simulation methodology for corporate bonds using machine learning with covariate adaptation.
  • Factor analysis of liquidity effects on the stock market.
  • Incomplete information in the composition of public spending: exploring the effects on economic activities.

QTEM Masters Program : Join a world-class network!

Are you looking to develop skills in analytical and quantitative techniques to support decision-making in an international context? Spend a term at one of the institutions in the prestigious QTEM  network and earn your QTEM certification in quantitative technology in economics and management.

Your career outlook

Positions held by program graduates:

  • Arbitrage advisor – bonds
  • Economist
  • Financial analyst
  • Quantitative analyst
  • Senior analyst

You may also be interested in this other program

Already started your program? Check your course list in HEC en ligne > Academic Progress

This specialization offers either a thesis or a supervised project stream, for a total of 45 credits over a period of 16 to 24 months.

Select a stream:

Deadlines for submitting admission applications

  • Fall term: no later than March 1st
  • Winter term: no later than September 15th
  • Summer term: no admissions

International applicants

Apply in fall term to allow more time to obtain immigration documents (minimum 2 months). Please note, however, that it is possible to defer your admission to the following term free of charge if the deadlines are extended.

Conditions and required documents

Select the education system in which you studied:

Estimated tuition fees

The amounts below are approximate. For the detailed amounts per credit or per term, see the tuition fee schedule for the thesis stream (PDF, 109 Kb) or the supervised project stream (PDF, 105 Kb). These amounts do not include the cost of health insurance, course materials, housing, or other expenses.

Each term, you will receive a bill with the exact amount you owe based on your credit load.

Fees are calculated per term for the thesis stream and per credit for the supervised project stream.

To ensure the proper rate is applied, you may need to provide documents proving your legal status once you have been admitted.

Scholarships

Every year, HEC Montréal awards close to $1.6 million in scholarships and other forms of awards to M.Sc. students. What a great way to help finance your studies!

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