Take a look at Why you should take the GMAT http://www.find-mba.com/board/38939

Because finance is highly quantitative, the GMAT score is really important for financial employers.

It's funny that this question comes up so often on these discussion forums! If you are looking for an internationally-accredited full-time MBA program, the answer is generally no, there's nothing in Canada that will not require you to take the GMAT. However, there are some caveats to this:

If you're willing to take the GRE instead, there are a number of business schools in Canada that will look at your application: St. Mary's - Sobey, Carlton - Sprott, Manitoba, etc.

If you speak French and want to apply to the HEC Montreal program, you can opt to take the TAGE MAGE test instead of the GMAT or the GRE.

For Brock's MBA program, you can get a GMAT waiver if you have graduated from an American or Canadian university in the past seven years and had an overall average of 80% or higher (that's a B average.)

And for a career in finance, the best schools are in the Rotman and McGill range, and of course for these schools you'll need to take the GMAT. Taking the GMAT just seems to me common sense if you want to do an MBA!

Great points from Razors Edge. The only thing I'd add is that if you do speak French, the Université Laval doesn't require a GMAT score... I don't think it's a finance-specific program, but it is accredited by EQUIS and AACSB.

@Duncan and @mba hipster - Could you help me shortlist a few schools in USA (second preference Canada) for MBA programs?
I am looking for schools which will help achieve these goals- I want to study Marketing and Brand Management as my electives, and wish to work on business side of Media and Entertainment industry. Please help me shortlist, I want to apply for 2016 Fall depending upon my profile-
GMAT score: 540- Q (42), V(22) and IR(3)
Background: I am 25 years old, female candidate from India with my undergrad in engineering with 78.4% (don't know exact conversation of % into GPA)
Work experience: A total of 2 years and 9 months, with 2 years of experience in a non-profit sector and handled CSR projects for corporates to raise funds for initiatives to impact lives of women in India. And I have a social entrepreneurship experience for 9 months and counting, with my initiative focusing on philanthropy and advocacy for women empowerment.

Thanks :)

Try: Shortcut to find the best US MBA www.find-mba.com/board/36065

Short answer: try to get a higher GMAT score.

Just replied to a candidate with a similar profile to you who is looking at US schools:

http://find-mba.com/board/gmat/570-gmat-please-help-45386?latest=true#post-id-45432

But I'd say that with a 540, even those schools would be reaches.

For programs in Canada, in general your GMAT score is too low to make you competitive at ranked MBAs or even some of the stronger non-ranked programs like Concordia or Ryerson. Even Brock only looks for candidates with a GMAT score of over 550.

Short answer: try to get a higher GMAT score.

Just replied to a candidate with a similar profile to you who is looking at US schools:

http://find-mba.com/board/gmat/570-gmat-please-help-45386?latest=true#post-id-45432

But I'd say that with a 540, even those schools would be reaches.

For programs in Canada, in general your GMAT score is too low to make you competitive at ranked MBAs or even some of the stronger non-ranked programs like Concordia or Ryerson. Even Brock only looks for candidates with a GMAT score of over 550.

But how strong are the non ranked programs like Concordia and Ryerson? I have seen some references to these programs but I can not find out anything about the placement statistics from these schools. The reason I ask is that I have a GMAT score that is on the lower side of being competitive at McGill, Rotman, and Schulich, so I am considering other options.

Did you try visiting their website. They have detailed placement statistics, both Concordia and Rayerson.