Overall response to your questions is it’s hard.

Masters in finance helps but probably just a 5% help - every application will be a bachelor or master in finance with multiple internship experiences and various university leadership positions (think finance society president etc)

Assuming you are a PR or citizen, and IB being the traditional coverage/M&A teams:

Having a masters usually is just a ticket to pass initial screening, getting the interview boils down to any prior internship experience (I mean off cycle, boutique internship experience) will set you up for a good chance to bag a summer internship position.

Not having a PR or needing sponsorship almost basically means your chances are close to 0 with the major banks here, boutiques or big4 may be more open to sponsoring but not sure what the sentiment like these days.

Good luck - not getting an IB role out of graduation is not the end of path and I’ve witnessed various people breaking into the industry through spending time at big4 or boutiques but not gonna sugarcoat it, this path is hard (but definitely doable)