Upgrading knowledge and skills through an advanced degree is a well-known strategy for improving marketability. Advanced finance degrees let you take advantage of higher-paying jobs in the financial sector. For instance, throughout 2032, the Bureau of Labor Statistics predicts a 16% growth in job openings for financial managers with an annual salary of $139,000 and an 8% uptick in opportunities for financial analysts ($96,000 yearly pay). You can complete a master’s in finance degree program in as little as a year, with an average expenditure of $19,750 (based on 2020-21 data), depending on the school and other factors.
How to Choose a Master’s in Finance Degree Program
Master’s degree programs in finance among individual schools may have the same goal, but each is unique. When narrowing down choices, consider your goals, personality, and budget to ensure the best fit for your life circumstances. Also, check that your chosen school is accredited by reputable business organizations.
Choose your area of study
A Master of Science in Finance (MSF) offers an intensive look at finance, including technical-specific skills, while a Master of Business Administration in Finance (MBA in Finance) prepares you for a broader role in managing a company’s finance department. Start by selecting a program that furthers your ambitions and interests. If you’re working in finance now, assess which degree would advance your career, either with your current employer or with others in the sector.
Research schools and programs
Every school has a unique culture and learning environment, and this can differ across individual departments. Review websites and contact former students to get a feel for how you will fit in. Study the curriculum to see if it meets your career goals, gathering information on professors, class size, and classroom settings, including remote offerings and in-person requirements. Also, look into internships, projects, and completion time.
Prepare for tests and applications
In addition to program prerequisites, schools have eligibility requirements that often include references, recommended test scores, and minimum undergraduate performance (i.e., GPA). If your undergraduate study was unrelated to finance or you didn’t have a strong background in accounting, finance, or economics, you may need additional classes before enrolling. Finally, be prepared to pay application fees and pay attention to submission deadlines, as you’ll need time to gather transcripts and letters of recommendation. Apply early to receive the maximum amount of scholarship consideration.
Select your program
While you may have already decided between an MSF and an MBA in Finance, you must choose from additional paths to match your degree to your career goals. For example, some schools include an internship with their degree track. Internships provide hands-on experience, letting you practice in the real world. However, you may not need an internship if you plan to remain with your current employer.
Check out the amount and types of elective courses to ensure you have leeway to align your studies with your goals. Specializations like business analytics, investment banking, marketing, or management can make you more desirable to employers.
Determine how you’ll pay for your degree
While education and its resulting knowledge represent great wealth, it costs actual dollars and cents. Make sure you’re aware of the total expenditure of your degree program, from materials, books, and tuition fees to indirect costs like allowing for study time (instead of working). Fortunately, most schools provide opportunities for financial aid, such as scholarships, loans, and graduate work assistance programs. Finally, check with your current employer for tuition reimbursement programs and look into bank or federal loans specifically for education.
Best 50 Accredited Master’s in Finance Degree Programs
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How we rank schools
This list features some of the best master’s in finance degree programs at top colleges across the country. Each school featured is a nonprofit, accredited institution — either public or private — with a high standard of academic quality for post-secondary institutions. Many of the programs on our list are accredited by the Association to Advance Collegiate Schools of Business (AACSB) or the Accreditation Council for Business Schools and Programs (ACBSP), both reputable organizations that assess business-related programs for educational excellence.
We evaluated each school’s program on admission, retention, and graduation rates as well as tuition, faculty, reputation, and the resources provided for on-campus students. Then, we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared this comprehensive list of master’s in finance degree programs to a list of aggregated college rankings from reputable publications like U.S. News & World Report, among others, to simplify a student’s college search. We pored through these rankings so students don’t have to.
What Can You Expect From a Master’s in Finance Degree Program?
The length of your graduate program depends on several factors, including your undergraduate work, type of degree (MSF or MBA in Finance or a combination), and whether you choose to participate in an internship program. Some schools offer a master’s combined with an undergraduate degree, letting you earn both in four to five years, but you may need to include summers as well. However, depending on the required credits, most programs take 12 to 24 months to complete.
Master’s in finance degree programs typically include hands-on experience through labs, seminars, class projects, and internships. Be prepared for group discussions, whether in-person, via remote, or during conferences. Most schools provide access to speakers and seminars to help students keep up with real-world financial situations.
Potential courses you’ll take in a master’s in finance degree program
- Financial Accounting. This common core requirement teaches you how to analyze and use the information found in financial statements. You’ll also learn to present financial reports to upper management and strategize based on company data.
- Finance Ethics and Regulation. This class offers insights into common ethical challenges involved in finance. You’ll explore the reasons behind personal and corporate values and review the code of ethics for a financial professional.
- Financial Markets. With an increased focus on investment opportunities, from stocks to bonds and capital assets, this class looks at market trends and behavior. You’ll learn risk management tactics and better understand global markets.
- Analytics of Finance. Data analytics lets you turn masses of data into usable information. By applying the same techniques to finance, you’ll learn how to gather practical financial data and use it to predict and assess company performance.
- Corporate Finance. With an added emphasis on corporate work, this class goes beyond financial accounting into stock valuations, bankers’ risk management, and employee assessments. You’ll discuss how to raise capital and various cash flow scenarios.
Master’s in Finance Degree Frequently Asked Questions
How do I apply to a master's in finance degree program?
Most applications require an entrance fee, minimum test scores, transcripts, letters of recommendation, resume, and essays. You can find steps to the application process online at each school’s website. However, before starting, talk to an advisor, preferably in the graduate department, to ensure you’re eligible and that the program is within your budget. Consider attending an admission event to get a first-hand look at the school’s culture and check out the class profile online.
How much does a master's in finance degree cost?
According to the National Center for Education Statistics, tuition and fees for a master’s degree are, on average, $19,750 (from 2020-2021 data). However, there is a lot of variability within this figure. Public institutions are typically less expensive than private ($12,394 vs. $26,621), as is enrolling in an in-state school. Your method of attending class, in-person or remote, affects indirect cost factors like transportation, food, and lodging.
The length of the program (and required credit hours) plays a significant role in the final tally. Finally, don’t forget to consider hidden expenses, including health insurance, technology fees, and the cost of attending seminars or conferences.
How long does it take to earn a master's in finance degree?
Expect around a year to finish the average program. Completion time can vary depending on the program, type of degree, and how many courses you take at once. You may choose between an accelerated format or one with more practical training or customization, which takes longer.
Your class status, whether full- or part-time, also helps determine your completion time. Some schools require full-time participation, while others let you chip away at your degree as long as you meet minimum enrollment requirements. An MSF degree usually takes less time than an MBA in Finance.