Typically, management positions like chief financial officer, cash manager, or controller require an advanced degree. The Bureau of Labor Statistics predicts the addition of 123,100 financial manager jobs by 2031.
As baby boomers plan and invest for retirement and companies move away from traditional pension plans to individual retirement accounts, the demand for personal financial advisers will increase by 15%.
According to Payscale.com, individuals with a master’s degree in this field earn an average salary of $81,000 per year, compared to $75,000 annually with a bachelor’s degree.
This list features some of the best online master’s in finance 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 programs have specialized accreditation from agencies like the Association to Advance Collegiate Schools of Business (AACSB) and the Accreditation Council for Business Schools and Programs (ACBSP).
We evaluated each school’s program on tuition costs, admission, retention and graduation rates, faculty, and reputation as well as the student resources provided for online 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 online master’s in finance programs to a list of aggregated college rankings from reputable publications like the 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.
Whether you are looking to enter the finance field or further your career in finance, earning a master’s degree is a good option if you already possess an undergraduate degree. A Master of Science in Finance isn’t your only option, though. Many individuals opt for a Master of Business Administration (MBA), which is a more general degree that typically includes coursework in business, management, and organizational leadership, in addition to financial skills.
Depending on your career goals, you may want to consider an MBA, although the more specialized MS in Finance is becoming increasingly popular among employers. Some schools offer a dual MS/MBA program, allowing you to earn both degrees in a more condensed time frame.
You may also want to research master’s degrees in accounting, which is a closely related field to finance. Both careers involve working with money, but there are some important differences between them. Your career goals will guide which type of program is right for you.
While many of the programs on our list have coursework that can be completed totally online, some have optional residency or internship programs. There are many benefits to completing an internship as part of your master’s degree, especially if you don’t have any professional experience in finance.
Here are some questions to ask when researching Online Master’s in Finance programs:
Be sure to research the program’s admissions procedures and deadlines as well. Having this information will ensure a smooth application process to your selected programs. This information is typically available on the school’s website, or you can contact their admissions department.
You should also consider your options for financing your education, including loans, scholarships, and assistantships. If you are currently employed, find out if your employer offers any kind of tuition assistance benefits.