Earning a Masters in finance can open many doors of opportunity for aspiring finance professionals. However, finding the right program can be a challenging task that makes prospective students ask themselves the question: is a Masters in finance worth it? Absolutely. That’s why we found you the top Masters in finance programs and what makes them stand out from other programs. Additionally, We’ll be discussing different factors that will help you pick the right program for you, including key performance indicators (KPIs) for each program, costs, requisites, international students, percentage of students that get employed right after completing their degree, and Masters in finance salary.
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MBA vs Masters in Finance?
Unlike a Masters in finance, an MBA is a broader degree that prepares you for business leadership positions, like management positions and consultant work. On the other hand, a Masters in Finance prepares you for finance-based roles, like being financial analyst or investment advisor. Masters in Finance programs don’t always require job experience. This is why Masters in Finance students tend to continue their studies sooner than MBA students. Also, it takes two to four years to complete an MBA program while it takes about a year to complete a Masters in Finance. It depends on your career goals and aspirations to decide whether to pursue an MBA or a Masters in Finance.
Top 5 Masters in Finance Programs in the U.S.
According to topuniversities.com, here are the top 5 Masters in finance programs in the U.S.
MIT Sloan School of Management - Masters in Finance
Costs and Timeline
Costs and Timeline
Costs and Timeline
Massachusetts Institute of Technology (MIT) is known for its rigorous STEM programs that prepare students with the necessary knowledge and skills to be effective leaders in the real world. Students that enroll in MIT’s Master of Finance program have the ability to choose between some concentrations to focus their degree on. For instance, financial engineering, impact finance, capital markets, or corporate finance are an option for a concentration. The program stands out from other programs in several ways. For example, the program gives students the opportunity to gain hands-on experience by allowing them to work directly with corporate partners while still studying in the program. This hands-on approach enables students to gain real-life experiences that give MIT students a competitive edge after graduating. In addition, MIT has an incredibly strong alumni network that supports students in finding jobs after finishing the program.
MIT’s Masters of Finance program is completed in 18 months, but students have the option to complete their degree in 12 months. Tuition fees for the 18 months program are about $120,400 while the tuition fees associated with the 12 months program are about $87,600. However, students have the ability to receive financial assistance to enroll in the program, including but not limited to fellowship and scholarship awards.
Requisites and Admissions
Requisites and Admissions
Requisites and Admissions
The program suggests that you have a background in mathematics and knowledge of basic programming skills including linear algebra, calculus, probability, and computer literacy. Also, students must submit their applications before the annual deadline each year since the applications aren’t on a rolling basis. While anyone is welcome to apply to the program, MIT Sloan looks for students that demonstrate personal and academic achievements, good communication skills, and interest in pursuing a career in finance. The good news is that applying with standardized tests is optional and there’s no minimum GPA required for applications.
MIT Masters of Finance - for International Students
Since MIT’s Master of Finance program applies mathematics and statistics rigorously in their curriculum, the program classifies as a STEM program according to the qualifications set by the U.S. Department of Homeland Security.
Why should international students care about STEM classification? Graduating from a STEM program allows international students holding an F1 visa to legally work in the U.S. after graduating. Generally speaking, International students have 12 months to legally work in the U.S. via their Optional Practical Training (OPT). However, a STEM degree gives international students an additional 24 months of OPT, which allows international students with a F1 visa to legally work for 36 months after graduating.
MIT’s program is incredibly diverse that 93% of their class consists of international students representing 23 different countries.
Post-Graduation Employment Opportunities and Starting Salaries
Post-Graduation Employment Opportunities and Starting Salaries
Students graduating from MIT’s Master of Finance program don’t need to worry too much about finding a job. In 2022, 100% of students found jobs in 6 months after graduating with a median base salary of $109,000.
UCLA Anderson School of Management - Master in Financial Engineering
UCLA offers a Master in Financial Engineering (MFE) program that prepares students to excel after graduating by learning from leaders in the field and creating projects that apply to the real world. For example, Applied Finance Project (AFP) is an offering unique to MFE students that allows students to solve a practical, real-world financial engineering problem while cooperating with a corporate client to solve that problem, making the students ready to face any challenges they face after graduating.
Costs and Timeline
Costs and Timeline
Costs and Timeline
Students need to complete the program in about 15 months, and the latest tuition fees for 2023 were $85,276. However, students may apply to receive merit-based scholarships or apply for loans to finance their education. Additionally, California residents are eligible to receive a $10,000 fellowship.
Requisites and Admissions
Requisites and Admissions
Requisites and Admissions
Prospective students need to meet certain criteria to be able to be part of the MFE program. Some of the criteria that students need to meet include a strong quantitative background, evidence of programming skills, and evidence with using mathematical tools like MATLAB. Also, all candidates applying need to hold a Bachelor’s degree or its equivalent.
UCLA Master in Financial Engineering for International Students
International students that come from countries where the official language is not English are required to take the TOEFL or IELTS exams. However, there are some exceptions for students that studied in English-speaking countries. The MFE program qualifies for STEM, which allows international students to extend their OPT for 24 months.
Post-Graduation Employment Opportunities and Starting Salaries
Post-Graduation Employment Opportunities and Starting Salaries
100% of the students that graduated MFE in 2021 were employed within 6 months of graduation, with an average salary after graduation of $129,000.
UC Berkeley Haas School of Business - Master of Financial Engineering
UC Berkeley Haas Master of Financial Engineering program is a unique program that offers students a unique educational experience. The program progresses to use experiential learning starting with a 12-week internship and moves on to an applied finance project.
Costs and Timeline
Costs and Timeline
Costs and Timeline
The Berkeley Haas Master of Financial Engineering Program is a full time program that takes 12 months to complete. However, UC Berkeley MFE has a part-time option that gives students the opportunity to complete the program over the course of two years instead of one. This option is beneficial for students that would want to work while pursuing their Master of Financial Engineering degree. The part-time option also permits international students to receive an online Masters in finance by attending remotely from their country instead of attending in person. The estimated cost of the upcoming class of students is $123,918 which includes tuition and fees, estimated living expenses, books and supplies, and health insurance. That being said, the tuition and fees alone cost $80,486. All admitted students at UC Berkeley MFE are eligible to apply for scholarships, fellowships, and student loans to facilitate financing their education.
Requisites and Admissions
Requisites and Admissions
Requisites and Admissions
Students applying to UC Berkeley Haas Master of Financial Engineering need to complete the application process which includes but is not limited to completing either the GMAT or GRE exams, answering essay questions, and submitting a video essay. To be a qualified candidate, prospective students need to have a strong quantitative background, technical knowledge and experience, and excellent English communication skills.
UC Berkeley Haas Master of Financial Engineering - for International Students
International students that are participating in the part-time option of the UC Berkeley Haas Master of Financial Engineering program cannot be issued F-1 visas. However, they can work with their employers to get an L1 or H1B visa. Nevertheless, international students aiming to participate in the part-time option of the MFE program to receive an online Masters in finance may take the course remotely.
Post-Graduation Employment Opportunities and Starting Salaries
Post-Graduation Employment Opportunities and Starting Salaries
98.7% of the students that graduated from the class of 2022 and were looking for jobs were employed after graduating the program with a median base salary of $150,000.
USC Marshall School of Business - Master of Science in Finance
USC Marshall School of Business offers students a rigorous STEM curriculum to prepare students for their future careers in finance. USC Marshall Master of Science in Finance (MSF) program allows students to connect with over 400,000 alumni around the world allowing students to pursue careers in any place they want around the world.
Costs and Timeline
Costs and Timeline
Costs and Timeline
The Master of Science in Finance program is a full-time program that takes 16 months to complete. Tuition for the MSF program is calculated yearly based on the unit price of the given academic year. In addition, students are responsible for housing, food, transportation, and student health insurance costs. Admitted students can apply for scholarships regardless of whether they are domestic or international. Although only domestic students are eligible to receive federal financial aid or USC need-based financial aid, all students are welcome to seek on-campus employment opportunities to finance their education.
Requisites and Admissions
All applicants applying to be part of the program are expected to have a Bachelor’s degree or its equivalent. Also, all applicants must GMAT or GRE score.
USC Marshall School of Business Master of Science in Finance for International Students
International students must submit TOEFL, IELTS, or PTE scores to demonstrate proficiency in the English language. However, some international students may be exempt from taking those exams if they meet certain criteria.
Post-Graduation Employment Opportunities and Starting Salaries
Post-Graduation Employment Opportunities and Starting Salaries
The class of 2021 achieved an employment rate of 97.1% within 6 months after graduation with an average base salary of $80,879.
Texas McCombs School of Business - Master of Science in Finance
McCombs School of Business offers a Master of Science in Finance degree that involves financial theory and practical application of quantitative methods from The University of Texas at Austin.
Costs and Timeline
Costs and Timeline
Costs and Timeline
Texas McCombs School of Business Master of Science in Finance is a 10 months long program. The program tuition and fees are $48,000 for Texas residents and $53,000 for non-Texas residents. All students can apply for scholarships or loans.
Requisites and Admissions
Requisites and Admissions
Requisites and Admissions
Aspiring students need to have a Bachelor’s degree or its equivalent and a minimum of 3.0 GPA. Additionally, if you are admitted into the Master of Science in Finance program, you are required to complete an online Excel and accounting bootcamp. This bootcamp allows students can prepare for the rigorous curriculum.
Texas McCombs School of Business Master of Science in Finance for International Students
International students must submit either a TOEFL or IELTS score report to demonstrate their knowledge in English. Nevertheless, there are exceptions to students from qualifying countries.
Post-Graduation Employment Opportunities and Starting Salaries
Post-Graduation Employment Opportunities and Starting Salaries
In 2022, 55 of the graduates accepted new employment, with an average salary of $82,000 in the South and $80,000 in the Southwest.
In conclusion, pursuing a Masters in Finance is definitely a great investment for aspiring finance professionals. We discussed the 5 best Masters in Finance programs that offer great opportunities for students to acquire the necessary skills and experiences to thrive in the real world of finance. By choosing to be part of one of these programs, aspiring finance professionals can have great careers to pursue.
