A master’s degree in finance (MSF) is a postgraduate program that prepares students for careers in finance, such as financial management, investment banking, and investment management. Curriculum is generally focused on managerial finance, corporate finance, and investment analysis. These topics are usually preceded by more fundamental coursework in economics, (managerial) accounting, and quantitative methods (usually time value of money and business statistics). In many programs, these fundamental topics are a prerequisite for admission. The program usually concludes with coursework in advanced topics such as portfolio management, financial modeling, mergers and acquisitions, and real options. Managerial economics and various quantitative finance topics may also be offered as advanced courses.

A Master of Science in Finance is for someone who is specifically interested in a career in finance and wishes to work in areas like financial management, investment banking, and investment management.

MSF programs cover finance in a comprehensive manner, with courses like financial theory, mathematics, quantitative finance, investments, markets, financial reporting and analysis, and valuation. [34]

Most online MSF degrees can take about two years to complete if you are taking classes consistently and not taking any terms off. Some full time, on-campus programs can be completed in less than two years.

The average cost of master’s degree for students is between $30,000 and $120,000. [35] The cost varies depending on the university and the master’s program itself. Cost also depends on where you will take the courses. If you are looking at a public university, especially if paying in-state tuition, the cost can be less than paying out-of-state tuition, going to a private university, or both. An online master’s degree program could be less expensive. This is true for some online master’s programs, but research into each institution and the cost of their program should be conducted. Although an MSF degree can be expensive, it can result in more opportunities and higher income.

Although there is some overlap with an MBA (Master of Business Administration), the MSF provides broader and deeper exposure to finance, but a more limited exposure to general management topics. A finance master’s will focus on finance and financial markets, while an MBA is more diverse and covers general areas of business that are not covered within a finance program, such as topics like human resource management and operations management

Specific admission requirements vary based on the school, but the admission decision is generally based on a variety of qualifications like strong academic performance (generally reflected by a GPA of 3.0 or higher) in an undergrad program, entrance exam scores (GMAT or GRE), letters of recommendation, and relevant work experience. If you do not have an undergraduate degree in business administration, you will most likely be required to demonstrate proficiency in specific business/finance foundation courses.

The requirement of GRE/GMAT score is dependent on the school/program. Some schools accept both GRE and GMAT, and some require the GMAT only. Some schools may offer a GRE/GMAT waiver if certain qualifications are met, while some have no GRE/GMAT requirement at all. Although both test scores may be accepted, a GMAT is score is generally preferred. The GMAT is considered tougher in the math areas and the GRE is more challenging in verbal areas. A strong GMAT score will demonstrate your strength in math and analytical areas, which are skills needed to be successful in an MSF program.

It depends on the school’s specific admission guidelines. If the school offers a waiver request process for entrance exams, work experience in a related field along with other requirements may allow for a waiver to be granted.

Although a background in finance is not required, your undergraduate degree should be equivalent to that from a four-year accredited U.S. institution, and you should have successfully completed the core requirements for a business degree.

Depending on the school’s admission guidelines, prior work experience may or may not be required or considered as part of the application review process.

A four-year bachelor’s degree in business or finance is typically required. If your undergraduate degree is not in business or finance or a related field, prerequisite courses will most likely be required. Specific requirements may vary by school/program.

Generally there are supplementary costs apart from tuition. The tuition does not usually include the cost of books or additional fees. These additional costs will vary from program to program.

The largest provider of student financial aid in the nation is the Federal Student Aid office in the U.S. Department of Education. It supplies college-level or career school students with loans, grants, and work-study funds. You can apply for federal financial aid through the Free Application for Federal Student Aid, commonly known as FAFSA.

There are numerous other scholarships available, but you will need to research which opportunities you’re qualified to pursue. Many states, associations, websites, and businesses award scholarships based on specific criteria. Be sure to do your research and apply for any scholarships you’re qualified to be awarded. [42]

Start with a cost-benefit analysis based on the price of the degree and potential ROI. Weigh the full cost against the positive outcomes you expect as a graduate, which may include a boost in earning potential, upward mobility, or job satisfaction.

The curriculum for an MSF degree is a mix of core courses and electives. Core courses are generally required before you can take elective courses. Examples of core courses include Financial Reporting, Financial Economics, Financial Econometrics, and Financial Modeling.

Yes, you can. Many institutions offer the Master of Finance degree online.

Typically your diploma will not indicate that your degree was achieved as a result of an online program.

At most universities, an online program is the same as a campus-based program. The classes offer the same content and are even taught by the same faculty in most cases. Although you are proceeding through the program via an online format, the same academic rigor can be expected.

Asynchronous coursework can be completed on your own time — a big plus for many online graduate students. Synchronous coursework has to be completed within a set timeframe. This is typically done for group projects, seminars, presentations, and other learning initiatives that require multiple attendees. The elements of asynchronous and synchronous learning in your online program depend on the professor and class itself. Once you enroll, reach out to teachers for specifics, but remember that the curriculum may be divided into these two subsets.

In addition to core courses, students can choose from elective courses. Typically these courses are in finance, but may also be in other areas like accountancy, economics, and business administration. Depending on the program, you can choose a general track or even take specific classes in areas like Asset Management, Risk Management, Corporate Finance, and others.

A specialization or concentration in a specific area can help your career options in that you will be viewed as a subject matter expert in a specific area that relates to a specific job. On the flip side, focusing on very specific areas of business or finance in your studies and your career may limit you in the future should you decide to make a career change. You specific area of interest may not have allowed for broad and diverse experiences and skill set development.

Several types of certification exist for financial workers, depending on their area of study and expertise. For example, becoming a Certified Financial Planner (CFP) is possible through the Certified Financial Planner Board of Standards. You can also become recognized as a Certified Financial Analyst (CFA) through the CFA Institute. Various certifications exist for stock brokers and securities traders, through organizations including the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA).

Graduating with an MSF can lead to a variety of positions that are usually in investments or financial management or analysis. Below are some examples of areas of opportunity for MSF graduates: [34]

• Financial Planning: A financial planner is a qualified investment professional who helps individuals and corporations meet their long-term financial objectives by analyzing the client/corporation’s status and creating a plan to achieve the client’s goals. Financial planners specialize in tax planning, asset allocation, risk management, retirement, and/or estate planning. In some cases financial planners do not need to be certified to advise clients. Still, CFA and CFP certifications add to the individual’s credibility. In other instances licensure may be required. [38]
• Investment Banking: An investment banker is an individual who works in a financial institution that is in the business primarily of raising capital for companies, governments, and other entities, or who works in a large bank’s division that is involved with these activities, often called an investment bank. Investment bankers may also provide other services to their clients such as mergers and acquisition advice, or advice on specific transactions, such as a spin-off or reorganization. Working in the investment banking industry can lead to high income, but it is a very competitive environment, and there are many skills needed to be successful. [17]
• Financial Analysis: Financial analysts produce financial plans, projections, and analytical reports for use in investment decisions by companies, public and private organizations, and individuals. Depending on the type of analyst job, the duties can vary quite a bit. Some financial analysts work in the securities industry analyzing stocks, bonds, and other securities for banks, brokerages, money management firms, and other organizations. These financial analysts typically develop expertise in a narrow category of stocks or bonds, such as Canadian corporate bonds or technology stocks, for example. Other financial analysts work for large corporations, analyzing internal financial data and producing financial plans, revenue and expense projections, and recommendations to inform budget and investment decisions by company executives. Nonprofit organizations and government bodies also employ financial analysts in this type of work. [39]
• Financial Managers: Financial managers are responsible for an organization’s financial health. They perform such tasks as producing financial reports and developing investment strategies and plans for their organization’s long-term financial goals. [43]
• Insurance Specialists: Many people who graduate with an MSF degree do not even consider working in the insurance industry, but job growth in this area is expanding. Positions like risk managers, actuaries, and even chief financial officers all require strong mathematical and financial analysis skills. [44]

According to the U.S. Census Bureau, in the United States, graduates with a master’s degree typically earn about 15% higher overall lifetime income, which works out to be about $8,000 a year more than those with bachelor’s degrees. [36] There is a wide range of salaries for a graduate of an MSF program. This is because graduates can hold different finance-related positions and work in a variety of industries. Examples of jobs that require an MSF degree include personal financial advisors, financial managers, financial analysts, financial services sales agents, insurance underwriters, chartered financial analysts, credit risk management analysts, and mergers and acquisitions analysts. Some examples of salaries by job title are listed below:

• Vice president of finance positions have a median salary of $170,000. [37]
• Finance directors can earn as much as $154,000. [37]
• Financial analysts can earn $81,760 in median pay. The U.S. Bureau of Labor Statistics reports that jobs for financial analysts are expected to grow by 12% from 2014 until 2024. [39]
• Financial managers earn a median salary of $121,750. [43]
• Personal financial advisors earn a median salary of $90,530, with 30% projected growth from 2014 to 2024. These professionals offer advice to help people with their financial and estate planning. [38]
• Insurance underwriters can earn a median salary of $67,680. [44]

The U.S. Bureau of Labor Statistics (BLS) reported that financial analysts held 277,600 jobs in the U.S. in 2016. The BLS also reported that jobs in this profession were expected to grow by 12% between 2014 and 2024. The median salary for a financial analyst in 2016 was $81,760. [39]

National or regional business school accreditation assures students that an institution of higher learning adheres to high quality standards based on the latest research and professional practice. An accredited institution must demonstrate, at regular review cycles, that it is developing and growing, not just maintaining existing standards.

Accreditation by a national or regional accrediting body also allows for students to participate in federally funded and state financial aid programs. To receive federal funds, an institution must be accredited by a national or regional accrediting body recognized by the U.S. Department of Education (DOE).

Accreditation shows that an institution or program meets standards of quality set forth by an accrediting agency, and that it is committed not only to meet those standards but to continuously seek ways to improve the quality of education and training provided. There are two types of educational accreditation: institutional and specialized.

The three main specialized accreditors for business and finance degree programs are:

• The Association to Advance Collegiate Schools of Business (AACSB): AACSB International accredits degree programs in business administration and accounting at the bachelor’s, master’s, and doctorate levels.
• The Accreditation Council for Business Schools & Programs (ACBSP): ACBSP accredits business, accounting, and business-related programs at the associate, bachelor’s, master’s, and doctorate degree levels worldwide.
• International Assembly for Collegiate Business Education (IACBE): The IACBE accredits business programs that lead to associate, bachelor’s, master’s, and doctorate degrees. It does not accredit institutions that only offer associate degrees in business.

Institutional accreditation is provided by regional and national associations of schools and colleges. There are six regional associations.

Attending an accredited school also allows you to apply for financial aid, whether the school you select is a traditional classroom or online program.

Because accreditation ensures that the program you attended adheres to the high standards set by the accrediting body, attending an accredited institution will make you more competitive in the job market. In some cases, employers will only accept degrees from a regionally accredited institution when considering candidates, promotions, or salary increases.

According to the Commission on Institutions of Higher Education (CIHE), the Standards for Accreditation are an articulation by the higher education community of what a college or university must do to deserve the public trust. They also function as a framework for institutional development and self-evaluation. [40]

Covering areas of institutional academic and administrative operations, the standards are largely qualitative, in keeping with their need to apply to a variety of institutions with different missions.

Generally universities will prominently list their accreditations on their website. You can also visit the website of the national or regional accrediting organization. Most organizations keep current lists of institutions granted accreditation by their agency.

SARA (State Authorization Reciprocity Agreement) applies only to distance education programs in the United States that cross state lines. This agreement is made between member states and establishes comparable postsecondary national standards for distance education courses.

Not every state is a SARA member. Through SARA, member states only have to receive authorization in their home state. Without SARA, non-member states would have to receive authorization in their home state and the state of each of their online students. [41]

Every school has a department or team responsible for online education. This department will be able to answer questions regarding compliance for your home state. Additionally, you can locate the school through SARA (if it is a SARA institution) to confirm compliance. [41]