The subject matter of a degree in finance is akin to the MBA curriculum. However, this specialized degree of Masters in Finance will focus deeply and broadly on topics such as corporate banking, investment banking, capital management, managerial accounting, etc. The degree will also include a capstone project or applied project on topics such as portfolio management, mergers, and acquisitions, etc. This degree is also known by the abbreviations M.Fin, MF, and MSF.
21st Nov 2022
Afia Azmi
Your Comprehensive Guide to MS in Finance in The USA
With the onset of extreme technological advancements, the finance sector is on a rapid rise. A report forecasts that the finance sector will rise by $22,515.17 billion in 2021 at a compound annual growth rate (CAGR) of 9.9%, in contrast to the increase by $20,490.46 billion in 2020. With the millennial generation becoming trendy with mobile payments and online transactions, this sector is expected to boost economically faster than any other professional sector in the world economy. Therefore, finance master's programs are the trend for the professional and financial sectors.
What is MS in Finance?
What are the eligibility requirements for MSc Finance in the US?
- The general requirement for a degree in MS in Finance in the US is a 3-4 years bachelor's degree in the relevant field of study from a recognized university with a score of 80% and above.
- You must submit the relevant documents at the time of application such as Letter of Recommendations (2-3, or as required), Statement of Purpose,
- Academic Transcripts,
- Latest CV, Scores of TOEFL/ IELTS/ GMAT/ GRE.
- Additionally, your GPA must be 3.4 and above to be considered as a potential candidate.
What are the top universities in the USA for MS in Finance?
The US is an exemplary hub for students choosing to pursue an MSF or M.Fin degree. It houses some of the world-renown business colleges. An MS in the USA, especially in the finance field, will make you job-ready for some of the prestigious companies such as American Express, Goldman Sachs, etc. Some of the best universities for MS in Finance in the US are:
1. MIT Sloan School of Management
- Course Period: 12-18 Months
- Annual Fee: $77,168
- GPA: 3.7 (90%-92%)
- IELTS: 7.0
- TOEFL: 90
- GRE: 320
- GMAT: 700-770
2. UC Berkeley Haas School of Business
- Course Period: 1 year
- Annual Fee: $70,000
- GPA: 3.42-3.90 (85%-93%)
- IELTS: 7.0
- TOEFL: 90
- GRE: 320
- GMAT: 680-760
3. UCLA Anderson School of Management
- Course Period: 13 months
- Annual Fee: $31,949
- GPA: 3.5 (91%)
- IELTS: 7.0
- TOEFL: 100
- GRE: 320
- GMAT: 716
4. McCombs School of Business
- Course Period: 10 months
- Annual Fee: $38,326
- GPA: 3.85 (92%-93%)
- IELTS: 7.5
- TOEFL: 109
- GRE: 327
- GMAT: 686
5. Illinois Gies College of Business
- Course Period: 15 months
- Annual Fee: $54,646
- GPA: 3.41 (92%-93%)
- IELTS: 7.5
- TOEFL: 103
- GRE: 317
- GMAT: 696
6. Questrom School of Business
- Course Period: 17 months
- Annual Fee: $56,412
- GPA: 3.62 (92%-93%)
- IELTS: 6.5
- TOEFL: 104
- GRE: 330
- GMAT: 724
7. Georgia Tech Scheller College of Business
- Course Period: 21 months
- Annual Fee: $19,037
- GPA: 3.62 (92%-93%)
- IELTS: 7
- TOEFL: 95
- GRE: 322
- GMAT: 674
8. USC Marshall School of Business
- Course Period: 2 years
- Annual Fee: $27,660
- GPA: 3.49 (90%)
- IELTS: 7.5
- TOEFL: 105
- GRE: 315
- GMAT: 687
9. Ohio State Fisher College of Business
- Course Period: 1 year
- Annual Fee: $56,752
- GPA: 3.5 (91%)
- IELTS: 7.0
- TOEFL: 100
- GRE: 310
- GMAT: 590
Frequently Asked Questions (FAQ)
1.) How much does a master's in finance cost in the USA?
The average tuition fee for MS in Finance in the USA costs $19,000- $80,000 per annum. Although the duration of this course is typically year-long or 13-15 months, the degree is specialized and professional. It is equivalent to that of an MBA degree. The prospects of securing a job with this degree in the US are quite stellar.
2.) Which country is best for masters in finance?
The US has some of the best universities for masters in finance degrees, including MIT Sloan School of Management, UC Berkeley Haas School of Business, McCombs School of Business, UCLA Anderson School of Management, USC Marshall School of Business, etc.
3.) Is GRE required for MS in Finance in the USA?
Yes, GRE or GMAT scores are minimum requirements for admission into MS in Finance in the US. The required average GRE score is 315-330. The required average GMAT score is 670-770. These numbers may differ according to each of these universities.
4.) What are the scholarships available for MS in Finance in the US?
Each of these universities listed above has individual scholarships either merit-based or through some other criteria. For example, Gies College of Business offers ‘Golden Scholarships’ which covers the partial tuition fee. The Scheller College of Business offers ‘Graduate Assistantships’ wherein international students receive a monthly salary in exchange for 14hrs/week work commitment. Apart from these, the US government also offers many scholarships, aids, and fellowships according to the merit and abilities of international students.
5.) Is MS in finance worth it in the USA?
Definitely. Finance masters programs are steadily on the rise. Considering that the financial sector is a backbone to all businesses big and small, the need to hire consultants, financial advisors, financial analysts, etc. Popular companies such as JP Morgan, Goldman Sachs, Boeing, Bloomberg, Delloite, Accenture, etc. are the top recruiters in the US universities. The average salary a graduate can expect with this degree is $80,000-USD 160,000 per annum.