Completing an MS in Finance is a popular choice for students looking to kickstart their careers in the financial services arena. This program equips those who undertake it with the skills to excel in areas like corporate finance, investment banking, risk management, financial modeling, and capital markets.
In this article, we explore why an MS in Finance in the US is a great choice, what the requirements are, and look at some of the top American universities that offer this sought after degree.
Table of Contents
Best universities in the USA for MS in Finance
Key benefits of a Master's in Finance degree
Why study MS in Finance in the USA
Requirements and cost of pursuing a Master's in Finance in the USA
Best universities in the USA for an MS in Finance
The US financial market is a thriving industry that powers the global business world. Its universities are world-renowned, with many counted among the world’s top 20.
The universities featured below are just a few of the institutions that are highly regarded in the field of postgraduate finance studies in particular. They are a mix of public and private universities, and are located in a variety of regions in the US.
MIT Sloan School of Management
Image source: MIT Sloan School of Management
- Rankings - MIT is ranked 2nd in the World for Accounting and Finance in the QS World University Rankings by Subject and 3rd for Business and Management in the THE World Rankings 2024.
- School Information – A private land-grant research institution in Cambridge, MA, Massachusetts Institute of Technology is known for its outstanding programs in applied science and engineering. The finance degree is one of the few that is STEM-classified, meaning the curriculum focuses on the application of mathematics and statistics to the discipline of finance.
The MS in Finance at MIT’s Sloan School of Management prepares students for a wide variety of career opportunities, including those directly in finance as well as those in related industries. It allows international students to extend their training by working in their field of study and is a top-ranked program among competitors. Students can customize this program to meet their unique needs and career goals.
Classes include:
- Foundations of Modern Finance
- Financial Markets
- Corporate Finance
- Corporate Financial Accounting
There are also concentrations such as financial engineering, corporate finance, or capital markets.
UCLA Anderson School of Management
Image source: UCLA Anderson School of Management
- Rankings – UCLA is ranked 16th in the World for Accounting and Finance in the QS World University Rankings by Subject and 20th for Business and Management in the THE World Rankings 2024.
- School Information – One of the ten universities within the University of California System, the University of California-Los Angeles was founded in 1882. The Master of Science in finance is offered by its prestigious management school, the Anderson School of Management.
The Master of Financial Engineering (MFE) Program at UCLA Anderson School of Management merges mathematical and statistical tools with finance theory to equip students for highly rewarding careers in quantitative Finance.
As a 15-month finance degree, it has a very small student-to-faculty ratio - just 4:1 currently. The MSF program boasts an impressive 97% job placement rate within six months after graduation, with the average graduate bringing in a salary of more than $100,000.
Because this school is located in the heart of Los Angeles, students enjoy access to commercial and financial opportunities at some of the most influential financial organizations.
UC Berkeley
Image source: UC Berkeley Haas School of Business
- Rankings – UC Berkeley is ranked 9th in the World for Accounting and Finance in the QS World University Rankings by Subject and 8th for Business and Management in the THE World Rankings 2024.
- School Information – The University of California-Berkeley was established in 1868 in Berkeley (close to San Francisco) and was the first member of the University of California state university system. With more than a dozen colleges and schools and more than 350 degree programs to choose from, it is consistently ranked among the world’s best universities. The prestigious Haas School of Business at the University was founded in 1898, making it the second oldest in the country.
The intensive one-year Master of Financial Engineering (MFE) program prepares students for a growing niche of finance careers. Features of the program include an innovative, 10-12 week internship program and applied finance project with major financial firms.
The curriculum is dynamic, and faculty members contribute to, and share, pioneering research.
University of Illinois Urbana-Champaign
Image source: University of Illinois Urbana Champaign Gies School of Business
- Rankings – The University of Illinois Urbana-Champaign is ranked 51 in the World for Accounting and Finance in the QS World University Rankings by Subject and 55 for Business and Management in the THE World Rankings 2024.
- School Information – The University of Illinois at Urbana–Champaign, founded in 1867, is the flagship campus of the University of Illinois. It is the second oldest public university in the state of Illinois, after Illinois State University, and is made up of 17 colleges offering about 150 different study programmes.
The Gies School of Business at the university offers a Master of Science in Finance. In addition to the core curriculum, students select courses to customize their degree. For instance, they may choose to follow a specialization track in one of the following areas: Asset Management, Corporate Finance, Data Analytics and Fintech, Quantitative Finance, and Finance Research (PhD Specialization).
2023 graduates of the program earned an average starting salary of $79,100.
The University of Texas at Austin
Image source: University of Texas at Austin McCombs School of Business
- Rankings – The University of Texas at Austin is ranked 33rd in the World for Accounting and Finance in the QS World University Rankings by Subject and 51st for Business and Management in the THE World Rankings 2024.
- School Information – The University of Texas at Austin is the flagship institution of the University of Texas System. Founded in 1883, this school is one of the largest in the country, known as a Public Ivy for its high quality of education and its designation as a major center for academic research.
The Master of Science in Finance at the University of Texas at Austin is offered by the McCombs Business School and is taught by top-rated faculty. Designed as a first degree in finance, the MSF offers a unique combination of financial theory and practical application of quantitative methods from a top-ranked public university.
Boston University
Image source: Boston University Questrom school of Business
- Rankings – Boston University is ranked 75th in the World for Accounting and Finance in the QS World University Rankings by Subject and 45th for Business and Management in the THE World Rankings 2024.
- School Information – Boston University offers an unparalleled academic experience, combining world-class faculty, rigorous programs, and a vibrant campus located in the heart of Boston—a global hub for education, culture, and innovation.
The STEM-designated, 10-month MS in Finance program at BU’s world-renowned Questrom School of Business is designed to fast-track students to a successful career in finance. The core curriculum provides the top three courses highlighted by leading MS Finance graduates in the Financial Times and align with key topics from the Chartered Financial Analyst (CFA) Program.
University of Southern California
Image source: USC Marshall School of Business
- Rankings – The University of Southern California is ranked 53rd in the World for Accounting and Finance in the QS World University Rankings by Subject and 49th for Business and Management in the THE World Rankings 2024.
- School Information – Known as USC, the University of Southern California was founded in 1880 by Robert M. Widney. The oldest private research university in the state, it’s home to more than 20,500 students enrolled in a variety of undergraduate and graduate programs.
The Master of Science in Finance is offered by the USC Marshall School of Business. The finance degree prepares students with the skills they need to work in a variety of fields (like cinematic arts and engineering) and not just finance. The Master of Finance can be completed in as few as 16 months and does not require any work experience for admission.
This finance degree is STEM-designated and close-knit. Students learn from world-renowned faculty and benefit from a network of more than 85,000 Marshall alumni all over the world.
Columbia University
Image source: Columbia Business School
- Rankings – Columbia University is ranked 11th in the World for Accounting and Finance in the QS World University Rankings by Subject and 14th for Business and Management in the THE World Rankings 2024.
- School Information – A private Ivy League research university in New York City, Columbia University is ranked as one of the top universities not just in the country, but in the entire world.
The Master of Science in Financial Economics at Columbia is a two-year STEM-designated master’s degree that’s offered by the Columbia Business School. It requires four semesters (fall and spring) of full-time study.
This finance degree provides those who undertake it with the opportunity to gain extensive training in finance and economics so that they can go on to a career in academia or directly in industry.
Key benefits of a Master's in Finance degree
Earning an MS in Finance can open doors to exciting career opportunities and help develop in-demand skills like financial analysis, risk management, and investment strategy. It’s the perfect way to prepare for today’s fast-paced financial markets.
Here’s what makes a Master’s in Finance worth considering:
- Global opportunities: An MS in Finance opens doors to jobs in financial hubs like London, New York and Singapore. Many programs also offer alumni connections and mentorships to help graduates stand out on the global stage.
- High ROI: Graduates see an average salary boost of 40%, with many landing roles at top firms before they even graduate (thanks to internships and recruiter partnerships). And with the global financial advisory market expected to grow at 5.8% annually, the demand for finance professionals isn’t slowing anytime soon.
- Specialization options: Whether you’re into Fintech, Sustainable Finance, or something else entirely, MS in Finance programs often allow students to tailor their learning to their interests. It's a great way to compete in niche industries.
- Real-world Experience: From consulting projects and global competitions to earning top certifications like the CFA or FRM, these programs are designed to give hands-on learning.
Why study an MS in Finance in the USA?
The USA has world-renowned universities, cutting-edge resources, and a dynamic economic environment, making it the ideal destination for aspiring finance professionals.
In the US, an MS in Finance generally takes 12 to 18 months to complete and is therefore a cost-effective and quicker option to enter the workforce. Unlike many MBA programs, many Masters in Finance in USA do not require work experience for admissions.
Requirements and cost of pursuing a Master's in Finance in the USA
Here, we look at the various factors involved when it comes to pursuing an MS in Finance in the USA, including eligibility, required documents, and costs involved.
Eligibility for MS in finance in the USA
Each university may have slightly different eligibility criteria, but here are some general requirements for applying to an MS in Finance program in the USA:
1. Bachelor’s degree
Students should hold an undergraduate degree from a recognized university or academic institution. While most programs do not require a specific major, a background in finance, economics, accounting, or business can be an advantage.
2. Minimum GPA
Most universities have a GPA requirement, often on a 4.0 scale. Generally, a GPA of 3.0 or higher is desired, but top-tier universities may require a GPA above 3.5.
3. GRE/GMAT scores
Many programs require applicants to submit GRE or GMAT scores. While some universities offer test-optional policies, competitive scores boost applicants' chances of admission.
4. English language proficiency tests
International students whose primary language is not English will need to take standardized tests like TOEFL or IELTS. Universities generally require the following minimum scores:
- TOEFL iBT: 90–100
- IELTS: 6.5–7.0
Required documents for MS in Finance in the USA
Organizing the necessary documents is a crucial step in applying for an MS in Finance program. Below is a checklist of commonly required application materials:
1. Academic transcripts
Official transcripts from all previous academic institutions Universities will usually need them to be translated and certified accordingly if not in English.
2. Letters of recommendation (LORs)
Most universities will ask for 2–3 LORs from academic or professional references who can attest to your skills, qualifications, and academic potential.
3. Essays
Most universities will require one or more essays which outline a candidate’s educational goals and academic/professional background and achievements.
4. Resume or CV
Applicants should submit a resume or CV that includes their academic background and credentials, relevant experience since graduating from high school, including summer employment and paid or volunteer positions held on campus, as well as other business or academic experiences.
5. Standardized test scores
Candidates should submit official GRE/GMAT and TOEFL/IELTS score reports, as applicable.
6. Passport copies
Most universities require applicants to provide scanned copies of the bio-pages from their passports.
7. Application fee payment receipt
Almost all universities charge a non-refundable application fee (ranging from $50 to $150).
Cost of MS in Finance in the USA
Studying abroad is a significant investment, so it’s beneficial to understand the financial breakdown before taking the plunge. Here’s an estimate of the costs associated with pursuing an MS in Finance in the USA:
1. Tuition fees
Tuition costs vary based on the university and program. Generally, you can expect to pay anywhere between $30,000 and $70,000 for the entire course duration. Ivy League universities and top-tier programs usually fall on the higher end of this range.
2. Living expenses
The cost of living depends on the city or state where your university is located. Monthly living expenses, including housing, food, transport, and other utilities, typically range between $1,000 and $2,500.
3. Health insurance
Health insurance is mandatory for international students in the USA. The cost can range from $500 to $2,000 per year, depending on the coverage.
4. Miscellaneous costs
- Books and Supplies: $500–$1,000 per year
- Travel and Entertainment: $500–$1,000 per year
Scholarships and financial aid
Many universities offer scholarships specifically for international students. There are also other independent options for scholarships, including those offered by the Fulbright Commission.
Frequently Asked Questions (FAQs)
Below are some of the most commonly asked questions about Master's degrees in Finance, and specifically, MS in Finance degrees in the US.
What career opportunities can a Master's in Finance open up?
Finance has become an increasingly popular choice of study for many, given the varied range of job opportunities and high salaries. Possible job roles for those with a Master’s degree in Finance include financial analyst, investment banker, accountant, trader, financial examiner, insurance specialist, portfolio manager, financial advisor, actuary and finance manager.
What advantages does studying MS in Finance in the USA offer?
MS in Finance programs are available at many top universities across the globe. However, an MS in Finance from the USA offers several more advantages, including high earning potential, access to top ranked universities with international prestige, and extensive networking opportunities (the USA has 146 Fortune 500 companies as of 2023). There are extensive networking opportunities through internships, career fairs, and corporate partnerships in the US.
Lastly, studying a Master’s in Finance often has OPT extension opportunities. Optional Practical Training (OPT) allows students to work in the USA for up to 12 months after graduating. For STEM courses, like some MS in Finance programs, it’s possible to get a 24-month extension.
Can I pursue a Master's in Finance if my undergraduate degree is not in a finance-related field?
While many students pursuing a finance-related master's degree hold bachelor's degrees in areas such as Business and Accounting, it is possible for students with an unrelated undergraduate degree to get a Master's degree in Finance.
Graduate pathways and preparation with Kings in the US
Kings provides international students with a range of exciting US graduate pathways to get a Master's degree, including those in the realm of Business and Finance.
Kings also offers a range of English preparation programs in the US for those who need to advance their language skills prior to embarking on a Masters degree (MA, MBA or MSC) program. Current locations include New York, Los Angeles and Boston.
If you would like to receive more detailed information about Kings and our university pathway programs, please get in touch with us at us.admissions@kingseducation.com.
-5.jpg)
