Are you aiming for a job in a competitive finance area such as risk management, corporate finance, or algorithmic trading but don’t want an MBA—at least for now? If so, consider applying for a Master of Finance (MFin/MSF) degree. There is high demand for skilled finance professionals, and this degree can prepare you for a career as a financial analyst, investment banker, actuary, portfolio manager, wealth manager, or entrepreneur, among other roles. Students get a deep background in financial topics such as math, financial theory, quantitative finance, investing, financial markets, and financial analysis and reporting, which can help pave the way to a finance-focused career.
As you decide whether a graduate degree in finance is right for you, consider the following questions:
Who typically gets this degree?
MFin/MSF programs consider candidates coming directly from their undergrad studies or with just a year or two of full-time work experience. Some programs do not accept candidates who have an undergraduate degree in finance or business, but others are more flexible about candidates’ undergraduate majors. Most MFin/MSF programs are STEM designated, which gives graduates the ability to extend the Optional Practical Training (OPT) period (normally 12 months) for an additional 24 months.
How are programs structured?
An MFin/MSF degree program is typically completed in person and lasts nine to 18 months, giving students the option to go straight through or to complete a traditional summer internship to gain experience. The different durations impact the actual cost and the opportunity cost of an MFin/MSF degree, giving students greater flexibility.
Which schools offer the MFin/MSF degree, and what are their deadlines and requirements?
Princeton University’s Master in Finance is typically done in four semesters and is offered by the Bendheim Center for Finance with three optional program tracks: Quantitative Asset Management, Data Science & Financial Technologies, and Valuation & Macroeconomic Analysis. Applicants are expected to be familiar with topics including linear algebra, multivariable calculus, and differential equations, as well as intermediate-level probability and statistics courses. A small number of students with strong prior knowledge of the field, mathematical aptitude, and work experience are given the opportunity to take a compressed two-semester program at the school’s discretion. Full-time work experience is not required, but applicants are expected to have completed at least one internship. GMAT or GRE scores are accepted but not required. All candidates are required to take a math assessment shortly after the application deadline, which is in December, and classes begin in the fall. Incoming students are also required to take a two-week refresher course in mathematics and probability before starting classes.
MIT’s Master of Finance, which is run by the Sloan School of Management, offers on-campus, 12- or 18-month (with a summer internship) programs. Students can choose from five optional concentrations: Financial Engineering, Corporate Finance, Capital Markets, FinTech, and Climate and Social Impact Finance. Candidates are expected to have completed coursework in such topics as linear algebra, multivariable calculus, probability, and statistics. Admitted students will need to demonstrate proficiency in Python prior to matriculation. The program accepts GRE and GMAT (Focus Edition or 10th Edition) scores, but there will be no negative impact on your candidacy if you do not submit a score. The application deadline is in January, and classes begin in the fall.
Columbia Business School’s Master of Science in Financial Economics (MSFE) is a two-year program in which students study alongside MBA and PhD candidates. Although the program’s content overlaps with that of the school’s finance PhD program, the MSFE targets students interested in shorter and more industry-focused studies. While previous work experience is not required, some internship or work experience may be beneficial. Prior to beginning the program, all admitted students are required to complete courses in the following topics at an advanced undergraduate level: probability, statistics, microeconomics, calculus (two semesters), linear algebra and matrix theory, and computer programming. Official test scores (GMAT Focus/10th Edition, GRE, TOEFL) must be submitted with the application. The application deadline is in January.
University of Virginia’s Master of Science in Commerce Finance Track is a ten-month, cohort-based master’s degree offered by the McIntire School of Commerce for recent graduates from non-business majors. Applicants must have an undergraduate degree in liberal arts or STEM fields and have graduated or will be graduating within 18 months of matriculation. Candidates must complete the following prerequisite courses prior to matriculation: “Introduction to Financial Accounting,” “Introduction to Microeconomics,” and “Introduction to Statistics.” At this time, a GRE or GMAT score is not required. However, note that if you do not submit a test score, added emphasis will be placed on your prior academic performance and demonstrated quantitative, analytical, and/or written communication skills. Application deadlines are in October, November, January, March, and May, with rolling applications accepted after the May deadline until the end of June. Classes begin in August.
Georgetown University’s Master of Science in Finance is available through the McDonough School of Business via three tracks: a traditional full-time program (21 months), an accelerated intensive full-time program (ten months), and a traditional part-time program (21 months). The full-time 21-month program is geared toward candidates who have fewer than three years of work experience since completing their undergraduate degree and who are not qualified for the accelerated track. The full-time accelerated track targets recent graduates who have a finance degree or have completed a significant amount of finance courses, or those who majored in a quantitative subject. Finally, Georgetown’s traditional part-time program seeks professionals looking to expand their knowledge of finance and business while continuing their career, or those who want to pivot into a new career or need flexibility on where they study due to professional, family, or military obligations. The school accepts GRE and GMAT scores, and test waivers are available. The early decision deadline is in August, and remaining deadlines are in October, November, January, March, and April for an August start.
Vanderbilt University’s Master of Science in Finance is a ten-month program offered by the Owen Graduate School of Management. The majority of students come straight from college. Although full-time work experience is not required, an internship in finance or a related field is strongly recommended. The program accepts GRE and GMAT scores, and candidates with an undergraduate GPA of 3.5 or higher (out of a 4.0) can apply for a test waiver. The early decision application deadline is in September, and regular decision deadlines are November, January, March, and April. Classes begin in August.
Washington University in St. Louis’s Master of Science in Quantitative Finance (MSFQ), offered by the Olin Business School, is an 18-month program with a fall start. Courses in statistics and calculus are prerequisites. The program encourages graduates with a strong math background to apply. A GRE or GMAT score is not required but is recommended for most applicants. Application deadlines are in October, November, January, March, and April. After mid-April, admissions are rolling.
University of Texas at Austin’s Master of Science in Finance is run by the McCombs School of Business. The ten-month program accepts students directly out of college or with a few years of full-time work experience, and all candidates who have earned a bachelor’s degree are welcome to apply. A GRE or GMAT score is optional. Application deadlines are in October, January, March, and May, and classes begin in July.
University of Rochester’s Master of Science in Finance is offered by the Simon Business School. Students in a recent class had an average of 2.1 years of work experience. The program can be completed in nine or 16 months, depending on the track. A GMAT or GRE score is not required. However, if your score falls within or above the middle 80% range for the class, the school suggests that you submit your score. Application deadlines are in October, January, February, March, and May, but the school reviews applications on a rolling basis within each round. Classes begin in August.
University of Illinois at Urbana-Champaign’s Master of Science in Finance is a three-semester program offered by the Gies College of Business that targets professionals in finance-related roles. A GRE or GMAT score is optional, but the committee may ask for a score if they need more data to evaluate a candidate. Students may choose to follow a specialization track in one of the following areas: Asset Management, Corporate Finance, Data Analytics and Fintech, Quantitative Finance, or Finance Research. Additionally, the program offers two concentrations: Accountancy and Data Analytics in Finance. The early decision application deadline is November, with regular decision deadlines in January, March, April, and June for a fall start.
Carnegie Mellon’s Master of Science in Computational Finance (MSCF) program operates in two locations: Pittsburgh and New York City. The program prefers candidates with relevant work experience, but it is not required. Admissions prerequisites include courses in calculus (two semesters), linear algebra, calculus-based probability, and an object-oriented programming language course such as C++, Java, Python, and C#. Applicants must submit a GRE or GMAT test score. The school has two application deadlines—December and March—for a summer start.
Indiana University’s Master of Science in Finance is offered by the Kelley School of Business. Full-time students with an undergrad business major may complete the program in ten months. Non-business students take a Business Foundations Boot Camp over the summer and complete the program in 11 months. Students with any background may choose to do a summer internship and complete the program in 18 months. A GRE or GMAT score is required unless the admissions committee grants a waiver. Application deadlines are in December and March for domestic candidates and in October and January for international candidates. Classes begin in June, July, or the fall depending on the applicant’s undergraduate background.
University of Maryland’s Master of Finance is a two- or three-semester program that starts in August and is run by the Robert H. Smith School of Business. Students choose from three specializations: Asset Management, Climate Finance, and Corporate Finance and Risk Management. A GRE or GMAT score is required, as is an undergraduate course in statistics with a minimum grade of a B. However, work experience is not required. Application deadlines are in October, November, January, February, March, and April. University of Maryland undergraduate students can pursue a Master of Finance degree through the Plus 1 program, enabling them to save time and money on graduate tuition through this accelerated business master’s program.
University of Chicago’s Asness and Liew Master in Finance is a fairly new program offered by the Booth School of Business that targets recent college graduates. Classes begin in the fall and are spread over four quarters (15 months), with a required summer internship. There are three available areas of specialization: Asset Management, Investment Banking, and Fintech. Although there are no specific prerequisite classes, the school recommends that applicants have some knowledge of coding and have completed advanced quantitative courses in such topics as linear algebra, statistics, multivariable calculus, Python, and C++. A GRE or GMAT score is required, but waivers are available for University of Chicago students. An on-campus, two-week bootcamp experience is required prior to the start of class. Applications are accepted beginning in July.
Where will you work after graduation?
Careers related to a Master of Finance degree are, as the name suggests, finance focused, and graduates go into quantitative roles. Graduates are often hired as analysts or associates in investment and commercial banks, asset management firms, hedge funds, algorithmic trading, financial technology firms, ratings agencies, consulting firms, and insurance companies. Companies that hire MFin or MSF grads include BlackRock, Jane Street, BNP Paribas, KPMG, AIG, Bloomberg, Deloitte, Goldman Sachs, Capital One, Vanguard, Citi, and Procter & Gamble.
Why would I pursue a Master in Finance instead of an MBA?
A Master in Finance and an MBA are not mutually exclusive. An MSF/MFin degree focuses on math and finance courses with a few general business classes, giving you deep finance expertise. After gaining work experience, you may decide to broaden your focus beyond finance or move into managerial and leadership roles. Many graduates of MFin programs work for several years at an accelerated pace—thanks to their additional training—and then become successful applicants at top MBA programs.
Deciding whether to pursue a master’s degree in finance is an important career decision that could pay off substantially in both the short term and the long term. Understanding the process and which programs are best for you is the first step toward creating a successful application, gaining a solid education, and building a rewarding career that leverages finance skills.
The Stratus team is knowledgeable about not only MBA degrees but also other specialty business master’s programs. Sign up for a free one-on-one consultation with one of our experienced counselors today!