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Master’s degrees in finance are both versatile and highly sought after. Whether you aim to pursue a specific role within the finance industry or enhance your business expertise as a manager or aspiring entrepreneur, a finance master’s degree can pave the way for your next career steps. Additionally, finance programs offer various specializations, allowing you to tailor your educational experience to align with your career goals. This flexibility ensures that you can focus on areas that are most relevant to your interests and aspirations.
Is Finance a Good Career?
The industry is known for its high earning potential, particularly in specialized sectors like investment banking and trading. Moreover, finance jobs tend to be relatively stable, even during economic downturns. The intellectual stimulation and problem-solving aspects of many finance roles can be highly rewarding for those who thrive on mental challenges. And with a diverse range of specializations available, you’ll likely find a niche that aligns with your skills and interests.
For this, pursuing a master’s degree in finance is a great way to get a headstart in the corporate world. You get financial rewards, intellectual challenges, and a fast-paced environment. However, first, let’s check if pursuing a master’s in finance is a worthwhile investment.
Is a Master’s in Finance Worth it?
Generally, a Master’s in Finance can be worth the investment for those aiming for advanced roles in finance, such as investment banking, financial analysis, or portfolio management. It often enhances job prospects, increases earning potential, and provides specialized knowledge.
A Master’s degree in finance serves as a valuable asset in advancing your career to the next level. It is indispensable for various roles spanning multiple industries and provides essential skills for those transitioning to a new career path. If a Master’s degree is deemed essential for many positions or represents a critical avenue for individuals seeking to acquire skills necessary for these roles, it serves as compelling evidence that the investment is worthwhile.
Top Benefits of Completing a Master’s Degree in Finance
- Salaries in finance are lucrative in today’s job market: Finance careers offer high salaries globally, with diverse opportunities in areas like insurance, hedge funds, and financial management. Despite the challenges, the financial rewards are substantial, depending on experience and role. Popular post-master’s options include investment banking, stockbroking, insurance brokering, and financial consulting, with an average investment banker salary reaching $97,000. These roles exemplify the lucrative nature of the finance sector.
- Financial education paves the way for a prosperous life: Acquiring financial education empowers individuals to navigate life successfully. As a finance student, you gain valuable insights into various courses and financial principles, providing essential skills such as budgeting, saving, and understanding the distinction between assets and liabilities. This education also equips you with the knowledge to set budgets for education, retirement, emergencies, and more. Furthermore, it fosters an understanding of the influence of emotions on financial decisions and imparts the ability to make informed investment choices and plans.
- Less competition for master’s holders: While the finance industry is known for its competitiveness, the job market tends to be less saturated for individuals with a master’s degree in finance than those with only a bachelor’s degree. The scarcity of master’s degree holders in finance translates to fewer candidates vying for the same positions, providing a relatively less competitive landscape.
Here are some master’s degrees you can pursue to supercharge your career in finance:
Online Masters in Finance at Harvard University
Harvard University offers a Finance Master’s degree program designed to enhance the knowledge and technical skills of professionals in the financial industry. With 12 courses, including 11 online and on-campus experiences, students gain a solid foundation in financial concepts, completing the program in two to five years with 48 credits.
What students will learn: The program equips students with knowledge and skills to advance their careers, whether specializing in mergers, real estate, sustainable finance, or monetary policy. The flexible curriculum allows part-time study, blending online convenience with immersive classroom experiences for holistic learning and skill development in core and elective finance courses.
Admission Requirements: To get into the Master’s Degree in Finance at Harvard University, you must hold the following documents –
- 4-year regionally accredited US bachelor’s degree or its foreign equivalent required
- A minimum grade of B is required in each of the 3-degree courses for admission
- A minimum grade of B– is required in each subsequent course
- Submission of transcripts is mandatory
GRE scores are not required for a Master’s Degree in Finance at Harvard University. Each credit costs $805, hence, the total tuition for the program is $38,640.
Online Master of Science in Finance at Georgetown University
Georgetown University offers the Master of Science in Finance (MSF) online program, emphasizing a global perspective, practical application, and moral leadership. The comprehensive curriculum spans 21 months in a standard track or 10 months in an accelerated track, requiring 32 credits, including core and elective courses.
What students will learn: Georgetown University’s master’s program provides direct instruction from renowned academics, offering recent graduates and global professionals the opportunity to enhance technical and business finance skills. Learning outcomes include applying valuation techniques, strategic assessment of corporate initiatives, ethical decision-making, portfolio creation, understanding market theories, and managing organizational risks with a global perspective.
Admission Requirements: Students must procure the following to get admission into Georgetown University’s Online Master of Science in Finance –
- Required qualification: B.A. or B.S. from an accredited university
- Submission of a personal statement
- Requirement for letters of recommendation
Mandatory submission of GRE or GMAT scores is required to get admission into Online MSF at Georgetown University. The total cost of the program is $72,896 with each credit costing $2,278.
Online Master of Science in Finance at Northeastern University
Northeastern University’s Master of Science in Finance program includes the unique opportunity to join the 360 Huntington Fund, a student-managed mutual fund offering hands-on experience in portfolio management and equity research. The part-time, 30-semester-hour program can be completed in two years, preparing students for the evolving financial industry. The program is accredited by the Association to Advance Collegiate Schools of Business International.
What students will learn: Students acquire advanced financial skills to enhance operational flexibility, drive financial strategy, create shareholder value, and mitigate risk for revenue maximization. Practical experience opportunities foster new perspectives, and class projects enable the application of knowledge to real-world business challenges.
Admission Requirements: Online Master of Science in Finance at Northeastern University requires the following documents –
- Submission of application fee
- Requirement for a personal statement
- Submission of current resumé
- Two professional recommendation letters needed
- Submission of academic transcripts
No GRE or GMAT scores are required for Master of Science in Finance admission at Northeastern University. The cost per credit of the degree is $1,756 and the total tuition fees costing up to $52,700.
Online Masters of Science in Finance at Purdue University-Main Campus
Mitchell E. Daniels, Jr. School of Business at Purdue University presents a 10-month, 36-credit Master of Science in Finance (MSF) program, blending real-world and research-based applications. With concentrations in General Finance, Corporate Finance, Investment Management, and Financial Analytics, students gain practical knowledge for careers in various finance sectors.
What students will learn: Purdue’s program readies students for careers in corporate finance, fintech, financial analytics, investment management, and more. The STEM-based curriculum emphasizes cutting-edge technologies, fostering a team-based atmosphere for critical thinking, analytical problem-solving, and a global business perspective.
Admission Requirements:
- Submission of two letters of recommendation
- Two relevant internships or a minimum of 12 months of work experience
- Resume
- Academic statement of purpose
- Personal history statement
A GMAT score of 500 or equivalent GRE scores is required for admission to the Master’s in Science in Finance at Purdue University-Main Campus. The total program cost is $35,928 with each credit costing $998.
Online Master’s Degree in Finance at the University of Miami
The University of Miami provides an online master’s in finance degree, offering a comprehensive exploration of managerial leadership and financial fundamentals. The 32-credit program, spanning 8 courses, can be completed in 16 months and includes essential topics like statistical analysis, economic theory, and strategic management.
What students will learn: Graduates gain cutting-edge knowledge and robust business skills, accelerating leadership development. Students refine critical thinking abilities with guidance from experienced UM business instructors, build portfolios, and receive professional advice. The program offers flexibility, allowing remote learning without the need to reside near the chosen college or university.
Admission Requirements: To get admission into the Finance Master’s at the University of Miami, the students must hold the following –
- Submission of official transcripts
- Letters of Recommendation needed
- Submission of a personal statement
- Resume required
GMAT or GRE scores are not mandatory to get into the Master’s Degree in Finance program at the University of Miami. The total cost of the program is $56,555 and each credit costs $1,767.
Online Master’s in Finance and Analytics at Santa Clara University
The online Master’s in Finance and Analytics program at the Leavey School of Business, Santa Clara University, is created for professionals in contemporary finance. Located at the heart of Silicon Valley, SCU Leavey is strategically positioned to empower students for success in today’s dynamic business landscape. This one-year program, comprising 36 credits, offers a comprehensive and efficient educational experience.
What students will learn: By obtaining a thorough online master’s degree in finance and analytics from SCU, students can develop the essential skills to navigate financial risk arising from volatile commodity prices, fluctuating foreign exchange rates, and changing interest rates. These skills are vital for effectively manoeuvring through the ever-growing complexities of the financial landscape.
Admission Requirements: Students must fulfil the following categories to get admission to the Master’s in Finance and Analytics at Santa Clara University –
- Possession of a four-year bachelor’s degree.
- Submission of a comprehensive resume.
- Letters of recommendation are required.
- Submission of official transcripts is mandatory.
GRE scores are required to get admission to Santa Clara University’s Master’s in Finance and Analytics program. The cost per credit for the program is $1,406 and the total program cost is $50,616.
What is the Cost of Getting a Master’s in Finance?
The cost of pursuing a master’s degree in finance varies based on factors such as the chosen institution, enrollment status (full-time or part-time), and eligibility for scholarships or financial aid. Tuition for these programs typically ranges from $35,000 to over $100,000, with public universities generally being more affordable than private counterparts. Out-of-state students often face higher tuition compared to in-state students.
In addition to tuition, it’s essential to consider any additional fees charged by the institution, as these can significantly contribute to annual costs. To alleviate the financial burden, prospective students are encouraged to explore federal aid options by completing the Free Application for Federal Student Aid (FAFSA), which assesses eligibility for grants, loans, and work-study programs. Seeking scholarships through the school’s website and local organizations is also recommended to offset expenses not covered by federal aid.
Career Outlook after Pursuing a Master’s Degree in Finance
A master’s in finance opens doors to diverse and promising career paths, not just limited to top executive positions. Some popular choices include:
- Investment Banking: Roles like investment banker, analyst, or trader offer high salaries and exciting opportunities in mergers and acquisitions, capital markets, and other areas.
- Financial Consulting: Consulting firms seek finance graduates for tasks like advising on corporate strategy, risk management, and valuation.
- Portfolio Management: Managing investment portfolios for individuals or institutions can be both lucrative and intellectually stimulating.
- Wealth Management: Guiding clients on financial planning, investments, and asset allocation can lead to fulfilling careers with strong client relationships.
- Corporate Finance: Positions like financial analyst, treasurer, or controller play crucial roles in managing a company’s finances.
Salaries
Salaries for finance graduates with a master’s degree vary considerably depending on factors like experience, location, type of job, and specific skills. To give you a better idea, here’s a range of some popular options:
- Investment Banking: Entry-level analysts can start around $80,000-$100,000, with senior positions reaching six figures or higher.
- Financial Consulting: Consultants can earn $70,000-$100,000 in their early years, with senior consultants and partners potentially making much more.
- Portfolio Management: Salaries can range from $75,000-$150,000 for junior roles, with experienced fund managers earning significantly more.
- Wealth Management: Financial advisors can start around $50,000-$75,000, but top performers with strong client relationships can reach seven figures.
- Corporate Finance: Financial analysts typically earn $60,000-$90,000, while controllers and CFOs can command six-figure salaries or higher.
Some other points to keep in mind:
- The job market for finance graduates with a master’s degree is generally favorable, with projected growth in many sectors.
- Strong soft skills like communication, teamwork, and leadership are crucial for success in finance.
- Continuous learning and professional development are essential to stay competitive in the field.
Interested in Pursuing a Degree in Finance?
To gather information on online degree programs, including credit transfer policies and the availability of financial aid, please refer to Best Online Masters Programs in Finance.
