Earning any type of master’s degree can be challenging. You’ll need to commit time and financial resources to the endeavor, and you may find some courses require a lot of work. Excellent time management, problem-solving, math and accounting, and communication skills certainly help when you want to achieve a master’s in finance, but you should also ensure you know exactly what you’re signing up for before enrolling in a program.
It’s also helpful to understand what types of career and life goals the degree can help you achieve. By keeping those future goals in mind, you can motivate yourself when coursework becomes challenging.
To help you decide whether you want to pursue an advanced finance degree, keep reading to learn about what’s involved in getting a master’s degree and what you can do with it once you earn it.
How Long Does It Take to Get a Master’s in Finance?
The length of time it takes to complete a master’s in finance program varies depending on the school and program and how many credits you need to graduate. Most programs require 30 to 60 credits, but accelerated programs may require less.
Generally, most programs take 1 to 2 years to complete, based on full-time enrollment. Students who enroll part-time will take longer to earn their degree. Some schools offer accelerated programs that allow students to finish in as little as 9 months. To better understand how long it will take to earn your degree, you’ll need to check your school’s enrollment options.
Some master’s in finance programs require students to complete a few prerequisite courses before starting their programs. These courses may include topics like accounting, statistics, and economics, which means it may take longer to earn your degree if you haven’t already completed these prerequisites as part of your undergraduate degree.
What Classes Do You Need to Take for a Master’s in Finance?
While exact coursework will differ depending on the program and your concentration, most master’s in finance degrees typically require a combination of core and elective courses. Core courses can include:
- Investment theory. This course explores investment foundations and strategies and teaches concepts such as portfolio theory, market efficiency, and asset pricing models.
- Financial modeling. This course includes practical applications in financial software tools or Excel and teaches students to create and use financial models to drive accounting and business decisions.
- Strategic financial decision-making. This course teaches students to analyze financial data and create strategies for data-backed business decision-making and goal-setting.
- Corporate finance. In this course, students focus on capital budgeting, dividend policies, mergers and acquisitions, and other information relevant to corporate financial management.
- Microeconomics. Microeconomics courses teach students about consumer behavior and market dynamics, providing them with the knowledge and skills required to engage in tasks such as economic forecasting.
- Business valuation. This course includes hands-on and theoretical learning about valuing businesses. Topics might include analyzing competitor values and cash flow.
Experiential Learning Opportunities
In addition to traditional classroom learning, many master’s in finance programs offer experiential learning opportunities, such as internships, case studies, and simulations. These opportunities give students hands-on experience applying the concepts they learn in the classroom to real-world scenarios.Â
- Internships. Students may work with consulting firms, banks, or other businesses to apply classroom knowledge to real-world projects while gaining hands-on experience that can be valuable for their resumes.
- Case studies. In various courses, students may analyze real business scenarios, develop solutions, or draw conclusions to demonstrate knowledge and skills.
- Financial simulations. Students may be tasked with creating hypothetical companies, portfolios, or other financial assets to demonstrate risk management, budgeting, asset management, and other skills.
- Capstone projects. Students take on a comprehensive financial challenge and put everything they have learned in their degree program into presenting a solution.
Admission Requirements for a Master’s in Finance
Each school and master’s in finance program will have its own admission requirements, so you’ll need to check with the institutions you’re interested in to learn more about how you can qualify for admission.
With that in mind, most programs will require the following:
- A bachelor’s degree in math, accounting, or a related field from an accredited institution
- Official transcripts from all postsecondary institutions attended
- Competitive GMAT or GRE scores
- Letters of recommendation
- Resume or CV
- Personal statement or essay
Depending on the program, you may also need to meet certain GPA requirements or complete an interview as part of the application process.
Make sure to review your school’s admission requirements to ensure you meet the criteria before applying. Also, remember that admission requirements aren’t always set in stone. If you meet most but not all of the requirements for the school you want to attend, it may still be worth applying. Talking to an admissions counselor can help you understand the requirements and make a proactive plan to increase your chances of gaining admission.
Can You Get a Master’s in Finance Online?
Yes, numerous colleges offer online master’s in finance degree programs. Online programs may be ideal for professionals who want to advance their careers by earning a degree while working full-time.
Many schools now offer online master’s in finance programs. These programs offer the same coursework and curriculum as their traditional, on-campus counterparts but with the flexibility of online learning. Online programs allow students to complete coursework on their own schedules, making it easier for working professionals to pursue a degree while maintaining their current job.
It’s important to note that although online programs offer flexibility, they still require significant time commitment and dedication to complete. Additionally, online programs may not offer the same experiential learning opportunities as traditional programs, such as internships or in-person networking events.
Before enrolling in an online program, review the curriculum to ensure the program can be completed entirely online. Some online programs may require students to take certain courses on campus or complete on-campus residencies. You should also review requirements to understand whether coursework is asynchronous or synchronous. The former allows you to work at your own pace, while the latter requires online attendance during live lectures or discussions.
Is Getting a Master’s Degree in Finance Worth It?
Earning a master’s degree in finance can be a valuable investment, but whether it’s worth the time, effort, and money largely depends on your personal interests and career goals.
A master’s degree in finance provides advanced knowledge and skills in finance that can set you apart from other job candidates and make you more competitive in the job market. Many finance-related jobs have a higher-than-average salary and job growth rate, and with a master’s degree, you may qualify for higher-paying positions.
Before deciding to pursue a master’s degree in finance, it’s important to consider the cost of the degree and its return on investment. The cost of a master’s in finance degree can vary significantly depending on the school and program you choose. Because earning such a degree requires a significant time commitment, your ability to work and earn income during your program may be affected. Weigh the costs and benefits and determine whether a master’s in finance degree aligns with your career goals.
Jobs You Can Get With a Master’s in Finance
A master’s in finance degree can open up a variety of career opportunities in the finance industry. Here are some examples of jobs you can pursue with a master’s in finance degree:
- Financial Analyst: Financial analysts analyze financial data and provide insights to help businesses make informed investment decisions.
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- Average salary: $99,890 per year
- Job growth rate through 2033: 9%
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- Financial Managers: Finance managers oversee financial operations for a company, which includes budgeting, forecasting, and financial analysis.
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- Average salary: $156,100 per year
- Job growth rate through 2033: 17%
- Financial Advisor: Financial advisors help individuals and families make informed investment decisions based on their financial goals and risk tolerance.
- Average salary: $99,580 per year
- Job growth rate through 2033: 17%
- Financial Examiners: Financial examiners work as auditors and other professionals tasked with ensuring businesses are compliant with financial regulations.
- Average salary: $84,300 per year
- Job growth rate through 2033: 21%
- Executive leadership positions: Corporate leaders plan strategies and make policy decisions to drive success with business goals.
- Average salary: $103,840 per year
- Job growth rate through 2033: 6%
Master’s in Finance vs. an MBA
Depending on your goals, you might also consider pursuing a Master of Business Administration (MBA) focusing on finance. An MBA may help you achieve your goals of working in executive positions, including chief financial officer and chief executive officer. Some main differences between an MBA and an MFin include:
- Master’s in finance programs are highly specialized and focus mainly on finance topics and skills.
- MBA programs cover a wider range of business management topics, including finance.
- MFin programs may be best suited for those wanting to work in accounting or finance departments and organizations.
- An MBA degree can help you achieve general business leadership goals.
Interested in a degree instead?
Learn more about online degrees, their start dates, transferring credits, availability of financial aid, and more by contacting the universities below.