Finance is the foundation of the business world. This is a fast-growing industry and every organization needs a strong finance team. From banking to financial analysis or investments, those involved in finance play an important role in keeping businesses running smoothly. Therefore, employers around the world are in need of skilled and talented finance professionals. Several universities offer major and minor courses in finance as it becomes an important skill to master. Do you want to get a master’s degree in finance in the USA? Read on to find out everything you need to know when you’re planning your training.
Do you know?
According to the U.S. Bureau of Labor Statistics’ current Occupational Forecast Guide, demand for financial analysts will grow 11 percent through 2026, faster than the average for all occupations.
Despite the general competition in the labor market, especially for international students in the United States, graduates in the field of finance have very good prospects for securing their careers in the United States. According to the world-famous recruitment company Robert Half, financial analysts are also in high demand. According to the Forbes article, “One of the Fastest-Growing Careers Desperately Needs Young Talent,” financial advisor positions are increasingly in demand today. Considering the demand, the available opportunities, and the fierce competition, getting a master’s in finance in the USA will help you in your job search and career growth in the country and anywhere in the world.
What all is covered in this post?
If you are an aspiring candidate who wants to pursue MS in finance in the USA, this blog will help you in providing a better understanding of the following aspects:
Why study MS in finance in the USA?
No wonder, studying in the USA is one of the best choices as it provides the most sought-after courses today. But if you are wondering why, you should study MS in Finance in the USA, here are some facts you may consider:
- The United States is home to many of the top universities in the USA and business schools in the world, which can provide access to high-quality education in finance.
- A Master’s degree in finance from a reputable American university can enhance your career prospects and increase your earning potential.
- Many American universities have strong connections to the financial industry, which can provide students with valuable networking opportunities and access to internships and job openings.
- The United States is home to many leading financial institutions and companies, making it an ideal location for those interested in pursuing a career in finance.
- The United States also has a highly developed financial market, making it a great place to learn about and gain experience in various financial instruments and practices.
- Studying in the United States can also provide the opportunity to experience American culture and travel to different parts of the country.
Note: If you looking for information on the Business Analytics course in the USA, refer to our MS in Business Analytics in USA blog post.
Eligibility criteria for MS in Finance in the USA
The subject matter of a finance degree is similar to an MBA curriculum. However, this specialized Master of Finance degree will focus deeply and broadly on topics such as corporate banking, investment banking, wealth management, management accounting, etc. The degree will also include a final project or an applied project on topics such as portfolio management, mergers, acquisitions, etc.
To simplify things, we have mentioned the eligibility criteria along with the documents required for the MSc in Finance in the US.
- The general requirement for an MSc in finance in the US is a 3–4-year bachelor’s degree in a relevant field of study from a recognized university with a score of 80% or higher.
- When applying, you must submit relevant documents such as a letter of recommendation (2-3 or as needed), a statement of purpose,
- Academic Transcripts,
- TOEFL/ IELTS/ GMAT/ GRE scores.
- Additionally, your GPA must be 3.4 or higher to be considered as a potential candidate.
Note: Some universities request GRE scores, and some require GMAT scores for admission to a master’s degree in finance. Therefore, it is best to check with the university you wish to enroll in and then take this exam to meet their entry requirements. It will also save you from unnecessary hurdles during admission.
Documents required to study MS in Finance in the USA
Following are the required documents you will have to submit for pursuing MS in Finance in the USA:
- A completed online application for admission
- Academic certificates from all educational institutions attended are evaluated
- 2-3 letters of recommendation
- Writing sample or statement of purpose
- Some universities may also request a video essay or question
- Standardized test scores for US education
- English proficiency test results
- GMAT/ GRE scores
- Payment of a non-refundable entry fee
- Photocopy of USA Student Visa
Note: To know everything about studying procedures in the USA, refer to our Intakes in the USA blog post!
Top universities in the USA for MS in Finance
USA is an exemplary center for students who wish to pursue an MS in Finance. It is home to some of the world-renowned business colleges. A master’s degree in the US, especially in finance, will prepare you to work in some prestigious companies like American Express, Goldman Sachs, etc. Some of the Best Masters in Finance Universities in the USA:
|MIT Sloan School of Management||Annual Fee: $77,168 Duration: 12-18 Months GMAT: 700-770 GPA: 3.7 (90%-92%) GRE: 320 IELTS: 7.0 TOEFL: 90|
|UC Berkeley Haas School of Business||Annual Fee: $70,000 Duration: 1 year GMAT: 680-760 GPA: 3.42-3.90 (85%-93%) GRE: 320 IELTS: 7.0 TOEFL: 90|
|McCombs School of Business||Annual Fee: $38,326 Duration: 10 months GMAT: 686 GPA: 3.85 (92%-93%) GRE: 327 IELTS: 7.5 TOEFL: 109|
|UCLA Anderson School of Management||Annual Fee: $31,949 Duration: 13 months GMAT: 716 GPA: 3.5 (91%) GRE: 320 IELTS: 7.0 TOEFL: 100|
|Illinois Gies College of Business||Annual Fee: $54,646 Duration: 15 months GMAT: 696 GPA: 3.41 (92%-93%) GRE: 317 IELTS: 7.5 TOEFL: 103|
|Georgia Tech Scheller College of Business||Annual Fee: $19,037 Duration: 21 months GMAT: 674 GPA: 3.62 (92%-93%) GRE: 322 IELTS: 7 TOEFL: 95|
|Questrom School of Business||Annual Fee: $56,412 Duration: 17 months GMAT: 724 GPA: 3.62 (92%-93%) GRE: 330 IELTS: 6.5 TOEFL: 104|
|Ohio State Fisher College of Business||Annual Fee: $56,752 Duration: 1 year GMAT: 590|
GPA: 3.5 (91%) GRE: 310 IELTS: 7.0 TOEFL: 100
Cost of studying MS in Finance in the USA
Masters in Finance in USA is an expensive program for international students. In addition to tuition fees, students must bear living expenses in US cities. International students should go through a detailed review of the cost of studying in the US before deciding on the right choice of university.
One-off costs that need to be paid before actually starting university, including application fees, registration fees for various exams, visa and SEVIS fees, airfare, etc. The table below shows some approximate costs before arrival. in the USA.
- GRE fees Rs. 15,750
- TOEFL fees – Rs. 13,829
- Visa registration fees -Rs. 14,597
- Application fees – Rs. 11,524
Cost of studying MS in finance
The tuition fees for a Master’s degree in finance in the United States can vary widely depending on the university and program. Some universities may charge as little as $20,000 per year for tuition, while others may charge upwards of $50,000 per year or more. In general, tuition fees for a Master’s degree in finance at a public university tend to be lower than those at a private university. It’s worth noting that tuition fees are just one part of the cost of studying in the United States.
Cost of living in the USA
The cost of housing is often the biggest expense for those living in the United States. Rent for a one-bedroom apartment in a city can range from $800 to $2,000 or more per month, while rent for a one-bedroom apartment in a rural area may be closer to $500 to $1,000 per month. The cost of groceries and dining out can also vary widely depending on the location.
Scholarship For Masters in Finance in the USA
There are various scholarship options available for students interested in pursuing a Master’s degree in finance in the United States. Some universities offer scholarships to students based on merit, financial need, or other criteria. It’s worth contacting the financial aid office at the universities you’re interested in attending to inquire about scholarship opportunities.
Here is the list of scholarships in the USA for studying an MS in Finance:
- Columbia Business School Federal Work-Study Program
- Fulbright-Nehru Master’s Fellowships
- Fully-Funded Rotary Peace Fellowships
- Golden Scholarships
- McDonough School of Business Scholarship
- Scheller College of Business Graduate Assistantships
What you need to know?
According to the 2019 GMAC Corporate Recruiter Survey, graduates with a master’s degree in finance in the US are more likely to have higher employment opportunities at for-profit public companies in the Fortune Global 100 and 500.
Jobs after MS in finance in the USA
A master’s degree in finance will open you up to many opportunities in the financial industry. You can work as an investment banker, financial analyst, or even an actuary. There are also many other opportunities available to you, such as being a financial advisor or working at a hedge fund. The median salary after a master’s degree is $105,000 per year. That’s higher than the median salary of $69,000 a year for those without a finance degree.
With a master’s degree in finance, the salary can be higher than the average salary for all professions. Sector and location also have a big impact on salaries and career opportunities. Some of the popular careers after a master’s in finance include
- Capital Markets Analyst
- Corporate Investment Banker
- Financial Analyst
- Financial manager
- Insurance Specialist
- Investment Consultant
- Personal Financial Advisor
- Portfolio Manager
- Securities, Commodities, and Financial Services Sales Agent
Most of the US economic contribution is driven by financial sectors. The country is home to the best finance brands in the world, making it a great opportunity for international students to pursue the best MS finance programs in the US.
Considering that all the best recruiters want finance professionals with a master’s degree in finance from one of the best universities in the US, a master’s degree in finance can easily land you a high-paying job anywhere in the world. Due to the complexity of the application process and the uncertainty of selection, most international students face difficulties in applying for suitable courses. But not anymore. If you still have questions related to an MS in Finance in the US, our study abroad experts are here to help.
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Talk to our study abroad experts with over 20 years of experience to find out for yourself! We have helped several brilliant but confused minds to choose the most suitable career. Hear the success story of Aayush who got an offer from three top universities and is currently studying at the University of Ottawa in Canada after receiving career guidance from our industry experts.
MS in Finance in USA: FAQs
A Master’s degree in finance is a postgraduate degree program that focuses on the study of financial concepts and practices.
A Master’s degree in finance in the United States typically takes two years to complete on a full-time basis. Some universities may offer part-time or accelerated programs that allow students to complete the degree in a shorter period of time.
Graduates with a Master’s degree in finance in the US may be well-suited for careers in investment banking, financial analysis, and asset management. Financial analyst and personal financial advisor roles are expected to see employment growth of 4-5% from 2019 to 2029, according to the US Bureau of Labor Statistics.
It is possible to work while studying MS in finance in the USA, though it may depend on the specific program and your availability. Some universities may offer work-study programs or internships that allow students to gain practical experience while earning money.
Anushree has 4+ years of experience in the career counseling industry as a Content Writer. She has also worked as a Social Media Marketing Expert for a startup and Content Quality Analyst for Publishing and E-learning Industry. She has done her Master’s in Commerce and PGDM in Finance & Trade and Marketing & HR, but she is currently following her passion for writing.