A Practical Guide to MS in Finance in the USA

A Master’s in Finance enables graduates to develop a successful career in finance by equipping them with the required advanced skills. US universities offer a comprehensive curriculum focusing on practical learning through case studies, simulations, and hands-on projects. The field is in high demand, particularly in the USA, where you can find diverse opportunities. Moreover, studying MS in Finance in the USA provides a multicultural learning environment, preparing students for the global job market.

So whether you are a working professional looking to up your skills or a recent graduate deciding to choose between an MS or MBA to make a future in Finance, this guide will provide you with valuable insights. We have collected all the required information related to admission requirements, program structure, and career prospects in this field for the students seeking admission abroad.

Why Consider an MS in Finance in the USA?

The USA offers unparalleled career opportunities for finance professionals. Top universities in the USA offer the best opportunities to acquire industry-specific knowledge and skills. Some of the advantages of pursuing MS in Finance in the USA includes the availability of diverse specialisations, including risk management, quantitative finance, wealth management, and more.

This degree from a US university is universally recognised and presents an opportunity to explore a diverse cultural tapestry. You get strong networking opportunities and internships, placement options, and more. The finance major’s starting salary in more niche roles in areas like consulting, venture capital, investment banking, asset management, and private equity is typically six figures. So, choosing to pursue an MS in Finance in the USA can be a life-changing decision that can help you land a high earning job. Let’s explore how to get into a US university for an MS in Finance.

Admission Requirements for MS in Finance in the USA

To secure admission into a Master’s in Finance program in the USA, you'll need to meet the following requirements:

A bachelor’s degree in a related field, such as finance, economics, accounting, mathematics, or business administration, from a recognised university, is generally required. Along with that, a strong academic background in the above-mentioned subjects is a plus. Courses covering subjects such as financial statement analysis, corporate finance, and the time value of money are considered particularly valuable.

Most universities require either the GRE, (Graduate Record Examination) or GMAT (Graduate Management Admission Test) scores as an important part of the application procedure. These tests assess a student’s quantitative, verbal, and analytical writing skills.

International applicants whose first language is not English must present evidence of proficiency in the English language. This can be done through tests like the TOEFL (Test of English as a Foreign Language) or IELTS (International English Language Testing System).

Other important elements in the application are:

• Official educational transcripts from all undergraduate and graduate institutions attended.
• Two or three letters of recommendation from professors, employers, or other professionals.
• A well-crafted statement of purpose (SOP) outlining the applicant's career goals, reasons for choosing the MSF program, and how the program aligns with their aspirations.
• A comprehensive resume highlighting academic achievements, work experiences, and internships.

Choosing the Right University

Choosing the right university demands a careful review of various factors that align perfectly with your career goals and personal preferences.

Here are the key factors to evaluate:

• Examine the curriculum and see if it covers subjects that align with your career goals.
• Research faculty's academic and industry backgrounds.
• Check the university’s research centres and initiatives. Are there opportunities to participate in faculty research or independent projects?
• Consider the location of the university.
• Evaluate the career services offered by the university. Do they provide career counselling, job fairs, and alumni networking events?

Here are the top-rated schools in the USA for MS in Finance:

Master’s in Finance in USA Program Structure

Typically, an MS in Finance spans 1 to 2 years. The curriculum is divided into semesters with few universities offering flexibility to customise. Some universities might offer accelerated programs that can be completed in as little as ten months.

The duration may vary depending on the university, program structure, and whether a student chooses a full-time or part-time study option. The program comprises many core and elective courses, mosty culminating in a capstone project or internship.

Core coursework
Core courses mostly account for approximately half of the total curriculum. It will cover fundamental areas in finance, including financial accounting, financial management, corporate finance, investment theory, and risk management. These courses provide a solid foundation in financial principles, including data organization, analysis, and visualization for financial decision-making.

Technical Specialisations
MS in Finance offers various specialisations and allows students to tailor their studies to their specific career goals. All these specialisations are professional and practice-oriented. They focus on specific sectors or roles within the finance industry. Common specialisations include investment banking, financial analysis, real estate finance, risk management, and quantitative finance.

Note: While the general structure remains consistent, the specific program length, semester structure, and curriculum may vary slightly between universities.

Career Prospects for MS in Finance Graduates

An MS in Finance degree opens doors to a wide spectrum of career pathways in the financial sector like:

• Financial Planning and Analysis Manager: Responsible for budgeting, forecasting, and financial analysis to drive strategic decision-making.
• Equity Analyst: Researches and analyses companies to make investment recommendations for stocks.
• Fund Manager: Manages investment portfolios for clients or institutions.
• Quantitative Analyst: Creates and implements mathematical models for financial analysis and risk management.
• Global Investment Manager: Oversees international investment portfolios and strategies.
• Actuary or Risk Manager: Assesses and mitigates financial risks for organisations.

Average salary levels for MS in Finance graduates vary significantly depending on the role, responsibilities, location, experience, and industry. Graduates can expect competitive compensation packages at larger firms like Goldman Sachs. Some of the other top companies hiring MS in Finance graduates include J.P. Morgan, Bain & Company, McKinsey & Co., Morgan Stanley, etc.

MBA or MS in Finance: Which to Choose?

While both the MBA and MS in Finance cater to finance aspirants, they offer distinct paths. Here are some differences between the two that can help differentiate which one to choose:

Financing Your Masters in Finance (US Student Loans for International Students)

Pursuing a Master’s in Finance in the USA as an international student requires a proper evaluation of expenses, including tuition fees and other living costs. The cost of the course can vary depending on the school choice, specialisation, and cost of living in the selected city.

International students can find a number of financial aid sources apart from their personal savings to fund their MS degree in finance. One option is to look for scholarships from universities, private or government organisations. Another way is to take out an education loan. Prodigy Finance caters to international graduate students in various fields, including finance. They offer loans without requiring collateral or a co-signer. Their eligibility criteria focuses on your academic profile and the accredited university you'll be attending.

Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority in the United Kingdom.