Are you aiming for a job in a competitive finance area like investment banking, research, consulting, or investment management 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 a two-year program 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 have taken courses on 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 December 15, 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 four optional concentrations: Financial Engineering, Corporate Finance, Capital Markets, and Impact Finance. Candidates are expected to have completed coursework in such topics as linear algebra, multivariable calculus, probability, and statistics. Additionally, MIT prefers candidates with demonstrated proficiency in Python. Admitted students will need to demonstrate proficiency in Python prior to matriculation. The program accepts GRE and GMAT (Focus or 10th Edition) scores; there will be no negative impact on your candidacy if you do not submit a score. The application deadline is January 3, 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. Prior to beginning the program, all admitted students are required to complete the following courses at an advanced undergraduate level: probability, statistics, microeconomics, two semesters of calculus, linear algebra and matrix theory, and computer programming. A GRE or GMAT score is required, and the application for fall 2025 entry will be available in the fall of 2024.
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. But 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 June 30. Classes begin in the fall.
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 full-time program (10 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 part-time program seeks professionals looking to expand their knowledge of finance and business while continuing their career. The school accepts GRE and GMAT scores, and test waivers are available. Application deadlines are in July, October, November, January, March, and May 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. Application deadlines are in September, November, January, March, and May, and classes begin in August. 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.
Washington University in St. Louis’s Global Master of Finance is an 11- to 20-month program that combines learning at the WashU Olin School of Business and one of four international universities: Singapore Management University Lee Kong Chian School of Business (14 months, including an internship or capstone in Singapore), Yonsei School of Business in South Korea (14 months), Reichman University-Arison School of Business and Adelson School of Entrepreneurship in Israel (11 months with an internship in Israel), and WHU Otto Beisheim School of Management in Germany (20 months with an internship in Germany), enabling students to earn two degrees. A GRE or GMAT score is required, and application deadlines are in early October, November, January, March, and April. After mid-April, admissions are rolling. Classes begin in the summer.
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. There are no specific prerequisites, but candidates should have demonstrated aptitude for advanced quantitative finance. The program encourages graduates with the following majors to apply: mathematics, computer science, quantitative economics, engineering, physics, and statistics. A GRE or GMAT score is required, and application deadlines are in early 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. It is designed as a first degree in finance, and undergraduate finance majors are generally not suited for the program. A GRE or GMAT score is optional. Application deadlines are in October, January, April, and May, and classes begin in July.
University of Rochester’s Master of Science in Finance, which is offered by the Simon Business School, accepts most students directly from undergraduate school. Students can choose between internship and non-internship tracks, with most choosing the former to gain hands-on experience. The school reviews GMAT or GRE scores along with academic performance, and test waivers are available. 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 the fall.
University of Illinois at Urbana-Champaign’s Master of Science in Finance is a 15-month program offered by the Gies College of Business that targets professionals in finance-related roles. Application deadlines are in September and October for spring matriculation as well as January, March, April, and June for a fall start. Applicants are required to submit a GRE or GMAT score, and they should have the following course experience: one undergraduate course each in computer science, financial accounting, managerial accounting, and principles of economics; and two courses each in calculus, probability and statistics, and financial management. 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.
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. Most students have taken engineering-level math courses beyond calculus, including linear algebra. A calculus-based probability course is also required. 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. Application deadlines for domestic candidates are in December and March, and for international candidates, the deadlines are in October and January. Classes begin in August. In some cases, a GRE or GMAT score is required.
University of Maryland’s Master of Finance is a two- or three-semester program that starts in the fall 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. Application deadlines are in October, November, January, February, March, and April, and applications are accepted on a rolling basis after April 1. 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 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 semesters, with a required summer internship. There are three available areas of specialization: Asset Management, Investment Banking, and Fintech. The application deadline is January 9. 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.
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, financial technology firms, ratings agencies, consulting firms, and insurance companies. Companies that hire MFin or MSF grads include 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!