What is the Scope of Masters in Finance in USA?

MS in Finance in USA: An Overview

The Masters in Finance or MS in Finance degree (in the USA, MS in Finance is also termed an MFin or MSF) is a specialized master’s degree program designed to prepare students for careers in finance and closely related areas such as financial strategy, financial analysis, investment management, actuary, trading, mathematics, economics, etc. A typical MS in Finance program begins with solid core courses to build a strong foundation in the principles of finance with topics such as:

• Accounting
• Quantitative Methods
• Microeconomics
• Forecasting & Risks Analysis
• Financial Analysis and Valuation

Students can later choose from a wide variety of electives to fit their personal goals, these include - Financial Engineering, Real Estate Finance, Hedge Funds, Mergers and Acquisitions, fixed-income securities, etc. The MS in Finance program usually lasts up to a year or 18 months depending on the university. They are also less expensive than a traditional MBA program and therefore getting increasingly popular among students with limited work experience and those trying to choose between an MBA in Finance and an MS in Finance. Check: Why Masters in USA?

Courses Under Masters in Finance in USA

The Master of Science in Finance degree is a two-year program. It covers the following topics:

• Corporate Finance
• Financial Markets and Institutions
• Investment Management
• International Finance
• Derivatives and Risk Management
• Financial Engineering
• Financial Econometrics and Statistics.

As many of you should be aware of STEM-certified programs and related Optional Practical Training (OPT) for F-1 international students, note that MS in Finance in the USA may or may not be a STEM designation program. Whether or not it is STEM-certified will depend on the university. A STEM-certified MS Finance program will allow international students to avail of the 24 months OPT extension in addition to the 12 months OPT tenure. Some popular STEM-designated MS in Finance programs in the USA include:

• MIT Sloan School of Management
• Carlson School of Management - University of Minnesota
• SUNY Buffalo
• Cox School of Business – Southern Methodist University in Dallas
• Carroll School of Management – Boston College

Check for the STEM designation if you desire to gain extended years of OPT which is a total of 24 months for STEM OPT Extension and one year for non-STEM applicants.

CFA Institute Recognition and Other Top Certifications in Finance

Several business schools in the United States are CFA® Institute Partner Schools through their MS in Finance programs allowing students to sit for the Certified Financial Analysts (CFA) test. Additional professional certification such as CFA, one of the toughest credentials to be earned is recommended to begin a career in finance in US or anywhere in the world. CFA is ideal for those interested in lucrative careers as portfolio managers, consultants, risk analysts etc. Moreover, an association with such a global professional network can only boost career opportunities. One can also choose to sit for the Certified Financial Planner (CFP) test, an easier test compared to CFA. CFP is ideal for those interested in financial planning or wealth management and works directly with investors. Applicants to an MS in Finance program must, therefore, check the CFA® institute recognition to enhance career opportunities and get the best out of the program. In addition to the highly esteemed CFA test, graduates can also check for other top certifications in finance such as:

• Certified Public Accountant (CPA)
• Chartered Financial Consultant (ChFC)
• Financial Risk Manager (FRM)
• Certified Financial Modelling & Valuation Analyst (FMVA)
• Chartered Life Underwriter (CLU)
• Chartered Investment Counselor (CIC)
• Certified Management Accountant (CMA) in USA
• Chartered Mutual Fund Counselor (CMFC)
• Chartered Alternative Investment Analyst (CAIA)

These certifications can further improve career prospects after completing MS in Finance from USA.

Top Universities in USA for MS in Finance

Students are often confused about the best Masters in Finance programmes offered at the best universities. As mentioned in the article, the best Master’s in Finance programmes include MS in Finance, CFA, MBA in Finance, etc. The table given below provides the top universities offering the best programmes in Finance:

Admission Requirements for Masters in Finance in USA

MS in Finance programs are fit for candidates with specific backgrounds and career goals. Prospective students with a bachelor's degree in finance or a quantitative subject will have a better grasp of the subject according to experts. Therefore, the MS in Finance program is ideal for candidates with a good bachelor's degree in finance, accounting, engineering, mathematics, science, business economics, and related fields.

• A typical MS in Finance program does not require work experience however those with some industry experience (ideally 12-15 months) can also apply.
• Applicants must also submit their GMAT or GRE scores. To get into any competitive university, the recommended GMAT score is 645 or a score not less than 320 on the GRE.
• Candidates must also demonstrate strong academic potential so the desired GPA is usually above 3.4 However, different universities have different admission requirements.
• International students must also take the TOEFL or IELTS to meet the English language requirements.
• Apart from this the list of application materials are as follows:
  • Academic transcripts
  • Passport
  • Passport sized pictures
  • SOP
  • LOR
  • CV
  • Admission essays

Check out the full list at List of Documents Required for Masters in USA

In addition to the above, many programs require applicants to complete pre-requisite courses in areas of calculus, statistics, business finance, accounting, investments, micro and macroeconomics, etc before enrollment. Those with undergraduate degrees in finance will most likely have completed these courses during their degree term, however, those with limitations may check with the universities as many provide pre-requisite programs which can be accessed and completed online.

Careers and Salaries after Masters in Finance in USA

A Master’s in Finance will open up many opportunities for you in the finance industry. You can choose to work as an investment banker, financial analyst, or even an actuary. Many other opportunities are available to you such as being a financial advisor or working at a hedge fund. The average salary after obtaining your master's degree is $106,090 per year. This is higher than the average salary of $69,000 per year for those who did not graduate with an advanced degree in finance.

With a master's in Finance, salaries can be above the average wage for all occupations. The sector and location also have a major influence on salaries and career opportunities. Master in Finance graduates in the USA are more likely to have higher employment opportunities with the for-profit public, Fortune Global 100 and 500 companies according to the GMAC corporate recruiter survey.

Popular Jobs after MS in Finance in US

Some of the popular careers after a Master's in Finance are:

• Financial Analyst
• Securities, Commodities, and Financial Services Sales Agent
• Financial manager
• Personal Financial Advisor
• Corporate Investment Banker
• Actuary
• Stockbroker
• Investment Consultant
• Capital Markets Analyst
• Accountant
• Trader
• Portfolio Manager
• Insurance Specialist and more.

Highest Paying Jobs after MS in Finance in USA

Below is a list obtained from the U.S. Bureau of Labor Statistics 2023-24 Occupational Outlook Handbook showing the median annual salaries for some of the most popular careers in finance:

Aspiring candidates for MS in Finance in USA must check several factors while applying to a program. As the job market is tough, international students do look out for reputed and accredited programs. Refer to authoritative rankings lists such as U.S. News Rankings. Factors such as CFA-partnered programs, graduate employment rate, career support, etc must also be taken into account. In addition, candidates must look for functions and sectors where your specialized skills in Finance are high in demand because these are some of the highest paying jobs in USA. Research is the key. Plan your education and career move strategically for improved prospects.

Scope of MS in Finance from USA

The demand for financial professionals is expected to grow. The job market is very competitive and there are many qualified candidates. Thus, the scope of MS in Finance in USA is very good and rewarding in future. Check out some key points to understand about MS in Finance scope after graduating from US universities: 

• A Master’s in Finance degree can help you get a job in the field of finance or give you the knowledge and skills to start your own business.
• You will learn about investments, financial markets, banking, global economics, international finance and more.
• Financial professionals need to be able to understand how different economic factors affect markets and investment decisions. With a Master’s in Finance degree, you will be able to think critically about the world of investments, understand how these factors affect markets and make better-informed decisions for yourself or your company.
• Students enrolled in this program will learn how to analyze and understand financial information, be able to apply their knowledge of finance and economics to real-world problems, learn how to work with data in Excel and develop an understanding of the global economy.
• CFA Institute recognition is crucial for MS in Finance students aiming for top-tier careers. The CFA charter, one of the world's most respected financial certifications, is highly sought after by investment professionals. Other valuable certifications include CPA, CFP, FRM, FMVA, ChFC, CLU, CIC, CMA, CMFC, and CAIA. These credentials can significantly enhance career prospects and open doors to lucrative opportunities in the global finance industry.
• According to the current Occupational Outlook Handbook of the U.S. Bureau of Labor Statistics, the demand for financial analysts will grow by 11% through 2026, faster than the average for all occupations. 

In conclusion, an MS in Finance from a reputable US university offers a solid foundation for a successful career in the global finance industry. With a strong curriculum, opportunities for valuable certifications like the CFA, and a network of influential alumni, graduates are well-prepared to excel in various financial roles. As the demand for skilled finance professionals continues to grow, pursuing an MS in Finance in the US can be a strategic step toward a rewarding and high paying career.

Candidates looking to study abroad can get in touch with our Shiksha Study Abroad Counsellors for assistance with university applications. Candidates can also write to us in the comments section below.