Why Study MS in Finance in USA?

Thriving financial market

Extensive university options

Hub of financial innovation

Studying MS in Finance in the USA offers a multitude of exciting opportunities. The US financial services market encompasses various sectors, including financial planning, insurance, and products markets. This diverse landscape creates a range of opportunities for Master’s specialization in the country.

Furthermore, the USA boasts the largest and most dynamic financial markets globally, with the finance and insurance market alone contributing approximately 7.5% to the nation's gross domestic product in 2018. The thriving financial services industry employs millions of people, making it a promising field to venture into. Notably, the United States is the birthplace of venture capital, fostering a supportive environment for innovative companies. These ventures have become major employers, accounting for nearly 40% of the working population.

As indicated by Payscale, graduates with a Master of Finance (MFin) degree earn an average base salary of $84k USD per year in the USA, highlighting the financial rewards associated with this field of study. Additionally, out of the 191 universities featured in the 2023 QS Master’s in Finance Rankings, a significant 65 universities are based in the USA. This abundance of options ensures students can access high-quality education from renowned institutions.

Finally, the U.S. Bureau of Labor Statistics predicts that the demand for professionals in business and financial occupations is projected to grow by 7% from 2021 to 2031. This growth is expected to generate approximately 715,100 new jobs in the industry over the next decade. With an average of around 980,200 openings each year, the American job market presents a promising landscape for finance graduates.

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Universities for MS in Finance in USA

Below is a table showcasing universities in the USA that offer Master’s degree in Finance:

University Name

Program Name

Fee (in USD)/Year*

MIT Sloan School of Management

Master of Finance

87,600

UCLA Anderson School of Management

Master of Financial Engineering

78,470

UC Berkeley Haas School of Business

Master of Financial Engineering

80,486

USC Marshall School of Business

MSc in Finance

56,484

Texas McCombs School of Business

Master of Science in Finance

53,000

Boston University

Master of Science in Mathematical Finance

63,798

Columbia University

MS in Financial Economics

69,916

Georgetown University McDonough School of Business

Master of Science in Finance

43,686

University of Maryland, Robert H. Smith School of Business

Master of Finance

35,965

Georgia Tech

MSc in Quantitative and Computational Finance

38,646

University of Minnesota

Master of Science in Finance

60,255

Washington University

Global Master of Finance

59,300

Wisconsin School of Business

MS in Finance

42,703

University of Colorado Boulder

Master of Science in Finance

44,282

Ohio State University

Master’s in Finance

56,701

University of Arizona

Master of Science in Finance

51,925

Purdue University

MS in Finance

48,600

University of Illinois Urbana-Champaign

Master of Science in Finance

47,100

Miami Herbert Business School

Master of Science in Finance

73,780

George Washington University

MS in Finance

47,040

Florida International University

Master of Science in Finance

33,600

Arizona State University

MSc in Finance

61,180

The University of Texas at Dallas

Master of Science in Finance

50,000

Boston College

MS in Finance

56,580

Colorado State University

MS in Finance

39,686

Fordham University

Master of Science in Global Finance

51,960

University of Rochester

MS in Finance

85,500

Syracuse University

MS in Finance

30,294

The University of Texas at Arlington

MS Quantitative Finance

26,932

UC San Diego

MS in Finance

68,640

University of Illinois at Chicago

MS in Finance

35,420

University of Connecticut

MS in Financial Risk Management

41,040

* The figures mentioned above serve only as general indicators and can change.

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Different Types of MS in Finance Degrees in USA

Obtaining a master's degree in finance can provide you with valuable knowledge and skills that set you apart in today's competitive job market. Here are some different types of MS in Finance degrees offered in the USA:

  • Master of Science in Finance: A Master of Science in Finance covers a wide range of subjects to equip you with a strong foundation in finance. Some of the typical subjects include corporate finance, valuation modeling, financial management, financial statement analysis, investment management and analysis, advanced risk management and derivatives, behavioral finance, and quantitative methods.
  • Master of Financial Engineering: For individuals interested in the intersection of finance, mathematics, and computational expertise, a Master of Financial Engineering program is ideal. This program focuses on developing mathematical modeling skills and computational expertise relevant to the finance industry. Subjects covered may include investments and derivatives, empirical methods in finance, stochastic calculus with asset pricing applications, financial data science, and financial risk measurement and management.
  • MS in Financial Risk Management: In today's business landscape, every decision involving finance carries a certain degree of risk. A Master's degree in Financial Risk Management prepares you to navigate and manage these risks effectively. It equips you with the knowledge and skills needed to pursue careers in risk analysis, enterprise risk management, internal auditing, portfolio management, investment banking, and more. This program addresses emerging challenges in risk management, such as disruptive technology, data breaches, and operational risks.
  • Global Master of Finance / Master of Science in Global Finance: Designed to meet the demand for next-generation financial expertise, this program provides a comprehensive understanding of financial markets and instruments from a practical perspective. Students gain insights into economic analysis, financial statement analysis, security pricing, dynamics of financial markets, and corporate balance sheets. The program also exposes students to different cultures, financial markets, and business practices, enhancing their competitive advantage in the global financial industry.
  • Master of Science in Mathematical Finance & Financial Technology: If you have a passion for quantitative finance, financial technology, and data analysis, the Master of Science in Mathematical Finance is an excellent choice. This program covers topics such as algorithmic trading, big data analysis, blockchain, derivatives valuation, machine learning, risk management, and statistics. It equips students with programming skills in languages like R, Python, C++, and Julia.
  • MSc in Quantitative and Computational Finance: This program provides a strong mathematical foundation and focuses on applying computational skills to solve financial problems. Students learn to analyze financial data, develop appropriate tools, and interpret model results. It prepares individuals for careers in quantitative finance, risk management, and financial analysis.
  • MS in Financial Economics: Students in this program learn to analyze and interpret financial market trends, including stock prices, interest rates, and exchange rates. One gain insight into topics such as microeconomics, macroeconomics, monetary theory, and fiscal policy. 

These diverse MS in Finance degrees offer specialized knowledge and skills, enabling graduates to pursue rewarding careers in finance, risk management, investment banking, and more.

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MS in Finance Requirements & Eligibility Criteria in USA

Below are the requirements for students who want to pursue MS in Finance in the USA:

  • Bachelor’s degree with a minimum GPA of 3.0 out of 4.0.
  • Internship certificate/s or work experience, though not mandatory at some universities
  • Valid GRE/GMAT scores
  • English language proficiency scores – IELTS or TOEFL.
  • Detailed resume
  • Letters of Recommendation
  • Statement of Purpose and/or other admission essays

Scholarships for MS in Finance in USA

If you're considering pursuing an MS in Finance degree in the USA, there are several scholarships available to help make your education more affordable. Here are some scholarship opportunities you can explore:

  • Federal Work-Study Program at Columbia Business School: Columbia Business School offers the Federal Work-Study program, which provides financial assistance to students through part-time employment. The program considers financial need when awarding aid, and the amount and availability of scholarships can vary by school. This program allows students to gain valuable work experience while offsetting the cost of their education.
  • Fulbright-Nehru Master's Fellowships: The Fulbright-Nehru Master's Fellowships are prestigious awards given to talented Indian students who demonstrate leadership qualities, possess strong academic qualifications, and have relevant work experience. These fellowships support Indian students pursuing master's degree programs in the United States. The duration of the fellowship can range from one to two years, depending on the length of the selected master's degree program.
  • Graduate Assistantships at Scheller College of Business: The Scheller College of Business at the Georgia Institute of Technology offers Graduate Assistantships that provide financial assistance to students. These assistantships are awarded by the Office of Scholarships and Financial Aid. To be considered for these assistantships, students must complete a financial aid application (FAFSA) and the Georgia Tech Application for Scholarships and Financial Aid annually. These assistantships can help alleviate the financial burden of pursuing an MS in Finance degree.
  • Golden Scholarships at Gies College of Business: The Gies College of Business provides merit-based and need-based scholarship support to students pursuing an MS in Finance degree. These scholarships aim to recognize academic excellence and assist students who demonstrate financial need. By offering these scholarships, the Gies College of Business supports students in achieving their educational goals.
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Internships for MS Students in USA

International students seeking paid internship in the USA during their MS programs can apply for Curricular Practical Training (CPT) after completing two semesters of full-time study. CPT allows students to pursue internships with off-campus employers as a necessary part of their degree program. Pursuing a Master’s degree in the USA provides students with an opportunity to connect with American tech employers.

Jobs after MS in Finance in USA

After completing a Master's degree in Finance, graduates can secure roles in various fields, including investment banking, asset management, consulting, venture capital, and private equity. These industries offer exciting opportunities with attractive starting salaries often reaching six figures.

According to MBA.com, potential positions that can be pursued after obtaining a Master in Finance include an investment associate at BlackRock, with a median salary of approximately US$115,130 according to Glassdoor. Another option is working as a trader at HSBC, which offers a median salary of around US$193,290. For those interested in equity research, positions such as an equity research associate at Morgan Stanley can provide a median salary of about US$135,952. Additionally, opportunities as an asset manager at JP Morgan offer a median salary of approximately US$100,801. Aspiring consultants may find roles at prestigious firms like Boston Consulting Group, where the median salary can be around US$172,102.

If we talk about some positions stand out for their attractive compensation packages, Private Equity Associate, Hedge Fund Manager, Investment Banker, and Chief Financial Officer (CFO) are among the top contenders. With a median annual salary of around US$104,000, private equity associates provide valuable advice on investment banking and help clients identify lucrative investment opportunities. The potential for higher salaries is significant, especially when working with well-established asset management firms, where earnings can exceed US$150,000 per year.

Another enticing option is becoming a Hedge Fund Manager. Managing hedge funds for organizations and high-wealth individuals, this role comes with substantial pressure but also generous financial rewards. Base salaries at leading hedge funds, including BlackRock, Bridgewater, and AQR Capital Management, often exceed six figures. Furthermore, managing a successful portfolio or specializing in specific investment niches can lead to significant salary growth.

Investment Bankers play a vital role in assisting clients with raising capital in capital markets, navigating mergers and acquisitions, and providing strategic financial advice. The starting median salary for investment bankers with a Master's in Finance is typically around US$134,000 or more. This sought-after position offers the potential for substantial earning potential and career growth.

At the highest level, the role of Chief Financial Officer (CFO) commands significant compensation due to its strategic importance within organizations. CFOs make critical financial decisions, oversee budgets, and ensure compliance with financial regulations. With a median salary surpassing US$178,000, CFOs are among the highest-paid finance professionals, and the potential for even higher salaries exists, particularly in large and prominent companies.

Salaries after MS in Finance in USA

Here are some other job prospects that you can consider after earning an MS in Finance in the USA, along with their corresponding salary ranges:

Job Roles

Average Salary in USD/per year*

Financial Analyst

65,420

Personal Financial Advisor

74,822

Actuary

100,533

Financial Manager

81,293

Stockbroker

68,885

Investment Consultant

89,980

Accountant

55,371

Portfolio Manager

95,403

* The figures mentioned above serve only as general indicators and can change.

Work Permit Post MS in Finance in USA

The Optional Practical Training (OPT) program allows international students to work in the US for up to 12 months after completing their studies. Students who have completed a degree in a Science, Technology, Engineering, or Math (STEM) field may be eligible for an additional 24 months of OPT, for a total of 36 months. In addition to the OPT program, you may also be eligible for an H-1B visa. The H-1B visa is a work visa for highly skilled workers in specialty occupations, including many jobs in the computer science field. However, the H-1B visa has a limited number of slots available each year, and the application process can be highly competitive.

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