MS in Finance in the USA: Top Programs, Requirements, and Career Prospects
Pursuing an MS in finance in the USA is an opportunity for students looking to advance their careers and get a well-paying job in the finance industry. The financial sector in the US is expected to have an increase of 70% in employment for financial and business personnel, within the next 10 years, creating about 715,100 new positions. This anticipated growth reflects the importance of acquiring advanced skills and knowledge through a specialized finance degree. In this blog, we will explore various aspects of pursuing an MS in Finance in the USA.
Why Pursue an MS in Finance in the USA
Studying for an MS in Finance in the USA is an excellent chance for students to create a solid base in finance and business. The USA offers great opportunities for education and finance courses, finance and business programs, and access to the world’s largest financial market. Here’s why choosing to study a Masters in Finance in the USA is a smart decision:
- World-Class Universities with Specialised Programs: The USA has famous universities like Harvard, MIT, and Wharton providing a complete Master of Science in Finance. These institutions provide academic training, access to expert faculty, and resources that prepare students for the financial world. Also, their programs ensure that students gain a comprehensive understanding of financial theory, risk management, and investment issues.
- Strong Job Market with High Earning Potential: The USA financial sector provides excellent wages and lots of job openings. The job opportunities for individuals who hold an MS in Finance include investment banking, financial consulting, and corporate finance, and they can generate high salaries.
- Access to Financial Hubs: Studying in the USA provides students with direct access to major financial hubs, such as New York City, San Francisco, and Chicago. These cities are home to leading financial institutions and corporations, offering students invaluable networking opportunities, internships, and potential job placements. Being near these centers of finance allows for hands-on experience and industry engagement.
- Cutting-Edge Financial Technology and Innovation: MS in finance in the US incorporates modern technologies in its program, such as fintech, blockchain technology, data analytics, and so on. It also prepares students with the required skills and knowledge to solve today’s financial issues and enhance innovations in this sector.
- Hands-On Experience and Industry Connections: Today many US universities have a memorandum of understanding with top financial institutions to provide internships, research, and information and training sessions. Such connections enable learners to apply theoretical knowledge in practical settings while building connections that can lead to job opportunities after graduation.
Common Eligibility Criteria and Admission Requirements for MS in Finance in the USA
When applying for a Master’s degree in Finance in the USA, prospective students must meet specific eligibility criteria and admission requirements. These criteria and requirements may vary depending on the university. However, here are some of the common eligibility requirements:
- Bachelor’s Degree: Applicants are required to have a minimum of a bachelor’s degree in finance, economics, accounting, or an equivalent major from an accredited university.
- Academic Performance: Candidates must have a cumulative GPA of 3.0/4.0 with a required course credit and a science GPA of 2.5/4.0 in the latest analysis.
- Standardized Test Scores: Many programs require GMAT or GRE scores. Some universities may waive this requirement based on academic performance or professional experience.
- English Language Proficiency: Applicants must write TOEFL or IELTS tests to prove their language fluency if they are from international states. Minimum scores often range from 70-100 for TOEFL and 7.0-9.0 for IELTS, depending on the institution.
- Letters of Recommendation: The applicant should receive at least two recommendations from academic or professional references who are willing to testify for the applicant.
- Resume/Curriculum Vitae: Candidates must have an updated resume highlighting relevant academic achievements, internships, and professional experiences.
Pro Tip: Consider consulting a study abroad consultant, to help navigate the MS in finance application process. They can guide you in selecting the right universities, preparing documents, and boosting your test scores.
Best Universities for Masters in Finance in the USA
Several prestigious universities in the USA offer exceptional Master of Science (MS) in Finance programs. Studying at these universities opens doors to high-paying careers in finance and access to vast professional networks. Below are some of the best universities in the USA offering MS in Finance programs:
| Ranking | University | Program Name | Duration | Tuition Fees (USD) |
| 1 | Massachusetts Institute of Technology (MIT) | Master of Finance (MFin) | 1 year | $87,600 |
| 2 | University of California, Berkeley | Master of Financial Engineering (MFE) | 2 year | $80,486 |
| 3 | University of California, Los Angeles | Master of Financial Engineering (MFE) | 2 year | $58,852 |
| 4 | University of Texas at Austin | Master of Science in Finance | 1 year | $53,000 |
| 5 | University of Southern California | Master of Science in Finance (MSF) | 1 year | $56,484 |
| 6 | University of Florida | Master of Science in Finance (MSF) | 1 year | $35,543 |
| 7 | University of Maryland | Master of Finance | 1 year | $35,965 |
| 8 | University of Georgia | Master in quantitative and computational finance | 1 year | $38,646 |
Also Read: Top Universities in USA for MS
Cost of Living While Pursuing an MS in Finance in the USA
When planning to pursue a Master of Science (MS) in Finance in the USA, understanding the cost of living is essential for effective budgeting. Living expenses can vary significantly based on location, lifestyle, and personal choices. Here’s a breakdown of the cost of living in the USA as a student:
| Expenses | Estimated Monthly Costs (USD) | Estimated Monthly Costs (INR) |
| Accommodation | $800- $2,500 | ₹68,613- ₹2,14,416 |
| Transportation | $200- $400 | ₹17,118- ₹34,236 |
| Groceries | $50- $150 | ₹4,279- ₹12,837 |
| Miscellaneous | $100- $300 | ₹8,558- ₹25,674 |
| Phone and Internet | $30- $100 | ₹2,567- ₹8,558 |
| Education | $200– $500 | ₹17,118- ₹42,795 |
Scholarships for MS in Finance Students in the USA
Pursuing a Master of Science (MS) in Finance offers exciting opportunities for academic and professional growth, and there are numerous scholarship options available to help support students financially. Here are some notable scholarships for MS in Finance students:
- Fulbright-Nehru Master’s Fellowships: This esteemed scholarship provides Indian students with funding for tuition, living expenses, travel (airfare), and health insurance. It is available for those with a bachelor’s degree in finance or related fields and excellent grades.
- Aga Khan Foundation: The Aga Khan Foundation offers a grant that covers 50% of educational costs and a loan with equally favorable conditions covering the remaining 50%. This support is available to outstanding scholars during their postgraduate studies in the USA.
- Generation Google Scholarship: This scholarship covers full tuition and living expenses. It also covers academic and peer mentoring for women and underrepresented Black, Asian, and minority ethnic (BAME) students pursuing a master’s degree in finance or related disciplines. Its goal is to promote and sustain increased representation in the technology and financial sectors.
- AAUW International Fellowship (AAUW): The AAUW provides grants of between $20,000 and $30,000 to women coming from developing countries for master’s or doctorate studies in the USA. It encourages women to continue their education and contribute to global knowledge and development.
Also Read: Indian Government Scholarships for Studying Abroad
Career Prospects and Salary After an MS in Finance in the USA
Completing a Master of Science (MS) in Finance in the United States opens a wide array of career opportunities in the finance sector. The US has a well-established financial market financial market that offers adequate employment opportunities for graduates. Here’s an overview of the career paths and salary expectations:
- Investment Banking: Investment banking is one of the most sought-after career paths for MS in finance graduates. Professionals in this field work on mergers and acquisitions, capital management, and financial advisory services. They can earn an estimated average of $100,000 – $150,000 (₹8,559,000- ₹12,838,500) annually.
- Financial Analysts: Financial analysts evaluate investment opportunities, analyze financial data, and develop models to guide decision-making. The estimated salary of a financial analyst is $70,000 to $90,000 (₹5,991,300- ₹7,703,100) per annum.
- Corporate Finance: Corporate finance specialists are responsible for an organization’s financial affairs, including establishing financial plans, analysis, and planning. The average annual salary for corporate finance professionals ranges from $80,000 to $120,000 (₹6,847,200- ₹10,270,800) per annum.
- Risk Management: Risk management experts evaluate and control risks in a business that may relate to finances. They define how to manage risks and often earn between $90,000 & $120,000 (₹7,703,100- ₹10,270,800) per annum.
- Financial Consultant: Financial consultants assist their clients in planning financial decisions, choosing which investments to undertake, and deciding whether to keep or let go of strategic business strategies. The average salary range of financial consultants ranges between $85,000 and $120,000 (₹7,275,150- ₹10,270,800) per annum.
Visa Requirements for Students Pursuing an MS in Finance in the USA
International students planning to pursue an MS in finance in the USA must meet specific visa requirements. The most common visa for this purpose is the F-1 visa. This is a student visa that allows foreign students to study at accredited institutions in the USA. To qualify, applicants must meet several criteria. Here are the essential requirements and steps involved in obtaining an F-1 visa:
- Acceptance to a SEVP-Certified School: Students must be accepted by a school certified by the SEVP (Student and Exchange Visitor Program). This certification ensures that the institution meets specific standards for admitting international students.
- Proof of Financial Support: Applicants need to prove they have sufficient financial resources for tuition and living expenses during their stay in the USA. This can be done through bank statements, an affidavit of support, a scholarship offer, and any other means.
- I-20 Form: After acceptance, students will receive an I-20 form from the university that they have applied for. This form is essential for applying for a student visa and outlines important details such as the program of study, duration of the program, and estimated costs.
- Visa Interview: After gathering all necessary documents, students must schedule a visa interview at a U.S. embassy or consulate. During the interview, applicants should be prepared to discuss their study plans, financial situation, and ties to their home country, showing their intent to return after completing their studies.
- Post-Graduation Work Options (OPT): After completing their MS in Finance in the USA, students on an F-1 visa can apply for Optional Practical Training (OPT). This allows them to work in the USA for up to 12 months, with an additional 24-month extension for STEM graduates.
Top Companies Hiring MS in Finance Graduates in the USA
Graduates with a Master’s degree in finance in the USA are highly sought after by leading companies in the financial sector. These companies are providing excellent employment prospects and reasonable wages. Below are some of the top companies hiring MS in finance graduates:
- Goldman Sachs
- JP Morgan Chase
- Morgan Stanley
- Bank of America Merrill Lynch
- Citigroup
- Deloitte
- PwC
- EY (Ernst & Young)
- KPMG
- BlackRock
- The Goldman Sachs Group
- Wells Fargo
- Vanguard
- HSBC
Conclusion
Pursuing an MS in Finance in the USA provides every student the chance to explore several career opportunities within the financial industry. With access to world-class universities, specialized programs, and a strong job market, graduates are prepared for high-paying jobs across multiple sectors. By understanding the visa requirements, cost of living, and available scholarships, international students can make informed decisions about their educational journey.
If you are also interested in learning about any different career paths, then check out our detailed blog on MS in data science in the USA to learn more.
FAQs
Answer: The duration of an MS in Finance program in the USA normally takes between one and two years. This duration also depends on the university as well as the structure of the program offered.
Answer: Applicants generally need a bachelor’s degree in finance, economics, or a related field, along with a competitive GPA. Some universities may require standardized test scores (GRE/GMAT), proof of English proficiency (TOEFL/IELTS), and a strong statement of purpose.
Answer: The annual costs of studying for the MS in Finance degree in the USA differ, and they range between $35,000 and $90,000 depending on the college. There are also additional living expenses that can vary between $12000 and $30000 (₹10,29,198- ₹25,72,995) per year.
Answer: There are various sectors where individuals with an MS in finance can work and build their careers. Some of these fields include investment banking, financial consulting corporations, financial risk management, corporate finance, and private equity.
