The USA has been one of the top places to study for international students for many decades now. A good percentage of US universities offer Masters degrees as part of their curriculum. These prepare you for the tough road ahead and open a plethora of opportunities for grabbing high-paying jobs or practising as a successful professional. MS in Finance in the US is one of the most popular master’s degree programs for finance students, and unlike pursuing MBA, a candidate doesn’t require prior work experience for this.
The course is designed to enable you to achieve specific careers in a plethora of finance-related job posts, such as wealth management, risk management, investment banking, consulting, portfolio management, and more.
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This article discusses MS in Finance in US, eligibility, cost, top colleges, and admission processes in 2022 and beyond.
Top Universities for Studying MS in Finance in US
The MS in Finance in the US is a postgraduate course spanning between 12 to 24-months depending on the university and whether you opt for part-time or full-time enrolment. Admissions open in most universities during the December and January period.
Here is the list of top-ranking universities for studying Masters in Finance in the US in 2022 –
MIT Sloan School of Management
MIT Sloan School of Management’s Master of Finance is a world-renowned modular finance course focused on meeting a student’s specific requirements.
- Ranked #4 in QS Business Masters Ranking: Finance 2022
- Course Name – Master of Finance
- Tuition Fee – ₹ 58.5 lakh
- Minimum IELTS Score – 7
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The University of California Berkeley
The Berkeley MFE program is different from traditional MBA programs. It focuses on combining modern portfolio theory with computational superiority for ensuring holistic growth.
- Ranked #6 in QS Business Masters Ranking: Finance 2022
- Course Name – Master of Financial Engineering (MFE)
- Tuition Fee – INR 59 lakh
- Minimum IELTS Score – 6.5
UCLA Anderson School of Management
The Master of Financial Engineering at UCLA Anderson School of Management undertakes a dynamic curriculum with a focus on theory, developing analytical skills, and teaching current business practice to the applicants.
- Ranked #8 in QS Business Masters Ranking: Finance 2022
- Course Name – Master of Financial Engineering (MFE)
- Tuition Fee – INR 15.2 lakh
- Minimum IELTS Score – 7
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University of Southern California (USC) Marshall School of Business
The MSc in Finance from the University of Southern California (USC) Marshall School of Business focuses on developing candidates’ analytical and other relevant skills to ensure they make an immediate impact as analysts.
- Ranked #28 in QS Business Masters Ranking: Finance 2022)
- Course Name – MSc in Finance
- Tuition Fee – INR 56.7 lakh
- Minimum IELTS Score – 6.5
The University of Texas at Austin
MSc in Finance at The University of Texas at Austin is your gateway to broadening your career opportunities in finance. It is a STEM-designated program that invites attention from top recruiters globally.
- Ranked #29 in QS Business Masters Ranking: Finance 2022
- Course Name – Master of Science (MSc) in Finance
- Tuition Fee – INR 34 lakh
- Minimum IELTS Score – 6.5
Boston University
Boston University’s Metropolitan College (MET) offers Master of Science in Financial Management. It was ranked 11 on the list of Best Online Masters in Finance Programs in 2019.
- Ranked #34 in QS Business Masters Ranking: Finance 2022
- Course Name – Master of Science in Financial Management
- Tuition Fee – INR 42 lakh
- Minimum IELTS Score – 6.5
Georgia Institute of Technology (Georgia Tech)
Georgia Institute of Technology (Georgia Tech)’s Quantitative and Computational Finance degree focuses on enabling students to develop skills for formulating, implementing, and evaluating a plethora of models used for risk management and investment in the finance sector.
- Ranked #46 in QS Business Masters Ranking: Finance 2022
- Course Name – Quantitative and Computational Finance
- Tuition Fee – INR 18 lakh
- Minimum IELTS Score – 7
University of Illinois Urbana Champaign
University of Illinois Urbana Champaign offers MSF, a STEM-designated degree that focuses on preparing the students for the dynamic nature of the finance world.
- Ranked #60 in QS Business Masters Ranking: Finance 2022
- Course Name – MSF (Masters of Science in Finance)
- Tuition Fee – INR 41.25 lakh
- Minimum IELTS Score – 7.5
Admission Process for MS in Finance in US
International students must know about the eligibility criteria, required documents, and other essentials they need to fulfil to apply for MS in Finance in the USA. Listed below are the relevant details related to a candidate’s admission –
Eligibility Criteria
Unlike most other countries, America offers MS in Finance as part of its STEM caricature. It means that candidates from different parts of the world, such as Canada, Australia, America, Hong Kong, India, and the UK, can get an F-1 visa valid for a 24-month OPT (Optional Practice Training) extension over and above the 12-month regular OPT tenure.
Here are the eligibility requirements for studying Master in Finance program in the USA –
- The candidate must have a bachelor’s degree in a relevant field of study from an eligible university with 80% marks or above.
- They must have the requisite score on the GRE or GMAT (a score of 650 or higher is considered ideal in most cases)
- Non-Native English students must have the minimum IELTS or TOEFL score as required to prove English proficiency (a score of 6.5 or 90, or higher, in IELTS or TOEFL, respectively, is considered ideal in most cases)
Documentation Requirement for MS in Finance in US
Here are the document requirements for applicants applying for Masters in Finance in USA course –
- A completed admission application form
- Resume/CV
- Up to 3 LORs (Letters of Recommendation)
- Evaluated answer transcripts from previous educational institutes attended
- Statement of Purpose/Writing Sample
- Proof of IELTS or TOEFL score
- Proof of GMAT or GRE score
- A video containing an essay or an answer to a question asked
Cost of Studying MS in Finance for an International Student
A candidate applying for MS in Finance in the United States can expect to pay around INR 30 lakh for the first year of the course at any top university. In addition, they will also have to bear day-to-day living expenses, which can range between INR 5 and INR 10 lakh per annum, depending on the university they study in.
Scholarship Options
Given that studying master’s in Finance in the US can be beyond the usual means of a middle-class family in most countries, here are the scholarships that most universities offer to help bright students get financial aid to ease their burden –
- Golden Scholarships
- McDonough School of Business Scholarship
- Fulbright-Nehru Master’s Fellowships
- Dean’s Scholarship Program from Questrom School of Business
- Fully-funded Rotary Peace Fellowships
Careers & Job Prospects
A career in finance is one of the most sought-after as it enables the individual to garner society’s respect and get an acceptable monetary package in equal measure. A student who has completed their Master’s in Finance from one of the top business schools in the US can apply for the following jobs worldwide –
- Financial analyst
- Accountant
- Financial manager
- Financial Advisor
- Investment management specialist
- Actuary
- Real estate valuer
- Chief Financial Officer
- Finance Specialist in capital markets
- Corporate finance specialist
- Certified Financial Planner (CFP)
Conclusion
Given that all the top recruiters need finance specialists with an MS in Finance degree from one of the top universities in the US, MS in Finance can easily enable you to grab a high-paying job in any part of the world. With intricacies in the application process and the uncertainty about selection, most international students have difficulty applying for suitable courses. But no longer.
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Frequently Asked Questions
1. Is GRE compulsory for MS in Finance in the USA?
In most cases, GRE or GMAT is a compulsory requirement, and IELTS/TOEFL score is required for international students applying to any top USA business schools for MS in Finance. While most of them do not require you to have prior work experience, having that is always a bonus.
2. Do Masters in Finance USA fall under STEM?
A STEM degree usually pertains to Science, Technology, Engineering, or Math. In most cases, finance degrees are not included under it. But the USA offers MS in Finance under the STEM category, offering better visa opportunities for international students.
3. What is the highest-paid job in Finance?
Given that finance specialists are hard to find, most jobs in this sector are high-paying ones. Here are the highest paying finance jobs –
a. Actuary (USD 88,600 per annum)
b. Financial Manager (USD 72,500 per annum)
c. Financial Services Sales Agent (USD 64,000 per annum)
d. Financial Advisor (USD 58,500 per annum)
e. Chief Financial Officer (USD 132,000 per annum)
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