Exploring concepts in financial systems, money management, and fund acquisition, the finance field covers topics such as banking and investments, debt and credit, financial risk and liability, and capital markets.
Whereas economic analyses typically examine entire regions or markets and consider public policy, finance usually focuses on profit and risk within a specific company or industry. However, these disciplines do inform one another and increasingly overlap. As the focus of finance expands, governments often hire finance professionals to assist with larger-scale economic strategies.
Accounting differs from finance in that it involves tracking daily money flow rather than generating longer-term financial projections and strategies. However, these disciplines also increasingly overlap as basic accounting functions become automated.
Today's accounting positions often require financial management skills, and finance careers often require advanced skills in accounting and financial reporting. Focused on evaluating return and risk, finance also requires advanced skills in financial data analysis, financial planning and projection, leadership, and communication.
Finance Master's Programs for You
These top schools offer a variety of online graduate degree programs. Figuring out where to apply? Consider one of these online Master's or PhD programs.
Most Affordable Online Master's in Finance Programs
Which Careers Benefit From a Master's in Finance?
Master's in finance programs prepare students for competitive financial careers across various companies, industries, and nonprofit organizations. Bachelor's-holding candidates sometimes qualify for entry-level positions in the roles outlined below. Earning a master's degree in finance makes candidates more competitive in the job market.
| Career | Median Annual Salary | Projected Growth Rate (2019-2029) |
|---|---|---|
| Financial Analysts | $81,590 | 5% |
| Personal Financial Adivsors | $87,850 | 4% |
| Securities, Commodities, and Financial Services Sales Agents | $62,270 | 4% |
| Budget Analysts | $76,540 | 3% |
Source: BLS
Financial Analysts
Employed by public and private clients, these professionals analyze market trends, evaluate investments, and provide financial advice. They may also review financial statements, create financial reports, and assess financial management teams. These analysts typically need at least a bachelor's degree in a finance-related field.
Personal Financial Advisors
Usually equipped with a finance-related bachelor's or master's degree, these financial experts counsel clients on financial matters such as investments, taxes, insurance, and retirement. They often spend their days meeting with clients, outlining financial options and risks, monitoring accounts, and identifying promising investment opportunities.
Securities, Commodities, and Financial Services Sales Agents
Monitoring financial market and securities performance, these professionals sell financial services to prospective clients, buy and sell securities and commodities, and arrange trading and investment opportunities. According to the BLS, these professionals often benefit from a master's degree.
Budget Analysts
Employed by various nonprofit, for-profit, and governmental organizations, these financial organizers track institutional expenses, create and review budgets and budget reports, and estimate future needs. Budget analysts may also counsel managers and ensure legal and regulatory compliance. Budget professionals typically hold at least a bachelor's degree and benefit from coursework in statistics, accounting, and economics.
Similar Industries
Accreditation for Master's Degrees in Finance
Prospective online master's in finance students should seek out programs at accredited schools. Accreditation indicates that a school meets high academic standards. Schools may receive regional or national accreditation, with regional accreditation generally considered the more prestigious of the two.
Schools receive regional accreditation by undergoing a voluntary evaluation by regional accrediting agencies approved by the Council for Higher Education Accreditation. Depending on their location, schools may receive regional accreditation from agencies such as the Southern Association of Colleges and Schools Commission on Colleges.
Programs within a school may also hold accreditation. Finance programs may hold accreditation from the Accreditation Council for Collegiate Business Schools and Programs or theAssociation to Advance Collegiate Schools of Business.
What is the Difference Between a Masters in Finance and an MBA in Finance?
An MBA in finance is a business degree with a focus on financial topics. You'll have a broader education in business management and corporate leadership. The finance concentration will teach finance in the context of business administration. Leadership and business courses will be just as important as finance-based classes. This degree will prepare you for a career leading finance departments and corporate finance institutions.
A master's in finance, focuses more on pure finance and accounting. There may be more technical math and statistics courses and it can be more broadly applied to finance careers. Investments, marketing, financial analysis and theory, math, and quantitative finance are core topics to this type of degree. Though you can apply it to business operations, those courses and more elective. If you have a passion for finance and numbers, this degree will allow you to pursue fiance-centered careers.
Requirements for a Masters in Finance
There are several universal requirements for admission to a master's in finance program. Letters of recommendation and a professional resume are commonly asked for. Many programs also have a minimum GPA requirement, usually between 2.5 and 3.0. Some of the programs on our list also ask for GRE or GMAT scores.
Why Should I Get a Masters in Finance?
Higher salary potential
According to the Bureau of Labor Statistics (BLS), master's degree graduates in the finance field earn an average of 41% more than bachelor's degree graduates. That's a significant boost in your earning potential. Going back to school for a master's degree can give you leverage for a raise if you're already employed. If you haven't entered the job market yet, you may be able to negotiate a higher starting salary with a master's degree.
Career advancement
Similar to the earning opportunities for masters graduates, your career advancement opportunities grow. Advanced degrees can prepare you for management roles and accelerate your promotion track. In some ways, it can replace job experience and you enter a company at a higher level with a master's degree.
Increased expertise
A master's degree offers more focused and specialized education than a bachelor's degree. By continuing your education, you can learn more advanced finance topics and how they apply to specific career paths. If you choose a concentration, you can focus your expertise even further.
Scholarships for Finance
Many students reduce their education expenses through scholarships, which do not require repayment. Various schools, organizations, and private donors award scholarships based on eligibility criteria such as field of study, academic merit, financial need, and/or identity. The following list outlines several scholarship opportunities for online master's in finance students.
Golden Key International Honor Society Graduate Scholar Award
Who Can Apply: Golden Key members enrolled or soon-to-be-enrolled in an accredited graduate degree program can apply. Applicants must submit a five-page personal statement, a 500-word essay, a resume, a recommendation letter, and transcripts.
Amount:Varies
National Association of Black Accountants National Scholarship Program
Who Can Apply: Ethnic minority learners studying business, accounting, or finance full time at accredited four-year schools may apply. Eligible applicants need active NABA student membership, a 3.3 minimum overall GPA, and a 3.5 minimum major GPA.
Amount: $1,500
Minorities in Government Finance Scholarship
Who Can Apply: The Government Finance Officers Association awards this scholarship to minority students enrolled in programs pursuing local or state government finance careers. Applicants must submit a recommendation letter that speaks to their public sector commitment.
Amount: $10,000
Goldberg-Miller Public Finance Scholarship
Who Can Apply: Funded by the Girard Miller Foundation, this scholarship goes to outstanding students planning government finance careers and enrolled full time in accredited graduate programs. Applicants must submit a letter of recommendation.
Amount: $1,500
Association for Latino Professionals For America Scholarship
Who Can Apply: Hispanic U.S. citizens or permanent residents pursuing business-related programs full time at accredited four-year schools may apply. Applicants need a minimum 3.3 GPA.
Amount: Varies
Frequently Asked Questions About Finance Master's Degrees
How much does a masters in finance cost?
Tuition costs for a master's in finance degree will vary depending on the program you choose and where it's located. Some programs, even when online, will charge you out of state tuition if you aren't a local resident, which can double or triple your tuition. The programs we reviewed range in tuition cost from $12,000 to $40,000.
How long does it take to earn a master's in finance?
Traditional master's programs usually take two years of full-time study to complete, but accelerated online master's in finance programs offer shorter timelines.
Can I earn a master's degree in finance online?
Yes, earning a master's in finance online gives students the flexibility to balance their studies with personal and professional obligations.
Do you need a master's degree to work in finance?
No, most entry-level financial occupations only require bachelor's degrees. However, master's degrees often help professionals achieve promotions and higher salaries.
