A Detailed Overview for International Students on Masters in Finance in New Zealand
Masters in finance in New Zealand is offered by various universities under different programs. In New Zealand, Master in Finance is a course delivered in various disciplines like Master of Commerce, Master of Business, Master of Applied Finance and Economics, etc.
- The duration of Masters in Finance varies depending upon the enrolled universities of New Zealand, usually its a 1- 2 years.
- Candidates with a bachelor's or diploma in similar fields are eligible to enroll themselves in Masters in New Zealand.
- The cost of studying this program ranges between NZD 36,000 to NZD 52,000 annually.
- Starting annual salary of any individual with a masters in finance degree is NZD 240,000.
Why Study Masters in Finance in New Zealand?
New Zealand offers high-quality education, which makes it one of the top 20 nations offering quality education to its students. The country’s higher education system was ranked 16th around the world in the QS Higher Education System Strength Rankings 2018. Its progressive academic system makes it a top choice for students wishing to study abroad.
- Average starting salary for people working in the accounting and finance sector in New Zealand is NZD 237,747 annually compared to just NZD 142,783 in the United States.
- New Zealand universities offering masters in finance rank globally between 50 - 250 according to QS ranking.
- New Zealand’s government forecasts steady job growth right through to 2026 in business services which is picked to be the fastest-growing part of the job market.
- Banking and financial services are among the top 5 highest paying jobs in New Zealand.
- New Zealand was ranked no. 1 around the world by the World Economic Forum for the strength of institutions and macroeconomic stability.
- In the year ending March 2018, the financial sector of New Zealand contributed NZD 14.6 billion to GDP (nearly 6%).
Masters in Finance in New Zealand: Highlights
|Offered in Disciplines||Master of Finance; Master of Commerce; Master of Business(Finance)|
|Duration||1 - 2 year|
|Eligibility||Bachelor’s or diploma in similar fields and minimum English language proficiency.|
|Annual Course Fee||NZD 36,000 - NZD 52,000|
|Starting Salary||240,000 NZD|
|Job Profile||Commercial/ investment/corporate Banker, Corporate Finance Specialist, Financial Analyst, Financial Manager/ Planner, Merchant Banker, Merger and Acquisition Specialist, Sharebroker, Stockbroker|
|Types of Recruiting Organizations||Financial Markets, Commercial and Investment Banks, Fund Management, Energy Providers, Other Large Private Companies and Government Departments|
Top Universities for Masters in Finance in New Zealand
Eight universities in New Zealand offer masters in finance under various programs. Below mentioned are the top-ranked universities in New Zealand by QS Rankings offering Masters in Finance.
|QS Global Rankings 2020||University Name||Program Name||Duration||Annual Tuition Fee (in NZD)|
|83||University of Auckland||Master of Commerce (M.Com)||12-15 month||36,787|
|176||University of Otago||Master of Finance||12 months||30,151|
|215||Victoria University of Wellington||Master of Applied Finance||12 months||52,850|
|227||University of Canterbury||Master of Applied Finance and Economics||12-13 months||41,250|
|Master of Financial Management||12-15 months|
|266||University of Waikato||Master of Applied Finance||12 months||44,935|
|287||Massey University||Master of Finance||18 months||30,370|
|356||Lincoln University||Master of Business (Finance)||12 months||42,750|
|442||Auckland University of Technology||Master of Applied Finance||12- 18 months||49,995|
About Masters in Finance in New Zealand
Master of Finance is the study of finance and financial markets. Masters in finance is an intensive study of topics like banking, investment, share, commodity, markets, and economics. Fund management, banking operations, positive and negative growth rates, financial reforms, etc are the fields that master of finance deals with. Master of Finance is all about discussing the question of:
- How corporate firms raise, utilize, and invest funds from shareholders and loans through the study of corporate finance.
- Market investment and risk analysis through consumer behavior.
- How the financial system facilitates the transfer of monetary resources to borrowers from savers and lenders.
The course structure varies based on the number of credits.
For the 180 credit course:
- Research Pathway - 60 credits of the courses (Part One) & 120 credits for research (Part Two).
- Professional Pathway - 120 credits for courses (Part One) & 60 credits for professional experience (Part Two).
For the 120 credit course:
- This is a completely thesis-based course of 120 points.
A few specializations for masters in finance in New Zealand are International Finance, Financial Management, Financial Econometrics, Financial Engineering.
Masters in Finance in New Zealand: Admission
International students who wish to pursue a masters in finance in New Zealand are required to have a bachelor's degree in the same or related fields. To secure admission to a recognized New Zealand university offering this course, one must perform well in bachelors or diploma.
Eligibility for Masters in Finance in New Zealand
International students are asked to provide various documents along with the application to the university. In general, the documents required for masters in finance in New Zealand are briefed below.
- Academic transcripts from all educational institutions attended
- Proof of English language proficiency through scores of TOEFL, IELTS or PTE
- Letter of recommendations
- Health insurance documents
- A resume showing all relevant work experience
NOTE- A university might require additional documents at the time of application.
An international student needs to prove the English language proficiency for their studies in New Zealand. Minimum admission requirements for masters in finance in New Zealand has been tabulated below:
|University||Eligibility||Minimum Required Scores for TOEFL (iBT)||Minimum Required Scores for IELTS||Minimum Required Scores for PTE|
|University of Auckland||A UG degree with a minimum of 5.0||90||6.5||58|
|University of Otago||Math-oriented UG degree, GPA B+ in the final year major||95||6.5||64|
|Victoria University of Wellington||Bachelor's degree with a quantitative focus + 2 year work experience||90||6.5||58|
|University of Canterbury||Bachelor's degree with overall grade-B||90||6.5||58|
|University of Waikato||Bachelor of Business/ Management Studies with Honors; Grade of B||90||6.5||58|
|Massey University||Bachelor’s degree or equivalent qualification with overall grade-B||90||6.5||58|
|Lincoln University||UG degree with overall grade-B+||80||6.5||58|
|Auckland University of Technology||Bachelor/graduate diploma in Business with Grade B or higher GPA||90||6.5||58|
Student Visa to New Zealand
The New Zealand visa application process is simple and fast for international students. The entire process no matter what the type is (work, student, or visitor) takes about 25 - 30 days to process.
Following are the documents required for student visa application to New Zealand:
- Evidence of identity
- Health Insurance
- Evidence of adequate funds needed during their stay in New Zealand
- Health Certificate
- Character Certificate
- Offer letter from the university approved by Qualifications Authority of New Zealand
- English Proficiency Test score
- Travel Insurance
- Proof of leaving New Zealand when the course ends
Students will need to appear for a visa interview at the New Zealand Embassy in respective home countries.
Note that your visa application may be canceled or rejected if you lack sufficient funds, have previous criminal records, do not have enough proficiency in the required language, or have misleading data in any documents.
Post Study Work Visa
If a candidate wishes to work after completion of their course, they can opt for either one of the following visas:
- Post-study work visa (open): permits students to work with any employer post-graduation for a period of 1 month.
- Post-study visa (employee assisted): with this visa, one may work for up to 2 years if the job is relevant.
Cost of Studying Masters in Finance in New Zealand
The cost of studying abroad can be divided into three categories - pre-arrival costs, tuition, and living expenses. The total cost might vary depending on the university, type of accommodation, living standards, etc. Wondering how costly it is to study in New Zealand? Check out the details below.
Pre-arrival costs to New Zealand include one-time charges such as application fee for a student visa to New Zealand, flight ticket, application fee, exam fees, etc. The total cost may add up to an estimated amount of NZD 44,31 (199,650 INR).
|Type of Expense||Cost (in NZD)|
|New Zealand Visa Fees||346.08 (330 + 16.08 - Centre fees)|
Tuition Fees for Masters in Finance in New Zealand
Cost of Living in New Zealand
Cost of living in New Zealand is 126% higher than that of India. Wellington, Auckland, and Queenstown are some of the pretty expensive cities to live in. But if you plan your costs wisely you will be able to manage your living in New Zealand. The total living cost is influenced by various factors such as city, rental charges, and travel.
Average Cost of Living in Different Cities of New Zealand: Cost of accommodation varies depending on which city you are choosing.
|Cities of New Zealand||Average Annual Cost of Living (in NZD)|
Other Average Expenses: The biggest expense while studying abroad is the rent but besides rent, there are other expenses that need to be taken care of like food, transportation, medical expenses, etc. Here’s a brief list of types of expenses and that you need to take care of while studying in New Zealand.
|Types of Expenses||Average Expenditure(in NZD/ Month)|
|Phone & Internet||50|
Masters in Finance in New Zealand: Scholarships
Tuition fees coupled with living expenses can be quite an investment, especially for students from countries where the exchange rate is much lower. Despite the high cost of studying, you can apply for various scholarships to study in New Zealand.
Your living and tuition expenses can be fully or partially furnished if you qualify for these funding programs. Academic records often play an important role in determining who qualifies for each.
|International Excellence Scholarship||University of Waikato||Awarded to an international student; Based on merit; Awarded to students with a conditional or unconditional Offer of Place from UoW; 1,000 NZD awarded towards tuition fees|
|International Master’s Research Scholarship||University of Otago||Based on merit; Seeking 1st master’s program at University of Otago; Students with grade A or A+ are often selected; NZD 15,000 is awarded|
|International Student Excellence Scholarship||University of Auckland||Must have a minimum GPE of 6.00 points; 1,000 NZD is awarded against the tuition fee|
|Otago Coursework Master’s Scholarship||University of Otago||Awarded based on merit; 10,000 NZD is awarded|
|JN Tata Endowment Scholarship||--||Awarded to Indian students with UG degree from India; At least 60% in last academic exam; Upto 2,220 NZD is awarded|
Scope and Average Salary after Masters in Finance in New Zealand
As a free, open and export-reliant economy, New Zealand’s finance and business sector is of international standards. Forbes magazine ranked New Zealand as one of the five best countries in the world for business. After completing your master's degree in finance you can get a job in New Zealand with a starting average salary of 240,000 NZD.
According to salaryexplorer, the average salary for a person working in the finance and accounting sector in New Zealand is 238,026 NZD and typically ranges between 117,060 NZD (lowest) to 506,100 NZD (highest) annually.
- The average pay scale for employees in this field with a masters degree is 29% more than someone with a bachelor degree.
- People working in this sector are likely to observe an annual increment of 10% every 14 months.
- The demand for professionals in this field grows at a rate of 2% each year as the economy grows.
The table below shows the annual salaries for various jobs profile after a masters in finance in New Zealand:
|Job Profile||Average Annual Salary (in NZD)|
|Financial Banking Analysis Manager||312,000|
|Chief Financial Officer||510,000|
|Stock Broker and Dealer||215,000|
If you are still wondering whether or not to choose your masters in finance from New Zealand, it’s time to make up your mind. Getting your finance degree from New Zealand is a wise decision. This country seems to have it all.
As New Zealand is home to some of the most prestigious universities offering masters in finance with a high-quality education, it is definitely worth making this investment. The increasing demand for skilled professionals in the field of finance in New Zealand is another reason for you to select this country for your higher education in finance.
Ques. What is the duration of a Masters in Finance in New Zealand?
Ans. Duration of masters in finance in New Zealand differs depending on the university and the discipline in which it is being taught, mostly the duration is 1- 2 years.
Ques. What are the eligibility criteria for applying for Masters in Finance?
Ans. The minimum eligibility criteria for Masters in Finance in New Zealand is an undergraduate degree in a related subject like economics. Average GPA of 5 or Grade B is accepted in the universities of New Zealand.
Ques. What are the English proficiency tests accepted in the universities of New Zealand?
Ans. IELTS, TOEFL, PTE are the language proficiency tests accepted in universities of New Zealand. IELTS-6.5, TOEFL iBT-90, PTE- 58 are the average cut off for admissions to masters in finance in New Zealand.
Ques. Are there scholarships available for international students pursuing MS in Finance in New Zealand?
Ans. Yes, there are plenty of scholarships available for international students. The Government of New Zealand offers a number of scholarships. There are universities like the University of Auckland, the University of Otago offering scholarships for their students.
Ques. What can you do with a masters in finance in New Zealand?
Ans. One can work in various industries such as Financial markets, commercial and investment banks, fund management, energy providers, other large private companies and government departments
Ques. What is the salary range for individuals with masters in finance in New Zealand?
Ans. The starting salary for an individual with a masters in finance is 240,000 NZD. Which increases with time and experience.
Ques. Can international students work while studying in New Zealand?
Ans. Yes, international students can work while pursuing their respective studies. The New Zealand government allows international students to work up to a maximum of 20 hours a week during academic sessions. You may be allowed to work for even 40 hours during summer break.