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    Masters in Finance in New Zealand: Top Colleges, Admission, Fees, Scholarship, Scope

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    Sonal Vaid

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    Masters in Finance in New Zealand is offered as a 1-2 year program delivered as Master of Commerce, Master of Business, Master of Applied Finance and Economics, etc. Though only a handful of universities offer this degree, the tuition fees can reach up to 52,000 NZD. The minimum cost that an international student will end up spending as annual tuition fees is around 30,000 NZD. For Indian aspirants of Masters in Finance at New Zealand Colleges, this estimates to 14 LPA – 26 LPA INR.   

    With the cost involved so high, international applicants might question why not study at another popular study abroad destinations. Some of the major reasons to consider studying in New Zealand is you can admission with just a bachelor's in relevant subjects and an English language proficiency score. GRE/GMAT scores that are otherwise necessary for studying in US, Canada, etc are not required to pursue an education at New Zealand universities. The nation was among the first few to be declared COVID-19 free. As healthcare facilities for international students are an important aspect of their journey, New Zealand assures you to offer one of the best in the world. The return offered on the degree is high. The starting salaries for finance graduates lie within 70,000 NZD to 90,000 NZD (~33 LPA to 43 LPA INR)

    Masters in Finance in New Zealand: Top Universities

    Top universities in New Zealand offering masters in finance as per QS rankings 2020 are mentioned below:

    University & QS World Ranking  Program Name Annual Tuition Fee (in NZD)
    University of Auckland Master of Commerce (M.Com) 36,787
    University of Otago  Master of Finance 30,151
    Victoria University of Wellington  Master of Applied Finance 52,850
    University of Canterbury  Master of Applied Finance and Economics 41,250
    Master of Financial Management
    University of Waikato  Master of Applied Finance 44,935
    Massey University  Master of Finance 30,370
    Lincoln University Master of Business (Finance) 42,750
    Auckland University of Technology  Master of Applied Finance 49,995

    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.

    • The 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: Course Highlights

    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.

    A few specializations for masters in finance in New Zealand are International Finance, Financial Management, Financial Econometrics, Financial Engineering.

    Degrees Offered 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  36,000 - NZD 52,000
    Starting Salary  70,000 NZD per annum
    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

    Masters in Finance in New Zealand: Admission Process

    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.

    Masters in Finance in New Zealand: Eligibility for Admission

    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.

    Minimum admission requirements and intake month for masters in finance in New Zealand has been tabulated below:

    University  Eligibility Intake Month
    University of Auckland A UG degree with a minimum of 70% – 74% March, July
    University of Otago Math-oriented UG degree;
    75% – 79% in the final year major
    February
    Victoria University of Wellington Bachelor's degree with a quantitative focus;
    2 year work experience
    March, July, November
    University of Canterbury Bachelor's degree with overall 70% – 74% Januray
    University of Waikato Bachelor of Business/ Management Studies with Honors;
    Minimum 70% – 74%
    March
    Massey University Bachelor’s degree or equivalent qualification with overall 70% – 74% October, May
    Lincoln University UG degree with overall 75% – 79% September
    Auckland University of Technology Bachelor/graduate diploma in Business with 70% – 74% March, October

    English Language Requirements for International Students

    International students are required to submit IELTS, TOEFL or PTE test scores to demonstrate proficiency in English language for their studies in New Zealand. Minimum requirement for top universities are tabulated as follows:

    University  TOEFL (iBT) IELTS PTE
    University of Auckland 90 6.5 58
    University of Otago 95 6.5 64
    Victoria University of Wellington 90 6.5 58
    University of Canterbury 90 6.5 58
    University of Waikato 90 6.5 58
    Massey University 90 6.5 58
    Lincoln University 80 6.5 58
    Auckland University of Technology 90 6.5 58

    New Zealand Student Visa

    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. The following are the documents required for student visa application to New Zealand:

    • Passport
    • 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.

    Masters in Finance in New Zealand: Cost of Study

    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 Charges

    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  4,431 NZD (199,650 INR).

    Type of Expense Cost (in NZD)
    New Zealand Visa Fees 346.08 (330 + 16.08 - Centre fees)
    IELTS Fees 420
    TOEFL Fees 410
    PTE Fees 385
    Application Fees 35-50

    Tuition Fees for Masters in Finance in New Zealand

    Tuition Fees for Masters in Finance in New Zealand

    When planning to get a master's in finance from New Zealand’s top universities, Massey University has the cheapest tuition fees while Auckland University of Technology has the highest. You must choose the university that fits into your budget.

    Is the cost of studying too high? Find out Scholarships to study 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: The cost of accommodation varies depending on which city you are choosing.

    Cities of New Zealand Average Annual Cost of Living (in NZD)
    Auckland 1,400-2,000
    Wellington 1,400-2,000
    Christchurch 1,000-1,400
    Hamilton 700-900
    Dunedin 800-1,300
    Palmerston North 750-1,100
    Nelson 900-1,200
    New Plymouth 800-900
    Invercargill 650-750
    Gisborne 1,000-1,500

    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)
    Food 200
    Transportation 120
    Phone & Internet 50
    Medical Expenses 50-100
    Clothing 200-300
    Entertainment 50-100
    Miscellaneous Expenses 100

    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.

    Scholarship University  Eligibility 
    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

    Masters in Finance in New Zealand: Jobs and Salaries after Graduation

    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.

    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:

    1. Post-study work visa (open): permits students to work with any employer post-graduation for a period of 1 month.
    2. Post-study visa (employee assisted): with this visa, one may work for up to 2 years if the job is relevant.

    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 table below shows the annual salaries for various jobs profile after a masters in finance in New Zealand:

    Job Profile Annual Salary up to(in NZD)
    Financial Analyst 240,000 
    Actuary 278,000
    Financial Banking Analysis Manager 312,000
    Private Banker 286,000
    Chief Financial Officer 510,000
    Personal Banker 261,000
    Finance Executive  380,000
    Finance Actuary 230,000
    Stock Broker and Dealer 215,000
    Financial Manager 497,000

    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.

    FAQs

    Ques. What is the duration of a Masters in Finance in New Zealand?

    Ans. The 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. The 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.

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