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Masters of Finance in UK: A Detailed Course Guide

Komal Yadav Komal Yadav
Study Abroad Expert

Available with more tha 127 universities, masters of finance in UK can be completed within a year. The total fees of the program at top universities ranges from 23,000 GBP to 47,000 GBP. Students graduating with masters of finance from UK universities can pursue careers as financial analysts, commercial or investment bankers, stock, economist, tax adviser, financial manager, etc.

  • This course usually starts in September in the top universities of UK.
  • It usually deals with money management in the field of business investments and banking, personal money management, and accounting.
  • Average salary of the accounting and finance sector employees in the UK is 100,000 GBP per year. 

Why Study Masters of Finance in UK

According to the Financial Times in 2018, around 91% of the graduates from the Master of Finance have been employed within 3 months of graduation. 

  • UK has some of the top ranked universities of the world offering masters in finance degrees like the University of Oxford, University of Cambridge, Imperial College of London.
  • UK degrees are well recognized and respected globally.
  • Top 3 companies in the UK employing people in the finance sector are Goldman Sachs, JP Morgan, and Google.
  • Salaries of accounting and finance employees increased by 8% from 2016 to 2019. 
Salary trends for finance and accounting in UK

Top Universities for Masters of Finance in UK

When planning to study abroad an international students priority is to study at any of the most reputed instututes. According to the QS News World University Ranking and World University Ranking for Accounting and Finance of 2020, following are the top universities offering masters in finance in UK along with program fees. 

UniversityWorld RankingSubject RankingProgram OfferedTotal Program Fees (in GBP)
University of Oxford45MSc in Financial Economics (9 months)45,000
University of Cambridge76Masters in Finance (1 year)47,125
Imperial College of London929MSc in Finance and Accounting; MSc Finance (1 year)35,900
University of Edinburgh2044MSc Finance (1 year)31,350
University of Manchester2721MSc Finance (1 year)30,000
London School of Economics and Political Science444MSc Finance (10 months)36,984
University of Bristol4951-100MSc Finance and Investment (1 year)29,600
University of Warwick6247MSc Finance (1 year)35,500
University of Glasgow67101-150MSc Finance & Management (1 year)28,420
University of Sheffield78151-200MSc Finance ( 1 year)23,750

Master of Finance in the UK: Program Details

The most common degree available for masters in finance and any other finance specialization course is the Master of Science (MSc) or MFin. The financial law can provide the degree of LLM. 

The course curriculum of most of the universities for Masters of Finance in UK is designed as follows:

  • Foundation Modules: The foundation modules contain topics that will help understand the basics and main financial instruments like debt, equity, financial derivatives, concept of market efficiency, portfolio risk, and diversification. Also, the information about important techniques of statistics and probability are included in this. This module will be very helpful for the students who are not from the financial background.
  • Core Modules: The core module introduces the challenging topics like Corporate Finance, Derivatives, Ethics & Professional Standards in Finance, Financial Econometrics, Investments, and Portfolio Management, Macro-Finance, Mathematics for Finance.
  • Electives: The elective courses are tailored to meet the career ambitions and match the interests of the students. Some of the key electives are: Advanced Corporate Finance, Applied Trading Strategies, Advanced Options Theory, Asset Allocation & Investment Strategies, Banks, Regulations & Monetary Policy, Credit risk, Fixed Income Securities, Macroeconomics & Finance for Practitioners, Introduction to Quantitative Investing 
  • Projects: This course also provides some projects to enable the integration of theory and practice.

Masters of Finance: Program Highlights

Number of Universities127
Duration9 months to 1 year
Average Tuition Fees23,000 GBP - 47,000 GBP
Intake MonthJuly
Job PositionsFinancial Analysts, Commercial or Investment Bankers, Stock, Insurance or Real Estate Broker, Economist, etc.
Top recruiting companiesGoldman Sachs, JP Morgan, Google, Morgan Stanley, BlackRock, HSBC, UBS, Barclays, Citi, Bank of America Merrill Lynch
Average Salaries115,000 GBP

Master of Finance in the UK: Admissions

Applications for masters in finance in UK are mostly accepted for the intake in September. Students are required to have a bachelor's degree in finance or related field to apply in UK universitiesThe basic admissions process for pursuing masters in finance in UK has been described in the sections below. Applicants must note that some of the score and document required are generic and hence, they should always visit the university website before preparing their application package. 

Masters of Finance in UK: Eligibility

Students applying for masters in finance in UK should meet the following requirements:

  • Bachelor's degree in finance, accounts, commerce or related field
    • Basic knowledge of mathematics, including calculus and statistics
  • Scores of entrance exams required for studying in UK
    • GRE or GMAT score
      • Avergae GMAT: 680
      • Average GRE: 325
    • Proof of English proficiency: 

The table below includes the application deadline for the masters in finance and eligibility requirements of the some of the popular universities of UK

UniversityApplication deadlineMinimum % Required in Bachelors
University of OxfordStage 1: November 1;87% overall
University of CambridgeMay 3175% overall
Imperial College of LondonJanuary 1575% overall
University of EdinburghJune 1060% overall
University of ManchesterRound 4: June 3060% overall
University of BristolJuly 3160% overall
University of WarwickJuly 3160% overall
University of Glasgow15th of every month60%

Proof of English Proficiency for International Students

English language proficiency is a mandatory requirement for international students whose native language is not English and previous education was in any other language than English. Minimum test scores accepted by the finance colleges in UK are as follows: 

UniversityMinimum IELTS ScoreMinimum TOEFL (iBT) Score
University of Oxford7.5110
University of Cambridge7.5110
Imperial College of London7.0100
University of Edinburgh7.0100
University of Manchester7.0100
London School of Economics and Political Science7.0100
University of Bristol6.588
University of Warwick7.0100
University of Glasgow6.590
University of Sheffield6.588

Masters of Finance in UK: Documents Required

While filling out the application form, some of the supporting documents should be uploaded to successfully apply for masters in finance in UK:

  • Mark sheets of 10th, 10+2 and all semesters of the bachelor's degree.
  • Scorecard for English language tests like TOEFL, IELTS, PTE and GMAT/ GRE.
  • References from the last institute/current institute attended or from the workplace. 
  • 2 year experience in core finance or finance-related roles (in some institutes internships are also considered)
  • CV containing all personal information, academic qualification, work experience, expertise, etc.
  • Essay of not more than 500 words, explaining the purpose of choosing this course and this institute and how will the course help in developing a better future

Masters of Finance in UK: Cost of Study

While applying for an international institute, there are various types of expenses that should be taken care of like the pre-arrival cost, tuition cost, living cost, etc. IT is always helpful for an international student if they are familiar with the expenses they will incur. This helps in planning ahead and given an estimate to the students about the overall costs they may have to spend. 

Pre-Arrival Cost

Pre-arrival costs may include all the expenses that an applicant will have to pay before arriving at the institute. This may include the cost of application fees of the institute, application fees of the exams like GMAT/GRE or the English language tests, UK student visa registration fees, etc.

Type of ExpenseCost (in GBP)
Application Fees50 – 120
Visa Application Fees348
IELTS Registration Fee150
TOEFL Registration Fee140
GMAT application fees194
GRE application fees159

Tuition Fees for Masters of Finance in UK

Tuition fees for the masters in finance in UK ranges from 23,000 GBP to 47,000 GBP. University of Cambridge has the highest annual tuition fee of 47,125 GBP. The tuition fees of University of Sheffield is lowest ie. 23,750 GBP. The range of pursuing masters in finance in UK for an Indian students is around 23 Lacs to 47 Lacs. When a student invests this much amount of money on their education, high returns are expected to flow in quickly. Given below is a grap comparing the cost of study at some of top finance colleges in UK : 

Cost of Study Vs Salaries for Finance Graduates

Cost of Living in UK

Average monthly cost of living in the UK for international students is 1300 GBP to 1500 GBP. Following table provides a general estimate of living expenses. It should be noted that your cost of living in UK will vary highly depending upon the choice of accommodations, lifestyle, and various other factors.   

Type of ExpenseCost per month (in GBP)
Rent (for 1 bedroom flat)550 – 650
Council Tax125
Other Utilities200
Travel Cost (via public transport)55
Mobile Phone Plan40
Other Costs ( food, internet, groceries, etc.)250
Total Cost1300 – 1500

Masters in Finance in UK with Scholarships 

Universities of UK and other agencies provide financial aid to students in the form of scholarships, awards and bursaries. Some of the scholarships for international students in UK are given below:  

UniversityScholarshipAmount Offered (in GBP)
Imperial College of LondonMSc Finance Future Leaders Scholarship35,900
University of EdinburghBusiness School International MSc Scholarship4,000 - 10,000
University of ManchesterAlliance MBA Masters Scholarships for UK/ EU/ International StudentsFull tuition fees
London School of Economics and Political ScienceGraduate Support Scheme; LSE Master's Award5,000 - 15,000 depending on financial need
University of BristolGlobal Accounting and Finance Scholarship5,000
University of WarwickWBS Scholarships25 - 50% of the tuition fees
University of GlasgowAdam Smith Business School Scholarship10,000
The University of SheffieldInternational Merit Postgraduate Scholarship25% of the tuition fees
University of CambridgeMFin Program Scholarship5,000 - 25,000
University of OxfordAlumni Annual Fund Scholarship10,000
Oxford Said - HEC Montreal Scholarship53,000

Looking for more scholarships to pursue a masters degree in UK? Click here to find out more. 

Masters of Finance in UK: Scope

Master of Finance graduates can build their careers from financial management or insurance to commercial banking and hedge funding. Making a career in the finance sector is quite challenging but the salary packages are quite good depending on the experience, position, and industry. The average person working in the UK in the field of accounts and finance usually earns a salary of around 115,000 GBP. Salary increases up to 32% an experience of up to 2 - 5 years.

Jobs after Masters of Finance in UK

The graph represents the salaries offered to finance graduates in various jobs in UK. Given below is a table detailing the popular recruiters, in various sectors where the finance graduates are absorbed:

SectorRecruitersAverage Starting Salary (GBP/year)
Professional ServicesEY, PwC, Deloitte, KPMG90,000
Retail Banking and BuldingHSBC, Barclays, Llyods Banking Group80,000
Investment BankingMorgan Stanley, Duetsche, JP Morgan75,000
InsuranceAdmiral Group, Aviva, Allianz, AXA, Prudential72,000

With starting salary packages like these and a two year stay-back on the visa, UK assures a postgraduate in finance a bright future. Masters in finance is a degree catering to motivated meritorious graduates planning to make a career as financial leaders. UK has a lot ot offer to a maters in finance aspirant, including short duration of program, high returns on investment, relatively a cheaper degree, etc. For applicants who are interested in pursuing masters of finance in UK, one thing can be guaranteed, that it will not leave you empty-handed. 

FAQS

Ques. Which country is best for pursuing masters in finance?

Ans. As per QS World University Rankings, United Kingdom tops the list for the best countries for pursuing masters in finance. Followed by USA, as another top study destination for the program, UK tops the list because of the Oxford Said Business School which makes it to the top of QS Top Universities for Finance rankings (2020).

Ques. How much does a masters of finance degree cost in UK?

Ans. A masters of finance degree will cost you around 23,000 GBP to 47,000 GBP. Though this is only the tuiton fees for pursuing the program. Additionally, an international students will require around 1500 GBP a month to live in UK. The overall cost will be around 41,000 GBP to 65,000 GBP for a one-year masters program in finance. 

Ques. Does a masters of finance degree pay off?

Ans. A masters of finance in UK can help you earn as much as 251,000 GBP annually. The salary package of finance graduates from some of the top universities offering the program ranged between 68,000 GBP to 111,000 GBP. Your salaries will highly vary from the choice of firm, graduating university, previous industry exposure and such factors. 

Ques. What is the eligibility for masters of finance in UK?

Ans. For applying to masters of finance in UK, an applicant requires an average of 75%in bachelors, IELTS score of 6.5 or TOEFL score of 90, 2 years work experience and GRE scores (not mandatory).  

Ques. Is work experience mandatory for pursuing masters of finance in UK?

Ans. Though having a work experience is not a qualifying requirement to enter master of finance courses in UK, but having one can be a great deal breaker. Wrok experience, internship or any exposure to the industry additionally add to the value of your application.  

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