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    Masters of Finance in UK: A Detailed Course Guide

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    Komal Yadav

    Study Abroad Expert


    Masters of finance in UK can be completed within a year at over 100 universities in the country. The total fees of the program at top universities range 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.

    • Masters of finance in UK usually starts in September in the top universities of UK.
    • International applicants are required to have GRE/GMAT scores for making applications.
    • The average salary of the accounting and finance sector employees in the UK is 100,000 GBP per year.

    A masters in finance prepared to deal with money management in the field of business investments and banking, personal money management, and accounting. Students with sound knowledge of mathematics and with a basic idea of financing are encouraged to pursue the program.

    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.
    • The top 3 companies in the UK employing people in the finance sector are Goldman Sachs, JP Morgan, and Google.
    • The 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 student's priority is to study at any of the most reputed institutes. According to the QS News World University Ranking and World University Ranking for Accounting and Finance of 2020, the following are the top universities offering masters of finance in UK along with program fees. 

    University World Ranking Subject Ranking Program Offered Total Program Fees (in GBP) Brochure
    University of Oxford 4 5 MSc in Financial Economics (9 months) 45,000 Brochure
    University of Cambridge 7 6 Masters in Finance (1 year) 47,125 Brochure
    Imperial College of London 9 29 MSc in Finance and Accounting; MSc Finance (1 year) 35,900 Brochure
    University of Edinburgh 20 44 MSc Finance (1 year) 31,350 Brochure
    University of Manchester 27 21 MSc Finance (1 year) 30,000 Brochure
    London School of Economics and Political Science 44 4 MSc Finance (10 months) 36,984 Brochure
    University of Bristol 49 51-100 MSc Finance and Investment (1 year) 29,600 Brochure
    University of Warwick 62 47 MSc Finance (1 year) 35,500 Brochure
    University of Glasgow 67 101-150 MSc Finance & Management (1 year) 28,420 Brochure
    University of Sheffield 78 151-200 MSc Finance ( 1 year) 23,750 Brochure

    Master of Finance in 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 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 Universities 127
    Duration 9 months to 1 year
    Average Tuition Fees 23,000 GBP - 47,000 GBP
    Intake Month July
    Job Positions Financial Analysts, Commercial or Investment Bankers, Stock, Insurance or Real Estate Broker, Economist, etc.
    Top recruiting companies Goldman Sachs, JP Morgan, Google, Morgan Stanley, BlackRock, HSBC, UBS, Barclays, Citi, Bank of America Merrill Lynch
    Average Salaries 115,000 GBP

    Master of Finance in 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 a 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 scores and documents 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

    University Application deadline Minimum % Required in Bachelors ELP
    University of Oxford Stage 1: November 1; 87% overall IELTS: 7.5
    TOEFL: 110
    University of Cambridge May 31 75% overall IELTS: 7.5
    TOEFL: 110
    Imperial College of London January 15 75% overall IELTS: 7.0
    TOEFL: 100
    University of Edinburgh June 10 60% overall IELTS: 7.0
    TOEFL: 100
    University of Manchester Round 4: June 30 60% overall IELTS: 7.0
    TOEFL: 100
    University of Bristol July 31 60% overall IELTS: 6.5
    TOEFL: 88
    University of Warwick July 31 60% overall IELTS: 6.5
    TOEFL: 90
    University of Glasgow 15th of every month 60% IELTS: 6.5
    TOEFL: 88

    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 giving 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 Expense Cost (in GBP)
    Application Fees 50 – 120
    Visa Application Fees 348
    IELTS Registration Fee 150
    TOEFL Registration Fee 140
    GMAT application fees 194
    GRE application fees 159

    Tuition Fees for Masters of Finance in UK

    Tuition fees for the masters in finance in UK range from 23,000 GBP to 47,000 GBP. The University of Cambridge has the highest annual tuition fee of 47,125 GBP. The tuition fees of University of Sheffield is the lowest ie. 23,750 GBP. The range of pursuing masters of finance in UK for 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 graph 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

    The 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 Expense Cost per month (in GBP)
    Rent (for 1 bedroom flat) 550 – 650
    Council Tax 125
    Other Utilities 200
    Travel Cost (via public transport) 55
    Mobile Phone Plan 40
    Other Costs ( food, internet, groceries, etc.) 250
    Total Cost 1300 – 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. Pursuing masters of finance in UK can be cumbersome for international students. Some of the scholarships for international students in UK that can help in reducing the expenses are given below:  

    University Scholarship Amount Offered (in GBP)
    Imperial College of London MSc Finance Future Leaders Scholarship 35,900
    University of Edinburgh Business School International MSc Scholarship 4,000 - 10,000
    University of Manchester Alliance MBA Masters Scholarships for UK/ EU/ International Students Full tuition fees
    London School of Economics and Political Science Graduate Support Scheme; LSE Master's Award 5,000 - 15,000 depending on financial need
    University of Bristol Global Accounting and Finance Scholarship 5,000
    University of Warwick WBS Scholarships 25 - 50% of the tuition fees
    University of Glasgow Adam Smith Business School Scholarship 10,000
    The University of Sheffield International Merit Postgraduate Scholarship 25% of the tuition fees
    University of Cambridge MFin Program Scholarship 5,000 - 25,000
    University of Oxford Alumni Annual Fund Scholarship 10,000
    Oxford Said - HEC Montreal Scholarship 53,000

    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% 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:

    Sector Recruiters Average Starting Salary (GBP/year)
    Professional Services EY, PwC, Deloitte, KPMG 90,000
    Retail Banking and Building HSBC, Barclays, Lloyds Banking Group 80,000
    Investment Banking Morgan Stanley, Deutsche, JP Morgan 75,000
    Insurance Admiral Group, Aviva, Allianz, AXA, Prudential 72,000

    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 to offer to a maters in finance aspirant, including short duration of the 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 a master's in finance?

    Ans. As per QS World University Rankings, United Kingdom tops the list for the best countries for pursuing master's 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 do masters of finance degree cost in UK?

    Ans. Masters of finance degree will cost you around 23,000 GBP to 47,000 GBP. Though this is only the tuition fees for pursuing the program. Additionally, 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 master's program in finance. 

    Ques. Does a master of finance degree pay off?

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