Masters of Finance in UK: A Detailed Course Guide
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.
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.
|University||World Ranking||Subject Ranking||Program Offered||Total Program Fees (in GBP)|
|University of Oxford||4||5||MSc in Financial Economics (9 months)||45,000|
|University of Cambridge||7||6||Masters in Finance (1 year)||47,125|
|Imperial College of London||9||29||MSc in Finance and Accounting; MSc Finance (1 year)||35,900|
|University of Edinburgh||20||44||MSc Finance (1 year)||31,350|
|University of Manchester||27||21||MSc Finance (1 year)||30,000|
|London School of Economics and Political Science||44||4||MSc Finance (10 months)||36,984|
|University of Bristol||49||51-100||MSc Finance and Investment (1 year)||29,600|
|University of Warwick||62||47||MSc Finance (1 year)||35,500|
|University of Glasgow||67||101-150||MSc Finance & Management (1 year)||28,420|
|University of Sheffield||78||151-200||MSc 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 Universities||127|
|Duration||9 months to 1 year|
|Average Tuition Fees||23,000 GBP - 47,000 GBP|
|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 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 universities. The 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:
- GRE or GMAT score
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|
|University of Oxford||Stage 1: November 1;||87% overall|
|University of Cambridge||May 31||75% overall|
|Imperial College of London||January 15||75% overall|
|University of Edinburgh||June 10||60% overall|
|University of Manchester||Round 4: June 30||60% overall|
|University of Bristol||July 31||60% overall|
|University of Warwick||July 31||60% overall|
|University of Glasgow||15th of every month||60%|
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:
|University||Minimum IELTS Score||Minimum TOEFL (iBT) Score|
|University of Oxford||7.5||110|
|University of Cambridge||7.5||110|
|Imperial College of London||7.0||100|
|University of Edinburgh||7.0||100|
|University of Manchester||7.0||100|
|London School of Economics and Political Science||7.0||100|
|University of Bristol||6.5||88|
|University of Warwick||7.0||100|
|University of Glasgow||6.5||90|
|University of Sheffield||6.5||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 given an estimate to the students about the overall costs they may have to spend.
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 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 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 Expense||Cost per month (in GBP)|
|Rent (for 1 bedroom flat)||550 – 650|
|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. Some of the scholarships for international students in UK 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% an experience of up to 2 - 5 years.
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 Bulding||HSBC, Barclays, Llyods Banking Group||80,000|
|Investment Banking||Morgan Stanley, Duetsche, 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 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.
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.