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    Study Masters in Finance in US: Top Colleges, Fees, Funding, Jobs

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    Sonal Vaid

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    MS in Finance or Masters in Finance in USA is a 10-24 months program widely popular among international students who want to kick start their career in the field of finance. The program is meant to prepare graduates for handling corporate finance, investment banking, financial institutions, risk management, financial modeling, capital markets, behavioral finance, econometrics, investment management, etc. 

    • According to QS Top Universities, there are 66 universities in USA offering a Masters (MS) in Finance.
    • The program fees for MS in Finance in the USA ranges from 60,000 USD to 120,000 USD.
    • According to US Bureau of Labor Statistics, the median annual wage for financial occupation was 68,350 USD in 2018. This was higher than the median annual wage for other occupations of 38,640 USD. 

    Why study MS in Finance in USA?

    • Usually taking about 12-18 months, Masters (MS) in Finance is popular among students who are looking for a cost-effective and quicker option to enter the workforce as a finance professional.
    • Unlike MBA in USA, Masters in Finance do not usually require work experience for admissions and focuses majorly on financial planning and risk management.
    • In 2020 the market size for the Financial Planning & Advice industry will turn into 57.8 billion USD.
    • In 2020, the finance sector of the USA expects to make an increase of 1.4%. The sector has grown on an average of 2.4% per year from 2015 to 2020.

    Top Ranking Universities for MS in Finance in USA

    Due to its innovative academic structure, USA is a land of opportunities for international students. The students can actually opt for different faculties in finance as per preferences. Few of the world’s renowned universities are located in the USA. The top-ranking universities for Masters in Finance in USA are given below

    Ranking University Business School Duration (in months) Annual Tuition Fee (in USD)
    3 Massachusetts Institute of Technology (MIT) Sloan School of Management 12-18 77,168
    8 University of California Berkeley (UC Berkeley) Haas School of Business 12 72,920
    10 University of California Los Angeles (UCLA) Anderson School of Management 13 31,949
    16 Columbia University Columbia Business School 12 70,000
    27 University of Southern California (USC) Marshall School of Business 24 27,660
    33 University of Texas at Austin McCombs School of Business 10 38,326
    35 University of Illinois Urbana Champaign Gies College of Business 15 54,646
    36 Georgia Institute of Technology (Georgia Tech) Scheller College of Business 21 19,037
    39 Georgetown University McDonough School of Business 21 41,972
    43 Boston University Questrom School of Business 17 56,412

    1USD ($)= INR 71.22 (January 5, 2020)

    MS in Finance in USA- Admission Process

    International students prefer USA as the ultimate study abroad destination for its academic excellence. The diversity in the land allows the students to interact with culturally diversified entities. The applicants must know the trivial things required for the admission process in MS in Finance in the USA. The admission process in USA requires a number of documents. The section below provides details on Masters in Finance admissions.

    Eligibility for Masters in Finance in USA

    To be eligible for Masters in Finance in USA, an applicant is required to-

    • have a bachelors degree in a relevant field of study from a recognized university with 80% and above marks
    • provide scores of GRE or GMAT
    • provide proof of English language proficiency through IELTS, TOEFL or equivalent exam

    The detailed admission requirements for Masters in Finance at American universities are given below:

    Business School Application Fee (in USD) GPA Required* TOEFL- iBT Scores IELTS Scores GMAT Scores GRE Scores
    Sloan School of Management 150 3.7 90 7 700- 770 320
    Haas School of Business 275 3.42-3.90 90 7 680- 760 320
    Anderson School of Management 200 3.5 100 7 716 320
    Columbia Business School 155 3.46 90 6.5 706 324
    Marshall School of Business 90 3.49 105 7.5 687 315
    McCombs School of Business 100 3.85 109 7.5 686 327
    Gies College of Business 90 3.41 103 7.5 696 317
    Scheller College of Business 85 3.6 95 7 674 322
    McDonough School of Business 175 3.2 100 7.5 720 320
    Questrom School of Business 125 3.62 104 6.5 724 330

    *The GPA required is on a 4.0 scale.

    Documents Required

    The required documents while applying for Masters in Finance in USA admissions are:

    • Completed online admission application form
    • Evaluated academic transcripts from all educational institutions attended
    • 2-3 Letters of Recommendation  
    • Resume
    • Writing Sample or Statement of Purpose
    • Some universities might also ask for a video essay or question
    • Scores of standardized tests to study in USA
      • English proficiency test scores
      • GMAT or GRE scores
    • Payment of non-refundable admission application fee

    Masters (MS) in Finance in USA: Cost of Attendance

    Masters (MS) in Finance in the USA is an expensive course program for international students. Other than tuition fees, the students have to bear the living expenses in the cities of the USA. International students must take a detailed tour of the cost of study in USA before making a decision on choosing the right university.

    Pre-arrival Costs to USA

    One-time expenses that are to be paid before actually starting their studies at a university including the application fee, registration fees for various exams, visa application and SEVIS fee, airfare, etc. The table below shows some of the estimated pre-arrival costs to USA.

    Categories Fees (in USD)
    GRE fees 205
    TOEFL fees 180 
    Visa registration fees 190
    Application fees 150

    Tuition Fee for MS in Finance in USA

    The annual tuition fee for MS in Finance in USA ranges from 19,037 USD to 77,168 USD. The chart below depicts the annual tuition fee for Masters in Finance at top colleges in USA:

    Tuition Fee for MS Finance in USA

    Cost of Living in USA

    For most international students it is quite difficult to sustain the livelihood in USA because of high costs. Students can opt to stay either inside or outside the campus premises while pursuing Masters of Finance in USA. The cost of living in USA majorly depends on the type of student housing chosen, city of residence, etc. The estimated living expenses include:

    Categories Annual Cost (in USD)
    Books and Supplies 900
    Food 6318
    Apartment Housing with amenities 16,700
    Dormitory Housing 7,402-11,622
    Meal Plan for Dormitory Residents 2,426
    Miscellaneous 6470

    Visa to Study in USA: Document Required and Process

    International students are required to apply for a visa to study in USA. Upon receiving the I-20 form, required for visa application, from the university, students can complete their applications online. Students are required to submit the following documents for their F-1 student to USA:

    • Visa application form
    • Acceptance letter from the university
    • Birth Certificate
    • Original I-20 signed and approved 
    • Sponsorship letter from the sponsor (if any)
    • Proof of finances to cover the costs of study in USA 
    • Bank statements for past 6-months 
    • Payment receipt of visa application fee and SEVIS fee

    Once these documents have been submitted, the applicant will be invited for an interview process at the USA Embassy in their home country. Visa will be issued only if the applicant has cleared their interview.

    Scholarships for Masters (MS) in Finance in USA

    Due to huge tuition fees, most of the international students avail financial aid for easy completion of their degree. The scholarships in USA for international students are as follows:

    Universities Scholarships Amount (in USD)
    MIT Sloan School of Management OGE Administered Fellowships Partial waiver of tuition fees
    UC Berkeley Haas School of Business The Chengchun "Arthur" Qi Book Scholarship 1,000
    UCLA Anderson School of Management Inlaks Shivdasani Foundation Scholarship Up to 100,000 USD
    USC Marshall School of Business Merit-based Scholarship Partial tuition fees
    Gies College of Business Golden Scholarships Partial tuition expense
    Columbia Business School Federal work-study program Varies
    Scheller College of Business Graduate Assistantships Monthly salary in exchange of 14hrs/week work commitment
    McDonough School of Business Merit-based scholarships Varies
    Questrom School of Business Dean’s Scholarship program Portion of tuition fees waiving off

    Education loans are another way of financing studies in the USA. Students can contact the banks or private lenders for an education loan. 

    For more international scholarships to study in USA, Click Here

    Job Prospects after Masters (MS) in Finance in USA

    The graduates of Masters (MS) in Finance in the USA can land up with lucrative job roles in the global financial sector. In this booming financial world, the finance graduates are the ones who can suggest the organization about the upcoming economic risks or the strategies to make it worthy. Job opportunities in the USA for international students are higher for its booming economic status. The finance graduates pave their paths in these global economic markets with analytical skills. The job profiles of the students recruited from the university along with its salary are given below

    Name of the university Average Salary (in USD) Top Recruiters
    MIT Sloan School of Management 149,000 Goldman Sachs; Alphadyne Asset Management; Barclays; JP Morgan Chase & Co.
    UC Berkeley Haas School of Business 140,000 Netflix; Airbnb; EY; Morgan Stanley; Twitter; UberEasts; Nike
    UCLA Anderson School of Management 100,000 Sancus Capital; Citigroup; Aspen Capital; Bank of Hope; Travix
    USC Marshall School of Business 100,000 Reynolds Advisory Partners; Disney; East West Bank; Target Enterprises; The Spartan Group
    McCombs School of Business 155,000 Deloitte, Wells Fargo, Dimensional Fund Advisors, 
    Gies College of Business 82,000 Bloomberg; KPMG; Enfusion; Nanhua; PwC
    Columbia Business School 130,000 A T Kearney; Microsoft; Bank of America; Oliver Wyman; Samsung
    Scheller College of Business 96,187 UBS; Millenium Advisors; Blackrock; Bank of America; Invesco
    McDonough School of Business 121,273 Gallup; American Express; Accenture; Citi; M&T Bank
    Questrom School of Business 82,000 Haitong Securities; Citic securities; Deutsche Bank; Fidelity

    Apart from these on-campus placements, the students can also update the resumes on online job portals like LinkedIn, Indeed, Splashfind, CareerBuilder.com, ZipRecruiter and many more. These job search engines will help the graduates to find out the best available job profiles in the finance sector.

    There are a number of companies that hire masters in finance graduates for full-timie positions and internships. A few of the top recruiters in USA of finance graduates with the minimum and maximum average salary packages have been depicted in the chart below. 

    Top Recruiters in USA for Masters in Finance Graduates

    With a projected growth of 7% from 2018-2028, Masters(MS) in Finance in USA is an exceptional program for anyone who wants to have a career in finance. It is a meticulous program focusing both on the practical and theoretical knowledge in finance. Interested students can explore their options with a Masters in Finance with equally incredible returns. 

    FAQs

    Ques. What are the best universities offering MS in Finance in USA?

    Ans. Some of the top universities in USA offering MS in Finance are MIT, UC Berkeley, UCLA, Columbia University, etc. 

    Ques. What is the eligibility to get admission to MS in Finance in USA?

    Ans. To be eligible for a Masters in Finance in USA, an applicant is required to have an undergraduate degree in a related discipline from a recognized university or college. International students are also required to provide proof of English language proficiency through one of the standardized tests of TOEFL or IELTS.

    Ques. Do universities in USA require scores of GRE or GMAT for admissions to Masters in Finance?

    Ans. Yes. International students are required to provide scores of either GRE or GMAT. Each university has its own criteria or minimum requirements for these standardized exams to study in USA. 

    Ques. What is the duration of Masters in Finance in USA?

    Ans. The MS (Masters) in Finance in USA is a program with a duration of 10-18 months at universities in USA.

    Ques. What are the tuition fees for a Masters in Finance in USA?

    Ans. The tuition fees for Masters in Finance in USA range from 19,000- 80,000 USD annually. 

    Ques. Are there scholarships available for international students pursuing Masters in Finance in USA?

    Ans. Yes. There are a number of scholarships available for international students to study in USA. These scholarships are awarded by the universities, USA government, respective home country government and several private agencies and organizations.

    Ques. What are the job opportunities in USA after Masters in Finance?

    Ans. USA offers a number of jobs available after Masters in Finance in USA. Average annual salary of masters in finance graduates ranges from 80,000- 160,000 USD per year.