What Is a Master's in Finance?

A master’s in finance is a graduate-level degree that includes theoretical and practical coursework in business, finance, and economics. When you’re interested in building a lucrative financial career, earning a master’s degree can be an excellent choice. It also helps you advance your understanding of corporate financial practices and expertise. In turn, it may elevate your career prospects. 

At the graduate level, you have two primary options: a Master in Finance (MSc Finance) or a Master of Business Administration (MBA) with a specialisation in finance. Each degree type has a different structure, and the one you choose will depend on your experience and career goals. 

Explore master’s in finance degrees in more detail, including how the two compare and what you’ll learn in each type of program, to decide on the path that’s right for you. 

Master of Finance vs Master of Business Administration 

Generally speaking, financial professionals who want to further their financial knowledge and technical skills in a shorter period often choose a Master of Finance degree program. On the other hand, an MBA in finance suits students who want to gain broad business knowledge whilst focusing a significant portion of their coursework on finance. 

Master of Finance degree

Most MSc finance programmes take two years to complete. Some programmes may require you to have a certain amount of work experience to qualify for MSc finance. A growing number of online master’s in finance programs also exist, which you’ll appreciate if you work full-time and prefer greater flexibility to complete your education. 

Coursework 

In a Master of Finance program, you’ll explore the subject theoretically and practically to strengthen essential skills to perform tasks such as modelling. You can expect to deepen your knowledge of economics, statistics, ethics, and data, amongst other topics. Your courses may include:

• Macroeconomics 

• Risk management

• Investment analysis

• Financial modelling

• Financial reporting

• Quantitative methods

• Financial regulations 

• Statistics

Is a Master of Finance useful?

These versatile degrees can help you enter various career fields and high-paying jobs, including wealth management advisor, actuary, financial analyst, or chief financial officer. It can also help open the door to various professional paths, from working in corporate finance or commercial banking to becoming an entrepreneur or founding a start-up.

Specialisations

You may have the option of choosing electives based on an area of finance that interests you. In such cases, after completing the outlined coursework, you can select an aspect of finance you want to learn more about. You may choose a specialisation based on your career goals. Your options may include:

• Corporate finance

• Financial technology (FinTech)

• International finance

• Venture capital

• Mergers and acquisitions 

• Bank management

• Financial econometrics 

• Business law and ethics 

MBA degree

Finance is one of the top five MBA concentrations. Whilst students do not have to pursue a career at a financial institution, many graduates work at investment banks, asset management firms, consulting firms, and brokerages.

Unlike the MSc Finance, you won’t have the option of choosing a niche financial specialisation because your concentration will count as such. Traditional MBA degrees take around two years to complete, and programs typically expect students to attend full-time. However, part-time or online MBAs allow students to keep working whilst earning their degree. 

Coursework 

The courses you complete as part of your MBA will combine foundational business classes with electives that focus on finance. 

Examples of general business courses: 

• Foundations of leadership

• Business strategy

• Managerial accounting

• Operations management

• Corporate finance

• Cultural psychology

• Business ethics

Examples of MBA in finance courses: 

• Financial strategy

• Entrepreneurial finance 

• Global economics

• Corporate valuation

• Investment banking

• Mergers and acquisitions 

Is an MSc Finance better than an MBA?

The best master’s in finance programme is the one that best meets your needs and aligns with your goals. Each programme has a slightly different focus. To make sure you pick the best master’s in finance programme, consider what you want to learn by enrolling in a master’s programme and what you hope to do after graduating. 

If you have no financial experience but desire a financial career, an MBA may be the best option since an MSc Finance degree will likely require previous training or experience. If you’re a financial professional who wants to accelerate your career, an MSc in Finance may be the stronger option, given your ultimate goals. 

Regarding careers, you can pursue many similar senior or managerial financial roles with both degrees. Still, you may broaden your career prospects with an MBA because of its foundational business curriculum. Graduating from either programme could lead to high-paying positions, with your earnings mainly depending on your position, company, and location. 

What can you do with a master’s in finance? 

Earning a master’s in finance can lead to strong career prospects, with job opportunities in several industries, such as government, manufacturing, and tech. The roles you can pursue after earning a master’s degree in finance will vary, including the following opportunities.

*All median base salary data sourced from Glassdoor as of October 2024 and does not include additional pay, such as commission and benefits.

Begin your master’s in finance with Coursera 

Start working toward a master’s degree on your path to a rewarding career in finance. Earn your Master of Business Administration from the renowned Gies College of Business at the University of Illinois Champaign-Urbana on Coursera. The programme offers several concentrations, such as financial management and managerial economics, and you can even “try before you buy” by completing a graduate certificate from the school first. 

If a shorter programme better suits your needs, Gies College of Business also offers a one-year Master of Science in Management, which includes financial and accounting courses.