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 of Finance (MOF or MFin) or a Master of Business Administration (MBA) with a concentration 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 while focusing a significant portion of their coursework on finance. 

Learn more: MBA vs. MS: Choosing Which Is Better for You

Master of Finance degree

Master of Finance students are likely already working in finance, perhaps as staff accountants or a company’s corporate finance team member. Finance master’s degree programs tend to be shorter—around 18 months versus a traditional two-year master’s degree—but at some schools, you may have the option to complete your degree in a one-year accelerated program. 

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. You may have the opportunity to enroll part-time or full-time in an online MOF program, taking courses asynchronously or virtually and working through the program at your own pace. 

Coursework 

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

• Foundations of finance 

• Macroeconomics 

• Risk management

• Investment analysis

• Financial modeling

• Financial reporting

• Quantitative methods

• Financial regulations  

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.

Specializations

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 specialization based on your career goals. Specializations can include:

• Corporate finance

• Market finance

• International finance

• Venture capital

• Hedge funds

• Mergers and acquisitions 

• Financial management

• Financial econometrics 

• Financial engineering

• Financial planning

• Business law and ethics 

MBA degree

Finance is one of the top five MBA concentrations. While 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 MOF, you won’t have the option of choosing a niche financial specialization 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 while earning their degree. 

Learn more: Your Guide to Online Business Degrees

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 include: 

• Foundations of leadership

• Business strategy

• Managerial accounting

• Operations management

• Corporate finance

• Cultural psychology

• Business ethics

Examples of MBA in finance courses include: 

• Financial strategy

• Entrepreneurial finance 

• Global economics

• Corporate valuation

• Investment banking

• Mergers and acquisitions 

Is an MOF better than an MBA? 

Each program has a slightly different focus. Tthe one that’s better for you will depend on your professional goals and interests. To make sure you pick the best master’s in finance for you, you should consider what you want to learn by enrolling in a master’s program 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 MOF degree will likely require previous training or experience. If you’re a financial professional who wants to accelerate your career, an MOF 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 program could lead to high-paying positions, with your earnings largely depending on your position, company, and location. 

It is notable, however, that you may spend more on an MBA than a MFin because the MBA may take longer to earn. You can expect to pay an average of $56,850 for your MBA and significantly more than that average at some of the top US programs [1]. In comparison, the average master’s program, such as an MFin program, costs $48,690 at a public college or university [1]. Additionally, if you enroll in a one-year or 18-month MFin program, you may pay less overall for your degree [1].

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. Highly popular industries include finance and insurance—30 percent of financial managers work in these fields [2]. 

Managerial finance jobs have a promising career outlook, with a projected 16 percent growth rate between 2022 and 2032, according to the US Bureau of Labor Statistics [3]. The roles you can pursue after earning a master’s degree in finance will vary, including the following opportunities.

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

Learn more: What Can You Do with a Finance Degree? 7 Career Paths

Getting started on 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 program 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 program better suits your needs, Gies College of Business also offers a one-year Master of Science in Management, which includes financial and accounting courses.