Top 20 Online Master's in Finance Degrees in 2019
A career in finance can offer opportunities in almost any industry. While the term may call to mind a career in banking or at an investment firm, most organizations — as well as many individuals — require the services of a finance professional for accounting, investments, and budget analysis. Earning an online master's in finance can qualify you for a variety of professional opportunities as a personal financial adviser, corporate CFO, market research analyst, or fundraiser.
Good online master's in finance programs offer the same quality education as on-campus programs. Location and time commitment are two major considerations for people working full time who wish to pursue a graduate degree; online finance master's programs offer excellent opportunities for distance students to receive a quality education. These online master's in finance programs assume their students work full time and need flexibility to balance their education with work. Some programs are available entirely online, while others require in-person campus visits. Students have access to faculty as needed, and programs encourage communication and collaboration among peers. The following online master's in finance programs offer these attributes and more to help you achieve your career goals.
What Are the Best Online Master's in Finance Programs?
Featured Online Schools
Top 20 Online Masters in Finance Degrees in 2019
Harvard University offers a Master of Liberal Arts (ALM) in extension studies, field: Finance . Harvard's online finance masters degree includes 12 courses (48 credits). While most of this program can be completed online, at least 16 credits must be taken on campus during the course of the program. Students have the option of taking these on-campus courses in short, intensive sessions, minimizing the amount of time required for in-person classes. To enter the program, a student must complete three admissions courses from the curriculum to demonstrate that they are well-suited to the program. Students of Harvard's masters in finance online program can earn a second graduate credential by choosing electives relevant to a certain topic. Graduate certificates are offered in accounting, corporate finance, principles of finance, business economics, and real estate investment. Graduates have access to Harvard's career services office, as well as the university's prestigious alumni program and related networking benefits.
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Career Opportunities with an Online Master of Finance Degree
Financial specialists who are familiar with the methods, rules, and strategies of finance are valuable in every industry. Graduates with an online master's in finance can use their breadth of financial knowledge to help a business, individual, municipality, or other entity manage its funds, capital, or debt. Master's in finance online programs prepare professionals to work in corporate finance, money management, investment, financial planning, banking, or philanthropy. Finance professionals are detail-oriented decision-makers with strong analytical, technical, and interpersonal skills.
Salary Outlook for Finance Program Graduates
The competitive world of finance offers great earning potential to highly ambitious individuals. Most entry-level positions in finance require at the least a bachelor's degree in business, finance, or a related field. Financial analysts, who must hold a bachelor's degree, earn a median salary of $84,300. With an advanced degree in finance, graduates land higher-paying executive jobs straight out of grad school. Companies need well-educated candidates with global financial acumen and specialized skills. The U.S. Bureau of Labor Statistics projects an 11% job growth in finance by 2026. Keep reading for more information on salaries for online master's in finance graduates.
Graduates' specialized skills and work experience ultimately determine their earning potential. The table below features data from PayScale.com, detailing median salaries for finance occupations.
| Job Title | Overall Median Salary | Median Salary for Entry-Level Employees | Median Salary for Mid-Career Employees | Median Salary for Late-Career Employees |
|---|---|---|---|---|
| Financial Analysts | $59,225 | $57,000 | $67,000 | $73,000 |
| Budget Analysts | $58,945 | $52,000 | $61,000 | $69,000 |
| Financial Manager | $70,807 | $56,000 | $68,000 | $72,000 |
| Personal Financial Adviser | $60,715 | $51,000 | $62,000 | $204,000 |
| Economists | $73,756 | $63,000 | $89,000 | $119,000 |
What Else Can I Expect from an Online Master's in Finance Program?
Students enrolled in a master's in finance online program learn about economics, corporate finance, financial mathematics, forecasting, and analytics. They graduate with the industry knowledge, financial acumen, and research abilities needed to make an immediate impact in their careers.
Different Types of Online Master's in Finance Programs
The two main types of finance master's programs are MS and MBA degrees. MS programs explore financial theory and qualitative models, which help students analyze different markets; students who want to pursue a Ph.D. in the field typically pursue an MS. Students may also earn an MBA with a concentration in finance. An MBA provides students with a general business education, combining marketing, accounting, advertising, and finance.
Admissions Requirements for an Online Master's in Finance
Every college can set its own admissions requirements, but many programs impose similar prerequisites for applicants considering an online finance master's degree. For example, colleges often request that applicants submit GMAT or GRE test scores, a resume, an essay, letters of recommendation, and college transcripts. Most students hold a bachelor's degree or associate degree in finance or business, but such degrees are not always required. However, many programs require that students hold 1-3 years of professional experience.
Curriculum for an Online Master's in Finance
Financial Forecasting: This course introduces modern forecasting methods used in finance and data interpretation. Students learn to estimate models and use past values, market information, and surveys to provide forecasts for the future. In most master of finance online programs, students learn how to estimate financial risk, apply econometric tools, and construct reliable models.
Corporate Finance: Corporate finance is a core course in most online master's in finance programs. In this class, students examine the major theories and practices in corporate finance and study topics such as risk management, financial reports, and the valuation of claims. This course also examines the impact of technology and how it affects security and analysis.
Mathematics and Finance: This course explores the mathematical fundamentals of modern finance. Topics covered include linear algebra, statistics, probability, and solving pricing problems for derivatives. Other common topics include major mathematical models, formulas, and processes used in analysis, like Brownian motion (random behavior) and Martingale pricing.
Financial Statement Analysis: In this course, students learn to analyze information from financial statements to solve problems and inform decisions. By the end of the course, students should understand how to interpret and draw inferences from a financial statement to assess a company's performance and future prospects.
Analytics and Finance: This course examines the increasing importance of modern analytical skills in finance, which proves useful in portfolio management, algorithmic trading, and the pricing of derivatives. Students learn concepts such as machine learning and dynamic optimization, along with the quantitative models commonly used for financial analyses.
Earning a concentration offers online master's in finance graduates the opportunity to differentiate themselves on the job market. Employers favor graduates with specialized skills, especially as the financial industry continues to grow and add more niche positions. Students can get a leg up on their job hunt by pursuing a concentration during their online master's in finance degree. The next graph outlines some possible concentrations to consider.
An accounting concentration teaches students the fundamentals of accounting management for private and nonprofit companies. Students begin the concentration by taking introductory accounting classes, auditing, and state and federal taxation policies.
Students with a concentration in accounting often go on to manage a company's finances, working as financial accountants or certified professional accountants.
How Long Does It Take to Get an Online Master's in Finance?
Many factors can affect how long it takes to earn an online master's degree in finance, including how much time the student can devote to school, work and life obligations, and finances. Typically, students can complete a master's degree in finance online program in 1-2 years. They can complete accelerated programs in just 12 months, though these programs require a full-time course load; part-time students can earn their degrees in two years.
Typically, students can complete a master's degree in finance online program in 1-2 years.
Program length also depends on whether courses are offered synchronously or asynchronously. Asynchronous programs are delivered in self-paced formats, allowing students to set their own academic schedule, which works especially well for students with jobs. Other factors affecting program length include the number of start dates offered each year and whether a school follows a semester or quarter schedule.
Accelerated Programs for an Online Master's in Finance
Students can expect to earn their online master's in finance degree in two years. However, accelerated programs allow students to earn their degree in one year or 16 months. For the most part, students can expect no extra costs associated with accelerated programs. Taking a one-year master's program online costs about the same as a two-year program, if not less, since these students stay in school for a shorter period of time.
These one-year programs offer intensive coursework intended for full-time students, though part-time one-year programs are also available. Most students enrolled in accelerated programs hold professional work experience and aim to earn their degrees more quickly. However, the rigorous coursework does not appeal to all students, particularly those who can only attend school part time.
Certifications and Licenses a Master's in Finance Prepares For
Series 6 License: With a Series 6 license, financial professionals can buy and sell investment products, such as shares on a stock exchange, on behalf of their clients. License-holders cannot sell corporate or municipal securities or options. To apply for a license, professionals must be sponsored by a Financial Industry Regulatory Authority, Inc. member, submit to fingerprinting and a background check, and score a 70% or higher on the Series 6 exam.
CFA Certification: Over 150,000 professionals hold this credential, which signifies that the holder has an understanding of advanced investment analysis and risk management. To become certified, applicants must have a bachelor's degree, pass a three-level certification exam, and have 48 months of qualified work experience. CFA holders typically pursue careers as portfolio managers, research analysts, chief level executives, consultants, and risk managers.
CFP Certification: This certification is ideal for financial planners and requires candidates to meet requirements for education, testing, experience, and ethics. Candidates must have a bachelor's degree and pass the CFP examination. The CFP Board also requires candidates to have 6,000 hours of work experience, or 4,000 if these hours were earned through a CFP apprenticeship.
Financing Your Online Master's in Finance
Most students pay for graduate school through a combination of loans, scholarships, and personal savings. For most students, pursuing an online master's in finance is a major investment. Fortunately, there are many ways to ease the financial burden of earning an advanced degree. The first step for all students is to complete the Free Application for Federal Student Aid (FAFSA), which determines whether a student qualifies to receive federal financial aid. Federal financial aid is available in the form of grants, subsidized and unsubsidized loans, and work-study programs. Check out this page for more information on scholarships for finance students.
Scholarships for Master's in Finance Students
Many scholarships are available for specific groups of people, organized by factors such as level of education, field of study, or residency. Some scholarships are earmarked for graduate students and those pursuing finance specializations, such as risk management, corporate finance, government finance, or analytics. Below are a few ideal scholarships for online master's in finance students.
Who Can Apply: GFOA offers several awards for graduate and undergraduate students. The Goldberg-Miller Public Finance Scholarship is ideal for graduate students who intend to work in local or state government finance. Applicants must be a resident of the U.S. or Canada.
Amount: $5,000-$15,000 Apply Here
To determine the best online master's in finance programs, we looked at factors that matter most to prospective students, especially common predictors of future success and a school's commitment to online programs, including admissions rate, student loan default rate, retention rate, graduation rate, and the percent of students enrolled in online classes. All data points come from information provided by colleges and universities to the National Center for Education Statistics.
We weight each factor evenly to give an objective view and determine the 20 best online master's in finance programs. To calculate our list, we looked at a school's ranking when organized by a single factor, and then averaged each category's ranking to find an overall score: Admissions Rate (20%) + Default Rate (20%) + Retention Rate (20%) + Graduation Rate (20%) + Percent of Students Enrolled in Online Classes (20%) = Final Score.