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Ameer Khatri MBA Consultant

MiF in the USA

Trishna   |   July 05, 2023

660

Avg. GMAT

23

Avg. Age

$ 70,510

Avg. Cost of Study

12 – 24

Months Duration 

$ 75,000

Avg. Salary

Table of Contents

Why Study MiF in the USA?

Studying for a Masters in Finance in the US offers a range of advantages and opportunities. The program typically spans two years and thoroughly explores various aspects of finance, including financial markets, investments, and corporate finance. With experienced and renowned professors, US business schools attract top faculty members from prestigious universities, ensuring a high-quality education. Obtaining a Masters in Finance degree from the US can open up a world of opportunities in the field of finance. The US is home to many major financial centers, providing you with access to a diverse range of job prospects.

Moreover, many US universities emphasize internships as part of their Masters in Finance programs, allowing international students to gain practical experience and develop leadership and management skills. The US is renowned for its prestigious universities and business schools, which are globally recognized for their academic excellence. It is important to note that the tuition rates for Masters in Finance in the US can vary from 44,000 to 50,000 on average. However, various scholarship opportunities are available to international students.

Studying for a Masters in Finance in the US offers a comprehensive curriculum, valuable internship opportunities, access to prestigious universities, and a range of career prospects. While financial planning is essential, the benefits gained from acquiring a US degree in finance can make it a worthwhile investment in your future.

Types of MiF offered in the USA

Full-time Masters in Finance: Full-time masters in finance programs in the USA are an excellent option for students who want to understand finance comprehensively and prepare for a career in the finance industry. These programs typically offer a curriculum that covers a wide range of financial topics, including corporate finance, investment banking, financial analysis, and risk management, and last for around 12 – 24 months.

Part-time Masters in Finance: Part-time learning enables individuals to pursue and obtain degrees, even if they cannot attend school full-time. It offers the flexibility to learn at one’s own pace, gradually accumulating credits that contribute towards the final qualification.

Masters in Finance Executive Program: An executive master’s in finance is a graduate degree designed for working professionals who want to advance their careers in the finance industry. These programs typically offer a curriculum that covers a wide range of financial topics, including corporate finance, investment banking, financial analysis, and risk management.

Masters in Finance Online Program: Online master’s in finance programs in the USA are becoming increasingly popular as they offer working professionals the opportunity to advance their careers without having to relocate or quit their jobs. These programs typically offer a curriculum similar to on-campus programs, and experienced faculty members teach them.

Program Costs + Living Expenses : MiF in the USA

$ 55,000 

Avg. Tuition Fee

$ 15,000

Avg. Living Cost

$ 510

Avg. Visa Expense

70,510

Avg. Cost of Study

When exploring the option of pursuing a MiF in the USA, it is crucial to consider the program costs and living expenses. The average tuition fee for studying a Masters in Finance in the USA is $55,000 annually.

It’s important to note that international students must also plan for their living expenses in addition to program costs. On average, students require around $15,000 per annum to cover the cost of living in the USA. These expenses encompass various aspects such as accommodation rent, the type of area (which influences the cost), nightlife expenses, food, groceries, transportation, lifestyle choices, and other miscellaneous expenses that may arise.

It is worth mentioning that in addition to program costs and living expenses, international students will also need to consider visa charges. The specific visa charges for studying in the USA currently amount to $160. It is essential to budget for these charges as part of the overall financial plan.

By considering all these factors, prospective students can have a comprehensive understanding of the financial aspects involved in pursuing a Masters in Finance in the USA.

Eligibility Criteria : MiF in the USA

A bachelor’s degree in finance, economics, accounting, or a related discipline is required.

The minimum GPA requirement varies from university to university, but a GPA around 3.0 and 3.5 is needed for pursuing a MiF in the USA

Most universities require GRE or GMAT scores for admission to their Master’s in Finance programs. The minimum score requirement also varies from university to university, but it typically ranges from 620 – 690.

International students must demonstrate their English language proficiency by taking a standardized test such as the TOEFL or IELTS. The minimum score requirement varies from university to university, but it is typically between 80 and 90.

In the admissions process, certain universities may take into account relevant work experience in the finance industry.

Two or three letters of recommendation from academic or professional references are typically required for admission to Master’s in Finance programs in the USA.

A Statement of Purpose is a personal essay that offers the admissions committee an insight into your academic and professional objectives, along with your motivation for pursuing a Master’s in Finance.

Besides the eligibility criteria mentioned above, the following documents are also required by the universities if you want to puruse a Masters in Finance in the USA:

  • Completed online application form
  • Official transcripts
  • Visa application documents
  • CV/Resume
  • Fee for applications

Types of Financial Aid Available : MiF in the USA

Scholarships for MiF students are bestowed on the basis of academic merit, financial need, or a combination of both factors. Various types of scholarships are accessible, ranging from those provided by universities to those offered by professional organizations and private foundations. Academic achievements, such as high grades or exceptional performance in relevant subjects, often play a role in university-based scholarships.

Professional organizations grant scholarships to finance enthusiasts who display potential for future success in the field. Private foundations predominantly focus on supporting underrepresented groups or students facing financial challenges. Exploring the diverse scholarship opportunities available can help MiF students secure financial assistance for their studies.

Here are some of the scholarships you should keep an eye on:

Government Grants 

Government grants, such as the Pell Grant and the Federal Work-Study Program, are provided by the federal government to assist students in covering college expenses. These grants are primarily need-based, meaning that students must demonstrate their financial need to be eligible.

The Pell Grant, in particular, is the most extensive federal grant program aimed at undergraduate students. It is awarded based on factors such as the student’s Expected Family Contribution (EFC), enrollment status, and cost of attendance. On the other hand, the Federal Work-Study Program offers part-time job opportunities to financially needy students, allowing them to earn money to help pay for their education expenses.

Applying for these government grants can be an invaluable step towards obtaining the necessary funding for college education.

Student Loans

Student loans are a form of financial assistance for students but must be repaid after the program’s completion, often with accrued interest. These loans can be obtained from different sources, including government and private lenders. Federal loans are generally preferred due to their lower interest rates and more accommodating repayment options. They offer students more flexibility when it comes to repayment plans, including income-driven repayment options, loan forgiveness programs, and deferment or forbearance options.

On the other hand, private loans are provided by banks or other financial institutions and typically have higher interest rates and less flexible repayment terms. Students need to consider the terms and conditions of any loan carefully they take out and ensure that they have a comprehensive plan for repaying the borrowed funds.

Work-Study Programs

Work-study programs allow students to earn income that can be used to offset educational expenses. These programs are designed for students who wish to work part-time while pursuing their studies. The work-study jobs are often located on campus or within the local community, providing students with convenient options.

Through these programs, students gain valuable work experience while earning a wage that can be used towards tuition fees, textbooks, or other educational costs. Work-study programs provide financial support and allow students to develop essential skills, build professional networks, and balance their academic responsibilities with practical work experience.

Besides the types of financial aid we mentioned above, MiF students have other financial aid options as well, such as tuition waivers, fellowships, employer assistance, and government programs. To find these opportunities, starting early, conducting research, and utilising resources like the financial aid office, College Board, and Federal Student Aid website is essential.

Career Prospects : MiF in the USA

A Master’s in Finance is a highly competitive degree that can lead to lucrative careers in the financial services industry. The top companies in the USA that hire MSF graduates offer a wide range of opportunities. These companies are known for their robust compensation packages and their commitment to career development. If you are interested in a finance career, these are some of the top companies to consider.

  • Bank of America Merrill Lynch
  • Goldman Sachs
  • JPMorgan Chase
  • Morgan Stanley
  • Citigroup
  • Wells Fargo
  • BlackRock
  • State Street
  • Fidelity Investments
  • UBS
  • Credit Suisse
  • BNY Mellon
92%

Employed within 3 months of graduation

70K - 120K

Avg. Salary

Most Sought-after Jobs

Investment Banking

Financial Analysis

Portfolio Management

Risk Management

Wealth Management

Consulting

CFO

Financial Advisor

Visa & Stay Prospects : MiF in the USA

If you are an international student who wants to pursue a Master’s in Finance in the USA, you will need to apply for a student visa. The most common type of student visa for MSF students is the F-1 visa.

To apply for an F-1 visa, you will need to provide the following documents:

  • A completed Form I-20 from your school
  • A passport that is valid for at least six months beyond your intended stay in the USA
  • Proof of financial support
  • A medical examination

Once you have been granted an F-1 visa, you will be allowed to stay in the USA for the duration of your studies. You will also be able to work part-time on campus.

After you graduate from your MiF program, you may be eligible to apply for an Optional Practical Training (OPT) visa as well. OPT allows you to work full-time in the USA for up to 12 months after graduation. 

If you want to stay in the USA after your OPT expires, you may be eligible to apply for a H-1B visa. The H-1B visa is a work visa that allows you to work in the USA for up to six years.

Visa Extension After Graduation

If you are an international student who wants to stay in the USA after you graduate from your Master’s in Finance program, you could be eligible for a visa extension. There are a few different types of visa extensions that you may be eligible for, including:

  • STEM OPT extension: If you have completed your Master’s in Finance program in a STEM-related field, you may be eligible for a 24-month STEM OPT extension.
  • O-1 visa: If you are a highly skilled worker in the field of finance, you may be eligible for an O-1 visa.
  • H-1B visa: You may be eligible for an H-1B visa if you have a job offer from any US employer.

Applying for a visa extension can be a complex process, so it is crucial to speak with an immigration attorney to discuss your options.

If you are an international student who wants to pursue an MSF in the USA, several visa options are available. With careful planning and proper preparation, you can successfully obtain a visa and stay in the USA after graduation.

Top 5 Colleges for MiF in the USA

UniversityDetailsSuggested
Boston University

MS in Financial Management

Duration: 24 months

Format: Full-time

Location: Boston, Massachusetts

Boston University MiF
University of California, Berkeley

Master’s in Financial Engineering

Duration: 12 months

Format: Full-time/Part-time

Location: Berkeley, CA

University of California, Berkeley MiF
McCombs School of Business

Master of Science in Finance

Duration: 10 months

Format: Full-time

Avg. Working Experience: Preferable*

Location: Austin, Texas

McCombs MiF
University of Illinois Chicago

Master of Science in Finance

Duration: 12 – 12+ months

Format: Full-time/Part-time

Location: Chicago, Illinois

University of Illinois at Chicago MiF
MIT Sloan School of Management

Master of Finance

Duration: 12 – 18 months

Format: Full-time

Avg. Working Experience: Preferable*

Location: Cambridge, Massachusetts

MIT Sloan MiF

Application Process & timeline

We strongly advise all our clients to have a proper excel sheet or a timetables mapped out.
Once you are done with GMAT the entire application process usually take 4-6 weeks

Step 1

GMAT / GRE Score

2-3 months.

If you are not sure about what score to target then look at the average score of the schools you want and shoot above the average. 

Step 2

Profile Evaluation

 1-2 weeks.

Get your profile evaluated from a professional consultant and figure out what schools you can target based on your profile

Step 3

Application Prep

3-4 weeks at least. 

Start writing at least 1 month in advance of their 1st deadline. First application usually takes the longest.

Step 4

Interview Prep

1 week

School will notify you and give you roughly 1 week to schedule your interview. Ideally, start your prep ASAP and Do some mock interviews.

FAQs about MiF in the USA

Whether or not it is worth getting a Master’s in Finance in the USA depends on your individual circumstances. However, for many students, it is a worthwhile investment. The high-quality education, opportunities for internships and full-time jobs, and high salary potential make a MiF from a US university a valuable credential.

The career prospects for Masters in Finance graduates in the USA are excellent. Graduates can find jobs in a variety of financial industries, such as investment banking, private equity, hedge funds, commercial banking, asset management, and financial consulting.

No, many programs accept students from diverse educational backgrounds. While a finance or related degree can provide a foundation, programs often offer foundational courses to bridge knowledge gaps.

Many programs offer opportunities for internships, co-op experiences, or hands-on projects, providing students with practical exposure to the finance industry and networking opportunities.

Take into account elements like the program’s standing, the proficiency of the faculty, the pertinence of the curriculum, the location, the alumni network, and the potential for internships or job placements. It’s advisable to conduct thorough research and compare various programs to select the one most suitable for you.

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