MS in Finance in USA (2027): Top Universities, Fees, Requirements

Pursuing an MS in Finance in the USA gives graduates up to three years of US work experience, a shorter route into finance than an MBA, and strong pay in investment firms. Many top programmes are also located close to major financial hubs such as New York, Boston and Los Angeles, where leading banks and asset managers recruit.

Here are the key reasons to pursue an MS in Finance in the USA:

• Up to 36 months of US work experience: Many MSF programmes are STEM-designated. This adds a 24-month STEM OPT extension to the first 12 months of OPT. 
• Shorter than an MBA: Most MS in Finance programmes take 9 to 18 months to complete and do not require prior work experience, unlike a two-year MBA.
• Head start on the CFA charter: Several MS in Finance programmes in the USA are part of the CFA Institute University Affiliation Program, which recognises programmes whose curriculum covers a significant part of the CFA syllabus.
• Higher pay in investment firms: Financial analysts earned a median of USD 103,570 (INR 98.4 Lakh) in May 2025. Analysts in securities and investment firms earned more, at USD 124,370 (INR 1.18 Cr).
• Steady hiring demand: BLS projects about 29,500 openings for financial analysts and 65,600 for financial managers each year until 2035. Financial manager jobs are set to grow 10%, against a 3% average for all jobs.

This list covers the top 10 US programmes from that QS ranking. QS ranks each finance programme on five areas: value for money, thought leadership, employability, diversity and alumni outcomes. 

The THE World University Rankings 2027 rank is added to show each university’s overall standing, which is based on teaching, research, industry links and international outlook. The two rankings can differ widely. For example, Penn State and Indiana sit in the QS top 40 for finance but rank 101 and =212 overall in THE.

Here is the list of the top universities for an MS in Finance in the USA, with their QS and THE ranks:

Source: QS Ranking 2027 for Finance, THE Ranking

Let’s look at each university’s MS in Finance programme in detail, including fees, eligibility, STEM status and graduate salaries.

Massachusetts Institute of Technology (Sloan)

MIT Sloan offers a Master of Finance (MFin) designed for recent graduates and early-career professionals. The programme runs for 18 months, with an option to complete it in 12 months. 

It admits applicants from finance, engineering, mathematics, physics and computer science, and its curriculum focuses on quantitative models, advanced financial theory and industry practice. A key feature of Sloan MS Finance is the Action Learning proseminars, where students work in small teams with industry partners on real projects in capital markets, investment banking and private equity.

• Fee: USD 96,884 (INR 92 Lakh) for the 12-month format and USD 133,007 (INR 1.26 Cr) for the 18-month format, for 2026-27.
• Eligibility: A four-year bachelor’s degree, or a three-year degree from outside the US, with coursework in linear algebra, multivariable calculus, probability and statistics. GMAT or GRE scores are optional. TOEFL and IELTS are not accepted, as English is assessed in the interview.
• STEM designated: Yes.
• Average salary after graduation: USD 122,858 (INR 1.17 Cr), with a median base salary of USD 125,000 (INR 1.19 Cr) for the Class of 2025.
• Popular specialisations: Capital Markets, Corporate Finance, Financial Engineering, Climate and Social Impact Finance, and FinTech.

University of California, Berkeley (Haas)

UC Berkeley’s finance master’s at Haas is the Master of Financial Engineering (MFE), a full-time one-year programme. It combines finance with mathematics, data science, machine learning and programming, and prepares graduates for roles in trading, portfolio management and quantitative research. 

Berkeley describes it as the only financial engineering programme with a mid-programme internship built into the curriculum. From the 2027 cohort, the programme starts in January, and students can choose between a summer and a fall internship within the one-year course.

• Fee: USD 92,269 (INR 87.7 Lakh) in tuition and fees for the Class of 2027. Berkeley also recommends budgeting up to USD 5,000 (INR 4.8 Lakh) for the required pre-programme courses.
• Eligibility: A bachelor’s degree with a strong quantitative background, including multivariate calculus, linear algebra, partial differential equations, numerical analysis, and advanced statistics and probability. Applicants also need programming experience in C++ or Python and a GMAT or GRE score. International applicants need a minimum TOEFL iBT score of 90 or IELTS band 7.
• STEM designated: Yes.
• Average salary after graduation: USD 148,318 (INR 1.41 Cr), with a median base salary of USD 150,000 (INR 1.43 Cr) for the Class of 2025.
• Popular specialisations: Derivative Valuation, Asset Management, Risk Management, Sales and Trading, and Asset/Liability Modelling.

Yale University (School of Management)

Yale SOM’s finance programme is the Master’s in Asset Management, a nine-month, full-time course that leads to a Master of Management Studies (MMS) degree. It is designed for early-career candidates and focuses on investment analysis, asset allocation, portfolio construction and risk management, with an emphasis on quantitative methods. 

Each student must also complete a practical component, such as an internship, an external project or research with a Yale SOM finance professor. The programme draws on Yale’s investing tradition through the Swensen Asset Management Institute, and its graduates have joined firms such as AQR, BlackRock and Bridgewater.

• Fee: USD 91,400 (INR 86.8 Lakh) in tuition and programme fees for 2026-27.
• Eligibility: A bachelor’s degree in any discipline, with no required major or prerequisite courses. Yale recommends coursework in multivariable calculus, linear algebra, microeconomics, probability and statistics, and programming. A GMAT or GRE score is required, with no minimum. Indian applicants must submit TOEFL, IELTS or Duolingo scores, unless their entire degree was taught in English.
• STEM designated: Yes.
• Average salary after graduation: USD 95,000 (INR 90.3 Lakh) median base salary for the Class of 2023, the latest year with published pay data. For the Class of 2025, 95.6% of graduates accepted an offer within six months.
• Popular specialisations: Quantitative Investing, Portfolio Management, Risk Management, Financial Econometrics, and Machine Learning.

University of California, Los Angeles (Anderson)

UCLA Anderson’s finance master’s is the Master of Financial Engineering (MFE), a 15-month, full-time programme that combines mathematical and statistical tools with finance theory. Its coursework covers advanced topics such as stochastic calculus, data analytics and machine learning. 

Practical training is built into the degree through a required summer internship and the Applied Finance Project, a team capstone in which students solve a real financial engineering problem for an organisation, supervised by three faculty members. The Financial Institutions Seminar also brings industry leaders into the classroom throughout the programme.

• Fee: USD 107,882 (INR 1.02 Cr) in total programme charges for the full 15 months, for the cohort starting in Fall 2025.
• Eligibility: A bachelor’s degree with a strong quantitative background and a GMAT or GRE score. Indian applicants must submit TOEFL or IELTS scores, even if their degree was taught in English. UCLA’s minimum is TOEFL iBT 87 or IELTS 7, though most admitted students score above 100 on the TOEFL.
• STEM designated: Yes.
• Average salary after graduation: USD 109,427 (INR 1.04 Cr) average base salary for the Class of 2023, the latest year published.
• Popular specialisations: Risk Management, Asset Management, Derivatives Trading, Corporate Finance, and Data Analytics.

New York University (Stern)

NYU Stern’s full-time finance master’s for early-career students is the MS in Quantitative Finance (MSQF), offered jointly with NYU Shanghai. It is a 36-credit programme that can be completed in 12 or 20 months. Students begin with a summer term at NYU Stern in New York and complete the remaining terms at NYU Shanghai. 

The curriculum combines advanced quantitative training with practical financial management and covers how financial instruments are designed, priced and traded, along with newer areas such as FinTech.

• Fee: USD 75,136 (INR 71.4 Lakh) in tuition and orientation fees for 2026-27.
• Eligibility: A four-year bachelor’s degree or an equivalent foreign degree, with a strong background in mathematics, engineering, science, finance or business. TOEFL (minimum 90) or IELTS (minimum 6.5) is required, unless the applicant’s degree was taught in English. The Class of 2023 had a middle-80% GRE range of 320-336.
• STEM designated: No. Graduates are not eligible for OPT, because the programme finishes in Shanghai.
• Average salary after graduation: Not published separately for the MSQF. The Class of 2025 across NYU Stern–NYU Shanghai joint programmes recorded a 96.6% placement rate.
• Popular specialisations: Trading, Derivatives, Asset Management, Risk Management, and Corporate Financial Management.

Columbia University (Columbia Business School)

Columbia Business School’s finance master’s is the MS in Financial Economics (MSFE), a two-year, full-time programme run by the school’s Finance Division. Students take a combination of PhD-level and MBA courses in New York City. 

The programme teaches students to use financial economics, econometrics, machine learning and data science to solve real investing and asset management problems. In the second year, every student completes a group research project through the Thesis Seminar, and students can also take courses at other Columbia schools.

• Fee: USD 77,516 (INR 73.6 Lakh) per year in tuition for 2026-27, plus USD 5,811 (INR 5.5 Lakh) in mandatory fees in the first year.
• Eligibility: A bachelor’s degree. Three-year degrees are accepted, though Columbia notes that admits with three-year degrees usually show exceptional academic performance. A GMAT or GRE score is required, with no minimum. TOEFL, IELTS or PTE is required, unless the applicant’s degree was taught entirely in English.
• STEM designated: Yes.
• Average salary after graduation: Not published. In the Class of 2024, 47% of graduates joined financial services and 29% went on to PhD programmes.
• Popular specialisations: Asset Pricing, Financial Econometrics, Corporate Finance, Machine Learning, and Asset Management.

University of Texas at Austin (McCombs)

Texas McCombs offers a 10-month Master of Science in Finance (MSF) designed as a first degree in finance. It is suited to graduates from engineering, economics, mathematics and other non-finance backgrounds. 

The 36-credit programme begins with a summer bootcamp and core courses, followed by advanced work in valuation, corporate finance and financial modelling in the fall and spring. What makes McCombs stand out is the Practicum in Finance, where small student teams work on real finance problems for sponsoring companies and present their findings to the company and faculty.

• Fee: USD 59,700 (INR 56.7 Lakh) for the full programme for non-Texas residents, including international students.
• Eligibility: A bachelor’s degree from an accredited institution, or a comparable foreign degree. Applicants who do not hold an undergraduate degree in finance are encouraged to apply. GMAT and GRE scores are optional. TOEFL or IELTS scores are required for international students, though exemptions apply. Work experience is not required.
• STEM designated: Yes.
• Average salary after graduation: USD 82,968 (INR 78.8 Lakh), with a median salary of USD 81,000 (INR 77 Lakh) for the Class of 2025. 94% received an offer within six months.
• Popular specialisations: Private Equity, Portfolio Management and Security Analysis, Fixed Income Analysis, Financial Risk Management, and Commercial Real Estate.

University of Southern California (Marshall)

USC Marshall’s Master of Science in Finance (MSF) is a 16-month, STEM-designated programme completed over three terms: Fall, Spring and a second Fall. The summer between the first and second year is kept free for finance internships, which gives students active industry experience before graduation. 

The 36-unit curriculum has 19.5 units of core courses in valuation, corporate finance and portfolio management, plus 16.5 units of electives. Students take these electives alongside Marshall’s MBA students and can choose from areas such as hedge funds, M&A, real estate finance and decentralised finance.

• Fee: USD 94,872 (INR 90 Lakh) in estimated total tuition and fees for the programme, based on the 2025-26 rate.
• Eligibility: A bachelor’s degree or equivalent from a recognised institution. Three-year degrees are assessed under USC’s country-specific requirements. GMAT and GRE scores are optional. TOEFL or IELTS scores are required for international applicants, unless they qualify for USC’s English test waiver.
• STEM designated: Yes.
• Average salary after graduation: Not published. 87% of the Fall 2024 graduates were employed, and 78% of hires were in North America.
• Popular specialisations: Investment Banking, Venture Capital and Private Equity, Hedge Funds, Real Estate Finance, and FinTech.

Pennsylvania State University (Smeal)

Penn State Smeal offers a nine-month Master of Finance (MFIN) at its University Park campus, aimed at early-career professionals who want a fast route into corporate finance. The core coursework is taught in four 7-week modules across the fall and spring semesters, and students graduate in May. 

The programme is a member of the CFA Institute University Affiliation Program, and its curriculum covers about 75% of the CFA exam content, which gives graduates a head start on the CFA designation. Students can also combine the MFIN with a second Smeal master’s degree by waiving overlapping classes.

• Fee: USD 49,532 (INR 47 Lakh) for the full programme for out-of-state and international students, including tuition and fees for 2025-26.
• Eligibility: A bachelor’s degree from a recognised institution, along with a resume, a short admissions essay and three professional references. GMAT and GRE scores are not required. TOEFL or IELTS scores may be required for international applicants under Penn State Graduate School rules.
• STEM designated: Yes.
• Average salary after graduation: USD 76,000 (INR 72.2 Lakh) average starting salary for the Class of 2025, with 88% employed within six months.
• Popular specialisations: Corporate Finance, Valuation, Mergers and Acquisitions, Capital Budgeting, and Investment Analysis.

Indiana University (Kelley)

Kelley’s Master of Science in Finance (MSF) is a full-time, in-person programme at the IU Bloomington campus, designed for graduates from liberal arts, engineering, economics and other non-business fields. Students without a business degree begin with a Business Foundations Boot Camp in June and finish the programme in 11 months, while business majors can finish in 10 months. 

The important point of this MS program in Finance is the 18-month option, which adds a summer internship before the final semester and suits students with little work experience. Students also work on projects for real clients and can concentrate their electives in areas such as corporate finance or fintech.

• Fee: USD 55,126 (INR 52.4 Lakh) for the 12-month programme for non-resident and international students, including tuition and fees, based on 2025-26 estimates.
• Eligibility: An undergraduate degree equivalent to a US bachelor’s degree from an accredited university, with a GPA of 3.2 or above expected. A GMAT or GRE score is required unless the admissions committee grants a waiver. Applicants from non-US institutions need a minimum TOEFL iBT score of 105, or an IELTS score. Work experience is not required.
• STEM designated: Yes.
• Average salary after graduation: USD 92,500 (INR 88 Lakh) mean base salary for the Class of 2025, with a range of USD 60,000 to 125,000.
• Popular specialisations: Corporate Finance, FinTech, Investments, Private Equity, and Real Estate.

The MS in Finance curriculum in the USA is built around corporate finance, valuation and investments, supported by accounting, statistics and programming. Most programmes cover these core subjects in the first one or two terms. Students then choose electives in areas such as private equity, fixed income, or FinTech.

Here are the core subjects covered in an MS in Finance in the USA:

• Corporate Finance: Covers capital budgeting, cost of capital, capital structure and how companies make financing decisions.
• Valuation and Financial Modelling: Teaches how to value companies using discounted cash flow (DCF) models and comparable company multiples, mainly in Excel.
• Investments and Portfolio Management: Covers portfolio theory, asset allocation, and the analysis of equities, bonds and derivatives.
• Financial Accounting and Statement Analysis: Builds the ability to read financial statements and judge a company’s financial health.
• Quantitative Methods and Econometrics: Covers probability, statistics and regression analysis applied to financial data.
• Programming and Data Science: Teaches Python and data analysis tools, with some programmes also covering machine learning.
• Economics for Finance: Covers microeconomics, interest rates and business cycles, and how they affect business and investment decisions.
• Applied Projects: Gives students hands-on experience by working in teams on real finance problems for partner companies.

To get into an MS in Finance in the USA, you need a bachelor’s degree with a strong quantitative background, a GPA of around 3.2 or above, and a TOEFL score of 87-105 or an IELTS score of 6.5-7. GMAT or GRE scores are now optional at several top programmes, but they remain required at research-focused and quantitative programmes.

Here are the admission requirements for an MS in Finance in the USA:

• Bachelor’s degree: A four-year bachelor’s degree or its equivalent is required. Some universities, such as MIT and Columbia, also accept three-year degrees.
• GPA: A GPA of 3.2 or above on a 4.0 scale is expected at most programmes. Admitted classes at top programmes average 3.5-3.8.
• Quantitative background: Coursework in calculus, linear algebra, probability and statistics is expected. Quantitative programmes also look for programming skills in Python or C++.
• GMAT/GRE: Scores are optional at MIT, Texas McCombs and USC, but required at Berkeley, UCLA, Yale and Columbia. Average scores at top programmes range from GMAT 685-713 and GRE 320-336.
• English proficiency: Most universities accept TOEFL iBT scores of 87-105 or IELTS scores of 6.5-7. MIT does not accept either and assesses English in the interview.
• Work experience: Work experience is not required, as most programmes are designed for recent graduates. Internships, however, strengthen an application.
• Documents: Academic transcripts, a one-page resume, a statement of purpose or essays, and two to three letters of recommendation.
• Video essay and interview: Most top programmes ask for a recorded video response, followed by an interview for shortlisted applicants.

Students apply directly to each university through its online portal, and most top programmes close applications between November and January for the following year’s intake. Many universities review applications in rounds, so applying in an early round improves the chances of admission and scholarships.

Follow the steps below to apply for an MS in Finance in the USA:

• Step 1: Shortlist programmes: Compare programmes on duration, fees, STEM designation and career outcomes. Note whether each university needs GMAT/GRE scores, since this decides your test plan.
• Step 2: Track deadlines: Most top programmes have deadlines between November and January. For example, USC Marshall’s Round 1 closes on 1 November 2026, and MIT Sloan’s single deadline is 5 January 2027.
• Step 3: Prepare your documents: Collect transcripts, update your resume, and request recommendation letters at least a month before the deadline. Write a separate essay or SOP for each university, based on its specific questions.
• Step 4: Submit the application: Fill in the online form, upload your documents and pay the application fee of about USD 150-175 (INR 14,250-16,625). Some universities send a link for a recorded video assessment after you submit.
• Step 5: Attend the interview: Shortlisted applicants are invited to an interview, usually held online. Decisions for January deadlines are generally released by March.
• Step 6: Accept the offer and apply for a visa: Pay the enrolment deposit to secure your seat, which ranges from USD 500 to 2,000 (INR 47,500 to 1.9 Lakh). The university then issues your Form I-20, which you need to apply for the F-1 student visa.

The total tuition for an MS in Finance in the USA ranges from USD 49,532 to USD 155,032 (INR 47.1 Lakh to INR 1.47 Cr), depending on the university and the length of the programme. Living costs add about USD 30,000-42,000 (INR 28.5-40 Lakh) per year at universities in large cities such as New York and the San Francisco Bay Area.

Here is a breakdown of the cost of studying an MS in Finance in the USA:

• Tuition fees: Total tuition ranges from USD 49,532 (INR 47.1 Lakh) at Penn State to USD 133,007 (INR 1.26 Cr) for MIT’s 18-month format. Two-year programmes such as Columbia’s MSFE cost about USD 155,032 (INR 1.47 Cr).
• Living costs: Official university budgets put housing, food and transport at USD 30,000-42,000 (INR 28.5-40 Lakh) per year in major cities.
• Health insurance: University health plans cost USD 3,700-9,300 (INR 3.5-8.9 Lakh), depending on the university and the length of the programme.
• Books and supplies: Students should budget about USD 1,100-1,400 (INR 1-1.3 Lakh) per year for books and course materials.

Keep these points in mind when planning the budget:

• Public universities cost less: Public universities such as Penn State, Texas McCombs and Indiana Kelley charge USD 49,000-60,000 (INR 46.5-57 Lakh) in total. This is less than half the cost of MIT’s 18-month format.
• Shorter programmes save living costs: Nine- to 12-month programmes require only one year of rent and living expenses. Two-year programmes require a second year of living costs on top of the higher tuition.
• Fees rise every year: Universities increase tuition by about 2-7% each year, so a fee quoted for 2025-26 is likely to be higher for an August 2027 start.

Most scholarships for an MS in Finance in the USA are merit-based awards given by the universities themselves, such as the MIT Master of Finance Fellowship and the Texas McCombs Flywheel Scholarship. 

At most universities, all admitted students are considered automatically, so there is no separate application. Award amounts are usually partial and are communicated with the admission offer.

Here are the scholarships available for an MS in Finance in the USA:

Graduates of an MS in Finance in the USA usually start as financial analysts, risk analysts, or investment analysts, and can later move into financial manager roles that pay a median of USD 166,570 (INR 1.58 Cr) a year. 

Starting salaries vary widely by programme. They range from an average of USD 76,000 (INR 72.2 Lakh) at Penn State to a median of USD 150,000 (INR 1.43 Cr) for Berkeley’s financial engineering graduates.

Here are the popular job roles after an MS in Finance in the USA, with their median annual salaries:

Choosing an MS in Finance in the USA is not only about the ranking. Programme names, formats, and outcomes differ widely. A Master of Financial Engineering is far more quantitative than a general MSF, and some programmes are partly taught outside the US and do not qualify for OPT. Compare the programme type, STEM status, total cost, and graduate salaries before shortlisting universities.

Yocket Premium helps students compare US finance programmes based on fees, eligibility, scholarships, and career goals. It also offers guidance on applications, SOPs, recommendation letters, and interview preparation for top business schools.