Online master's in finance programs prepare students for many in-demand, lucrative roles, including financial manager. Companies and organizations of all sizes hire financial managers to prepare financial statements, make recommendations to senior management, and supervise employees.
The Bureau of Labor Statistics (BLS) reports that these professionals earn a median annual salary of $156,100. The BLS also projects jobs for financial managers to grow 16% from 2022-2032.
Employers often prefer to hire financial managers with professional experience and a master's degree. In addition to financial manager roles, graduates with a master's in finance can pursue related finance jobs, such as accountant, budget analyst, and cost estimator.
This guide ranks the best online master's in finance programs. It also covers other important information for prospective students, such as common courses and scholarship opportunities for graduates.
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What's the ROI of a Master's in Finance?
Is a master's in finance degree worth it?
Graduates with a master's in finance degree can pursue lucrative, in-demand roles in diverse industries, making the degree a worthwhile investment for many students.
Is a finance degree hard?
Master's in finance degree programs are challenging, but learners with strong analytical and communication skills typically do well in these programs.
What kinds of jobs can I get with a master's in finance?
Potential careers for graduates with a master's in finance include personal financial advisor, budget analyst, financial manager, and training and development specialist.
What's the difference between finance and accounting?
Finance experts typically focus on planning and directing financial transactions for individuals and companies, while accountants focus more on recording and reporting transactions.
Why Get a Degree in Finance?
A master's degree in finance leads to lucrative, in-demand careers. Students gain advanced knowledge and skills that prepare them for roles like financial manager, accountant, and budget analyst.
Earning a master's in finance degree online can often save students money. For example, online students save on some of the expenses that on-campus students incur, such as housing and commuting costs. Online learning also gives students the flexibility to balance their studies with professional and personal obligations.
How Much Does a Finance Degree Cost?
The cost of an online master's in finance varies by factors like school, location, and delivery format. For instance, public universities typically cost less than private universities. Additionally, in-state students at public schools often pay lower tuition rates than out-of-state students.
Attending a master's in finance program online can potentially save students money. For example, many schools offer in-state tuition rates to all online students regardless of where they live. Plus, online students often save on many of the expenses that on-campus students incur, such as commuting costs. The online learning format also allows many students to continue working while they earn their degree.
How Much Do Finance Majors Make?
According to the BLS, business and financial professionals earn a median annual salary of $77,050. However, salaries vary significantly by factors like role, industry, and location. For example, personal financial advisors make a median annual salary of around $99,580. However, personal financial advisors in Alaska earn an average of $226,000 annually.
Additionally, personal financial advisors working in securities, real estate, and legal services earn approximately $20,000 more than their peers specializing in enterprise and company management.
Graduates with a master's in finance can demonstrate specialized expertise and increase their salary potential by earning relevant certifications.
Courses in Finance
Master's in finance programs train students to analyze financial information, recognize and respond to risks, and follow relevant laws and regulations. Some programs feature concentrations that allow students to specialize in a particular finance area. Common concentrations include financial analysis, economics, and financial planning.
Courses vary by program, but the following list outlines classes commonly found in online master's in finance programs.
Money and Capital Markets
This class introduces students to credit markets and how they affect relationships among companies. Students also learn about the Federal Reserve System's role in maintaining a healthy economy. Some online finance degree programs require students to complete a course in corporate financial management before taking this class.Risk Management
Risk management involves preparing a company or organization for economic downturns and other negative events. Students in this course learn how to analyze potential investments, diversify portfolios, and use industry-leading software to analyze trends. Degree-seekers explore these topics by reviewing case studies and performing simulations.Graduate Finance Capstone
Students may complete a graduate finance capstone in their program's final semester. The capstone often requires students to apply new knowledge and skills through an independent research project. The final product may involve an essay and/or a presentation.
Certifications and Licensure for Finance
Finance certifications demonstrate mastery of one or more topics and help job-seekers stand out from other applicants. Typical eligibility requirements include a finance degree and relevant experience. Most certifications also require continuing education for renewal purposes.
Certified Public Accountant
Finance professionals interested in accounting can pursue CPA credentials. Licensure requirements vary by state, but they typically include 150 college credits, which the combination of a bachelor's and master's degree typically meets, and passing scores on an examination.Chartered Financial Analyst
Financial investors can earn the CFA credential to demonstrate their skills. Candidates must possess at least three years' experience and join the CFA Institute. They must also pass an exam that covers professional standards, economics, and equity investments.Financial Risk Manager
The FRM credential can help risk managers advance their careers. Candidates must possess a master's degree and pass a two-part exam. FRMs maintain the certification by completing 40 continuing education credits every two years.Scholarships for Finance
Finance students can pursue financial aid opportunities to help lower the cost of their degree, such as loans, scholarships, and grants. Unlike loans, scholarships do not require repayment, making them ideal forms of financial aid. The following list outlines several scholarship opportunities for online master's in finance students.
| Scholarship | Amount | Who Can Apply |
|---|---|---|
Maryland Association of CPAs Educational Foundation Scholarship | Varies | Undergraduate and graduate students in Maryland preparing to take the Uniform CPA Examination qualify for this opportunity. Applicants must possess a minimum 3.0 GPA and demonstrate financial need. |
National Aircraft Finance Association Scholarships | $1,000-$5,000 | Undergraduate and graduate finance students pursuing careers in corporate aviation qualify for this opportunity. Applicants need a minimum 3.0 GPA. |
PCPS George Willie Ethnically Diverse Student Scholarship and Internship | Up to $10,000 | Minority graduate students can apply for this competitive scholarship. Applicants must be studying full time. The scholarship does not renew. |
