The financial industry offers exciting employment opportunities. Those working in the banking and economic industries can play a significant role in how people and companies allocate and manage their monetary resources. On average, someone employed in the financial industry earns anywhere from $40,000 to more than $100,000. Financial professionals could hold important positions like:
- Analyst
- Manager
- Controller
The could potentially become Chief Executive Officer of a corporation. Many in such jobs have Master of Finance Degrees (MFin), also referred to as a Master of Science in Finance (MSF).
Related Resource: Top 25 Most Affordable Online Master of Finance Degree Programs
The following are a number of prerequisites necessary for those seeking entrance into an academic institution offering this graduate degree program.
Possess A Bachelor’s Degree
MFin degrees are awarded at accredited American colleges and universities. Most, if not all such academic institutions, will mandate applicants hold at least a bachelor’s degree. Typically, students pursuing graduate study in finance will have an undergraduate background in either mathematics, economics or a business discipline such as:
- accounting
- marketing
- management
That said, at most schools, a bachelor’s degree in one of those subjects is not mandatory. However, it is recommended that applicants have earned undergraduate credits in basic accounting and economics courses. Prospective MFin candidates who do not might be required to successfully complete preliminary courses offering instruction in those subjects. In most cases, preliminary courses will not be credited towards completion of a master’s degree program.
Display A Proven Record Of Academic Achievement
More often than not, a 3.0 Grade Point Average (GPA) is a prerequisite for potential MFin students to gain admission into a degree program. Some schools might expect an applicant’s GPA exceeds 3.0. In addition, prospective MFin candidates will need to produce copies of their undergraduate academic transcripts. They’ll need to forward these documents to the admissions offices of the institution(s) of which they are applying.
Score Well On Placement Exams and Aptitude Tests
Gaining admission into a MFin program could also be impacted by how an applicant scores on either the Graduate Record Examination (GRE) or the Graduate Management Admissions Test (GMAT). In some cases, students might be required to take both exams. Academic institutions will set minimum scores they expect applicants to reach or exceed. Foreign students will also be required to demonstrate proficiency in the English language. The most commonly accepted examination schools use to measure this skill is the Test of English as A Foreign Language (TOEFL). Some institutions might also recognize the results of the International English Language Testing System (IELTS) examination.
Provide Letters of Recommendation
These are written testimonies an applicant submits to the admissions staff. They’re written by his or her current or former:
- employers
- teachers and professors
- colleagues or mentors
The letters explain to the admissions staff what the candidate’s attributes are and why he or she should be considered to pursue graduate study.
Author A Statement of Purpose
This presents applicants the unique opportunity to express why they should be admitted into a master’s program. It also sets forth an outline detailing what they hope to learn from their studies and how they plan to utilize this knowledge in their professional careers.
Conclusion
Some schools might place value on a prospective candidate’s work experience and special skills. In such instances, resume submissions are important prerequisites. The application process for these master’s degree programs are competitive and the admissions process is often quite selective. Therefore, the stronger each component of your application is, the better your chances for gaining admission will be.
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