Whether you plan to work as a financial analyst to assist clients with their investment options or work as a chief financial officer to manage the financial risk of a corporation, you will need to complete a master’s degree in finance to prepare for one of these challenging careers. Although a high grade point average on your undergraduate coursework will help increase your chances of being accepted into a graduate program, prospective students must also receive an acceptable score on the GMAT or GRE exam.
Salary Outlook
According to The Bureau of Labor Statistics, a financial analyst earns an average salary of $73,350 while financial managers earn an average salary of $103,910 a year. Although the cost of a graduate program may seem costly, it will be a good investment in the long run with the great earning potential graduates receives after completing their degree.
GRE
The Graduate Record Examination is accepted by most graduate and business schools. The exam is divided into three sections. Verbal reasoning measures a student’s ability to analyze written material. Quantitative reasoning measures problem solving ability with mathematics and data analysis. Analytical writing measures the student’s ability to write in a clear and effective manner. The verbal and quantitative reasoning sections have a 130 to 170 score scale in 1-point increments. The analytical section has a 0 to 6 score scale in half-point increments. Some colleges require a minimum score on the GRE to be accepted into a graduate program while other schools do not. The average verbal score is 150 and the average quantitative score is 152. The average analytical writing score is 3.7.
GMAT
The General Management Aptitude Test is also accepted by most graduate and business schools. This exam is divided into four sections. The analytical writing assessment measures the student’s ability to analyze an argument. The integrated reasoning measures the student’s ability of multi-source reasoning, graphic interpretation, two-part analysis, and table analysis. The quantitative reasoning section measures problem solving and data sufficiency. The verbal section measures the student’s ability of reading comprehension and critical reasoning. Some colleges require a minimum score to be accepted into a graduate program while other schools do not. The average GMAT score is between 400 and 600.
Whether you take the GRE or GMAT exam, your score will play a major factor the admissions process. Most colleges require students to take one of these two tests before applying for admission. Some colleges require a minimum score to be accepted in program while other colleges do not, so it’s important to check your program’s admissions guidelines to ensure you meet all the requirement.
