First Things First: What You’ll Need (Your Application Checklist)
Here is a brief list of all the things you will need to compile before starting a Master's in Finance Program. It is a recipe to use in your application!| What You Need | Why It's Important | When to Work On It |
| Good Grades | Shows you can handle tough classes | Right now (in your final year) |
| GMAT/GRE Test Score | Prove your math and logic skills | 6-9 months before applying |
| Your Resume | List your experience and wins | 3-4 months before |
| Recommendation Letters | Others brag about how great you are | 2-3 months before |
| Your Personal Essay | Tells your unique story | 2-3 months before |
| The Interview | You get to shine in person | 1-2 months before |
Step 1: Build a Strong Foundation (Start Early!)
- Your Grades Matter. You do not need to be the best, but you must demonstrate that you are good with numbers. Your first step is having a good GPA (you think 3.5 or more) in your undergraduate degree. Were you enrolled in courses such as Calculus, Statistics or Economics? Great! It is a tremendous advantage to do well in those.
- The Standardised Test (GMAT or GRE). Yes, you may have to take one. Such exams test your math abilities (quantitative). In the case of a best finance program, you will desire a high mark, with a GMAT score of 700 and above.
Step 2: Create a Standout Profile
- Get Some Experience. You must not be a CEO, but you must demonstrate that you are serious about finance. This could be:
- Internship in a bank, financial establishment or any finance department in a company.
- Joining a finance or investment club at your college.
- Competing (and hopefully succeeding in) a finance competition.
- Choose Your Recommenders Wisely. You require people to write letters that say, This person is an amazing person! Who should you ask?
- A professor who has a good idea of you and who got you a good grade in a hard, numbers-based course.
- A manager of an internship or place of employment where you excelled.
Step 3: Tell Your Story
- Write a Killer Personal Essay. This is your chance to shine. Three broad questions are answered:
- Why Finance? What sparked your interest? Tell a short story.
- Why this particular Master's Program? Do your homework! Talk about a specific professor you want to study with, or about a particular club you want to be part of. Prove to them that you did not copy-paste this essay in all schools.
- What Do You Want to Do After? Have a goal. It doesn’t have to be set in stone, but it shows you have a plan. "I want to be an investment analyst and eventually work in portfolio management" sounds focused.
- Polish Your Resume. Keep it to one page. Where possible, use numbers and action words.
- Before: "Responsible for analysing data."
- After: "Analysed financial data for 5 clients, helping to increase their investment returns by 8%."
Step 4: Ace the Interview
Congratulations if you get an interview for the Master’s in Finance Program! You're almost there. They would not speak to you unless they were interested.- Practice Your Story. You are ready to discuss all of your resume and essay. Why do you want this?, Why are you a good fit?
- Get Ready to Respond to Common Interview Questions:
- "Walk me through your resume."
- "Why our program?"
- "Where do you see yourself in 5 years?"
- Have Your Own Questions Ready. Asking smart questions shows you’re genuinely interested. Try: "What kind of support does the school offer for students wanting to go into [your career goal]?"
Specialised Master’s Programs in Finance
Besides MBAs, there are specialised master's degrees where hordes of candidates seek to enhance their technical and analytical capabilities. The Master in Financial Engineering (MFE), the Master in Quantitative Finance (MQF), and the Master in Financial Economics (MFEc) are three of the most popular ones. The programs target those candidates who have good quantitative backgrounds and desire to pursue a career in investment banking, asset management, risk management, and financial consulting.Top Schools Offering These Courses:
Master's in Financial Engineering (MFE)
- Berkeley (Haas)
- Columbia University
- New York University (Courant)
- London School of Economics (LSE)
Master's in Quantitative Finance (MQF)
- ETH Zurich
- Princeton University
- Carnegie Mellon (Tepper)
- Rutgers University
Master's in Financial Economics (MFEc)
- University of Oxford (Said Business School)
- University of Toronto (Rotman)
- London Business School
- University of Chicago (Booth)
General Requirements and Eligibility:
- Educational Background: Bachelor's degree in finance, economics, mathematics, engineering, statistics or other fields that are quantitative in nature.
- Test Scores: Good GMAT or GRE (quantitative focus is given great stress).
- Work Experience: Internships or pertinent work experience in finance are desirable, not necessarily required.
- Mathematical/Programming Skills: Knowledge of statistics, calculus, linear algebra, programming languages (Python, R, MATLAB, C++).
- English Proficiency: TOEFL / IELTS in case of a non-native speaker of English
- Other Requirements: Online application, essays, recommendation letters and in a few instances, a statement of quantitative preparation.
