11/13/2024
When you’re thinking about advancing in your current career or shifting to a new field, you may wonder if a master’s degree is the right choice for you. In the world of finance, even experienced business professionals often pursue graduate degrees.
When you are considering a master’s degree in finance, it’s essential to evaluate your expected return on investment. While increased earnings are the most obvious benefit of graduate education, subtler outcomes may include faster job placement, improved job security, qualifying for high-level and executive positions, and distinguishing yourself in the job market with specialized expertise.
Program Costs and Average Salaries
Master of Science in Finance Cost
According to the Education Data Initiative, the average cost of a Master of Science degree is $57,770. That may not include non-tuition expenses like books and added fees or the transportation, parking, and living expenses associated with on-campus programs. In addition, some individuals may choose to attend a master’s program full time, meaning they aren’t earning a salary while they are in school.
Master of Science in Finance Salary
Graduates can recoup the cost of their degrees with greater earning power. The U.S. Bureau of Labor Statistics reports that people with a master’s degree earn a median annual salary of $90,324, which is over 16% higher than salaries for those with only a bachelor’s.
For M.S. in Finance graduates, reported outcomes are even better. According to the labor data analytics firm Lightcast, 2024 job postings that required a master’s in finance degree offered a median salary of $115,100. In addition, one study found that Master of Science in Finance graduates have seen salary increases of 12% in 2024 compared to the previous year, which is a promising sign of industry growth.
Distinguish Yourself in the Job Market
Earning a master’s in finance can give you an edge over other job candidates. While many positions only require a bachelor’s degree, the demand for candidates with more advanced qualifications continues to grow. For instance, jobs requiring a master’s degree are projected to grow at a rate of 16.7% through 2026—which is more than twice the projected rate for other occupations.
An M.S. in Finance demonstrates focused expertise rather than general knowledge, making this credential especially valuable in an industry where mistakes can cost millions. In the finance sector, trust and credibility are vital for building and maintaining client relationships, making professionals with specialized expertise key to an organization’s long-term success. Earning a Master of Science in Finance from an AACSB-accredited business school like the MTSU Jennings A. Jones College of Business provides potential employers with further assurance that your program met recognized standards for high-quality, rigorous education.
Organizations are also looking for finance professionals who have an in-depth understanding of essential technologies like Excel, Python, and Wall Street Prep. Individuals who pursue degrees that integrate these technologies into the curriculum will help their organizations keep up with competitors, fulfill client needs, and drive innovation in a constantly evolving field.
Improve Your Earning Potential
A master’s in finance can potentially qualify you for higher-paying senior and executive positions or set you on a path to quick advancement. Consider these median salaries for high-level finance jobs:
| Job Title | Median Annual Salary |
|---|---|
| Senior Financial Analyst | $88,785 |
| Financial Controller | $98,372 |
| Finance Manager | $114,267 |
| Chief Financial Officer (CFO) | $153,412 |
| Vice President (VP), Finance | $153,549 |
Source: Payscale, 2024
Beyond base salary, finance professionals with a master’s degree might enjoy higher 401(k) contributions and other benefits that can prepare you for a comfortable retirement. In addition, an M.S. in Finance can give you a bargaining tool to negotiate for more vacation days and other perks.
Learn more about how a master’s in finance can boost your career’s potential:
“Unlocking Career Opportunities: The Impact of an M.S. in Finance”
Prepare for Certification
An advanced degree in finance can help you prepare for certifications such as Certified Financial Planner or Chartered Financial Analyst. By gaining a comprehensive perspective of the theory and practice of financial activities, you’ll have a better understanding of how to apply your knowledge to exams and other certification requirements.
Having established finance expertise can make the preparation process less stressful and time-consuming.
Job Security and Opportunities
Finance is a key sector not just in the U.S., but also on a global scale, making advanced financial skills and knowledge highly valuable. In addition to gaining an understanding of complex financial concepts, you’ll develop abilities in critical thinking, research, and decision-making that position you as a valued resource and contributor.
You may also be qualified to ascend to some of the highest positions in finance—strategic roles where you can help guide businesses through tough challenges and exciting growth opportunities. These positions can be as fulfilling as they are financially rewarding.
Beyond any single job, finance is a growing and stable industry. The Bureau of Labor Statistics projects employment in financial and business occupations to grow faster than average from 2023 to 2033, with almost a million openings each year. Organizations of all kinds need help structuring their finances, and as individual wealth grows, people will need help managing these assets.
Should I Get A Master’s in Finance?
Earning a Master of Science in Finance can pay off in a big way throughout the lifetime of your career. Beyond earning back the cost of the degree itself, you may enjoy better opportunities, feel more confident about taking risks, and feel secure in your ability to earn a good living even in uncertain economic times.
Keeping these outcomes and benefits in mind can help you stay motivated during moments where graduate education feels challenging. Investing in yourself and your future is definitely a goal worth pursuing.
Earn your M.S. in Finance From the MTSU Jones College of Business
Gain the skills you need to succeed in the competitive finance world. We blend asynchronous coursework with virtual synchronous components, granting students the flexibility to pursue their finance degree from any location while fostering valuable connections. Whether you prefer a part-time or full-time schedule, our program accommodates your needs, with all synchronous classes held Tuesday and Thursday evenings via Zoom to ensure the success of full-time working students.
MTSU’s Jennings A. Jones College of Business is among the top 1.5% business schools in the world with Association to Advance Collegiate Schools of Business (AACSB) accreditation in both accounting and business. Our faculty of award-winning educators, researchers, and entrepreneurs provide students with cutting-edge education in management, finance, big-data tools, and business communication.
Download a program brochure to learn more or start your application to the M.S. in Finance.
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Learn more about the MTSU Master of Science in Finance by filling out the fields below and downloading a program brochure. You can also call us toll-free at 888-891-6780 to talk with one of our enrollment representatives.