What Is a Master's in Finance

The most common graduate studies option for a financial career is a Master of Business Administration. However, other programs can also advance your understanding of corporate financial practices and elevate your career prospects. 

A Master of Finance (MOF or MFin) or a Master of Business Administration (MBA) with a concentration in finance are structured differently. Which one you want to choose depends on your experience and career goals. In this article, we’ll cover these types of graduate finance degrees, how they compare, and what you’ll learn in each type of program. Read on to learn about a Master of Finance and how it compares to an MBA.

Master of Finance vs. Master of Business Administration 

A Master of Finance is designed for financial professionals who want to quickly further their financial knowledge and technical skills. On the other hand, an MBA is for students who want to gain broad business knowledge. In your MBA studies, you’ll learn a little bit of everything before choosing a specialization, such as finance. 

Master of Finance degree

Master of Finance students are likely already working in finance, perhaps as staff accountants or as members of a company’s corporate finance team. MOF programs are shorter—around 18 or 20 months—than a traditional two-year master’s degree. At some schools, you may even have the option to complete your degree in a one-year accelerated program. In Canada, you can find one-year offerings at institutions such as: 

• University of Manitoba

• Queen’s University

• York University

• Wilfrid Laurier University

• Saint Mary’s University

There’s also a growing number of online master’s in finance programs, which can be a helpful option when you’re working full-time and prefer greater flexibility to complete your education. You may have the opportunity to enroll part-time or full-time in an online MOF program, taking courses asynchronously or virtually and working through the program at your own pace. 

Coursework 

Master of Finance courses explores the subject theoretically and practically, so you can strengthen important skills to perform tasks like modeling. You can expect to deepen your knowledge of economics, statistics, ethics, data, and other topics. 

Your courses may include:

• Foundations of finance 

• Macroeconomics 

• Risk management

• Investment analysis

• Financial modelling

• Financial reporting

• Quantitative methods

• Financial regulations 

• Financial analytics 

Specializations

You may be able to choose electives based on an area of finance you’re interested in. After completing the outlined coursework, you can select an aspect of finance you want to learn more about as a specialization. Students often choose a specialization based on their career goals. 

Specializations can include:

• Corporate finance

• Market finance

• International finance

• Venture capital

• Hedge funds

• Mergers and acquisitions 

• Financial management

• Financial econometrics 

• Financial engineering

• Financial planning

• Business law and ethics 

MBA degree

Finance is a common MBA concentration. Not all students will pursue a career at a financial institution, but many graduates work at investment banks, asset management firms, consulting firms, and brokerages.

Unlike the MOF offering, you won’t choose a financial specialization. Instead, finance will be your concentration. 

Traditional MBA degrees take around two years to complete, and most programs expect full-time attendance. However, there are several options, such as part-time or online MBAs, that allow students to keep working while earning their degree. 

Coursework 

The courses you complete as part of your MBA will combine foundational business classes with electives that focus on finance. 

Examples of general business courses: 

• Foundations of leadership

• Business strategy

• Managerial accounting

• Operations management

• Corporate finance

• Cultural psychology

• Business ethics

Examples of MBA in finance courses: 

• Financial strategy

• Entrepreneurial finance 

• Global economics

• Corporate valuation

• Investment banking

• Mergers and acquisitions 

MBA vs. MOF: Which is better? 

To make sure you pick the best master’s in finance, it helps to consider what you want to learn by enrolling in a master’s program and what you hope to do after graduating. 

An MOF may be the stronger option if you’re a financial professional who wants to accelerate your career. If you have no financial experience but are interested in a financial career, an MBA may be the best option, as it’ll give you a more general introduction. Plus, unlike a MOF degree, you typically don’t need previous training or experience. 

Regarding careers, you can pursue many similar senior or managerial financial roles with both degrees. You can also expect a lucrative role with a finance degree. According to Glassdoor, the average finance graduate's base salary in Canada is $108,135 [1].

Still, finance programs can be incredibly competitive—and expensive. A Canadian MBA program's tuition can range from $20,000 to more than $50,000. Comparatively, master’s in finance degrees tend to range between $16,000 and $80,000, depending on the university you attend. If you enroll in an expedited program, you may pay less overall for your degree. 

What can you do with a master’s in finance? 

The possibilities for work following a master’s in finance are strong across many industries. See below for an idea of your typical earnings in some of the various roles typically available to finance graduates. 

Getting started  

Before committing to either a Master of Finance or an MBA, you might  “try before you buy” by completing a relevant certificate. Coursera hosts many finance courses, including Introduction to Blockchain for Financial Services.