Inside the Classroom: What You'll Learn in a Master’s Degree in Finance Courses

Are you thinking about advancing your education with a master's degree in finance? Whether you're interested in corporate finance, asset management, or any other area of finance, advanced financial skills are critical for professionals in today's global economy.

A master's program in finance can serve as a pathway to acquiring the specialized knowledge and foundational skills needed to advance your existing career or make a pivot. With a better understanding of what a master's degree in finance entails and what to expect from a finance curriculum, you can determine whether this path may be right for you.
 

Why Earn a Master's Degree in Finance?

If you already have a bachelor's degree under your belt—whether it's in a finance-related topic or not—a master's degree in finance prepares you for advanced roles not just in the finance industry but also in investment and management. Likewise, if you are in a different sector and considering a career change, a master's degree will help you develop both theoretical knowledge and practical financial management skills to enter the field with confidence.
 

The Importance of Specialized Finance Education

Of course, no two master's programs in finance are exactly alike. In the rapidly evolving financial landscape, those looking to advance their education in finance may want to choose a program that offers a specialization. A specialization in finance empowers you to tailor your degree to meet your specific interests and professional goals. Thus, better positioning you to stand out among other job candidates in the industry—especially when it comes to applying for more specialized and advanced roles.
 

Core Finance Courses in the Master's Program

When you enroll in a master's program in finance, you may wonder what kinds of finance courses you'll be required to take. This will vary from one program to the next, but the typical graduate-level finance curriculum will include a series of fundamental courses and some advanced courses in more specialized topics.
 

Fundamental Courses

• Financial Accounting, which provides a foundation for all advanced finance courses and typically covers such topics as income statements, balance sheets, cash flow, and reporting.
• Corporate Finance, which is essential for roles in corporate finance departments. This course typically covers topics ranging from financial modeling and budgeting to valuation, accounting, and analytic reasoning.
• Investments and Portfolio Management, which can prepare students for careers in asset management and investment banking. Skills and topics covered in this type of course may include risk management, asset allocation, and investment strategies.
• Financial Modeling and Analysis, covering topics like financial forecasting, data analysis, and sensitivity analysis. These are vital skills for those in data-driven decision-making roles.
• Derivatives and Risk Management, with topics and skills including hedging, diversification, and risk monitoring. This is crucial for those pursuing risk management positions after graduation.
   

Advanced Courses in Finance

Upon completion of fundamental finance courses, students may begin taking more advanced courses in finance. Some common advanced courses offered in a master's degree in finance program may include:

• International Finance, which covers the essentials of the international money market, banking, globalization, and similar topics. This knowledge is critical for those working in multinational corporations and global investment firms.
• Financial Econometrics, or the use of statistical methods to better understand market data. Skills learned in this course are valuable for research and analyst roles that require strong quantitative expertise.
• Behavioral Finance, or the study of consumer behavior that includes credit card spending, actions taken during market downturns, and other financial decisions. A strong understanding of behavioral finance can enhance investment strategies and client advising skills.
   

Specializations in the Master's Program

Some master's degrees in finance offer specializations, which allow students to customize their education to help them pursue specific career goals. The exact specializations offered vary from one school to the next; however, for instance, the following are available through the MS in Finance program at the University of Minnesota (UMN).
 

Asset Management Track

A specialization in asset management can be an ideal way to learn more about the ins and outs of trading and investments within the industry. In this tailored degree program, students study topics such as:

• Mean-variance portfolio analysis
• Pricing and hedging of fixed-income securities
• Factor analysis and principal component analysis
• Risk management strategies for asset managers

Those who complete the asset management track as part of a master's in finance program are prepared for a variety of roles in the industry, including:

• Portfolio analyst
• Financial advisor
• Financial risk manager or specialist
• Quantitative analyst
   

Corporate Finance Track

With a specialization in corporate finance, students build the essential knowledge and skills needed to help businesses maximize their shareholder value through careful financial planning and analysis. In this tailored program, students can explore key topics such as:

• Financial valuation models
• Valuation methods for projects and companies
• The impact of financing mix on risks and returns
• The impact of economic events on markets, company valuation, and risk/return

Completing a master's of finance degree with a specialization in corporate finance can prepare graduates for roles such as:

• Financial analyst
• Senior finance analyst
• Corporate developer
   

Healthcare Finance Track

Another specialization to consider is the healthcare finance track, which explores the intersection of the finance and healthcare industries. In this career-centered program, students can learn about:

• Conducting cost-effectiveness analyses
• Constructing investor reports on the financial viability of new medical products
• How new medical technologies and innovations are financed and brought to market

Completing the healthcare finance track as part of a master's degree in finance prepares graduates for the following roles with health insurers, hospitals, medical device manufacturers, and more:

• Financial performance manager
• Financial consultant
• Financial analyst
   

Finance Research Track

Finally, for those who are interested in research-oriented jobs in the finance field or even pursuing a PhD in finance, the finance research track may be the right fit. In this program, students complete experiential learning requirements through a research project with Carlson School of Management faculty and an elective course.

Experiential Learning Opportunities

In addition to four different specializations to choose from, students in UMN's master's degree in finance program enjoy numerous experiential learning opportunities that allow them to gain real-world experience in their respective disciplines. This includes not only applied projects and case studies but also internships, industry partnerships, and even student-managed funds.
 

Applied Projects and Case Studies

Applied projects and case studies are an integral part of the finance curriculum in the master's program at UMN. Working in teams of several peers, students are advised by faculty and staff as they run their own research projects from start to finish. These projects are a great way for students to gain real-world experience that prepares them for the full-time job market. In the past, students completed projects involving such topics as:

• Investment product analysis
• Capital structure analysis
• Value at Risk (VaR) analysis
   

Internships and Industry Partnerships

Meanwhile, UMN has partnered with many companies and organizations to offer unique learning opportunities and even internships for graduate-level finance students. Some of the experiential learning opportunities have included positions with Fortune 500 businesses within investment banking, retail, real estate management, healthcare, and more. Students benefit from the opportunity to work with their client companies for an entire semester and make a real-world impact on their operations. The skills and knowledge acquired from this experience equip students for future work in these roles.
 

Student-Managed Funds

Another unique experiential learning offering that students can explore at UMN is the Carlson Funds Enterprise (CFE). CFE is ranked #2 among the top 25 largest student-managed investment funds in the nation and is a year-round asset management business that allows students to make real-time decisions with real financial effects. During their time in UMN's Master of Science in Finance program, students have exclusive access to the full CFE network of client companies, advisory board, and industry mentors. This can be an optimal opportunity to learn more about investment management. As an added bonus, participants in this program are able to earn competitive returns.

Start Your Master's Program in Finance at UMN

No matter which track most appeals to you, a master's program in finance can be an excellent way to expand your knowledge and build upon foundational skills in areas like financial accounting, corporate finance, and more.

At the University of Minnesota's Carlson School of Management, we're proud to offer a comprehensive Master of Science in Finance program that takes as little as 10 months to complete. This career-focused program is available in a wide range of specializations to suit your interests, from asset management and corporate finance to healthcare finance and research.

Learn more about this degree program by getting in touch today, or get started with your online application for admission.