Master’s in Finance Requirements Explained: What You Need Before Applying

Transformation is the name of the game in the financial services industry. Blockchain, artificial intelligence and other technologies are changing how businesses manage and earn money. That’s opening the door to new careers—but companies are looking for more than just traditional skills these days. A 2025 Robert Half survey found that 68% of hiring managers are growing their teams, but 93% say it’s hard to find the right talent.¹

An Online Master of Science in Finance (MSF) program can help you position yourself to step into more advanced roles. This program teaches the leadership and technical skills you need to succeed, covering everything from financial strategy to scenario analysis. Before you fill out an application, though, it helps to understand what admissions committees are actually looking for.

This post explores common master’s in finance prerequisites and shares practical tips for creating a competitive application.

Educational Prerequisites for a Master’s in Finance 

Understanding how to get a master’s in finance starts with making sure you have the right credentials.

Can you get a master’s in finance without a bachelor’s in finance? Absolutely. Programs accept students from all majors, including:²

• Accounting
• Business
• Data science 
• Economics 

The knowledge you gain as an undergraduate matters more than the specific degree. A strong foundation in business, economics and math is essential. For example, you could major in English but take electives in these areas to prepare for an MSF program.

Academic Performance and GPA Expectations 

Your grade point average (GPA) isn’t the only factor that admissions committees consider, but it is part of the equation. The average GPA for students at William & Mary’s Raymond A. Mason School of Business is 3.20.³

If you have a lower GPA, a few extra classes could help you raise your average. Consider taking finance-related courses at a local community college or completing a certificate. Admissions committees may also look past a low GPA if you have work experience or high standardized test scores.

Standardized Test Requirements 

Traditional master’s in finance requirements include GRE or GMAT scores. However, many schools have made this component optional. For example, William & Mary considers GRE and GMAT scores during the admissions process, but they’re not mandatory.

If you decide to take one of these exams, you can find free study guides and practice quizzes online. Some students also take a formal prep course to stay accountable and help strengthen their test scores.

Professional Experience and Background 

Academic performance isn’t everything. Admissions committees look for candidates with experience that will translate to their program. An internship or a few years of experience in a finance-related role allows you to develop practical knowledge beyond textbooks. These real-world experiences make you a valuable contributor in the classroom, strengthening your application.

Entry-level finance jobs that can help you get hands-on experience before applying to an MS in Finance program include:⁴

• Budget analyst
• Data analyst
• Financial planner 
• Junior tax associate 
• Marketing analyst 

Key Skills and Competencies 

MS in Finance requirements often include several core skills. That way, you can jump right into more advanced concepts without playing catch-up.

Every finance professional needs strong quantitative and analytical skills. Learn how to interpret financial datasets and trends with tools such as Microsoft Excel. Once you spot patterns, you’ll also need to know how to use them to solve real business problems.⁵

Of course, it’s not all about crunching numbers. Soft skills, such as collaboration, communication, negotiation and problem-solving, can bolster your application and prepare you for more advanced finance roles.

Application Materials 

Once you’ve met all the prerequisites for a master’s in finance, it’s time to apply to programs. Applications often have several parts, so give yourself enough time to create a thoughtful package.

Start by writing your personal statement (sometimes called a statement of purpose). This narrative explains your motivations for earning an MSF and why you’re an excellent fit for the program.

Follow these tips to write a persuasive statement:

• Start with an engaging anecdote that shows your passion for finance or something unique that you’d bring to the program
• Explain how an MSF would help you accomplish your long-term career goals, such as becoming a portfolio manager or financial consultant
• Highlight specific experiences related to the degree, such as a summer internship with a fintech company or an entry-level job as a data analyst
• Show you’ve done your research by mentioning specific professors you’d like to work with or extracurricular activities you’d join
• Build on what you’ve included in your resume by offering more context
• Sell yourself, but make sure your tone doesn’t come across as arrogant
• Be concise, and limit yourself to one to two pages

MSF programs also require you to submit a curriculum vitae (CV) or resume. This document catalogs your relevant education, work experience and skills–but don’t just list roles. Always include specific details and numbers whenever possible. “Created a quality control system for expense reporting that reduced errors by 20%” is much more persuasive than “Helped the accounting department prevent errors.”

In addition, you’ll likely need letters of recommendation. Be courteous, and ask your recommenders at least one month before the deadline so they have enough time.

Additional Requirements for International Students

Depending on the admission requirements for your chosen program, you may need to submit Test of English as a Foreign Language (TOEFL) scores as an international applicant. For William & Mary’s Online MSF program, international applicants must have a TOEFL score of at least 100 if internet-based, 250 if computer-based or 600 if paper-based, or an IELTS score of at least 6.5. Exemptions may be granted for applicants who have earned a degree from an accredited U.S. institution or lived and worked full-time in a predominantly English-speaking country for the past two years.

How to Strengthen Your Application 

Checking off all the master’s in finance prerequisites doesn’t necessarily guarantee you’ll get admitted, especially for competitive or high-ranking programs. You can make your application even stronger by scheduling an appointment with an admissions advisor for guidance and inside tips.

Additionally, don’t overlook the value of previous graduates. Network with alumni for more personal insights about the program, such as regarding extracurriculars that may not show up on the website.

When drafting your application materials, try to dig deeper than surface level while still staying concise. Use your CV and personal statement to call attention to your academic and professional achievements.

Level Up Your Finance Career at William & Mary

With a little planning, applying to a master’s in finance program can feel rewarding, not stressful. Start early, and follow this simple checklist:

• Research the program expectations and culture
• Ask professors or mentors for letters of recommendation
• Focus on spotlighting your strengths and experience as you write your personal statement and CV

With William & Mary’s Online Master of Science in Finance, you can prepare for many different leadership roles. Our online experience offers maximum flexibility, while still providing plenty of opportunities to network with our expert faculty and peers. You’ll gain the advanced skills and strategies necessary to lead change in the fast-paced financial world.

To learn more, schedule a call with an admissions outreach advisor today.