Practicality is the essence of MIT’s Master in Finance program. It’s just one year, as opposed to numerous MFin programs that are 1.5 to 2 years, and, as the website notes, it was developed “as a direct response to demand in the financial industry.” In spite of the short duration, the program offers flexibility to tailor it to your needs. Moreover, it’s an “early career” program – students’ pre-program experience averages 0-4 years, according to the website, with about 50% coming directly from undergrad.
Here are some additional distinguishing elements of the program:
• Its location in the business school deepens its opportunities; you’ll take some courses with MBA, PhD, and Sloan Fellows students, giving you direct access to people with deep experience and networks across many industries and functions. You can also participate in certain clubs such as Venture Capital and Private Equity Club.
• The flexibility extends to the option to take some courses at the School of Engineering and/or School of Science.
• The practical nature of the program includes a Finance Research Practicum, which addresses real-world situations and problems.
• The opportunity to build strong, enduring relationships arises from the extensive small-group work, which also prepares you to succeed in an increasingly interconnected and team-focused work environment.
• Career development is an ongoing focus from the first semester, with a “Career Core” curriculum. There are also career treks and opportunities to explore industry segments.
• About 88% of 2013 graduates received employment offers as of October 2013, notes the Employment Report.
• It’s a truly global program, with 84% of students from outside the US.
Now, what does it take to win access to these delectable resources and opportunities? With an acceptance rate of around 10%, a lot.
• Solid academic achievement and test scores, with average GPA of 3.7 (in programs spanning various disciplines, from economics and math to engineering and business to humanities and science), GMAT mid 80% range 700-770, with quant 48-51; GRE quant mid 80% range 161-170.
• Prerequisite quantitative coursework – if you click on the link, scroll down and take the self-assessment!
• Most desired personal qualities are ability to collaborate, willingness to think/look outside of the proverbial box (a classic MIT value), and high motivation (use your essays to demonstrate these qualities).
• While many students have no official professional experience, the adcom wants to see at least a related internship, so that students come with some practical exposure.
• Interviews are selective (about 30%) and by invitation only; every accepted applicant is interviewed (about 30% of those interviewed are admitted).
• Good news for internationals: a TOEFL score is not required!
By the way, on the program’s website there is an extensive and thorough discussion of recruiting, careers, etc. in the FAQ – I recommend perusing it.
By Cindy Tokumitsu, author and co-author of numerous ebooks, articles, and special reports, including Why MBA and Best MBA Programs: A Guide to Selecting the Right One. Cindy has advised hundreds of successful applicants in her fifteen years with Accepted.com.
• MIT Sloan B-School Zone
• Princeton University Master in Finance: Is It Right for You, and Are You Right for Princeton?
• The Facts About Financial Services