MIT Master of Finance (MFin) – Class Profile, Curriculum & Application Process

MIT offers the Master’s in Finance in two formats: 18 months and 12 months. 

In the deep-dive of MIT Sloan MFin Program, we cover:

• Class Profile
• Fees and Total Cost
• Scholarships and Fellowships
• Curriculum
• Application Process

MIT Sloan MFin - Class Profile

The MIT Master of Finance (MFin) program's Class of 2024 has a class size of 127, this cohort includes an average representation of women, making up a 31% - 16% drop from the last class. The program continues to attract a global pool of talent, with international students comprising 89% of the class, falling below the 90% threshold the program used to attract.

Both trends reflect a slowdown in the economy. 

Editor’s Note: Women International applicants are value conscious. With a 1-year program, not many wanted to enter a recessionary job market. 

Academically, the cohort demonstrates exceptional capabilities, with a median GRE score of 169 in both verbal and quantitative sections. Additionally, the median GPA stands impressively high at 3.8.
 

Undergraduate Majors

The MIT Master of Finance (MFin) program's Class of 2024 showcases a diverse range of undergraduate majors. Leading the class are Science and Math majors at 31%, followed by Business majors at 29%.

Economics and Engineering each contribute 24% of the class, demonstrating strong analytical and technical skills. Computer Science majors make up 4%, adding valuable programming and data analysis expertise, while 1% of students come from Law, bringing unique insights into regulatory issues.

The rise of Engineering undergraduate majors is a reflection of the risk-mitigation many in the technology industry is pursuing with AI adoption and a slow-down in the Technology industry. 
 

MIT Master’s in Finance Fees and Total Cost

The MIT Master of Finance (MFin) program provides two completion options: a standard 18-month track and an accelerated 12-month track, each with its associated costs. 

For the 12-month program, the total cost amounts to approximately $140,921. This includes $91,250 for tuition, $3,603 for health insurance, $21,600 for housing, $9,720 for food, $1,452 for books and course materials, $9,744 for personal expenses, and $3,552 for transportation. 

On the other hand, the 18-month program has a total estimated cost of approximately $197,761. This breakdown includes $124,875 for tuition, $5,404 for health insurance, $32,400 for housing, $12,960 for food, $2,178 for books and course materials, $14,616 for personal expenses, and $5,328 for transportation. 
 

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MIT Master’s in Finance Curriculum

The MIT Master of Finance (MFin) program offers a comprehensive and flexible curriculum tailored to suit individual career aspirations, whether students opt for an 18-month journey or aim to fast-track their degree in 12 months.

MFin students participate in Action Learning experiences, including Proseminars and the Finance Lab. The MFin curriculum consists of required fundamental and advanced subjects, restricted electives, and an action learning course.

Students may choose to write a thesis or pursue an independent study, pending approval by the faculty director.

Tailoring the Path: 12 or 18 Months

Students in the MFin program have the option to complete their degree in either 18 months or an accelerated 12-month format. While the curriculum remains consistent across both options, the pacing differs.

The 18-month pathway allows students to include an internship, take additional courses, or write a thesis during the second summer term.

The 12-month track is more intensive, incorporating an Action Learning experience where students work on real-world challenges with corporate partners, thus accelerating their path to a rewarding career.

Required Core Courses: The MFin program kicks off with a summer term packed with 11 core courses that establish the essential theories and principles of finance. Students delve into the Foundations of Modern Finance, covering the core theory of capital markets and corporate finance, setting the groundwork for their entire academic journey.

The Financial Mathematics course equips them with vital skills in linear algebra, probability, stochastic processes, statistics, optimization, and Matlab programming, providing the mathematical backbone needed for advanced financial studies.

Corporate Financial Accounting focuses on the preparation and analysis of financial statements, a critical skill for any finance professional.

To navigate the ethical and regulatory landscapes, the Finance Ethics & Regulation course explores a range of ethical issues and challenges that arise in organizations and financial practice.

Lastly, the Financial Markets course immerses students in financial theories and empirical evidence crucial for making informed investment decisions.

Required Advanced Courses: Following the core courses, students advance to more analytical studies. These courses focus on financial modeling, portfolio theory, data analytics, and computational methods to tackle complex financial challenges.

An essential professional development course on finance ethics and regulation is also included.

A standout in the advanced courses is the Advanced Mathematical Methods for Financial Engineering, which enhances students’ skills in cutting-edge financial engineering techniques.

Required Action Learning Experience: The MIT MFin program places a strong emphasis on Action Learning, allowing students to apply theoretical knowledge to real-world situations. All MFin students participate in either a Proseminar or Finance Lab, engaging in hands-on projects with industry partners. These experiences involve solving practical financial problems and presenting solutions to corporate leaders.

Proseminars offer opportunities to solve financial problems, while the Finance Lab provides in-depth research and analysis experiences with host companies.

Electives: The program offers a wide range of electives, enabling students to tailor their education to their interests and career goals. Topics range from financial technology to healthcare finance, asset management, and mergers and acquisitions.

Additionally, MFin students have the option to cross-register for courses at Harvard, further broadening their academic experience. Sample electives include Blockchain and Money, Entrepreneurial Finance and Venture Capital, Advanced Corporate Finance, Financial Data Science and Computing, Healthcare Finance, and Social Impact Investing
 

Optional Concentrations

The MIT MFin program offers students the opportunity to deepen their expertise by pursuing one of four optional concentrations: Capital Markets, Corporate Finance, Financial Engineering, or Impact Finance. While choosing a concentration is not a degree requirement, it allows students to focus their studies on a specific area of finance that aligns with their career goals.

It is important to note that students may only complete one concentration, and the courses taken for a concentration cannot overlap with those required for the MFin degree itself.

The completion of a concentration is not necessary for graduation and is optional. However, there can be only one concentration that students finish.

In addition to the core social impact investing courses and a Fin-Lab project with an impact component, students can select an elective from various course options. Students can use clubs, centers, and initiatives to complement their academic work. These activities include:

• Mi3 - MIT Impact Investing Initiative
• MIT Sustainability Initiative
• MIT Legatum Center
• MIT Net Impact
• MIT Energy Initiative
• MIT Solve

Optional Thesis or Independent Study: With the faculty director's agreement, a 24-unit thesis or independent study is optional.

Finance Lecture Series and Study Tours: An optional lecture series with business executives and study excursions are added to the MFin curriculum to increase exposure to international markets and the financial sector.

MIT Certificates

These certificate programs, available to all MIT master's level students, let students customize their education to match their professional aspirations.

MIT Sloan Sustainability Initiative: The Sustainability Initiative's goals are to deliver the greatest education possible, apply academic rigor to real-world issues, and equip leaders globally to act both professionally and personally to ensure the continued well-being of both people and the environment for future generations. It also includes several featured activities, such as:

• The Climate Pathways Project
• The Aggregate Confusion Project
• Sustainability Certificate
• Sustainability Courses

MIT Sloan Health System: Registration for the MIT Healthcare Certificate is open to all MIT degree-seeking students. The Certificate gives students the fundamental information and practical experience in the industry they need to seek employment in the health sector.

Hands-On Action Learning
Finance signature of MIT Sloan Taking part in significant, real-world business challenges while taking an action learning course gives students valuable experience that companies value.

Students will work on collaborative teams with corporate partners, faculty, and other MIT students. They will gain knowledge and guidance from professionals, expand their networks, and improve their portfolio of case studies focusing on outcomes.

Proseminars: Students are presented with up-to-date, real-world problems by professionals in the finance field to test and improve problem-solving abilities.

The Finance Lab: With corporate sponsors, students collaborate on real-world research and data analysis projects while putting theory into reality.

Fin-Lab vs. Proseminars: All MFin students participate in the Finance Lab (Fin-Lab), a practical team research and analytical experience, or Action Learning through Proseminars, which simulates real-world financial problem-solving. Even while just one of these courses is necessary, many students pick more than one to expand their practical knowledge of important social and financial skills.

MIT Master’s in Finance - Application Process (Deadlines, Essays, and Interview)

The application process for the MIT Master of Finance (MFin) program includes several key components, each designed to provide a comprehensive view of the applicant’s qualifications and potential. Here’s a brief overview of the requirements:

Resume: Applicants must submit a one-page resume, formatted in Times New Roman, size 10 font, and saved in either Word or PDF format. The resume should list educational background, full-time work experience, internships, other relevant work experiences, and additional information such as extracurricular activities, technical skills, certifications, special skills, interests, and languages spoken. Each section should highlight results-oriented achievements in reverse chronological order.

Short-Answer Questions: Applicants need to respond to three short-answer questions (200 words each):
•    Question 1: Please discuss your past academic and professional experiences and accomplishments that will help you succeed in the Master of Finance program. Include achievements in finance, math, statistics, and computer sciences, as applicable.
•    Question 2: Tell us about your short-term and long-term professional goals. How will our MFin degree help you achieve these goals?
•    Question 3: What personal qualities will enable you to contribute to the advancement of our mission

Optional Short-Answer Questions: Background Influence: In 250 words, describe how your family, culture, or community has shaped who you are. This question allows you to provide additional context about your background and personal experiences that have influenced your perspective and aspirations. 

Sharing these insights can help the Admissions Committee better understand your unique story and the qualities you bring to the program. This question is optional and does not affect your evaluation, but it offers an opportunity to share more about yourself if you choose to do so.

Video Question: There are two video components. The first video (60 seconds) allows applicants to introduce themselves to future classmates. The second video is a response to a randomly generated, open-ended question designed to assess communication style and expressiveness. Applicants have one minute to prepare and record their 60-second response.

Letters of Recommendation: Three letters of recommendation are required. These should be from individuals who can speak to the applicant’s qualifications and impact. One letter must address the applicant’s quantitative abilities. Depending on the applicant’s current status (student or working full-time), the letters should come from a mix of academic and professional sources.

Academic Transcripts: Applicants must upload scanned transcripts from all colleges and universities attended. These transcripts are reviewed carefully to ensure they are legible and complete.

Relevant Coursework & Professional Certifications: Applicants should list relevant coursework in areas such as Linear Algebra, Multivariable Calculus, Probability, and Statistics. This helps the admissions committee assess the applicant’s preparedness for the rigorous MFin curriculum.

Test Scores: Standardized test scores (GRE or GMAT) are required. The admissions committee accepts remote/at-home versions of these exams. Applicants unable to submit a test score due to current circumstances can still apply and will be evaluated based on the submitted materials.

Application Fee: A non-refundable application fee of $150 must be paid online. Fee waivers are available for current Teach for America members or alumni, current Peace Corps members, veterans or active-duty U.S. military personnel, or those for whom the fee would cause insurmountable financial hardship.

Application Deadline: 3rd January 2025
Decision Date: March 7, 2025

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Reference 
MIT Sloan MFin Program