A main difference between an MFin and an MBA is the focus on math and accounting. According to the website "Best Biz Schools," the MFin focuses on these skills rather than the management and leadership skills attained through an MBA. Students enrolled in an MFin program can expect to take courses in micro- and macro-economics, investments, international finance and accounting. The MFin program at MIT's Sloan School of Management requires 66 credit hours in courses such as finance theory, valuations and mergers and acquisitions.
The Association to Advance Collegiate Schools of Business (AACSB) is the main accrediting agency for business schools and their programs. Accreditation by this agency falls into two categories: accreditation in business and accreditation in accounting. For a school to receive accreditation, it must apply, pay a $1,000 fee and meet minimum standards in everything from faculty to graduate job placement. A school can only receive accreditation in accounting if it is already accredited in business.
While attending an AACSB accredited school is not required by all employers, it is recommended. This is because AACSB schools have met minimum standards recognized by businesses and employers across the globe. The AACSB lists accredited institutions on its website.
The duration of an MFin program can vary based on the institution. The program at Tulane University's Freeman School of Business requires students to earn 34 credit hours, typically over an 11-month period; in contrast, the MIT program requires 32 additional credit hours and takes students on average twice as long to complete.
Tulane's program requires that applicants already hold a bachelor's degree prior to beginning their coursework on the MFin. Additionally, students must take the GMAT standardized test. No prior work in the finance industry is required, although many programs consider previous internships to be a plus in the admissions process.
Each year, U.S. News And World Report ranks America's top business schools that offer an MFin degree. These rankings are based on the undergraduate GPA of students entering the program, average GMAT score, average starting salary of graduates and the percent of students who have obtained a full-time job in the industry by graduation.
In 2010, U.S. News And World Report ranked the MFin program at the University of Pennsylvania's Wharton School of Business number one. The Booth School of Business at University of Chicago and the Stern School at New York University came in second and third, respectively.