Specific minimum requirements
|Undergraduate academic achievement||At least a high UK 2:1 or equivalent (GPA 3.6 or higher), although a First Class degree is strongly preferred.|
|Professional experience||All students require a minimum of two years' graduate work experience in a finance-related role. If you have only one year of finance-related work experience you may still be eligible to apply if you have at least one additional year of professional experience relevant to a future career in finance. Please contact the admissions team for further information.|
|Maths & stats proficiency||A willingness to reach the necessary level of maths and statistics. Read specific guidance on the level of knowledge required (pdf, 26KB)|
|Skills & competencies||Ambition and a willingness to work hard, as there will be a lot to cover in the programme. Evidence of good interpersonal communication and teamworking skills, in addition to numeracy, problem-solving and reasoning skills.|
A strong academic background; at least a high UK 2:1 or equivalent (GPA of 3.6 or higher), although a First Class Degree is strongly preferred; any degree subject is potentially eligible. We are actively looking for those without a finance background at degree level.
At least two years of finance-related work experience; this could be in a bank or financial institution, but could also be in financial accounting or finance-related legal work, or in the financial arm of a non-financial company. If you have only one year of finance-related work experience you may still be eligible to apply if you have at least one additional year of professional experience relevant to a future career in finance. Please contact the admissions team for further information.
The MFin programme is taught entirely in English, and it is important that you can read, write, speak and understand English fluently. If you are a non-native English speaker you must provide us with evidence of your fluency in English.
We require you to provide test results that meet the requirements of one of the tests listed below. Your results must be from a test taken in the two years prior to starting the programme.
- TOEFL - 110, with no element below 25
- IELTS - average of 7.5, with no element below 7.0
- CAE minimum score of Grade A
- CPE minimum score of Grade A, B or C
If you scored 7.0 on IELTS or between 100 and 109 on TOEFL, and you feel that you are a strong candidate, you are also welcome to apply. However, we reserve the right to ask you to either retake and improve your test scores, or attend an additional assessment conducted by the University, if we were to invite you for an interview.
We ask you to self-report your scores on the application form. If you are invited for an interview, we will ask you to bring the original English language test certificates with you.
The English proficiency requirement will be waived, at the discretion of the School, if you have completed degree level study in a majority English-speaking country within the past two years.
However, even if you have been granted a waiver, you may still need to sit an approved English language test as part of your visa requirements. If you are a non-EU student, the Home Office's UK Visas & Immigration department requires you to provide proof of your English competency through one of these tests, unless you are a national of, or have studied at an undergraduate level or above in one of the following countries:
- Antigua and Barbuda
- The Bahamas
- New Zealand
- St Kitts and Nevis
- St Lucia
- St Vincent and the Grenadines
- Trinidad and Tobago
- United Kingdom
- United States of America
Maths & stats proficiency
The Master of Finance is open to graduates of any discipline, so long as they can show a willingness to reach the necessary level of maths and statistics. We have provided specific guidance on the level of knowledge required (pdf, 26KB) to complete the core courses taught on the programme.
For those with an advanced maths background and who wish to tailor their MFin degree towards a more quantitative direction we are able to offer some very demanding electives. Cambridge has several faculty members who are leaders in the areas of mathematical finance, advanced econometrics and computer modelling.
Skills & competencies
Ambition and a willingness to work hard as there will be a lot to cover in the course. Evidence of good interpersonal, communication and team-working skills, in addition to numeracy, problem-solving and reasoning skills. In addition, applicants must have the potential for a successful career in finance, and be willing to engage fully with the course; contributing to the student experience.
We require three references for the Master of Finance application:
- Professional reference from your line manager/supervisor
- Peer reference from a team member/colleague
- Academic reference
Automated reference requests will be sent to your referees once you have input their contact details into our online application system. Please note that you must provide your referees' work email address in the contact information. We cannot accept references sent from personal email accounts. You will be able to track the receipt of your references online.
The submission of a GMAT or GRE score is optional for anyone applying to the MFin. We assess the strength of an application based on all of the information the applicant provides us (including the application, transcripts and references). Therefore, in some cases a GMAT or GRE score can provide more information and potential strength to an application, particularly in cases where the academic score is border line for our requirements or if the scoring of academic qualifications is unfamiliar to us. However, we do not consider a GMAT or GRE score by itself as enough to accept or reject an MFin application and it cannot be presented as evidence of a strong academic record by itself. Please note we do reserve the right to request a GMAT or GRE score on the rare occasions where we feel it is necessary.
If you do wish to submit your GMAT score, please self-report your score on the application form.
We encourage our candidates to start researching all available financial options, saving and making the necessary plans to ensure that they have sufficient resources to finance the course as early as possible. Please read about the benefits of applying early.
Financing your MFin is a major commitment, and an early application can help with securing financing, funding or bursaries. This is because many scholarships are awarded early in the year and you will need to have an MFin offer in place before you can apply for them.
The fees for the Master of Finance for 2017/18 are:
|Estimated living expenses||£13,440|
* This includes the college fee which was previously listed separately.
Payment schedule and expenses
You must send us your tuition fee in three instalments. The first two instalments act as non-returnable deposits, with the third instalment paying off the remainder of the tuition fee. The table below outlines the fee payment schedule:
|Fee payment schedule|
|Instalment 1: The first instalment of fees is due within one month of receiving your conditional offer||10% of tuition fee|
|Instalment 2: Due by 1 June 2017 or when your unconditional offer is made (whichever is the latest)||20% of tuition fee|
|Final instalment (i.e. total fee minus instalments 1 and 2). Due by the beginning of September (following your receipt of our invoice)||Remaining 70% balance of tuition fees|
The figures quoted in the table below should be regarded as the absolute minimum you will require. These are estimated annual expenses for a single person; the cost for married participants and those with children will of course be higher.
|Estimated living expenses|
How students finance their Master of Finance
Below shows how the MFin class of 2016/17 funded the programme:
- Family savings | 30%
- Personal savings | 28%
- Employer Sponsorship | 18%
- Scholarships | 15%
- Loans | 9%
Various scholarships are available to Master of Finance students, ranging from Cambridge Judge Business School bursaries and University of Cambridge and College scholarships to external funding. If you need financial assistance with fees through scholarships, it's essential to apply for the Cambridge MFin early.
In addition to the funding sources listed in this section, we advise you to explore all types of potential funding opportunities open to you, including employer sponsorship and loan and scholarship opportunities in your own country.
Cambridge Judge Business School scholarships
|MFin Programme Scholarships||Varies each year but awards are usually from £5,000 to £25,000.||All those who are offered a place on the programme maybe considered. Awards are academic merit and needs based.||Rolling until awarded|
|The Chairman's Scholarships
Find out more
|Two awards of £15,000 towards the MFin tuition fee, including college fees at Emmanuel College or Trinity Hall.||All candidates with a First Class degree/GPA 3.7 or above. Candidates must have a clear financial need, and the desire to use their skills/qualifications to have a positive impact on society. The Admissions Office will contact eligible candidates and invite them to apply.||16 January 2017|
|The Central Bank Scholarship||Varies but normally around 20 per cent of the MFin tuition fee. The central bank will need to make a matching scholarship contribution.||Applicants must work at Central Banks or other 'Official Sector' organisations, and must return to their employer on completion of the MFin. This scholarship is intended mainly for emerging economy institutions.||Rolling until awarded|
|LIFE Lebanon Scholarship||£12,000 towards tuition fees||Candidates must demonstrate exceptional academic merit, be ordinarily resident in Lebanon and demonstrate a desire to use the skills gained from the MFin in Lebanon after graduation. Preference will be given to candidates in financial need.||16 June 2017|
|30% Club Scholarship
Find out more
|50 per cent tuition fee reduction||All female candidates.||5 March 2017|
||Variable||Awarded to the Master of Finance offer holders based on their outstanding academic achievement.||No deadline - automatic consideration upon offer acceptance.|
University of Cambridge scholarships
The University of Cambridge offers a range of scholarships each year, and most of these can be viewed via the University's funding search tool.
Two of the major funding bodies at Cambridge that consider applicants for the MBA and MFin degrees are:
If you are interested in applying for these awards you should first visit the websites above, which contain full information. You can apply for both of these funding opportunities using the shared application form - Gates Cambridge and Trust application form 2017/18. You will then be considered for all the awards offered for which you are eligible.
All scholarships are awarded before the start of the academic year. There are no funds that can be awarded after the academic year has started, and candidates should not make financial plans assuming that they will receive funds after they have started the programme.
Please note that the deadline for applying for Cambridge funding is early in the admissions cycle and it is therefore essential that you apply to the Cambridge MBA/MFin early if you wish to be considered for these scholarships.
Deadlines for the funding opportunities above for 2017/18 entry are available from the University's deadline funding page. In summary:
- US citizens based in the USA must apply by 12 October 2016
- All other eligible candidates must apply by 7 December 2016
|Scholarship||Amount||Eligibility||Find out more|
|Aga Khan Foundation (AKF) International Scholarships||Tuition and living expenses. Half of the scholarship is considered a loan.||Candidates from the affiliate countries who are preferably under 30 years of age and have some finance work experience.||Find out more|
|British Council Scholarships||Varies||Candidates from approximately 160 countries are eligible to apply.||Find out more|
|British Marshall Scholarships||Tuition fees, various living expenses, airfares to and from the US||US citizens who are graduates of US universities and graduated with a GPA of 3.7 or above after April 2013.||Find out more or email|
|Chevening Scholarships||Varies from part to full funding||Available in over 150 countries. Administered by the Chevening Scholarship Secretariat.||Find out more|
|Colfuturo Scholarship/Loan||Up to US$25,000||Colombian citizens over 25 years of age who must be bilingual and have at least one year of work experience. Candidates must return to Colombia within one year of finishing their programmes in order to qualify for a scholarship comprising a 50% waiver of the loan.||Find out more|
|Commonwealth Scholarship and Fellowship Plan (CSFP)||Tuition fees and various expenses||Commonwealth citizens and British protected persons permanently resident in any Commonwealth country other than the UK who are under 35 years of age. Applications should be made through Cambridge Trusts.||Find out more|
|Entente Cordiale Scholarships||Approximately £10,000||French nationals (or those who have completed their education in France) under 35 years of age.||Find out more|
|The Fulbright Commission Postgraduate Award||Tuition and maintenance||Awards for US citizens to study in UK.||Find out more|
|General Sir Monash Awards||AU$50,000||Australian citizens||Find out more or email|
|Jean Monet Scholarship Programme||Varies||Turkish citizens.||Find out more or email|
|Luys Foundation||Maximum of 50% of tuition fees, living expenses, maintenance and travel costs||Applicants must be citizens of Armenia or of Armenian Descent.||Find out more or email|
|O'Reilly Foundation Scholarships||EUR 25,400||Residents of Ireland with a potential and desire to make a significant contribution to the future of Ireland.||Find out more or email|
|Yayasan Khazanah Scholarships||Full scholarships||Malaysian Citizens under 40 years of age who have obtained a minimum of a Second Class (Upper) Degree (Hons).||Find out more or email|
|SIM-You Poh Seng Scholarship||Up to SGD 100,000 for tuition fees and study allowance.||Singaporeans with a 2:1 or above and strong leadership skills.||Find out more|
|Rotary International Global Grants||Up to US$30,000||Citizens of countries in which there are Rotary Clubs.||Find out more|
Please note: that this list of external scholarships is not exhaustive and we recommend that you research whether organisations in your country provide scholarships or loans for those studying an MFin. While we aim to ensure the utmost accuracy, these scholarships are not administered by Cambridge Judge Business School, so you must contact the organisations directly for more detailed information.
For all candidates holding a conditional offer for the Cambridge MFin:
Prodigy Finance loans
Career development loans
- Eligibility: The Career Development Loans scheme is for candidates intending post-MFin careers in the UK or European Economic Area.
- Loan: This UK government sponsored scheme enables you to borrow up to £10,000 for a job-related training course lasting up to two years. Repayment is deferred until after the course has finished.
- Further details: visit www.gov.uk/career-development-loans/overview.
Canadian students can apply for loans through their home province. Visit the Board of Graduate Studies website to find out more
US students can apply for Federal Direct loans. Visit the Board of Graduate Studies website to find out more
Norwegian loan fund
- Eligibility: For Norwegian students wishing to study abroad. The applicant must already have achieved general study competence and must be enrolled at an educational institution. The education must provide occupational competence in Norway and it must be officially approved in the country where studies are taking place.
- Further details: www.lanekassen.no.
Questions about applying
When is the best time to submit my application?
Admissions will open in late September and close on 31 May. As demand for places is likely to be strong, we recommend you apply as early as possible. Early application also helps to assist with College placement and visa applications. Some scholarships also require applications to be submitted by earlier deadlines.
What is the deadline for applications?
Application submissions for the Master of Finance programme will be accepted for consideration until all the available places are filled, provided they meet the required criteria. We will not accept any applications after 31 May. All three of your references must also be received by this deadline.
Is there an application fee?
Yes, there is an application fee of £100 payable at the point of application submission. Payment can be made by credit or debit card through our online application system.
Do undergraduate internships count towards the minimum work experience requirement?
No, all work experience must be post-graduation.
Do part-time jobs count towards the minimum work experience requirements?
In most cases no; for example, if you are applying for 2017 entry you must expect to have at least two years' full time, post-graduation work experience by 30 September 2017. However, please tell us if there are extenuating circumstances which mean that you have only been able to work part-time or on temporary contracts, such as bringing up a family or caring for an elderly relative.
How are references submitted?
Please nominate three referees - an academic, a peer and a supervisor - in the "References" section of our online application form. Your chosen referees will be sent an automated email asking them to submit your reference to us directly, via our online system.
I don't want to tell my current line manager that I am applying for the MFin. Can I submit an alternative reference instead of the professional one?
We understand that sometimes it is not possible to ask your current line manager for a reference, in which case we are happy to accept a reference from a former line manager/supervisor. Failing this, we will accept a reference from a customer, supplier or adviser with whom you work on a professional basis.
Do you have an upper age limit?
When do I need to submit degree transcripts and other certificates?
Please upload a copy of your degree transcript (front and back pages) in the "Academic information" section of our online application form. If you are invited for an interview, we will require you to bring the original transcript certificates with you. If you are unable to provide the original documents, you must have copies authenticated by a public notary or lawyer who has seen the original documents. Please prepare these documents now, as we sometimes invite candidates to interview at short notice. Transcripts should be written in English, or be certified translations into English.
Do I have to take an English language proficiency test?
Fluency in English is a pre-requisite for the Cambridge Master of Finance. If English is not your first language, you must have taken the recognised English proficiency test IELTS or TOEFL in the two years before 30 September of the year you are applying for. Full details of the tests we accept can be found in the guidance notes that accompany the application form.
We may, at our discretion, waive this requirement if you can provide clear evidence that your English is fluent (e.g. you have been educated in a majority English speaking country within the past two years). Visit the Our Criteria tab for more information and details of our minimum score requirements.
I want to do a PhD afterwards. Is Master of Finance the right programme for me?
The PhD requires a substantial amount of research methods training at masters' level, which is not covered in the Master of Finance programme. Candidates interested in an academic career should consider one of the School's research MPhil programmes.
Would you consider my application if I do not have a degree?
Our programme is intellectually demanding and the training received at the undergraduate level is considered appropriate preparation for masters' level academic study. Although we might consider applicants with special circumstances on an individual basis, they will need to provide evidence of sufficient academic ability to cope with the intellectual demands of the programme.
Do you require a GMAT score as part of the application process?
The submission of a GMAT score is optional for anyone applying to the MFin. We assess the strength of an application based on all of the information the applicant provides us (including the application, transcripts and references). Therefore, in some cases a GMAT score can provide more information and potential strength to an application, particularly in cases where the academic score is border line for our requirements or if the scoring of academic qualifications is unfamiliar to us. However, we do not consider a GMAT score by itself as enough to accept or reject an MFin application and it cannot be presented as evidence of a strong academic record by itself. Please note we do reserve the right to request a GMAT score on the rare occasions where we feel it is necessary.
Questions about admissions
How do I know that you have received my application and supporting documents such as transcripts and references?
Please check your application status by logging into our online application system to verify that your application is complete. Please note that your application cannot be reviewed until we have received your application fee and all three references.
When will I hear if my application has been successful?
Approximately three weeks after we receive your completed application (including your three references), we will send you an email notification as to the status of your application.
Do I have to come to Cambridge for an interview?
Short-listed applicants will be invited to attend an interview day in Cambridge, and are expected to attend at their own expense. For those who will find it difficult to attend an interview in Cambridge, we may also carry out Skype video interviews.
What happens after the interview?
We will usually inform applicants if they have been successful within three to four days of the interview.
Which College am I likely to join?
There are 31 Cambridge Colleges and Master of Finance students are put forward for the membership in the same way as other postgraduate students. Candidates can only be considered for a College place once the conditional offer of a Master of Finance place has been made. The Master of Finance admissions team are responsible for working with colleges to find places for the programme's students and it is very difficult to say which college this is likely to be until nearer the time.
What is the difference between the conditional and unconditional offer?
If your application is short-listed you will be asked to take part in an interview. If after the interview you are offered a place on the programme, your place will be conditional on you providing evidence that you can fund the course and on you having a College place. Once these conditions have been satisfied your offer will progress to an unconditional offer.
Questions about the MFin programme
What is the duration of the programme?
The programme lasts for 12 months and consists of nine months of taught courses and an individual project carried out over the summer. Between July and September students are required to complete a mandatory summer activity.
When does the programme start?
The Master of Finance programme starts at the end of September each year. It is not possible to start at any other point in the year.
Do you offer a part time/distance learning MFin?
No, the MFin is a full time programme.
Do I need to live in Cambridge during the MFin year?
Yes, the regulations for the MFin degree require that you are in residence at the University for all three terms of the programme. Formally, this means that you must be resident within 10 miles of the University Church of Great St Mary for at least 59 days of the Michaelmas and Lent terms, and 56 days for the Easter term.
Please note that students are still expected to work on assignments/projects/exam preparation during term breaks. Although we understand that you will need to take a break sometimes during the year it is strongly advised not to plan to be away from Cambridge for a long time.
Questions about contacting the MFin Office
How do I contact MFin Admissions?
We are always interested in hearing from you, so please do not hesitate to contact us directly. However, you may find the answer to your question in our frequently asked questions section. If you cannot find the answer to your question on the website, please use the contact details published on our Contact us page.
Can I visit the School?
The Master of Finance Meet us page will publicise any events or open days taking place at the School. If there are no events scheduled or if you are unable to attend, you can contact the MFin Admissions Office to arrange a visit. Please note that we are unable to meet with visitors without a pre-arranged appointment.
Do you hold events outside of Cambridge?
Any upcoming events will be publicised on the Master of Finance Meet us page.
How can I contact MFin alumni?
Contacting our alumni is a great way to find out more about the MFin student experience. Alumni can answer your questions on life as an MFin student before, after and during the degree. Please visit the Contact MFin Alumni page on our website to get in touch with previous students.
Can you review my CV prior to my application?
Questions regarding overseas candidates
Do I need a visa to visit/study at Cambridge?
The following websites provide information on whether you will require a visa to study in the UK or to travel to the UK for interview. These sites include information on how to obtain a visa, and the paperwork you are required to submit. Also included is the location of your nearest British Embassy or Consulate:
Are the fees different for overseas students?
No, fees for all Master of Finance students are the same.
Questions about financing the programme
What is the cost of the Master of Finance programme?
The tuition fees for 2017/18 year are £41,900. This now includes the College fee, which was previously listed separately. Those who are offered and accept a place on the programme are asked to pay an initial deposit of 10 per cent of the tuition fee within a month of being notified of the offer, followed by a second instalment of 20 per cent of the tuition fee to be paid by 1 June or when your unconditional offer is made, whichever is latest. Both of these are offset against the programme fees.
In addition, you will need to budget at least an additional £13,440 to cover accommodation and meals, textbooks and computer and software. For a more detailed breakdown visit our Fees & financing tab.
What scholarships do you offer?
For details of scholarships, bursaries and loans visit our Fees & financing tab.
What happens next
Stage 1 - Application review
Once we have received your application it will be reviewed and a decision made regarding whether to shortlist you for interview.
We endeavour to complete this process within three weeks of the date your application is completed (i.e. we have received your application and all necessary supporting information including all three references).
We regret that, due to the volume of applications we receive, the Admissions Committee are not able to provide feedback on individual applications that are unsuccessful.
Stage 2 - The interview
If we decide to short list you for interview the Admissions Officer will contact you directly via email to let you know and to arrange the interview.
Interviews take place on a set day every month and in most cases the interviews will take place here in Cambridge. However in some instances it is possible for interviews to be conducted off site or via video or telephone. You can discuss this with the Admissions Officer once you have been shortlisted.
Interviews will be conducted by the MFin Director or other members of the Finance faculty. Candidates who attend the interview in Cambridge will get the opportunity to meet with faculty, MFin staff and have a tour of the facilities at Cambridge Judge Business School.
Please note that the Master of Finance attracts considerable interest, and the competition for places is intense. It is the policy of the MFin Office not to provide feedback on final interview decisions.
Stage 3 - Conditional offer
A decision to offer you a place on the programme will normally be made within a couple of days of the interview process. The initial offer is called a conditional offer and the following conditions must be met before we can convert this to an unconditional offer:
- Receipt of the first instalment of fees (10 per cent of the tuition fee)
The deadline for this payment is one month after the offer is made.
- Receipt of completed financial guarantee forms
Students will be asked to complete a financial guarantee form and provide evidence of how they will fund the full cost of the programme. It is therefore very important to think about how you will fund the programme, and to apply early for any financial assistance if necessary.
- Award of a College place
Please note that each student offered a place on a degree programme at the University of Cambridge must also be awarded a college place. It is the responsibility of the MFin team to find college places for students and students should not try to arrange this independently.
- Satisfying any relevant verification or reference checks
The Admissions Office will conduct relevant verification or reference checks on a sample of candidates. This might involve calling one or both of the references in any application, or engaging a third-party to verify academic transcripts.
Stage 4 - Unconditional offer
This is the final stage of the admissions process. We will send you a letter confirming that you have reached this stage. Documentation for those who need student visas will be issued at this stage. A second instalment of 20 per cent of the tuition fees is due by 1 June 2017 or when the unconditional offer is made, whichever is latest. Both tuition fee instalments are non-refundable.