An MBA in finance is a multifaceted degree that helps students develop a critical understanding of techniques and concepts in financial and risk management. According to the Graduate Management Admissions Council (GMAC), an MBA finance is an MBA specialisation that leads to one of the highest paying careers, making it one of the most sought-after MBA specialisations. While MBAs will help you develop a strategic understanding of managing all aspects of a business, an MBA finance will allow you to specialise in the financial aspects of senior management and access rewarding careers across many industries. Let’s start by understanding what an MBA degree is.
What are MBA degrees?
Master of Business Administration (MBA) degrees are one-year advanced programmes that provide students with a strong foundation in business management, finance, marketing, and administration. MBAs can help you build skills for a wide range of careers in financial management, business strategy, corporate governance, sustainability, and data modelling.
Students can either choose to study a general MBA or an MBA specialisation and from the latter, one of the most popular specialisations is an MBA finance.
Pursuing an MBA finance in the UK – Overview
Over 70% of total postgraduate students in the UK’s business schools are international students, which is a reflection of the international recognition earned by UK business schools and their high demand. MBAs are some of the most popular degrees at UK business schools, with nearly 40,000 MBA students in the UK in 2023.
| MBA Finance in the UK | |
|---|---|
| No. of MBA universities in the UK offering a specialisation in finance | Over 25 |
| Tuition fee cost | £20,000 to £115,000 |
| GMAT score | Above 600 |
| English proficiency score | Overall score of 6.0 or higher |
| Work experience | At least two to three years of relevant work experience |
Since there are many options for MBAs in the UK, at first it can seem overwhelming to select the UK university best suited for you. We’ve compiled a table of top universities for MBA finance in the next section to get you started.
Top 10 UK universities for an MBA finance
When picking an MBA in finance, it’s important to consider several factors, such as the university’s location within the UK, its facilities, and the tuition fees. We’ve compiled the below list which shows universities with tuition fees ranging from £17,000 to £55,000 to help you with your research into an MBA in finance in the UK.
| University | Average Annual Tuition Fee for an MBA in Finance |
|---|---|
| University of Bedfordshire | £17,000 |
| University of Manchester | £49,000 |
| University of Sunderland | £18,000 |
| University of Gloucestershire | £17,000 |
| Anglia Ruskin University | £19,200 |
| Coventry University | £22,500 |
| University of Greenwich | £21,000 |
| University of Northampton | £17,500 |
| City, University of London | £55,000 |
| Bangor University | £18,000 |
While these universities offer various facilities and opportunities for students who are pursuing an MBA in finance, there are many other advantages to specialising in finance too. We’ve outlined a few key reasons for doing so below.
Why you should study an MBA in finance
An MBA in finance will give you a comprehensive understanding of advanced financial concepts while helping you build and improve several key skills, including strategic thinking, financial management, and financial governance. Following an MBA course in the UK also means that you’ll get the chance to grow your professional network, as UK universities usually facilitate high-profile networking events and career days with key financial institutions.
Having a sound knowledge in finance will open doors to almost any industry, as all industries, such as PR, advertising, IT, consulting, real estate, and even education, need professionals with an in-depth understanding of financial knowledge to record cash flow details, for investments, to manage salaries, and more. Due to this wide range of career opportunities, those with an MBA in finance will be able to explore different job roles in both private and public sectors. You’ll develop the knowledge needed for these roles by taking a variety of subjects as part of your course, which we’ve highlighted below.
What you will study
UK universities offer teaching on finance MBAs based on both research and wide-ranging consultancy work. Leveraging these opportunities can help you learn more about fields such as financial management, strategy, and governance, giving the chance to study a variety of subjects needed to deepen your understanding of finance, including;
- Business decision-making and strategy
- Project finance
- Financial management
- Principles of finance
- International financial management
- Regulation, professionalism, and ethics in finance
These subjects are common to most universities offering an MBA in finance. Once you’ve decided on the university at which you’ll follow your MBA in finance, the next step is to correctly understand the entry requirements so you can submit a successful application.
Entry requirements for an MBA finance
MBAs are aimed at students who are looking to develop their careers by deepening their understanding of all the major functions of business – especially knowledge needed for leadership roles. Therefore, UK universities look for candidates who have shown passion for their chosen field of business and who are committed to learning more about the industry. These are the general qualifications that UK universities look for from prospective finance MBA students:
- Three years of full-time work experience* – Although most universities may state that they look for ‘managerial’ work experience, they also consider applicants who’ve managed projects, have been part of extracurricular initiatives, and have guided resources in certain tasks, all of which show a student’s passion and commitment to their work.
- A Bachelor’s degree or equivalent – While all UK universities usually look for a Bachelor’s degree or equivalent qualification from students wishing to enter an MBA, some universities do accept students who may have an extensive or exemplary professional history.
- Satisfactory GMAT score* – The Graduate Management Admissions Test (GMAT) is a globally recognised assessment of analytical, numerical, and verbal skills. If you don’t have a bachelor’s degree, you may be able to show your GMAT scores to gain entry into an MBA programme. If you do meet other academic requirements, most UK universities are lenient about the GMAT score.
- Overall score of at least 6.5 for IELTS – English proficiency test results show UK universities that you’re capable of following both the theoretical and practical components of the MBA coursework in English. While most UK universities accept a range of English proficiency tests, IELTS is the most common one.
*Only for select UK universities
Potential waivers for standardised tests
Although UK universities typically look for English proficiency test results and GMAT scores from potential MBA students, they also have a range of exceptions for both these requirements.
Students who wish to get a waiver for the English proficiency test requirement may instead be able to submit the following as proof of their English language skills:
- Class 10 and Class 12 English language test results
- English as a previous medium of instruction
- A telephone or online interview
- Pre-sessional English courses
- Work experience
Alternatively, if you’re planning on applying for an MBA programme without your GMAT scores, you may be required to meet the following eligibility criteria:
- Upper second-class undergraduate degree or an honours undergraduate degree
- A compelling Statement of Purpose (SOP) about your motivations and experience
- Exemplary work experience
- Letters of recommendation
Once you gain entry into your MBA programme, you’ll be in a competitive, stimulating learning environment which you may find challenging at first. That’s why it’s important to understand the teaching methods employed by UK finance MBA courses which we’ve described below.
What you can expect in your MBA finance course
UK universities employ a variety of teaching methods for MBA students, which are designed to improve both your theoretical and practical skills:
- Teaching – UK universities combine lectures and seminars as part of their teaching methods. While lectures will impart the necessary knowledge, seminars will give you the chance to discuss what you’ve learnt in smaller groups.
- Class sizes – You’ll be able to benefit from personalised teaching as UK universities cap an MBA intake for about 300 students each year. While lecture classrooms are bigger, seminars have about 30 students in total.
- Independent learning – UK universities train you for the real world by giving you opportunities to develop your independent thinking and learning skills through group work, projects, and research assignments.
If you’re planning on applying for an MBA in finance, it’s important to remember the key dates in the application cycle so that you don’t miss out on any deadlines.
Key dates to remember
When applying for an MBA in finance in the UK, it's best to start preparing your applications at least a year ahead of your desired start date. Your application deadlines will depend on the intake you apply for – we’ve outlined these in the table below.
| Intake | Duration | Application Period |
|---|---|---|
| September intake | September to December | December to July |
| January intake | January to April | September to November |
| May intake | May to August | October to November |
In addition to planning your applications, you’ll also need to consider the funds needed for your MBA in finance. We’ve gone into details of the tuition fees for your programme and other expenses for the UK next.
Fees and funding for MBA finance
The cost of your MBA will vary depending on the university, duration, and study mode. However, many students consider top schools for their MBA programmes, as these can help them upskill in the financial sector which would in turn lead to higher salaries. The good news about the UK is that MBA finance courses have a range of tuition fees, so depending on the funds available, you can select the one that’s best suited for you. Typically, tuition fees will be between £27,000 to £115,000. In addition to your tuition fees, you’ll also have to account for pre-arrival and living expenses which we’ve explained below.
UK Student visa cost
You’ll need to apply for a UK Student visa to study an MBA in the UK. To start the process of applying to your student visa, you’ll need to fill in your Student visa application form online which can be found through the GOV.UK site. It will cost you £490 and you’ll also have to pay the healthcare surcharge as part of your application – usually £1,552 for a two-year visa, though the exact amount depends on the length of your visa.
Accommodation and other expenses
When considering costs in the UK, you’ll have to account for multiple expenses like tuition fees, accommodation, food and living, travel, and visa costs. The average cost of living in the UK is around £15,000 per year in London and approximately £12,000 in the rest of the country, though this will vary depending on the location. This means the average international student can expect to spend between £24,000 (INR 26 lakhs) and £26,000 (INR 30 lakhs) per year living and studying in the UK, including tuition fees.
| Cost | London | Outside of London |
|---|---|---|
| Annual tuition fee | £27,000 to £115,000 | £27,000 to £115,000 |
| Monthly rent | £750 to £850 | £550 to £650 |
| Monthly public transport costs | £100 | £50 |
| Monthly grocery costs | £150 | £100 |
While these costs are a little daunting at first, remember that there are also many scholarships you can apply for to fund your studies.
Funding your studies – Scholarships
While you may wish to pursue an MBA in the UK, you may also be considering how to finance some of the costs involved. There are several scholarship opportunities for MBA students which can help cover a portion of the total study costs, including:
- Brunel University of London – The Full-Time MBA Academic Excellence Scholarship
Value: £25,600 tuition fee waiver
- University of Birmingham – Purposeful Leader MBA Scholarship
Value: £35,850
- Lancaster University – Management School MBA Scholarship
Value: Up to £16,000
- The Durham University MBA Full-time MBA Scholarship (Achievement Awards)
Value: Up to £18,000
- The Skoll Scholarships (University of Oxford)
Value: Course fees and a grant for living costs
While MBA-specific scholarships are a good option to explore, there are also many other fully funded scholarships for Indian students wishing to pursue a Master’s course in the UK. Obtaining a scholarship will also help you stand out when you apply for jobs after completing your MBA.
CMI accreditation
Some universities allow you to get a Chartered Management Institute (CMI) accreditation with your MBA. This is a professional accreditation from a leading professional management body in the UK that will help you access more career opportunities. Since this can be a major value addition to your professional portfolio, it can be worth considering this while evaluating your university options.
Now that we’ve looked at the most important aspects to consider when choosing to study an MBA in finance, let’s dive into what your careers will look like post-graduation.
Careers and placements
Students who graduate with an MBA in finance go on to have careers in multiple finance-related fields. We’ve provided you with the overview of working in the UK with an MBA in finance here.
- Obtaining a work permit after an MBA in finance in the UK – The Graduate visa allows you to stay in the UK for up to two years after completing a bachelor’s, master’s, or doctoral degree. Getting an MBA means that you’ll easily fulfil this requirement and you’ll be able to get a Graduate visa after which you can work in the UK, building valuable skills and experience.
- Careers for MBA in finance graduates – MBA in finance graduates usually go on to work in finance sectors, such as banking, venture capital and private equity, impact investing and fintech, and accounting.
- Salaries – MBA in finance graduates can aim to earn about £ 54,000 per year as a starting salary in the UK.
Top recruiters
Many students choose to pursue an MBA as it leads to strong future career prospects and opportunities, especially in the UK, where MBA graduates can qualify for some of the highest paying jobs in the country. The Graduate Management Admissions Council (GMAC) has identified the top three popular industries for MBA graduates as finance, consulting, and technology. As such, some of the top recruiters of MBA in finance graduates in the UK include:
- EY
- Deloitte
- McKinsey
- KPMG
If you’re unsure of where to start when applying for your MBA course in the UK, we can help you learn more about requirements and how to fine-tune your applications.
Conclusion
An MBA finance in the UK will give you sound theoretical and practical knowledge in how businesses work, various financing methodologies, and accounting techniques and principles. The UK is home to many high-ranking business schools which offer rigorous academic standards for MBA finance students, but sifting through the choices and finetuning your applications can sometimes be a difficult task.
We can help you with profile assessments and goal setting, test prep for GMATs and IELTS, your college shortlists, your applications and interviews, your financial plan, and your visa application. Contact our experts at SI-UK today and get started on your journey to a top MBA college in the UK.
FAQs
Is MBA finance in the UK worth it?
An MBA in finance in the UK is worth it for many students, as UK universities typically have industry leaders in their faculty, world-class teaching facilities, and great networking opportunities. These can help graduates prepare to access high-paying jobs.
How much does an MBA in finance cost in the UK?
When pursuing an MBA in finance in the UK, the average international student can expect to spend between £24,000 (INR 26 lakhs) and £26,000 (INR 30 lakhs) per year, including tuition fees. This is a combination of multiple expenses, like tuition fees, accommodation, food and living, travel, and visa costs. The average cost of living in the UK is around £15,000 per year in London and approximately £12,000 in the rest of the country, though this will vary depending on the location.
Which MBA is in high demand in the UK?
You can choose to follow a generic MBA or an MBA specialisation. From MBA specialisations, an MBA in finance is one of the most popular specialisations according to the Graduate Management Admissions Council (GMAC).
What is the starting salary for an MBA in finance in the UK?
MBA in finance graduates can aim to earn about £ 54,000 per year as a starting salary in the UK. MBA in finance graduates usually go on to work in finance sectors, such as banking, venture capital and private equity, impact investing and fintech, and accounting.
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