Master of Science in Finance (MSF)

Prerequisites

All applicants must complete the following four business foundation courses prior to enrollment in the MSF program:

• Financial Accounting (ACG 2021 or its equivalent)
• Financial Management (FIN 3403 or its equivalent; minimum grade of B- required)
• Investments (FIN 4504 or its equivalent)
• Problems in Financial Management (FIN 4424 or its equivalent)

FSU's MSF program is intended primarily for students who have completed an undergraduate finance degree prior to entering the program. Students with undergraduate degrees in related areas such as mathematics, statistics, accounting, economics, actuarial science and other business disciplines will be considered for admission upon demonstrating a high level of competency in both their chosen field of study and in the prerequisites required for admission. A completed internship is strongly encouraged for all without prior business experience.

Any exception to the specified minimums must be approved by the MSF program director. Specific requests for exceptions or substitutions must be submitted in writing to the College of Business Graduate Programs Office.

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Program of Study

The MSF offers a three-semester lock-step program consisting of 32 credit hours: 10 courses (3 credit hours each) for core and specialized coursework, and two courses (1 credit hour each) in both the fall and spring semesters devoted to professional development.  

Specializations
MSF students begin with a core curriculum designed to strengthen their understanding of key financial principles and develop practical, real-world skills. To further customize their academic experience and strengthen career readiness, students also pursue a specialization that consists of 9 credit hours (3 courses). Available specializations include: 

• Corporate Finance & Investment Management
• Real Estate  

Summer Semester
Students admitted to the MSF program start their studies with two courses offered Summer Session B, which typically begins in late June. The first course, required for all students, is a fully virtual, asynchronous course. There is not a set class time, and students complete required coursework on their preferred schedule each week. The second course is an in-person course on FSU’s campus at set times each week. However, students can opt to replace the in-person course with academic credit for a secured internship if it is completed over the summer term and meets the criteria of the college and university. Approval for this internship must be granted by June 1.

STEM designation 
The MSF program qualifies as a Science, Technology, Engineering and Mathematics (STEM) degree, assuring graduates of employer demand and allowing eligible graduates on student visas to extend their U.S. work stay up to two years longer. 

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MSF Curriculum

The MSF program consists of 32 credit hours. Students may specialize in either Corporate Finance & Investment Management or Real Estate:

Core courses required for ALL MSF students
FIN #### – Alternative Investments (3 hrs) ^†
FIN 5515 - Investment Management and Analysis (3 hrs)
FIN 5840 - Applied Econometrics in Finance (3 hrs)
FIN #### - Financial Modeling for Investment Banking & Corporate Finance (3 hrs)
FIN 5537 - Financial Derivatives and Risk Management (3 hrs)
MAN 5716 - Business Conditions Analysis (3 hrs)
GEB 5923 – Professional Development (1 hr)

Additional courses required for Corporate Finance & Investment Management Specialization students (Choose 3)
FIN 5526 - Portfolio Management & Wealth Planning (3 hrs)*
FIN 5545 - Fixed Income Securities (3 hrs)*
FIN #### - Equity Valuation (3 hrs)*
FIN #### - Decentralized Finance & Technology (3 hrs)

Additional courses required for Real Estate Specialization students
REE 5305 - Real Estate Investments (3 hrs)*
REE 5209 - Advanced Real Estate Finance and Investment (3 hrs)*
REE 5205 - Real Estate Finance (3 hrs)*

Additional courses offered over Summer Term for ALL students (Choose 1)
ISM 5644 - Programming for Analytics (3 hrs)
QMB 5616 - Probabilistic Optimization for Analytics (3 hrs)
GEB 5944 - Finance Internship (3 hrs)

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* Indicates courses that combined pathway students may have taken as undergraduates
† This course is offered online and has different fees than an on-campus course
 

2025-2026 Program Schedule
 

Admission to the MSF program is highly competitive. The decision is based on a holistic review of your application, including prior academic experience, professional experience, optional entrance exam scores (such as GMAT or GRE) and letters of recommendation. Entrance exam scores are optional for this program and can be submitted if they enhance an application. Any submitted test scores become part of the application and are used in the admission decision.

Application checklist

The following items should be submitted through the Florida State Graduate Application portal, available exclusively online at admissions.fsu.edu/gradapp:

• Applicant Statement 
• Current resume/C.V., clearly indicating academic, professional, and leadership experience including dates 
• Letters of recommendation: Three (3) letters of recommendation from employers or former college professors that speak specifically to the applicant’s ability to successfully complete the MSF program (submitted by the recommenders in the online application).
• Florida Residency Declaration if applicable
• Nonrefundable application fee of $30.00 (see University Application or go to fees.fsu.edu)

The following items should be sent to the Graduate Admissions Office, 222 S. Copeland St./314 Westcott Building, Florida State University, Tallahassee, FL 32306-1410 or to graduateadmissions@fsu.edu:

• One (1) official transcript from all colleges and universities attended (FSU transcripts are not necessary for FSU alumni, students). International applicants are required to submit an official NACES course-by-course transcript evaluation.
• Official test scores, if applicable:
  • GMAT or GRE scores are optional and should be submitted if they will enhance the application. Any submitted test scores become part of the application. The code to send GMAT scores to Florida State is PN8K567, and the code to send GRE scores is 5219.

English Language Proficiency scores are an FSU requirement for international applicants whose native language is not English or who have not completed an undergraduate or graduate degree from a U.S. institution or other institution where English is the required language of instruction; therefore, it cannot be waived). The code to send TOEFL scores to Florida State is 5219.

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International applicants

International applicants should visit gradschool.fsu.edu/admissions/international-admissions concerning financial responsibilities, degree equivalency, etc. International applicants are responsible for submitting the below documents in addition to the checklist items in the previous section.

English Language Proficiency Exam
International applicants whose native language is not English and who have not completed an undergraduate or graduate degree in an English-speaking country are required to take an English Language Proficiency exam and submit official test results in order to be admitted to Florida State University. The College of Business accepts all of the following examinations taken within the past two (2) years:

• Test of English as a Foreign Language (TOEFL): a minimum score of 600 on the paper-based test and 100 on the internet-based test (FSU institution code 5219)
• International English Language Testing System (Academic IELTS): minimum score of 7
• Pearson Test of English (PTE): minimum score of 66
• Duolingo: minimum score of 120 (Summer 2022 through Summer 2025)
• Cambridge C1 Advanced Level: minimum score of 180 (Fall 2022 and forward)
• Michigan Language Assessment: minimum score of 55 (Fall 2022 and forward)

Transcript Evaluation Requirement
The Office of Graduate Admissions requires all international students to submit an official course-by-course evaluation of all academic records from non-U.S. institutions prior to application review. This verifies degree equivalency and serves in place of additional official or unofficial transcripts. This evaluation must be done by a member of the National Association of Credential Evaluation Services (NACES): www.naces.org. FSU offers a partnership with The Evaluation Company (formerly SpanTran), our preferred credential evaluation service, which allows a streamlined process at a discounted rate. More information about this process is available after you submit the first part of your graduate application.

Many of our top applicants will earn assistantships and scholarships to pay for part of their expenses in the program. This financial support is awarded after admissions decisions are made and is based on the qualifications of the applicants, such as undergraduate GPA and entrance exam scores. Some awards are based on documented financial need (e,g, FAFSA report, Pell Grant, substantial financial aid debt).

Estimated program costs for the 2025-2026 academic year

The MSF program requires 32 credit hours:

• Florida residents: $479.32 (tuition plus fees) per credit hour. Total estimated program cost is $15,338.24.
• Non-Florida Residents: $1,173.86 per credit hour. Total estimated program cost is $37,563.52.

Note: Effective summer 2025, the MSF curriculum includes one required online course (3 credit hours) that will have different fees than its on-campus courses.

Above costs do not include required books and supplies for courses and are subject to change. Fees in table do not include some per-term flat fees for FSUCard and facilities use. For a breakdown of on-campus student fees and their explanations, visit the university’s Tuition Rates page.

Financial resources

Assistantships
The College of Business offers a limited number of assistantships to students admitted into the MSF program.

• Recipients of these awards are required to work approximately 10 hours a week
• These awards provide a stipend and tuition waiver to reduce the cost of the program
• All students admitted to the program are considered for the competitive assistantships

University Fellowships & Assistantships
The University offers several fellowship and assistantship opportunities. These awards are competitive and awarded only to students of high academic standing.

The College automatically nominates those qualified applicants whose files are complete by Jan. 15 each year for these awards. Applicants are encouraged to complete application files by Dec. 15 in order to be considered.

Learn more about the college's financial assistance options for graduate students. The FSU Office of Financial Aid website is the best source for more information including financial aid application forms.

National Scholarships and Fellowships
For information on national fellowships and scholarships, visit the Office of National Fellowships for assistance.

FIN 5515 Investment Management and Analysis
Analysis of financial assets with emphasis on the securities market, the valuation of individual securities, and portfolio management. 3 credit hours

FIN 5526 Portfolio Management and Wealth Planning
This course provides an advanced exploration of portfolio management techniques, wealth planning strategies, and their practical application. This course will equip students with the knowledge and skills necessary to excel in the fields of portfolio management, wealth advisory, and financial analysis. 3 credit hours

FIN 5537 Derivatives and Risk Management
Issues related to the pricing and application of futures, swaps, and options are explored. Emphasis is placed on different methods used to value derivative securities and how derivatives are used to hedge macroeconomic and firm specific risks. Real-world examples of derivative use are examined in the context of how they impact firm value. 3 credit hours

FIN 5545 Fixed Income Securities
This course describes important fixed income securities and markets and develops tools for valuing fixed income securities and managing interest rate risk. The course covers traditional bonds and term structure concepts as well as fixed income derivatives and interest rate modeling. 3 credit hours

FIN 5840 Applied Econometrics in Finance
This course focuses on providing students with an in-depth understanding of statistical techniques commonly employed in financial studies. Actual applications within a variety of financial studies are examined to help students learn how to conduct statistical tests, as well as to interpret the results. Students are familiarized with WRDS and a variety of databases to facilitate their future research efforts. 3 credit hours

FIN #### Alternative Investments
This course provides an exploration of alternative investments, focusing on private markets and their role in modern portfolio management. The course covers the primary asset classes in alternative assets, as well as a summary of due diligence processes, manager selection criteria, and strategic asset allocation methodologies for incorporating private alternatives into institutional and high-net-worth portfolios. 3 credit hours

FIN #### Decentralized Finance and Technology
This course provides a discussion of the actively evolving field of financial technology (FinTech), focusing on critical areas such as blockchain technology, cryptocurrency, artificial intelligence (AI), and the impact of government regulations on digital innovations. 3 credit hours

FIN #### Equity Valuation
This course is designed to equip students with a comprehensive understanding of both theoretical principles and practical applications in equity valuation. Topics covered include various valuation methodologies such as dividend discount models, cash flow models, and multiples-based valuation approaches. Through the course, students will develop the skills to analyze financial statements effectively, extracting pertinent cash flow information. 3 credit hours

FIN #### Investment Banking and Corporate Financial Modeling
In this course, students develop a strong command of corporate finance principles and actively apply them by building financial models commonly used by investment banking and commercial banking analysts. Students will work through the full transaction process for each topic, constructing pitch decks and complete models from the ground up. Lectures will emphasize the critical role financial analysts play in each stage of the process. 3 credit hours

GEB 5932 Professional Development
This course explores a wide range of issues related to professional development in the business setting. 1 credit hour 

GEB 5944 Graduate Internship
This course provides students with practical, hands-on experience in the field of finance through supervised internships with approved organizations. Emphasis is placed on applying academic knowledge to real-world financial environments and developing professional skills. 3 credit hours

ISM 5644 Programming for Analytics
This course introduces students to the basics of computer programing for business analytics. The course places special emphasis on utilizing Python programming language for data science and analytics related tasks. 3 credit hours

MAN 5716 Business Conditions Analysis
A study of external variables (to the firm) that can have significant impact on performance. They include economic, financial, political, social, and government policy variables. While these variables are external to the firm, their potential impact on the firm can be substantial and must be understood and managed. 3 credit hours

QMB 5616 Probabilistic Optimization Methods for Analytics
This course teaches students techniques to address problems in regression, discriminant analysis, principal component analysis, logistic regression, SEM, etc. Students will utilize methods such as calculus and linear algebra. 3 credit hours

REE 5205 Real Estate Finance
This course provides an advanced treatment of topics fundamental to real estate finance. The course topics are presented in units that range from pricing mortgages to the lending process to the secondary mortgage. Topics include a discussion of primary and secondary mortgage markets, mortgage market operations, mortgage instruments and mortgage-related securities. Emerging topics of special interest are also discussed. 3 credit hours

REE 5209 Advanced Real Estate Finance and Investment
Prerequisite: REE 5305. This course provides advanced treatment of the commercial mortgage and real estate equity markets. Topics include in-depth discussion of financing income-producing properties; commercial mortgage underwriting; real estate investment trusts; and the decisions faced by institutions regarding their property and mortgage portfolios. Emerging topics of special interest also are discussed. 3 credit hours

REE 5305 Real Estate Investments
Introduces students to the procedures and analytical methods used to evaluate real estate markets and project-specific investments. The course focuses on the topic of real estate investment analysis primarily from the private (equity) investor’s perspective. 3 credit hours