New students who register for class by Wednesday, Aug. 19, 2026, will receive a $500 scholarship* toward their first Fall 1 course. Apply today.
Master of Science in Finance
100 Percent Online or Hybrid | Full Time or Part Time | No GRE or GMAT Required
Build on Your Experience. Earn Industry Credentials. Lead in Finance.
Merrimack’s M.S. in Finance (MSF) is a rigorous, career-focused program designed to equip you with the analytical, technical and strategic skills needed to lead in today’s fast-paced financial landscape.
Our program offers a practical curriculum designed to prepare you for the certifications and credentials employers value. It covers topics relevant to exams like the Chartered Financial Analyst (CFA), Financial Risk Manager (FRM), Certified Treasury Professional (CTP), Bloomberg Certification and FactSet Certification.
Through hands-on experience with Bloomberg, FactSet, Capital IQ and Morningstar, you’ll build expertise in financial modeling, valuation, investment planning, portfolio strategy and risk management. You’ll build a portfolio of real-world projects that demonstrate your enhanced skills and position you for growth within your current role — or your next one.
Whether you’re a working professional looking to advance or a recent graduate ready to specialize, the MSF prepares you to stand out — with the knowledge, tools and certifications top employers demand.
Quick Facts:
100 percent online or hybrid
Tuition under $25K for most students
Complete in 12 months full time or 16 months part time
No GRE or GMAT required
Financial aid eligible

Learn more about Merrimack’s M.S. in Finance.
Why Earn a Merrimack MSF?
Tailored to Your Industry
Customize your MSF with career-focused concentrations designed to deepen expertise and accelerate your professional growth.
Affordable
With tuition under $25K for most students, you’ll benefit from a high-quality education that provides exceptional value without compromising academic excellence.
Built for Working Professionals
Complete your degree in 12 months full time or 16 months part time while you balance your other commitments.
What Can I Do With a Master of Science in Finance?
With a strong foundation and applied learning experience, Merrimack’s M.S. in Finance prepares you for high-impact roles across sectors, including:
- Asset management
- Commercial banking
- Corporate finance and treasury
- Risk and derivative services
- Financial planning
- Equity research and investment strategy
- Financial operations and regulatory reporting
Personal financial advisor
$102,140
Median annual salary
Financial risk specialist
$106,090
Median annual salary
Real estate investment analyst
$112,359
Average annual salary
Source: U.S. Bureau of Labor Statistics, 2025; Indeed, 2025
Master of Finance Coursework
Merrimack’s M.S. in Finance curriculum was developed in consultation with industry experts to ensure that you emerge a strong analyst ready to identify value-added opportunities, assess risk, navigate global challenges and effectively communicate insights across a wide range of industries.
Every student is on a unique professional journey and Merrimack’s curriculum is designed to provide students with the opportunity to develop competencies in additional areas of business, dive deeper into technical aspects of finance, hone leadership skills and more.
Foundational Core (8 credits): For non-business majors only
If you do not hold an undergraduate degree in business, foundational coursework must be integrated into the curriculum to provide the framework needed to succeed in more complex finance courses. These courses will take the place of open electives.
The objective of this course is to introduce students to the basic principles and fundamental techniques in the context of financial analysis. The course introduces students to the basic principles of finance, critical financial terminology and key financial management indicators. Emphasis is placed on building a foundational knowledge of financial statement analysis and assessing your organization’s financial health with a focus on practical application and real-world situational analyses. It is a great overview for students to familiarize themselves with relevant finance concepts and provides a structured approach to facilitating the identification of future financing needs and measuring the impact and sustainability of growth. Credits: 4
A solid understanding of accounting principles and financial statements is essential for managerial decision-making. This course provides students with a strong foundation in the principles of both financial and managerial accounting and their impact on business decisions. In addition to developing an understanding of financial accounting concepts and the accounting cycle, students will prepare, analyze and interpret primary financial statements (i.e., balance sheet, income statement and statement of cash flows). The course also exposes students to fundamental managerial accounting concepts, including cost allocation, cost-volume-profit analysis, operational budgeting and financial planning. Credits: 4
Finance Core (8 credits)
The program is intentionally designed to build a strong set of skills across a variety of finance concepts.
This course strengthens students’ ability to analyze and communicate data-driven insights through mastery of technology tools commonly used by managers and business analysts. Students develop practical skills in using computer-based technologies to access, prepare, analyze, model and visualize data in support of business decision-making. Emphasis is placed on building spreadsheet models for scenario and sensitivity analysis, evaluating uncertainty and tradeoffs and translating analytical results into clear, actionable insights. Students become adept at analyzing data, structuring decisions and presenting results effectively in a professional business context. Credits: 4
Offers an introduction to portfolio management with a focus on quantitative methods. Major topics include portfolio construction, revision and performance measurement. Examines portfolio construction using constrained mean-variance optimization, as well as performance evaluation using factor models such as the Fama-French three-factor model. Additional topics include the effects of diversification on risk reduction and the costs of inflation, taxes and transaction costs on management of fixed-income and equity security portfolios. Also covers quantitative approaches to manage specific sources of risk. Students employ historical data to construct back tests to assess the performance of various portfolio strategies.
General Finance Concentration (24 credits)
This course provides a comprehensive understanding of how individuals and organizations identify, assess, and manage exposure to financial risk through strategic planning and insurance solutions. The course examines key risk categories, including market, credit, operational, and personal financial risks, and emphasis is placed on strategies used to mitigate them, such as insurance products, portfolio asset diversification, hedging techniques, and risk transfer mechanisms. Students evaluate risk profiles, design integrated insurance and financial plans, and apply risk mitigation frameworks that support long-term financial stability and resilience. Credits: 4
This course introduces students to the basics of corporate finance and financial valuation and builds a solid understanding of financial markets and securities. This course focuses on what corporate finance is and how financial assets and firms are valued in financial markets. The goal of this course is to help students develop their ability to use financial statement information and related disclosures to evaluate the underlying economics of a corporation. Course participants examine the company’s past and current performance and its competitive environment by collecting, analyzing and interpreting data from the firm’s financial database. Students develop a financial model of the firm, in the form of pro forma financial statements, to forecast the firm’s future performance. These projections in turn become the inputs to the valuation techniques, which include discounted cash flow models and residual income (or abnormal earnings). Credits: 4
This course introduces students to mathematical and statistical concepts, integrating financial modeling applications across various finance domains. Quantitative methods and financial modeling are employed to conduct financial analysis, thereby facilitating managerial decision-making. The utilization of quantitative aspects in financial topics and the practical use of tools, including but not limited to Excel, blend data interpretation with technology, enhancing and improving overall analytical skill sets. Credits: 4
This course provides an in‑depth exploration of the instruments, markets, and analytical frameworks that drive investment decisions beyond traditional equities. The course examines the structure, valuation, and risk characteristics of fixed income securities while also introducing students to alternative asset classes such as private equity, hedge funds, real assets, and commodities. Students analyze how interest rates, credit risk, liquidity, and macroeconomic forces influence performance across these markets, and how diversified portfolios incorporate fixed income and alternatives to enhance returns, manage volatility, and achieve strategic investment objectives. Credits: 4
Prerequisite(s): FIN 5480 – Investments & Portfolio Strategies
This course provides a comprehensive examination of Financial Planning & Analysis (FP&A) as a core function in organizational financial management. Students will learn how to develop budgets, forecasts and long-range financial plans that support strategic business goals. Emphasis is placed on understanding the drivers of financial performance, analyzing key variances and making informed recommendations to improve financial outcomes. Students will evaluate business initiatives, assess financial risk and enhance their ability to think critically about organizational resource allocation. The course fosters the development of strong financial judgment and effective communication skills essential for influencing decision-makers in both corporate and public sector settings.
This course provides students with the essential programming foundations needed for business and finance applications. This course introduces core coding concepts such as data structures, data manipulation, functions, scripting, automation, and algorithmic problem-solving techniques. The course emphasizes the development of coding literacy and the practical application of programmatic methods as a powerful tool to address contemporary business challenges. Credits: 4
Financial Planning Concentration (CFP Licensure-Aligned Curriculum) (20 credits)
This course provides a comprehensive foundation in the principles, processes, and analytical tools that guide effective personal financial management. Topics include budgeting and cash flow planning, investment fundamentals, retirement strategies, insurance and risk management, tax considerations, and estate planning basics. Students learn how to assess financial goals, evaluate personal and household financial statements, understand risk tolerance, and integrate key financial planning components into cohesive strategies. By the end of the course, students will have a solid grounding in the financial planning discipline and be prepared to build more advanced competencies in advising, analysis, and long‑term financial decision making. Credits: 4
This is an individual income taxation course designed to focus on strategic tax planning for a variety of taxpayers, including but not limited to: high-income taxpayers that comprise four particular categories of tax filers: high net worth individuals and their families, investors, business owners and retirees. The course includes a review of fundamental federal tax law as it applies to the reporting of gross income, allowance for deductions, application of tax credits and imposition of taxes. The implementation of tax planning strategies to reduce overall tax liability will be a point of emphasis and discussion. Credits: 2
This course focuses on the study of the federal tax rules and regulations related to the transfer of property and wealth by U.S. citizens and residents. We will review and analyze the gift tax system with its deductions, exclusions, and applications, and address the interaction with the estate tax system. We will explore the use of trusts as estate planning vehicles, and will explore the estate tax, including its application, definition of the gross estate, deductions, valuation and planning opportunities. In addition to conducting a review of the gift, trust and estate tax systems, we will also look at the generation skipping tax and its effects on estate planning. Credits: 2
This course provides a comprehensive introduction to the financial planning and wealth management area that integrates elements of financial and tax planning. You will learn what wealth management entails, from goal setting, to budget planning, to investment planning along with assessing insurance and retirement needs, and how to assign and allocate assets to heirs. This course will introduce the skills that you need to succeed as a financial advisor and will walk you through the various planning services provided by wealth managers. Credits: 4
This course examines the financial principles, analytical frameworks, and market dynamics that underpin effective real estate portfolio management and investment decision-making. Students develop advanced competencies in evaluating and managing diversified property portfolios through in-depth analysis of cash flows, property valuation techniques, mortgage and capital structures, and real estate investment vehicles. Emphasizing a portfolio perspective, the course explores asset allocation strategies, performance measurement, risk management, and the impact of macroeconomic factors such as interest rates, market cycles, and regulatory environments across residential, commercial, and mixed-use sectors. Students assess real estate opportunities and construct data-driven, strategic investment approaches that optimize returns while managing risk in complex and evolving property markets. Credits: 4
This course provides an in‑depth exploration of the instruments, markets, and analytical frameworks that drive investment decisions beyond traditional equities. The course examines the structure, valuation, and risk characteristics of fixed income securities while also introducing students to alternative asset classes such as private equity, hedge funds, real assets, and commodities. Students analyze how interest rates, credit risk, liquidity, and macroeconomic forces influence performance across these markets, and how diversified portfolios incorporate fixed income and alternatives to enhance returns, manage volatility, and achieve strategic investment objectives. Credits: 4
Prerequisite(s): FIN 5480 – Investments & Portfolio Strategies
Fin-Tech Concentration (24 credits)
This course introduces students to the basics of corporate finance and financial valuation and builds a solid understanding of financial markets and securities. This course focuses on what corporate finance is and how financial assets and firms are valued in financial markets. The goal of this course is to help students develop their ability to use financial statement information and related disclosures to evaluate the underlying economics of a corporation. Course participants examine the company’s past and current performance and its competitive environment by collecting, analyzing and interpreting data from the firm’s financial database. Students develop a financial model of the firm, in the form of pro forma financial statements, to forecast the firm’s future performance. These projections in turn become the inputs to the valuation techniques, which include discounted cash flow models and residual income (or abnormal earnings). Credits: 4
This course focuses on how technology innovation is creating profound changes in the financial services industry. Financial technology (FinTech) is revolutionary and is challenging long-held practices, systems and processes in the financial industry, and even forcing us to rethink the underlying concept of money. Students will learn about these new technologies and trends that are creating opportunities for visionaries. This course provides an introduction to the future of finance, including numerous FinTech applications, cryptocurrencies (e.g., Bitcoin and Ethereum), payment systems, AI, and machine learning (robo-advising). Students are expected to develop a broad understanding of recent FinTech developments, the evolving ethical landscape, changes in regulations, and their broad impact on the financial industry. Students will also have hands-on and problem-solving experiences that can be useful in FinTech applications and innovation. Credits: 4
This course introduces students to mathematical and statistical concepts, integrating financial modeling applications across various finance domains. Quantitative methods and financial modeling are employed to conduct financial analysis, thereby facilitating managerial decision-making. The utilization of quantitative aspects in financial topics and the practical use of tools, including but not limited to Excel, blend data interpretation with technology, enhancing and improving overall analytical skill sets. Credits: 4
How to visualize data and tell a compelling story is a powerful means of communicating with key stakeholders. This course introduces students to the core design considerations and communication strategies behind the creation of captivating data visualizations. Using industry data and intuitive point-and-click tools, students learn to capture the key data analytic takeaways using baselines, scorecards, dashboards and other widely used data summarization techniques. Credits: 4
The ever-expanding access and usage of data bring to light the importance of ethical conduct in relation to business. This course equips students to understand important moral dilemmas of business analytics and artificial intelligence. It is the goal of this course to highlight some of the key data-governance, compliance and usage-related ethical considerations and to provide learners with an opportunity to carefully examine and reflect on those important matters. Credits: 4
This course provides students with the essential programming foundations needed for business and finance applications. This course introduces core coding concepts such as data structures, data manipulation, functions, scripting, automation, and algorithmic problem-solving techniques. The course emphasizes the development of coding literacy and the practical application of programmatic methods as a powerful tool to address contemporary business challenges. Credits: 4
Accounting & Reporting Concentration (Non-Licensure) (24 credits)
This course introduces students to the basics of corporate finance and financial valuation and builds a solid understanding of financial markets and securities. This course focuses on what corporate finance is and how financial assets and firms are valued in financial markets. The goal of this course is to help students develop their ability to use financial statement information and related disclosures to evaluate the underlying economics of a corporation. Course participants examine the company’s past and current performance and its competitive environment by collecting, analyzing and interpreting data from the firm’s financial database. Students develop a financial model of the firm, in the form of pro forma financial statements, to forecast the firm’s future performance. These projections in turn become the inputs to the valuation techniques, which include discounted cash flow models and residual income (or abnormal earnings). Credits: 4
This course focuses on how technology innovation is creating profound changes in the financial services industry. Financial technology (FinTech) is revolutionary and is challenging long-held practices, systems and processes in the financial industry, and even forcing us to rethink the underlying concept of money. Students will learn about these new technologies and trends that are creating opportunities for visionaries. This course provides an introduction to the future of finance, including numerous FinTech applications, cryptocurrencies (e.g., Bitcoin and Ethereum), payment systems, AI, and machine learning (robo-advising). Students are expected to develop a broad understanding of recent FinTech developments, the evolving ethical landscape, changes in regulations, and their broad impact on the financial industry. Students will also have hands-on and problem-solving experiences that can be useful in FinTech applications and innovation. Credits: 4
This course examines the financial principles, analytical frameworks, and market dynamics that underpin effective real estate portfolio management and investment decision-making. Students develop advanced competencies in evaluating and managing diversified property portfolios through in-depth analysis of cash flows, property valuation techniques, mortgage and capital structures, and real estate investment vehicles. Emphasizing a portfolio perspective, the course explores asset allocation strategies, performance measurement, risk management, and the impact of macroeconomic factors such as interest rates, market cycles, and regulatory environments across residential, commercial, and mixed-use sectors. Students assess real estate opportunities and construct data-driven, strategic investment approaches that optimize returns while managing risk in complex and evolving property markets. Credits: 4
This is the first in a two-course sequence of core intermediate financial accounting courses examining the theory and practice of financial reporting. Students will develop an understanding of the principles involved in the preparation of general-purpose financial statements, primarily as applied to the asset side of the balance sheet, including measurement and disclosure issues and appropriate accounting transactions and methods. The course is designed to help students develop competencies in the major elements of financial accounting needed to make effective business decisions related to the assets of an organization. Credits: 4
This is the second in a two-course sequence of core intermediate financial accounting courses examining the theory and practice of financial reporting. Students will develop an understanding of the principles involved in the preparation of general-purpose financial statements primarily as applied to the liabilities and stockholders’ equity side of the balance sheet, including measurement and disclosure issues and appropriate accounting transactions and methods. The course is designed to help students develop competencies in the major elements of financial accounting needed to make effective business decisions related to liabilities and stockholders’ equity. Credits: 4
This course provides a comprehensive examination of Financial Planning & Analysis (FP&A) as a core function in organizational financial management. Students will learn how to develop budgets, forecasts and long-range financial plans that support strategic business goals. Emphasis is placed on understanding the drivers of financial performance, analyzing key variances and making informed recommendations to improve financial outcomes. Students will evaluate business initiatives, assess financial risk and enhance their ability to think critically about organizational resource allocation. The course fosters the development of strong financial judgment and effective communication skills essential for influencing decision-makers in both corporate and public sector settings.
Master the Skills of Finance
The Merrimack Master of Science in Finance prepares you with the expertise needed to excel in various financial roles. In our program, you’ll learn how to:
Analyze financial statements to assess the financial health and performance of organizations
Manage risk through the use of financial derivatives and other hedging strategies to protect assets
Optimize capital structures to ensure efficient allocation of resources and improve financial stability
Interpret market trends and economic indicators to provide strategic financial advice and insights

Relevant Coursework Aligned With In-Demand Certifications
Merrimack’s MSF program curriculum covers a range of industry-relevant topics related to exams like the Chartered Financial Analyst (CFA), Financial Risk Manager (FRM), Certified Treasury Professional (CTP), Bloomberg Certification and FactSet Certification.
For students without an undergraduate degree in business or finance, eight credits of foundational coursework are required. Sixteen credits focus on building core financial skills, while eight credits of advanced finance electives allow you to tailor your studies to your professional goals. Optional concentrations and open electives are available to expand your skills in business analytics and data science.
In addition to becoming certification-ready in Bloomberg and FactSet, you’ll acquire a working knowledge of Capital IQ and Morningstar.
Customize Your MSF With an Industry-Focused Concentration
Merrimack’s MSF program offers two concentrations so you can align your studies with your professional goals to work in a particular industry — or choose a general MSF path without a concentration.
The courses in our concentrations are taught by expert faculty working in these specific industries and designed with workforce needs and certifications in mind.
- Business Analytics
- Data Science
Mucci Capital Markets Lab
M.S. in Finance students are welcome on campus to hone their research and analytical skills at the Mucci Capital Markets Lab, featuring an array of Bloomberg terminals with real-time market data — open seven days a week.

Student Support Resources
Students in Merrimack’s Master of Science in Finance program benefit from a comprehensive network of academic, career and wellness resources designed to support success inside and outside the classroom. These include:
- Dedicated academic advising and student success coaching
- Writing assistance, library services, accessibility services and virtual tutoring
- Career counseling, resume reviews, interview preparation, networking opportunities and access to virtual career tools
- Mental health and wellness counseling services
- On-campus fitness center access and opportunities to participate in intramural and club sports
Many of these services are available remotely, ensuring online and hybrid learners receive the same high level of support as on-campus students.
Tuition and Financial Aid
$750
per credit*
32–40
credits
$24K–$30K
tuition
*Tuition is based on 2026–2027 academic year.
Tuition and fees are subject to change annually.
Additional program fees may apply.
Financial Aid
As a graduate student, you may qualify for federal support in the form of loans. We strongly encourage all eligible graduate students to apply for federal financial aid, even if they don’t demonstrate an exceptional financial need.*
All graduate students also have the option of obtaining private loans and/or enrolling in an institutional payment plan.
Complete the Free Application for Federal Student Aid (FAFSA).
Merrimack College’s FAFSA school code is 002120.
*Certificate programs do not qualify for federal financial aid.
Tuition Assistance, Scholarships and Discounts
- Employer tuition assistance: Many employers offer tuition reimbursement — check with your HR department.
- Alumni discount: Double Warrior Scholarships are available to all Merrimack graduates. New alumni automatically receive a 33 percent savings on tuition if they begin a graduate degree program within two terms following graduation. All other alumni (i.e., those with an earlier graduation date) are eligible for a tuition discount of 25 percent.
- Partnership discount: Employees of affiliated companies may qualify for discounted tuition rates. Partners include Blue Cross Blue Shield, Citizens Bank, Mass General Brigham, New Balance and many more. Contact us or ask your employer whether your organization is an official partner with Merrimack’s online programs.
It’s Easy to Apply Online
A complete application includes:
- Online application (no fee)
- Official college transcripts from all institutions attended
- Resume or LinkedIn profile
Candidates are encouraged to book an informational call with the GSB team to learn more about how this program aligns with their career and academic interests. GRE and GMAT scores are not required. Additional materials may be requested.
Key Dates and Deadlines
This program enrolls six times a year. Each term is eight weeks.
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Accolades and Accreditation
At Merrimack College, we’re proud of our long history of providing quality degrees to students entering the job market. Our faculty are more than just teachers. We are committed to helping you grow — academically, personally and spiritually — so that you may graduate as a confident, well-prepared citizen of the world.
U.S. News & World Report | Best Regional Universities North (2026)
- Most Innovative Schools (No. 8)
- Regional Universities North (No. 38)
- Best Undergraduate Teaching (No. 20)
- Best Undergraduate Engineering Programs (No. 82)
(at schools where doctorate not offered) - Best Colleges for Veterans (No. 16)
- Best Value Schools (No. 52)
NECHE-Accredited
- Merrimack College is accredited by the New England Commission of Higher Education (NECHE).
ACBSP-Accredited
- The Girard School of Business at Merrimack College is conditionally accredited by the Accreditation Council for Business Schools and Programs (ACBSP).
Tell me more about Merrimack’s programs.
*This applies to new students entering the Fall 1 2026 term. Does not roll over to subsequent terms. Not combinable with other offers (i.e. Double Warrior, Fellowship, Partnership Discounts, etc.) For CSC 6000, credit will be applied to their second course. Credit will be awarded after add/drop ends.