Master of Science in Applied Finance
Master of Science in Applied Finance
Accelerate Your Future in Finance
Discover the STEM-designated Master of Science in Applied Finance (MSAF) program at the George Washington University School of Business. Designed for ambitious, analytically minded students, this accelerated master’s program can be completed in just one year.
The program is ideal for students with a strong foundation in finance through prior coursework or professional experience who are ready to deepen their expertise in a fast-paced, technology-driven environment. If you enjoy working with numbers, using data to solve complex financial challenges and applying emerging technologies to real-world problems, the MSAF program can help you turn that passion into advanced financial leadership skills.
Program at a Glance
Total Credits: 36
Commitment: Full-Time
Location: In-Person, Foggy Bottom Campus
Length of Program: 1 year (3 semesters)
Cohort Size: 5-6 students per year
STEM-Designated: Up to 36 months OPT after graduation
What You'll Learn
The MS in Applied Finance faculty balance rigorous quantitative training with strong theoretical foundations to prepare students for today’s rapidly evolving financial landscape. In this program, you will:
- Develop expertise in financial systems, econometrics, computational finance, mathematical finance and AI-driven forecasting.
- Construct and evaluate investment portfolios using industry-standard tools, benchmarking strategies and risk assessment techniques.
- Analyze derivatives, trading strategies and risk-hedging methods used by finance professionals.
- Build advanced programming skills in Python, MATLAB and SAS for quantitative modeling and data analysis.
- Apply theory through hands-on projects that simulate the work of analysts, traders and portfolio managers.
- Gain practical experience using Bloomberg Terminals in GW’s Capital Markets Room to explore real-world trading and analytics environments.
Curriculum
Sample Courses Include:
Modeling & Econometrics
- Financial Modeling and Econometrics
- Advanced Financial Econometrics and Modeling
Investment Management
- Investment Analysis and Global Portfolio Management
- Financial Engineering and Derivative Securities
Financial Applications
- Cases in Financial Management and Investment Banking
- Cases in Financial Modeling and Engineering
A STEM-Designated Degree Built for the Future of Business
Interested in using technology to deepen your business expertise? The STEM-designated MS in Applied Finance offers a powerful path forward, blending data and analytics with emerging technologies.
For international students, the STEM designation also provides a valuable advantage: eligibility for a 24-month extension of the professional internship Optional Practical Training (OPT), allowing you to work in the U.S. for up to three years.
Maximize Your ROI: Customize Your Degree Path
- The 4+1 Program: Earn Your Bachelor’s and Master’s in Five Years
Students pursuing a bachelor's degree in an eligible GW school have the opportunity to accelerate the path to earning a Master's in Applied Finance.
- Dual Degree Opportunity: MBA + MSAF
Double your impact with GW’s Master of Business Administration (MBA) and Master of Science in Applied Finance (MSAF) dual degree. This forward-thinking program combines business strategy and project leadership through a dynamic mix of coursework and hands-on experiences, preparing you to lead with purpose in today’s complex, project-driven world.
By allowing select credits to count toward both degrees, students complete 18 fewer credit hours—saving time and cost compared to pursuing each degree separately.
- Related Graduate Certificates
Tailor your MSAF to your professional goals by adding a graduate certificate that builds specialized expertise alongside your core business education.
Choose from the following 12-credit graduate certificates or explore all certificate options:
Affordable Housing
Learn more about real estate valuation, investments, and project finance to become a leader in property development.
Financial Management
Build a strong foundation in corporate finance, including capital acquisition, investment strategy, value creation for stakeholders and responsible profit distribution.
Global Management
Learn to lead organizations across international borders, including topics of marketing, global supply chain, human resources, operations, and consulting roles.
Quantitative Business Foundations
Build the analytical expertise needed to drive strategy in any industry and gain a strong foundation in core business disciplines.
What Makes GW's
MSAF Different?
At GW, you’re steps away from where financial policy, regulations and decisions are made every day. The MS in Applied Finance program offers unparalleled access to Washington, D.C.’s financial ecosystem, including federal regulatory agencies, major financial institutions, non-governmental organizations and global think tanks.
Whether you’re learning from industry experts and academic leaders in the classroom or while attending a high-profile event, earning your MSAF at GW places you at the center of global finance in one of the world’s most influential financial hubs.
Convenient Class Schedule for Working Professionals
You will attend classes on Thursday and Friday evenings and on Saturdays. Students look forward to catered Saturday lunches, which provide time to relax and connect with classmates.
Comprehensive Curriculum
As one of the few standalone MSAF programs in the country, the curriculum provides comprehensive training across all major areas of finance. The program offers greater depth than MBA programs, where finance is often elective-based, and more breadth than specialized graduate finance degrees focused on narrow subfields.
Industry and Academic Expertise
Each course is co-taught by both an industry professional and an academic researcher. This unique collaborative teaching model allows students to build strong theoretical foundations while applying concepts through hands-on, project-based work.
The GW Experience
The student experience at GW School of Business extends far beyond the classroom. A truly global program in a global city, with opportunities for international study programs, the MS in Applied Finance fosters a dynamic, supportive and diverse learning community. Students are immersed in a close-knit community and connected to Washington, D.C.’s dynamic financial ecosystem, gaining access to industry leaders, high-profile events and meaningful professional opportunities that help shape their careers.
We want to give our students all the opportunities that are possible for them. We want connection with our students and with our alumni, and we want to build these relationships for life.
Malda Muawad Dahdah, Assistant Director, MS in Finance Programs & Academic Advisor
Supported From Day One
From the welcome event to the graduation dinner, you’ll quickly find a strong sense of belonging. Social events such as casual outings, happy hours and the annual MSF and MSAF bowling event create opportunities to build lasting connections and a true home away from home.
Faculty and program staff are deeply committed to your success. Through mentorship, academic advising and career guidance, we help you define your path, stay on track and prepare for internships and full-time opportunities.
Connected to the Finance Industry
Students have direct access to leading voices in finance and policy through guest speakers, classroom visits and networking opportunities. You’ll meet people shaping today’s financial markets at all stages of their career, including analysts, portfolio managers, investment bankers, policymakers, fintech innovators and risk experts.
Students also engage with prestigious industry events, such as the World Bank and International Monetary Fund Spring and Annual Meetings, the D.C. Chamber of Commerce Small Business Summit & Expo, the D.C. Fintech Summit and more.
Professional Network in Action
The program provides strong pathways to internships and job placements through meaningful on- and off-campus engagement with industry leaders, helping you build a robust professional network and pursue highly sought-after career opportunities.
Students expand their professional networks through opportunities such as site visits to employers like the World Bank and attendance at the International Association for Quantitative Finance (IAQF) Career Fair in New York City, a premier event that connects graduate students from leading quantitative finance programs with top financial institutions and recruiters from leading firms across the finance industry.
Finance Community and Alumni Engagement
The MSF Association fosters a vibrant community dedicated to advancing finance knowledge and fostering professional connections. Through their regular speaker events, students hear directly from alumni and industry leaders. Recent speakers include Nada Hamadeh (MSF '07), Ambassador of Lebanon to the United States, and Slim Feriani (MBA '89, PhD '95), Minister of Industry, Energy, Mining, Renewable Energy and SMEs for Tunisia.
Capital Markets Trading Room
GW’s revolutionary Capital Markets Trading Room simulates the high-stakes atmosphere of an investment firm. You’ll practice trading, conducting research and analyzing data to make decisions using Bloomberg Terminals.
Bloomberg Terminals provide real-time market data, up-to-the-minute news, analytics and secure communication. You’ll learn how to trust your research, your knowledge and your instincts—and even how to learn from your mistakes.
Career Outcomes
Mean annual wages for careers in finance in the Washington, D.C. area include:
- Financial managers: $180,470 per year
- Personal financial advisors: $170,870 per year
- Financial examiners: $151,540 per year
- Financial risk specialists: $129,540 per year
- Financial analysts: $124,330 per year
- Budget analysts: $119,610 per year
Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics (OEWS) Profiles
Where Our Alumni Are Leading
MS in Applied Finance graduates from GW work across major financial institutions around the world. You’ll find our alumni at virtually every leading bank, investment firm and financial organization due to the program’s rigor and reputation.
- Amazon
- Bank of America
- Chevron
- Citibank
- Deloitte
- Fannie Mae
- Freddie Mac
- HSBC
- IMF
- JP Morgan
- Microsoft
- World Bank Group
Career Support
Personalized Career Coaching
Experienced career coaches with a proven track record in student placement and career advancement help you build an effective job search strategy while providing resume reviews and mock interviews.
Dedicated Career Center
The GW Business F. David Fowler Career Center provides exclusive access to employer connections, networking and recruiting opportunities and career resources, including professional development workshops on technical skills, presentations and salary negotiation.
Mentorship Opportunities
Participate in the Careers360 program to connect with industry mentors in consulting, finance or marketing.
Global Alumni Network
With more than 60,000 alumni spanning 260+ organizations, Fortune 500 companies, startups, and nonprofits around the world, you’ll gain access to mentorship, connections, and career opportunities that open doors and accelerate your impact.
Admissions
Admission to GW's MS in Applied Finance program is competitive, with limited enrollment to support a collaborative, cohort-based learning experience.
Applications are reviewed on a rolling basis, and early submission is encouraged. Candidates seeking financial assistance and international students requiring visas are especially encouraged to apply early.
Our admissions team is here to guide you through the process and answer any questions along the way. Learn more about application requirements and next steps on our How to Apply page.
A Bachelor’s degree from an accredited university with credit hours in:
- Advanced Mathematics (6 credits; 3 credits must be in Calculus)
- Microeconomics (3 credits)
- Macroeconomics (3 credits)
- Financial Accounting (3 credits)
- Managerial Finance (3 credits)
- Statistics (3 credits)
Additional coursework, degrees, and/or work experience in these five areas are considered favorably in the selection process.
Applications are reviewed on a rolling basis, and early submission is encouraged. The admissions committee takes a holistic approach, considering academic performance, professional experience and achievements, and letters of recommendation.
Here’s what you’ll need:
- Bachelor’s degree from an accredited institution
- Transcripts from all previously attended colleges or universities
- Current résumé
- Statement of Purpose: In no more than 500 words, describe how this program fits into your professional life and your career objectives.
- One letter of recommendation from a professional and/or academic reference
- Application fee (non-refundable)
- Completed online application form
No GRE or GMAT is required. However, applicants who feel their test scores strengthen their candidacy are welcome to submit them.
Applicants who require a visa to study in the United States must also fulfill additional requirements in order to be considered for admission to a graduate program at the School of Business.
Tuition, Fees & Funding
Tuition: Tuition is determined on a per-credit basis, which may very each semester depending on the number of courses you take. The base tuition for this 36-credit applied finance master's degree is ~$84,000. Students should also plan for university fees, books, and living expenses. Since rates are reviewed and updated annually, prospective students are encouraged to check the official GW tuition and fees page for the most current cost information.
Financial Aid: Many of GW’s MS in Applied Finance students receive merit-based awards to offset tuition costs and expenses. Additional options include graduate assistantships, employer sponsorship, and federal financial aid.
CONTACT US
Meet Your GW School of Business Team
Behind every step of your graduate student journey is a team ready to help. Connect with faculty, admissions and advising to get the answers and guidance you need.
Program Manager
Faculty Director
Academic Advisor
Frequently Asked Questions
- MSAF or MSF: Which Program is Right For You?
If you’re deciding between applying to the MS in Applied Finance and MS in Finance programs, there are many similarities, as the programs share faculty and staff. However, there are also important differences between them:
- Credit Hours: The MS in Finance program requires 48 credits to be completed in under two years; the MS in Applied Finance program requires 36 credit hours to be completed in one year.
- Academic Background: To apply to the MS in Applied Finance program, you must possess a solid background in finance. Applicants are expected to have completed extensive coursework in financial theory, corporate finance and research. Without this academic background, consider applying to the MS in Finance program.
- The MS in Applied Finance does not include the following coursework: Corporate Financial Management and Modeling; Financial Theory and Research; and Comparative Financial Market Regulation and Development.
- Course Load: A fast-paced program, the course load increases with each term. In your first term, you will take two courses in the fall semester; three courses in the spring semester, and four courses in the final semester, in the summer.
- What makes GW one of the best MS in Applied Finance programs?
One of the few standalone MS in Applied Finance programs in the country, GW's MSAF combines a STEM-designated curriculum taught by faculty shaping the finance industry with unmatched access to D.C.'s ecosystem of federal regulatory agencies, major financial institutions, non-governmental organizations and global think tanks.
Designed for working professionals, the accelerated program can be completed in just one year (three semesters), with evening and weekend classes that help you balance work commitments while accelerating your path toward your next career opportunity.
Each course is co-taught by both an industry professional and an academic researcher. This collaborative teaching model gives students the opportunity to learn from subject matter experts advancing the discipline alongside professionals leading the field in practice. The small cohort fosters close connections with faculty that provide personalized mentorship and peers that become part of your lifelong professional network.
- Is an MSAF worth the investment?
The GW MSAF prepares graduates to thrive in a high-growth, high-opportunity field and accelerate toward leadership positions in finance. Add GW's significant merit aid, DC's professional network, STEM OPT benefits, networking events, site visits, corporate partnerships and portfolio-ready practicum experience, and the ROI becomes tangible well before graduation.
Learn More
Attend an Info Session
Info sessions and open houses, offered in-person and online, are your chance to explore what makes our programs stand out. Connect directly with our faculty and staff to learn about the MSAF program, career outcomes, study abroad options, the admissions process and more.
Ready to Take the Next Step?
Join a program designed for ambitious finance professionals seeking to deepen their expertise, expand their network and accelerate toward leadership roles in today’s evolving global finance industry.
