TL;DR

• European business schools dominate the Financial Times Master in Finance ranking 2025
• MiF programs in Europe often cost less, and tend to lead to better job prospects and higher salaries
• If your goal is to work in the US, there are plenty of good options and securing your place in a world-renowned US business school is highly likely to elevate your career

Should you study a Master in Finance in Europe or the US? There are world-renowned business schools with top Masters in Finance programs on both continents, and choosing between the two isn’t easy. 

European business schools dominate the top 20 spots in the Financial Times Master in Finance Ranking 2025, though it's also important to consider factors such as cost, career and salary prospects, and the quality of the program.

Here's how to choose between the US and Europe for your Master in Finance.

FT Top 20 Master in Finance programs 2025

Master in Finance cost

Cost is arguably the most important factor for most people when choosing a Master in Finance. Tuition fees vary significantly between certain locations, which can affect your return on investment later down the line. 

European MiF programs are generally cheaper than in the US. The highest ranking US schools in the FT rankings are Bentley University, USC Marshall School of Business, and Hult International Business School. The MiF program at Bentley costs almost $55,000 annually, while USC Marshall's program costs almost $91,500. Hult International Business School offers its Master in Finance in Boston and London—to study in Boston, tuition fees reach $60,500.

In Europe, on the other hand, the top three MiF programs cost significantly less. Tuition for the top-ranked Master in Finance at ESCP Business School costs almost $37,000. At Skema Business School, the one-year program costs around $34,000 while the two-year program's tuition fees are $54,500. Tuition at ESSEC Business School, the third-best MiF according to the FT, costs around $37,000 for one year and $55,500 for two if you're an EU citizen, with a slightly higher fee for non-EU students.

These schools—all of which are based in France—are all within the top five highest ranking schools overall, as France dominated the 2025 ranking with a total of five schools in the top 20.

The ranking is based on surveys of business schools in 2025, and alumni who graduated in 2022. Schools are ranked primarily according to the impact they have on alumni salaries and career progression, as well as other factors including student and faculty diversity. 

Olivier Bossard (pictured), professor of finance and former executive director of the HEC Paris Master in Finance degree, believes lower pricing benefits European schools. 

“This cost advantage is definitely an important factor to attract the best students at a pre-experience level,” he says. 

European programs aren't always low-cost though; the UK offers some of the most expensive Master in Finance programs in the world. A place at top institutions like London Business School costs around $90,000, while Oxford Saïd Business School charges around $83,000 (according to currency conversions in early December 2025). 

Master in Finance program quality 

MiF programs are offered by top business schools in both Europe and the US, so you can be assured of a top-quality program whichever continent you choose. But, if you're making your decision based on the 2025 rankings, Europe might be your destination. 

European schools dominate the rankings, with only Chinese schools managing to break their hold on the top 20. Bentley University is the highest ranked US program in 42nd place, however there are other quality US-based Master in Finance programs. 

Dr Alysa Turkowitz, executive director of the Masters in Financial Engineering program at the prestigious UCLA Anderson School of Management believes Europe's domination of the rankings is down to the smaller number of business schools in countries like the UK, which historically has led to the development of more specialized degrees. 

“Given the limited MBA options, there was more incentive to focus on other finance-oriented degrees to fill that need,” she says. “Therefore, the UK has had more time to develop and grow these types of programs.”

It's likely that European Master in Finance programs have had more time to develop and enter the rankings. A key metric within the rankings is average graduate salaries after three years, which makes it difficult for newer programs to score highly, meaning we could see US programs place higher in the future. 

The style and substance of both an MS in Finance in the US and Europe is largely the same. Most MiF programs are delivered over the course of a year, though this can vary: Oxford Saïd’s program is an accelerated nine-month curriculum, while George Washington University’s part-time program takes two years to complete. 

Most Master in Finance programs include similar core teachings covering concepts such as corporate finance, derivatives, and data science. Elective modules covering a range of more specific topics such as fintech and real estate may differ between schools. 

In the US, some schools like Bentley University and MIT Sloan have been awarded with STEM (science, technology, engineering and mathematics) designation, recognizing their intense focus on mathematics and data. 

Master in Finance jobs 

The potential job prospects of a Master in Finance program is key to making your decision, particularly if a school has good links with a company you know you want to work for.

The Financial Times gives all schools a career progression ranking based on the size of the companies alumni work for three years after graduating, as well as their seniority within firms. 

Keeping with this year's theme, three of the top five schools are based in France. Skema Business School claimed top spot, while ESCP came in second. Portugal's Católica Porto Business School claimed third place, ESSEC in France ranked fourth, and the International University of Monaco came fifth. The highest ranking school in the US was Hult International Business School, which came 48th.

Employment rates are also high across European schools, as 100% of graduates at Skema Business School and ESCP were employed within three months of graduating.

The FT also shows Europe and US-based schools offer substantial salary benefits for Master in Finance grads. At HEC Paris, salaries rise by 82% on average within three years of graduating, reaching an average figure of $176,500. Salaries at Bentley University, which has the biggest average salary increase of the US-based programs at 50%, are an average of around $118,000

The two destinations offering the highest potential salary increases are Italy's Luiss Business School, where average salaries of around $88,000 are a 93% increase compared with pre-enrollment, and Vlerick Business School in Belgium, which sees an increase of 87% and an average salary of around $113,000. 

There are many factors to consider when deciding where to study a Master in Finance, from where the school falls on a ranking, to tuition fees. You'll also want to consider where you want to start your career when you graduate.

However, it pays to look at the full picture. Although European schools dominate the FT ranking in 2025 and often cost less than Master in Finance programs based in the US, this doesn't automatically mean the program is the right fit for you. It's essential to prioritise what's important to you—whether that's location, cost, prestige, or job opportunities.