{"id":28849,"date":"2022-03-17T13:50:12","date_gmt":"2022-03-17T12:50:12","guid":{"rendered":"https:\/\/www.ie.edu\/uncover-ie\/?p=28849"},"modified":"2026-04-03T14:54:37","modified_gmt":"2026-04-03T12:54:37","slug":"entrance-exams-for-the-master-in-finance","status":"publish","type":"post","link":"https:\/\/www.ie.edu\/uncover-ie\/entrance-exams-for-the-master-in-finance\/","title":{"rendered":"Entrance exams for the Master in Finance"},"content":{"rendered":"<\/span> 5<\/span> min read<\/span><\/span>\n

Preparing to apply for the Master in Finance<\/a> can feel overwhelming. However, there are only a few key points to focus on to ensure you put your best foot forward.<\/p>\n\n\n\n

One of these key points is the entrance exam you choose to take. The purpose of entrance exams is to measure not only specific hard skills, but also critical thinking and reasoning. Universities want to be confident in your ability to keep up with coursework. They also want to make sure you’re a good match for the program you are applying to.<\/p>\n\n\n\n

To apply to the Master in Finance, you can choose between the GMAT Focus Exam, GRE, CAIA or CFA. Read on for insight into what each of these exams involves so you can make the best choice for you.<\/p>\n\n\n\n

The GMAT Focus Exam<\/h4>\n\n\n\n

The GMAT Focus Edition<\/a>: GMAT Focus Exam is one of the most established and widely recognized higher-education entrance exams. If you decide to undertake this exam, be sure to begin preparing at least one to two months in advance.<\/p>\n\n\n\n

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The questions you\u2019re asked vary based on your responses. That way, business schools can understand whether your skills are a fit for them.<\/h3>\n\n\n\n

<\/p>\n<\/div>\n<\/div>\n\n\n\n

Once you take the GMAT, your Official Score Report<\/a> will be available in your mba.com account within 3-5 days. If you take this GMAT, we recommend a score of 605-755 to apply to the Master in Finance.<\/p>\n\n\n\n

<\/a>The GRE<\/h4>\n\n\n\n

The other most common standardized graduate admissions exam in the world is the GRE, or the Graduate Record Examination. Unlike the GMAT Focus Exam, which is most commonly used for business schools, the GRE is used across many different graduate schools, programs, and areas of study. But like the GMAT Focus Exam, it \u200b\u200balso measures verbal reasoning, quantitative reasoning, analytical writing, and critical thinking skills, so you won\u2019t need to study specific topics in finance to do well on this test.<\/p>\n\n\n\n

However, you’ll need to prepare for a similar amount of time as with the GMAT\u2014one to two months minimum. The exam lasts about 187 minutes in total. To be admitted to the Master in Finance, we recommend a score of 322-34.<\/p>\n\n\n\n

After taking the GRE, you\u2019ll receive your score within 10-15 days.<\/p>\n\n\n\n

<\/a>The CAIA<\/h4>\n\n\n\n

Rather than an entrance exam per se, the CAIA<\/a> certifies individuals with the CAIA Association. While CAIA familiarizes test-takers in the world of alternative investments, CAIA holders (i.e., those who have passed both CAIA exams) occupy a range of positions, including portfolio managers, consultants, asset allocators and so on.<\/p>\n\n\n\n

There are two examination levels for the CAIA, and the Master in Finance requires Level 1. The CAIA Level 1 exam comprises 200 multiple-choice questions and lasts four hours. The CAIA Association recommends 200 hours of study time to prepare for the exam. These exams take place only in September and March at designated centers.<\/p>\n\n\n\n

Once you take the CAIA Level 1 exam, you\u2019ll receive your results within three to six weeks. A passing score is generally above 70%.<\/p>\n\n\n\n

<\/a>The CFA<\/h4>\n\n\n\n

Similar to the CAIA, the CFA is a qualification rather than purely an entrance exam. The CFA, or the Chartered Financial Analyst qualification, is a global and highly respected achievement. The CFA program curriculum is determined by the CFA Institute<\/a>. It verses students in the skills and knowledge needed for a career in investment and portfolio management. The curriculum is regularly updated in accordance with industry trends, ensuring that you are as up-to-date as possible.<\/p>\n\n\n\n

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Earning your CFA requires a significant time investment, but earning the designation represents a huge asset to your career.<\/h3>\n\n\n\n

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<\/p>\n<\/div>\n\n\n\n

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\"Entrance<\/figure>\n<\/div>\n<\/div>\n\n\n\n

The CFA is broken into three examinations that require over 900 hours of study (300 hours per exam level) and 4,000 hours of qualified work experience.<\/p>\n\n\n\n

For your Master in Finance application, you only need to complete the CFA Level 1 exam. The Level 1 exam includes 180 multiple-choice questions split into two 135-minute sessions, and you can sit for the exam at four different times throughout the year.<\/p>\n\n\n\n

Once you take the CFA Level 1 exam, you will receive your result within 60 days. The minimum passing score is usually about 70%.<\/p>\n\n\n\n

<\/a>Which exam is right for me?<\/h4>\n\n\n\n

Choosing the exam that is best for you depends on your priorities, career goals and the amount of time you can invest.<\/p>\n\n\n\n

Unlike the CAIA and CFA, the GMAT Focus Exam and GRE exams are not a qualification, although your scores may still be of interest to employers, particularly in the early days of your career. About 66% of candidates pass the CAIA<\/a> Level 1 exam, while only about 39% pass the CFA<\/a> Level 1 exam\u2014and that number has dropped in recent years.<\/p>\n\n\n\n

It is also important to reflect on what each exam tests. For example, the CAIA addresses the fast-growing alternative investments industry, real estate, hedge funds and private equity, so if you know you\u2019re interested in entering these fields, having a CAIA qualification can give you an edge. Meanwhile, the CFA evaluates financial reporting and accounting skills and might be a better pick for those looking to go into equity evaluation or investment banking, for example.<\/p>\n\n\n\n

For those who are not yet sure of the shape they want their career to take, IE University alumni recommend pursuing the CFA because it covers a broader range of materials and skills and can lend a noteworthy edge to your CV.<\/p>\n\n\n\n

Another important benefit of both the CFA and the CAIA is that these exams lead to qualifications and memberships with associations, which means a broader network and access to exclusive events and opportunities<\/a>. The Master in Finance even offers exam preparation courses dedicated to both the CAIA and the CFA in partnership with the organizations.<\/p>\n\n\n\n

Regardless of which exam you take, our alumni recommend taking lots of notes during your CFA, GRE, GMAT Focus Exam or CAIA course to ensure that the information remains in your memory. Completing practice questions and learning the ins and outs of your calculator are also important to developing a reliable approach to the exam questions and saving time.<\/p>\n\n\n\n

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\"Entrance<\/a><\/figure>\n<\/div>\n\n\n\n
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Want to hear expert advice straight from our program alumni? Watch this session<\/a>, where they answered all the biggest questions about the entrance exams.<\/h3>\n\n\n\n

<\/p>\n<\/div>\n<\/div>\n\n\n\n

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Apply to the Master in Finance<\/h3>\n\n\n\n

Ready to apply? Your future awaits. Gain the complete skill set to become an unstoppable finance professional.<\/p>\n<\/div>\n\n\n\n

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Learn More<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Preparing to apply for the Master in Finance can feel overwhelming, but in reality there are only a few key points to focus on to ensure that you put your best foot forward in your application. 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