The Master of Finance and Accounting (MFA) is a 2-year postgraduate program designed to provide students with advanced knowledge and skills in financial accounting and management. The course curriculum covers various aspects of accounting, finance, and business.
Admission to MFA programs in India typically requires candidates to have a bachelor's degree in commerce, finance, or a related field with a minimum aggregate score of 45-50%. Some institutions may also conduct entrance exams or require candidates to appear for interviews as part of the selection process.
The MFA syllabus encompasses a wide range of finance courses, including financial accounting, management accounting, auditing, taxation, financial management, and corporate finance. Students also undertake research projects and internships to gain practical experience in the field. Top colleges offering MFA programs in India include the Indian Institute of Management (IIM), the University of Delhi, and the Symbiosis Institute of Business Management. Also Check: MBA Finance
Table of Contents
- Master of Financial Accounting Course Details
- What is a Master of Financial Accounting?
- Master of Financial Accounting Admissions
3.1 Master of Financial Accounting Entrance Exams
3.2 Master of Financial Accounting Eligibility
5.1 Master of Financial Accounting Govt Colleges
Master of Financial Accounting Course Details
| Full form | Master of Finance and Accounting |
| Eligibility | Graduated |
| Duration | 2 Years |
| Level | Post Graduation |
| Employment Areas | Finance, Commerce & Banking Sector, Economic Consultancy, Customs Department, Import/Export Companies |
| Job positions | Accounts Assistant, Assistant Accountant Accountant, Business Analyst & Corporate Analyst, Executive Assistant |
What is a Master of Financial Accounting?
The Master of Financial Accounting (MFA) is a higher-level program where you learn about financial accounting. You study things like how to manage money, how to make financial reports, and how to deal with taxes. The program usually includes classes on these topics and might also give you a chance to get some real-world experience through internships or projects. After finishing the MFA, you'll be ready to work in places like accounting firms, finance departments of companies, or government offices where knowing about financial accounting is important.
Master of Financial Accounting Admissions
Admission to the Master of Financial Accounting (MFA) program in India typically requires candidates to meet certain criteria set by the respective universities or institutions offering the program.
Master of Financial Accounting Entrance Exams
Colleges offering the Master of Finance and Accounting program in India admit students who meet the eligibility criteria set for the course. Typically, admission is based on the candidate's merit, which is determined by their scores in the qualifying examination. While there are no national or state-level entrance exams, some institutes, universities, or colleges may conduct their entrance tests as part of the admission process.
Master of Financial Accounting Eligibility
To enroll in the Master of Finance and Accounting (MFA) program, candidates must meet specific eligibility criteria:
- Educational Background: Candidates should hold an undergraduate degree in Commerce, Banking, or Finance.
- Minimum Aggregate Score: Applicants must have achieved an aggregate score of 45% to 50% in their undergraduate qualifying examination.
- Entrance Exam: Candidates may be required to appear for an entrance exam if specified by the college of their choice.
Master of Financial Accounting Syllabus
The table below shows the syllabus for the Master of Financial Accounting:
| Accounting for Business Decisions | Theory and Standards of Accounting |
| Computerized Accounting | Cost Control Techniques |
| e-Commerce | Financial Services |
| Human Resource Management | Principles of Modern Banking |
| Security Analysis | Modern Banking |
| Management Accounting | Direct and Indirect Taxes |
| Business Research Methods | Advanced Corporate Accounting |
| Financial Markets and Institutions | International Financial Management |
| Risk and Insurance Management | Principles of Insurance Management |
| Investment and Portfolio Management | Quantitative Techniques for Finance |
Master of Financial Accounting Top Colleges
Here are some government colleges in India that offer a Master of Finance and Accounting (MFA):
Master of Financial Accounting Govt Colleges
Here are some govt colleges offering Master of Financial Accounting:
| College | Fees |
|---|---|
| Government Ramnarayan Chellaram College of Commerce and Management | INR 24,000 |
| Institute of Business Management and Technology | INR 63,720 |
| IIT Delhi | INR 1.48 lakhs |
| IMS Unison University | Not Available |
| IIM Bangalore | Not available |
| Chandigarh University | INR 3,00,000 |
| Jagannath Community College | INR 2.62 lakhs |
| National Skill Art and Management (NSAM) | INR 16,700 |
Master of Financial Accounting Private Colleges
Here are some private colleges offering Master of Financial Accounting:
| College | Fees |
|---|---|
| Nalanda School of Management College | INR 30,000 |
| University of Allahabad | INR 9,700 to INR 40,000 |
| Jain (Deemed-to-be University) | INR 100,000 |
| Bharath Institute of Higher Education and Research | INR 300,000 |
| St. Xavier's College (SXC), Kolkata | INR 2,00,000 |
Courses After Master of Financial Accounting
After completing a Master of Financial Accounting (MFA) program, individuals may pursue further education or professional certifications to enhance their skills and advance their careers in accounting and finance. Here are some courses and certifications that individuals may consider after completing an MFA program:
- Certified Public Accountant (CPA): The CPA designation is a globally recognized credential for accounting professionals. CPA candidates must pass a rigorous examination and meet the education and experience requirements set by the relevant accounting board.
- Chartered Financial Analyst (CFA): The CFA program is designed for finance professionals seeking expertise in investment analysis and portfolio management. Candidates must pass three levels of examinations and have relevant work experience to earn the CFA charter.
- Certified Management Accountant (CMA): Accounting professionals who exhibit expertise in management accounting and financial management are granted the CMA designation. CMA candidates must pass a two-part examination and meet educational and experience requirements.
- Chartered Accountant (CA): The CA designation is offered by professional accounting bodies in various countries. CA candidates must complete a rigorous training program and pass examinations covering accounting, auditing, taxation, and other areas of finance.
- Master of Business Administration (MBA) in Finance: An MBA in Finance provides advanced education in financial management, investment analysis, and corporate finance. This program is suitable for individuals seeking leadership roles in finance or consulting.
- Doctor of Philosophy (Ph.D.) in Accounting or Finance: A Ph.D. program offers in-depth research training and prepares individuals for academic or research-oriented careers in accounting and finance.
- Advanced Diploma in Financial Accounting: This diploma program provides specialized training in financial accounting principles, financial reporting standards, and advanced accounting topics.
Master of Financial Accounting Jobs and Scope
The table below shows the job and scope of a master of financial accounting:
| Job | Description | Annual Salary |
|---|---|---|
| Accountant | Responsible for preparing and maintaining financial records, including ledgers, budgets, and financial statements. May also assist in auditing financial documents. | INR 4,80,000 to 8,00,000 |
| Assistant Accountant | Supports the accounting department by performing various tasks such as data entry, reconciliations, and assisting with financial reporting. | INR 3,00,000 to 5,00,000 |
| Financial Analyst | Analyzes financial data, prepares reports, and provides insights to aid in decision-making. May also be involved in forecasting, budgeting, and financial modeling. | INR 6,00,000 to 12,00,000 |
| Marketing and Money Manager | Creates and executes marketing plans to advertise products or services. Also responsible for managing financial resources allocated to marketing campaigns. | INR 6,00,000 to 10,00,000 |
| Investment Banker | Provides financial advisory services to corporations, governments, and other entities. Involved in activities such as mergers and acquisitions, capital raising, and corporate restructuring. | INR 10,00,000 to 20,00,000 |
| Market Analyst | Analyzes market trends, consumer behavior, and competitor activities to provide insights and recommendations for marketing strategies. | INR 5,00,000 to 9,00,000 |
| Securities and Risk Analyst | Evaluates investment risks and analyzes financial securities to provide recommendations for portfolio management. Also assesses and manages risks associated with financial transactions. | INR 7,00,000 to 12,00,000 |
| Investment Analyst | Conducts research on investment opportunities, evaluates financial data, and provides recommendations for investment decisions. Often works for asset management firms or investment banks. | INR 6,50,000 to 11,00,000 |
| Business and Corporate Analyst | Analyzes business processes, identifies areas for improvement, and recommends strategies to enhance efficiency and profitability. Additionally engaged in project management and strategic planning. | INR 6,00,000 to 10,00,000 |
| Personal Finance Consultant/Accountant | Provides financial advice and assistance to individuals or families on matters such as budgeting, debt management, retirement planning, and investment strategies. | INR 5,00,000 to 9,00,000 |
Master of Financial Accounting Top Recruiters
Some top recruiters for MFA graduates include:
- Accenture
- Deloitte
- Ernst & Young
- TATA Consultancy Services
- Amazon
- Genpact
- ICICI Bank
- Wipro
Master of Financial Accounting: FAQs
Ques. What is the duration of Master of Finance and Accounting (MFA) course?
Ans. The Master of Finance and Accounting (MFA) course is a two-year program.
Ques. What are some common specializations associated with the Master of Finance and Accounting (MFA) program?
Ans. Some popular specializations for M.F.A. (Master of Finance and Accounting) include Taxation, Finance, Commerce, and Financial Management.
Ques. How much does it typically cost to enroll in the Master of Finance and Accounting (MFA) program?
Ans. The average fee for the Master of Finance and Accounting (MFA) program is INR 75,000 per year.
Ques. Are there any exams I need to pass to get admission to the Master of Finance and Accounting (MFA) program?
Ans. Exams such as Delhi University Arts and Delhi University Science are some of the tests you can take to qualify for admission to Master of Finance and Accounting (MFA) courses.
Ques. What opportunities are available after completing a Master of Finance and Accounting degree?
Ans. After earning a Master of Finance degree, individuals can pursue careers as actuaries, financial analysts, or investment bankers. Additionally, they have various alternative career options such as working as financial planners, financial advisors, or for investment firms.
Ques. What is the Master of Finance and Accounting (M.F.A) program about?
Ans. The Master of Finance and Accounting (M.F.A) program is a postgraduate Accounts course. It covers principles of accounting, financial planning, economic theory, micro and macroeconomics, money and banking systems, as well as knowledge about business, trade, and related policies.
Ques. Is pursuing a Master's in finance and accounting difficult?
Ans. While obtaining this degree can lead to rewarding career paths, it's crucial to understand the demands of the program before enrolling. Although obtaining a master's degree in finance may present difficulties, it is definitely achievable with the right mindset and preparation.
Ques. What are the requirements for admission to the Master of Accounting and Finance program?
Ans. To be eligible, candidates must have completed graduation with a bachelor's degree in any discipline through the 10+2+3 system or an equivalent qualification. They should have achieved a minimum aggregate of 50% or equivalent CGPA from a university recognized by the central or state legislature in India.
Ques. What are some important factors to consider before opting for the Master of Financial Accounting (MFA) program?
Ans. Considerations include aligning career goals, meeting educational prerequisites, reviewing the program curriculum, accreditation status, reputation of the institution, cost and financial aid options, flexibility of the program, and available career support services.
Ques. What are the eligibility criteria for admission to the Master of Financial Accounting (MFA) program?
Ans. Candidates must have an undergraduate degree in Commerce, Banking, or Finance with a minimum aggregate score of 45% to 50%. They may also need to appear for specified entrance exams.
Ques. Are there any specific entrance exams for admission to the Master of Financial Accounting (MFA) program?
Ans. Some colleges may conduct their own entrance exams, while others admit students based on merit from their qualifying examination.
Ques. What is covered in the syllabus of the Master of Financial Accounting (MFA) program?
Ans. The syllabus includes topics such as accounting for business decisions, financial services, direct and indirect taxes, investment and portfolio management, and more.
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