Master’s in Financial Analysis

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Online Master of Science Degree in Financial Analysis


The Master of Science in Financial Analysis (MSFA) online program at the College for Financial Planning®—a Kaplan Company is dedicated to the advanced study of financial analysis and to developing financial analysis and investment management professionals through higher learning and quality student experiences, focusing on critical thinking, ethics, and lifelong learning.

The graduate degree program will develop students’ skills as highly competent financial analysis and investment management professionals. Students will demonstrate this via mastery of the learning objectives within the program. Instructors will use a variety of assessment strategies to develop student competencies in financial analysis and investment management.

College for Financial Planning®—a Kaplan Company’s programs are accredited by the Higher Learning Commission.

 

Pathways at a Glance

The program offers two distinct pathways for students to tailor their educational experience based on their prior educational preparation: the Traditional Pathway (for those aspiring to earn the Chartered Financial Analyst® (CFA®) designation in the future) and the CFA Charterholder Pathway (for those that already hold the CFA Charter or who have successfully passed all three levels of the CFA examination).

Traditional PathwayCFA® Charterholder Pathway

This pathway is part of the CFA Institute University Affiliation Program. It is recognized by CFA Institute as embedding at least 70% of the CFA® Program Candidate Body of Knowledge™ (CBOK) from the CFA Program into our curricula.

 
Who It's ForIndividuals aspiring to be financial analysts and portfolio managers or seeking to enhance their skills in their current roles in financial analysis and investment management.

This pathway is especially suited for those aspiring to earn the CFA Charter because:
Coursework is aligned with the learning outcomes of the CFA program, offering students dual preparation for a degree and a designation
After students successfully complete fifteen (15) credit hours in the program, they have access to Kaplan Schweser’s CFA Essential Study Package to prepare for the CFA exam. Graduates of the MSFA program will continue to have access to Kaplan Schweser’s CFA Essential Study Package to support them in pursuing all levels of the CFA exam.
Individuals who hold the CFA Charter or have passed all three CFA exam levels and are looking to continue their education in financial analysis and investment management.

This pathway is especially suited for CFA Charterholders because it builds on existing knowledge and grants 3 courses (9 credit hours) for prior learning, enabling them to complete their degree in a more accelerated timeframe.
Total Required Credit Hours10 courses (30 credits)

If you hold a financial designation or license, or have successfully completed certain courses at the College for Financial Planning, you may qualify for prior learning credit toward our Master of Science in Financial Analysis (MSFA) program.
7 elective courses (21 credits)

CFA Charterholders are granted three (3) courses or nine (9) credit hours of credit for prior learning, and can complete the CFA Charterholder Pathway and earn the masters degree by selecting and completing seven (7) elective courses or twenty-one (21) credit hours. 

Those who have completed all three levels of the CFA exam, but have not yet been conferred the CFA designation, may also apply for this pathway and be considered for credit for prior learning.

Financial Analysis Program Details

Program Curriculum

The program’s curriculum is based on the pathway in the MSFA program you are pursuing.

  • Traditional Pathway: This pathway is part of the CFA Institute University Affiliation Program. It is recognized by CFA Institute as embedding at least 70% of the CFA® Program Candidate Body of Knowledge™ (CBOK) from the CFA Program into our curricula.

    Through a combination of theory and practice, students will study:

    • Economic analysis utilized in investment decision making
    • Financial statement analysis
    • Quantitative methods and analysis beneficial to financial analysis
    • The investment environment including financial markets, institutions, and the investing process
    • Corporate finance
    • Security analysis and valuation
    • Alternative investments, derivatives, and risk management
    • Advanced portfolio management
    • Professional standards and ethics in the investments industry

    Learn more about the CFA Program

  • CFA Charterholder Pathway: This pathway is designed for students who have already earned the CFA Charter and would like to continue their education in financial analysis and investment management. The curriculum goes beyond topics included in the CFA Program, as well as deeper in some topics covered in the CFA Program.

Required Courses for the MSFA Program

Traditional Pathway

This pathway requires ten (10) courses with a total of thirty (30) credits, which include:

3 credits

Prerequisite(s): None

This course covers financial statement analysis starting with the origin of financial data and uses of financial reporting. Topical coverage includes revenue recognition and income determination with in depth analysis of the income statement. Coverage also includes applied financial statement analysis including cause-of-change, common-size, and trend analyses.

3 credits

Prerequisite(s):  ACCT545

Building on financial statement analysis tools and techniques covered in ACCT545, this course provides advanced analysis of the asset side of the balance sheet, including receivables, inventory, and long-lived assets. Additional coverage includes using financial information in making decisions associated with credit analysis, contracting, and valuation, as well as in-depth study of the sources and uses of cash as identified in the statement of cash flows (operations, investing, and financing).

3 credits

Prerequisite(s): None

This course explores economic issues relevant to investment advisors. Topics include supply and demand, monetary and fiscal policies, economic growth, international trade, investment decisions, and currency exchange. Discussions center on the use of economic indicators for investment decisions. Real world examples studied and research is required for this course.

3 credits

Prerequisite(s):  None

This course studies the financial system including financial institutions, instruments and markets. Topical coverage includes time-value-of-money, diversification, risk and return characteristics of securities, bonds, bond features, bond pricing, stocks, market efficiency, interest rate determination, and the term structure of interest rates.


3 credits

Prerequisite(s):  None

This course covers the fundamentals of quantitative concepts and techniques including descriptive statistics, probability distributions, sampling, hypothesis testing, correlation analysis, linear regression, and time-series models.

 


3 credits

Prerequisite(s):  ACCT550, ECON524, FINA515, and FINA525 (or equivalent courses)

This course covers the advanced analysis of equity and debt securities, including the valuation of common stock, preferred stock, and various types of fixed-income instruments. Common stock topics include valuation techniques such as discounted cash flow analysis, price multiples, and the residual income model. Bond features and characteristics including time-to-maturity, types of coupons, callability, and conversion are covered. Other relevant topics covered are investing strategies, duration, convexity, and risks relevant to securities, including default, credit, interest rate, and reinvestment risk. Additional coverage includes behavioral finance, technical analysis, and the Efficient Market Hypothesis.

3 credits

Prerequisite(s):  ACCT550, ECON524, FINA515, FINA525 (or equivalent courses)

This course examines the financial structure of corporations with an emphasis on understanding financial statements, time value of money, cash flows, working capital management, capital structure, financing decisions, cost of capital, and capital budgeting techniques.

3 credits

Prerequisite(s):  ACCT550, ECON524, FINA515, FINA525, and FINA565 (or equivalent courses)

This course explores derivatives, alternative investments, and alternative investment strategies.  The course covers the mechanics and markets for options, forward and futures contracts. forward and futures pricing, equity options, and interest rate derivatives.  Additionally, it covers alternative investments and alternative strategies including the use of derivatives in these strategies.  Students will be introduced to hedge funds, real assets, private capital, liquid alternatives, and the use of derivatives and alternative investments in portfolio management.

3 credits

Prerequisite(s):  ACCT550, ECON524, FINA515, FINA525, and FINA565 (or equivalent courses)

This course studies portfolio construction with a focus on asset allocation and diversification. Additional topics include assessing risk-adjusted performance of portfolios, security selection, performance measurement, and evaluation. The course involves an applied perspective of the “money manager,” including the development of the Investor Policy Statement and understanding objectives and constraints of different types of investors (individual, institutional, etc.).

3 credits

Prerequisite(s):  27 credits completed in the MSFA program

This course provides comprehensive coverage of CFA Institute’s Code of Ethics and Standards of Professional Conduct and builds on the learning outcomes embedded throughout the MSFA curriculum through two related components. One component involves a series of short, applied problem sets in CFA examination format focused on economic analysis, quantitative methods, financial statement analysis, corporate finance, fixed income analysis, portfolio management, and ethics. The second component is a multi-part case study developed throughout the course focused on advanced economic analysis, equity analysis, risk analysis, and valuation.

CFA Charterholder Pathway

CFA Charterholders are granted three (3) courses or nine (9) credit hours of credit for prior learning and can complete the CFA Charterholder Pathway and earn the Masters degree by selecting and completing seven (7) elective courses for twenty one (21) credit hours. Those who have completed all three levels of the CFA Examinations, but have not yet been conferred the CFA designation, may also apply for this pathway and be considered for credit for prior learning.

Electives—Area A: Courses from Other Programs

  • Students may select approved elective courses from other disciplines, allowing them to broaden their learning, explore interdisciplinary interests, and tailor their academic experience to support their individual goals. Area A courses are offered through programs outside of Financial Analysis.
  • Students may select up to 9 credits in electives from Area A.

Program: Personal Financial Planning

3 credits

Prerequisite(s): None For CFA Charterholders

This course explores behavioral finance and its impact on creating portfolios. Various biases are explored and then applied to real-world case studies. Also explored is the psychology of money, money scripts and disorders, and how past experiences can impact how people view and handle money on a day-to-day basis.

Program: Personal Financial Planning

3 credits

Prerequisite(s): None For CFA Charterholders

The primary objective of the course is to provide students with an understanding of the role business valuation plays in the real world. The course provides a pathway to becoming a business valuation analyst and/or Accredited in Business Valuation (ABV) credential holder or Certified Valuation Analyst (CVA) credential holder. The course introduces basic principles in business valuation and pre-engagement considerations including professional standards such as AICPA VS Section 100. The course covers sources of data, economic and financial statement analysis, the three valuation approaches, cost of capital, and valuation adjustments. It concludes with a discussion of the valuation conclusion and reporting and a brief survey of valuations for financial reporting, intangible assets, and litigation.

Program: Personal Financial Planning

3 credits

Prerequisite(s): None For CFA Charterholders

This course focuses on contemporary issues in financial services, allowing students to explore unique topics of interest. Through independent research, students will develop a deep understanding of a chosen subject. The course emphasizes critical analysis, synthesis, and evaluation of scholarly materials, culminating in a well-researched graduate-level paper. Along the way, students will refine their research skills and will have an opportunity to practice sharing their research ideas through meaningfully discourse. The final project—a comprehensive research paper—showcases students' ability to research a topic of their choosing with academic rigor.

Electives—Area B: Courses from the Financial Analysis Program

  • Electives listed in Area B are designed to help students build practical skills in financial analysis and research.
  • Students may select up to 21 credits in electives from Area B.

3 credits

Prerequisite(s): None For CFA Charterholders

This course explores the field of forensic accounting with a focus on fraud detection, investigation, and prevention. Students will analyze historical and modern financial fraud cases and learn how forensic accounting tools and frameworks are used to investigate, uncover, and prevent accounting manipulation. The course examines psychological, legal, and ethical aspects of fraud, introduces techniques such as red flag analysis and forensic data analytics, and prepares students for roles involving fraud investigation, litigation support, and corporate compliance.

3 credits

Prerequisite(s): None For CFA Charterholders

In this course, students are set to master the intricate world of data analytics, tailored for financial applications. Structured around nine pivotal Program Learning Outcomes (PLOs), the course spans from foundational data analytics principles to advanced topics like regression models, time series forecasting, data mining, and cluster analysis, all essential for financial analysis and investment decision-making. It emphasizes developing robust data management, transformation, and visualization skills, alongside understanding and applying various regression and tree models, and mastering data mining techniques and cluster analysis.

Upon completion, students will not only be proficient in handling, preparing, and transforming financial data, but also adept in visualizing and interpreting complex relationships within datasets. They will be equipped to apply advanced analytical methods, including regression analysis, time series forecasting, and cluster analysis, enabling them to analyze intricate financial datasets, derive insightful information, and make informed, data-driven decisions in the finance sector.

3 credits

Prerequisite(s): None For CFA Charterholders

This course examines the rapidly evolving world of financial technology (fintech) and its transformative impact on traditional financial services. Students will gain an in-depth understanding of how fintech companies, such as PayPal, Stripe, Square, Robinhood, Coinbase, and SoFi, are driving digital innovation and reshaping industries including payments, lending, wealth management, and insurance. Topics include foundational concepts like blockchain technology and cryptocurrency, digital and mobile payment systems, cross-border payment solutions, peer-to-peer lending platforms, robo-advisors, and emerging regulatory frameworks.

The course also highlights the roles of leading fintech companies in creating new business models, addressing financial inclusion, and tackling industry challenges like cybersecurity and data privacy. Through case studies of fintech pioneers and hands-on projects, students will analyze real-world applications, explore strategies for success in the fintech ecosystem, and evaluate the opportunities and risks within this dynamic sector. By the end of the course, students will be equipped with the knowledge and skills needed to navigate and contribute to the fintech industry’s growth and innovation.

3 credits

Prerequisite(s): None For CFA Charterholders

This course covers the foundations and history of sustainable investing, the various approaches to sustainable investing, shareholder advocacy, community investing, corporate responsibility, incorporating ESG analysis into portfolio construction and advising, ESG performance, risk and rating metrics, the fiduciary standard and how to effectively communicate the value of sustainable investing, and current and future challenges in the industry. The course exposes the student to a balanced presentation of both the theoretical and practical aspects of investment management through analysis of a case study.

3 credits

Prerequisite(s): None For CFA Charterholders

This course provides a comprehensive understanding of real estate finance and investment, covering fundamental principles and advanced techniques. Topics include legal concepts, mortgage financing, valuation of income properties, investment analysis, financial leverage, and portfolio considerations. Students will engage in weekly discussions, quizzes, and real-world application activities to reinforce the concepts.

3 credits

Prerequisite(s): PFPL594

This course equips students with essential research skills tailored for academic writing in financial analysis. The course covers the full spectrum of the research process, from clarifying research questions and designing robust research methods to collecting, analyzing, and presenting data effectively. It emphasizes developing both qualitative and quantitative research techniques critical for solving real-world financial problems. Students will explore foundational research principles and learn to navigate challenges such as sampling design, ethical research considerations, data measurement and collection methods, and hypothesis testing. Throughout the course, students will refine their ability to formulate precise and impactful research questions and employ both qualitative and quantitative methods for reliable data collection and analysis. With these skills, they will be better prepared to write professional academic research papers that contribute meaningful insights to financial analysis literature and enhance decision-making in the finance and investment sectors.

3 credits

Prerequisite(s): PFPL594 and FINA610

This is an elective capstone research course in the Master of Science in Financial Analysis CFA Charterholder Pathway and Master of Science in Personal Financial Planning. This course builds upon the research skills developed in PFPL594 Introduction to Financial Services Research and FINA610 Research Methods. Students will undertake an independent research project in financial analysis, applying qualitative and quantitative methodologies to address a significant financial question. By the end of the course, students will produce a substantial research paper that demonstrates their ability to conduct financial research, analyze data, and present meaningful insights. This paper may serve as a foundation for industry application, publication, or further academic research.

Flexible, Online Format

Courses are accessed through an online format where content and interaction is asynchronous. Learning is supported with access to highly credentialed faculty. To augment student learning and success, faculty provide live weekly sessions for office hours, problem solving, and support.

With this flexible format you can complete the MSFA in under two years, on a part-time basis.

Course Sessions

We offer multiple start dates to give you flexibility as you pursue your Master of Science in Financial Analysis online.

  • Courses are 8 weeks long.
  • A minimum of 135 hours of study per course is recommended (approximately 17 hours per week).

Registration for classes opens approximately 5 weeks prior to class start dates.

Academic Calendar (2025-2026)

 2025
Fall Term I		2025
Fall Term II		2026
Spring Term I		2026
Spring Term II		2026
Summer
Starts OnAug 11, 2025Oct 20, 2025Jan 12, 2026March 23, 2026June 1, 2026
(Term dates)(8/11/25 to 10/5/25)(10/20/25 to 12/14/25)(1/12/26 to 3/8/26)(3/23/26 to 5/18/26)(6/1/26 to 7/26/26)
MSFA Traditional Course Offerings
  • FINA525
  • FINA575
  • FINA585
  • FINA650
  • FINA515
  • FINA525
  • FINA565
  • FINA595
  • FINA650
  • ACCT545
  • FINA575
  • FINA585
  • FINA650
  • ACCT550
  • FINA565
  • FINA595
  • FINA650
  • FINA575
  • FINA585
  • FINA650
MSFA CFA Charterholder Course Offerings
  • FINA527
  • FINA561
  • ECON534
  • ACCT555
  • FINA610
  • FINA533
  • ECON534
  • FINA620

Tuition and Fees

Application Fee: $35

Tuition:

  • Traditional Pathway: $1,750 per course (10 courses are required) or $17,500 for the entire degree tuition.
  • CFA® Charterholder Pathway: $1,750 per course (7 electives are required) or $12,250 for the entire degree tuition

Books, materials, software, and publisher access is additional.

Career Opportunities in Financial Analysis

Upon successful completion of the online MSFA program, graduates will gain important knowledge and skills and be well positioned for the field of Financial Analysis. As indicated by the Bureau of Labor Statistics Occupational Outlook for Financial Analysts, the occupation is expected to grow faster than the average over the next decade.*

The MSFA’s curriculum and learning outcomes are valued by various types of employers including:

  • Institutional investment firms, mutual funds and money managers
  • Retirement plans and pensions
  • Retail brokerage and financial planning
  • Insurance companies
  • Commercial banks’ trust and wealth management departments
  • Various non-financial industries that have financial analysis functions within their operating structure

*Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Financial Analysts, at https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm. National long-term projections may not reflect local and/or short-term economic or job conditions, and do not guarantee actual job growth.

For more information on the Master of Science Degree in Financial Analysis, fill out the form below

Apply Now

Application Process

  1. Submit a completed Graduate Degree Application with non-refundable application fee
  2. Order official transcripts directly from the college/university where the undergraduate degree was earned and have it sent directly to the Registrar’s Office. Transcripts submitted to the College from the student will not be accepted. 

College for Financial Planning
Attn: Office of the Registrar
9000 E. Nichols Ave Suite 200
Centennial, CO 80112
registrar@cffp.edu

 

Please note:

If your native language is not English and/or your post-secondary education was completed from a school outside the U.S. you must demonstrate English language proficiency by achieving a minimum score (as defined below) on either the Test of English as a Foreign Language (TOEFL) iBT® exam or the International English Language Testing System (IELTS). 

Test of English as a Foreign Language (TOEFL)
The College for Financial Planning code assigned by the test provider (ETS) for reporting TOEFL scores is 7126. You must identify the College using this code on the day the test is taken or submit a follow-up request. Score reports must be received by the College directly from the ETS test provider. For more information, visit the TOEFL test website at www.ets.org/toefl.

Exam Type: TOEFL iBT® Minimum Required Score: 85

International English Language Testing System (IELTS)
Applicants must identify the College on the day the test is taken or submit a follow-up request. Score reports must be received by the College directly from the test provider. For more information, visit the IELTS test website at www.ielts.org/.

Exam Type: IELTS Academic Minimum Required Score: 7.0
If you attended an institution outside the U.S. you are required to obtain a comprehensive equivalency report for educational purposes from an approved third party evaluation agency that is a member of the National Association of Credential Evaluation Services (NACES). A list of approved agencies may be found on the NACES website at www.NACES.org.

Evaluation reports must be received by the College directly from the evaluation agency. Student copies are not accepted. If you are petitioning for review of potential transfer credit, a course-by-course evaluation needs to be completed and submitted to the Registrar’s Office for review. If you are not petitioning for transfer credit a document-by-document evaluation is sufficient.

M.S. in Financial Analysis: A Path To a Graduate Degree + CFA Charter 

In this webinar faculty of the College for Financial Planning®—a Kaplan Company’s Financial Analysis department you explore our online graduate program. 

Watch Webinar

Admissions Requirements

Prospective students for the Master of Science in Financial Analysis degree program at the College for Financial Planning are required to meet the following minimum requirements:

Full Acceptance

Must meet one of the following requirements
(A, B, C, D, or E)

  • Higher Learning Commission (HLC)
  • Middle States Commission on Higher Education (MSCHE)
  • New England Commission on Higher Education (NSCHE)
  • Northwest Commission on Colleges and Universities (NWCCU)
  • Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
  • WASC Senior College and University Commission (WSCUC)

  • Higher Learning Commission (HLC)
  • Middle States Commission on Higher Education (MSCHE)
  • New England Commission on Higher Education (NSCHE)
  • Northwest Commission on Colleges and Universities (NWCCU)
  • Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
  • WASC Senior College and University Commission (WSCUC)

  • Higher Learning Commission (HLC)
  • Middle States Commission on Higher Education (MSCHE)
  • New England Commission on Higher Education (NSCHE)
  • Northwest Commission on Colleges and Universities (NWCCU)
  • Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
  • WASC Senior College and University Commission (WSCUC)
  • Higher Learning Commission (HLC)
  • Middle States Commission on Higher Education (MSCHE)
  • New England Commission on Higher Education (NSCHE)
  • Northwest Commission on Colleges and Universities (NWCCU)
  • Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
  • WASC Senior College and University Commission (WSCUC)

    • An official transcript evaluation from a NACES member is required to confirm equivalency
    • Cumulative GPA must be 3.00 or higher in any major, or
    • Cumulative GPA must be 2.50 or higher if major was accounting, economics, engineering, finance, mathematics, or statistics


      Conditional Acceptance

      Must meet one of the following requirements
      (A, B, or C):

      • Higher Learning Commission (HLC)
      • Middle States Commission on Higher Education (MSCHE)
      • New England Commission on Higher Education (NSCHE)
      • Northwest Commission on Colleges and Universities (NWCCU)
      • Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
      • WASC Senior College and University Commission (WSCUC)
      • Higher Learning Commission (HLC)
      • Middle States Commission on Higher Education (MSCHE)
      • New England Commission on Higher Education (NSCHE)
      • Northwest Commission on Colleges and Universities (NWCCU)
      • Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
      • WASC Senior College and University Commission (WSCUC)

        • An official transcript evaluation from a NACES member is required to confirm equivalency

          Frequently Asked Questions about the
          Master of Science Degree in Financial Analysis

          Graduate application status can be obtained by contacting the Registrar’s Office at registrar@cffp.edu or the Academic Advisor.

          To apply for admission to the programs, you will need to:

          1. Complete and submit the application at https://www.kaplanfinancial.com/wealth-management/masters-program/application.
          2. Pay the application fee.
          3. Request official transcripts for prior learning from the college/university to be sent directly to the Registrar’s Office.
          For additional details on program policies, please review the College Catalog at https://www.kaplanfinancial.com/wealth-management/resources/policies-procedures.
          Students are graded on a variety of scheduled reading assignments, group discussions, and examinations.
          Completing the Master of Science Degree in Financial Analysis requires a total of 30 credit hours. It consists of 10 courses that are worth three credit-hours each.

          There are five Master of Science Degree Program course sessions held each year. Classes begin roughly every 10 weeks. The classes last for eight weeks each, and there is a two-week break between classes.

          Students currently enrolled in a program offered by the College for Financial Planning® - a Kaplan Company can view academic policies in our College Catalog.

          The Master of Science Degree in Financial Analysis is an accredited program by the Higher Learning Commission (HLC). Full details can be found on the HLC website.

          Applications for admission into the program are accepted on a rolling basis and can be completed online. The admissions committee meets twice a month. Applicants are reviewed once all documents are received.
          The average time to complete the master of science degrees from College for Financial Planning is 2.5 years. (The time frame can vary based on prior learning credits awarded and full- or part-time status.)

          Refunds are calculated for students in accordance with the refund policy. The full program policy can be found in our College Catalog.

          Students who have previously completed graduate-level coursework may be eligible to apply those credits to the Master of Science in Financial Analysis degree program. For more information on transfer credit please view our College Catalog.

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