LBS Masters in Financial Analysis vs LSE MSc Finance: Which Should You Choose?
The LSE MSc Finance and the LBS Masters in Financial Analysis (MFA) are the two London programmes applicants most often weigh against each other at the pre-experience end of the finance master's market. Both take recent graduates, and both lead towards the same entry-level finance roles. They are built differently, though. As of 21 October 2026, LSE offers a 10-month, generalist, academically led MSc, while LBS offers a 12 to 16 month business-school programme with an interview, a test requirement and career search built in from the first term.
I compare these two because they suit the same candidate: someone who has graduated within the last couple of years and wants to start a career in finance. The LBS Masters in Finance (MiF) is a different programme, designed for people with at least two years of experience, so it is not the right match for LSE MSc Finance. If you are in that second group, my LBS Masters in Finance guide is the better starting point.
What is the difference between LSE MSc Finance and the LBS MFA?
The main difference is the model: LSE MSc Finance is a compact, theory-led department degree, and the LBS MFA is a longer business-school programme with trips, an interview and recruitment support built into the year. The table below sets out the verified basics as of 21 October 2026.
LSE MSc Finance (full-time) | LBS Masters in Financial Analysis | |
Type of programme | Generalist finance MSc run by the Department of Finance | Pre-experience finance master's at a business school |
Experience | None required; relevant experience may strengthen an application | 0 to 2 years; you must have graduated within the last two years |
Length | 10 months, including a four-week pre-sessional starting in late August | 12 to 16 months, with an optional fourth term at additional fees |
Next start | Pre-sessional begins August 2027 | August 2027 |
Tuition | £53,600 for 2027/28 | £52,950 plus a £200 Student Association fee (LBS labels this the 2026 intake) |
Academic requirement | 2:1 or equivalent in any discipline; the majority of previously accepted students held a first | UK 2:1 or equivalent (GPA 3.3 or above) in any discipline |
Tests | Check LSE's additional tests section for your background | GMAT, GMAT Focus, GRE or CFA Level 1 required before you submit |
Interview | None listed on the application page | Virtual interview if shortlisted |
Cohort | 160 places; 1,704 applications, a ratio of 11:1 in 2025 | 322 students from 61 nationalities (MFA2026 class) |
Teaching | Three-hour sessions built around case studies | Core courses, electives, London Business Challenge Week, Global Experience courses and a year-long project |
Who can apply to each programme?
Both programmes accept graduates from any discipline, but the LBS MFA sets a hard experience limit that LSE does not. As of 21 October 2026, the requirements are as follows.
LSE MSc Finance. LSE asks for a 2:1 degree or equivalent in any discipline and good quantitative skills. You need at least A level Mathematics or its equivalent, because the programme uses basic calculus and statistics. LSE says admission is very competitive and that most accepted students in previous years held first-class degrees or the equivalent. Work experience, whether internships or full employment, is not a prerequisite, but LSE suggests including it if you have it.
LBS MFA. LBS accepts strong undergraduate degrees in any subject, equivalent to a UK first or 2:1 or a GPA of 3.3 and above. You must have graduated within the last two years, with a maximum of two years of postgraduate work experience. Internships taken during your studies do not count towards that limit. LBS also looks for a strong quantitative skill set, a commitment to finance and a track record of achievement.
If you already have more than two years of post-graduation experience, the MFA is closed to you. LBS points that group to its Masters in Finance, where the minimum is two years and the average is five.
How do the curricula and teaching differ?
LSE concentrates the learning into two core courses, optional half-unit courses and two capstones, while LBS spreads a larger core across three terms and adds experiential components. Here is how each year is laid out as of 21 October 2026.
LSE MSc Finance.
Pre-sessional (late August, four weeks): revision and an introduction to core mathematics, statistics and interpreting financial statements, plus careers skills sessions.
Autumn term: two core courses, Corporate Finance and Asset Markets.
Winter term: four optional half-unit courses, for example fixed income and credit markets, mergers, buyouts and corporate restructurings, financial engineering, risk management, private equity, sustainable finance and impact investing, or big data and finance.
Sprint term: two core capstones, Topics in Asset Management and Corporate Investment and Financial Policy.
LSE teaches its MSc Finance courses in a single three-hour session rather than a separate lecture and class, which makes it easier to teach with case studies. The MSc Finance and Private Equity is the same programme except that the Private Equity course is compulsory, and LSE asks you to apply to only one of the two.
LBS MFA.
Pre-term orientation (August): online preparation in accounting, finance and data analytics, plus career foundations and an Excel for Finance course.
Term one (August to December): Investment Fundamentals, Corporate Finance, Data Analytics for Finance and Analysis of Financial Statements.
Term two (January to March): Asset Management, Capital Structure, Securities Valuation and Financial Modelling, and World Economy.
Term three (April to June): Mergers and Acquisitions, Financial Institutions, Personal Finance and Private Equity, alongside electives.
Optional fourth term: three further electives at LBS or an exchange partner school, subject to additional fees. LBS says it widens the internships you can apply for.
The MFA also includes London Business Challenge Week, a one-week Global Experience course in destinations such as Austin, Cape Town, Medellin and Paris, and a year-long project. Both LBS finance programmes are CFA University Affiliation Programme partners, and LBS notes that this does not make the MFA and the CFA the same thing.
Rankings measure different things, so I would not set them against each other directly. LBS reports that the MFA ranked first in the UK and ninth in the world in the Financial Times 2026 pre-experience Masters in Finance ranking. LSE reports that it is second in the UK for accounting and finance in the Good University Guide 2027.
How do fees and funding compare?
Tuition differs by only about £650 between the two programmes, so the real differences are the length of study and how funding is awarded. As of 21 October 2026:
LSE MSc Finance. Tuition is £53,600 for students starting in 2027/28, and all students pay the same fee regardless of fee status. Offer holders pay a non-refundable deposit equal to 15 per cent of the tuition fee, split into two instalments. Funding comes from several routes:
Needs-based awards, including the Graduate Support Scheme. The funding deadline for 2027 entry is 22 April 2027, and you need an offer first.
Women in Finance Scholarships, worth up to £25,000 and awarded on merit to successful female applicants.
Antoine Faure-Grimaud Scholarships, worth up to £25,000 and awarded on academic merit and financial need to successful applicants.
A 10 per cent fee reduction for LSE undergraduate graduates, or five per cent for students who have passed two or more LSE Summer School courses.
LSE awards its departmental scholarships on a rolling basis from November.
LBS MFA. Tuition is £52,950, plus a £200 Student Association fee, and LBS labels this figure the 2026 intake, so check the 2027 figure before you budget. Admitted students are automatically considered for every merit award they qualify for. LBS says around 20 per cent of its Graduate Masters class receives funding from a School scholarship, and it encourages applicants who want scholarship consideration to apply by 8 March. Offer holders pay a £2,000 commitment fee and then a £6,000 reservation fee, both non-refundable and deducted from tuition.
When you compare cost, count the months as well as the fee. The MFA runs for 12 to 16 months and the optional fourth term carries additional fees, while LSE runs for 10 months. Living costs in London accumulate over that extra time.
How do the application processes compare?
LSE assesses your documents, while LBS adds essays, a test score and an interview. As of 21 October 2026, each process looks like this.
LSE MSc Finance. LSE considers your academic achievement, additional test scores, two academic references, CV, statement of academic purpose and GRE or GMAT where required. Admissions are rolling and close once the programme is full, so apply early, and remember the 22 April 2027 funding deadline if you need needs-based support. LSE's application page lists documents rather than an interview round.
LBS MFA. LBS runs staged application deadlines. You submit:
the application form and application essays, which cover your motivation, evidence of leadership and teamwork, why you want the MFA and what you will bring to the community
a GMAT, GMAT Focus, GRE or CFA Level 1 result, with no minimum score; LBS recommends applying with a GMAT score of 555 or above
a one-page CV, one reference (a professional referee is preferred, an academic one is accepted), university transcripts and proof of English if you need it
the £125 application fee
If you are shortlisted, you have a virtual interview with an alumnus or a member of the Recruitment and Admissions Team. LBS says both use the same process and criteria. After the interview the Admissions Committee reviews the whole application and sends a final decision. Some candidates are waitlisted and invited to a Kira video interview.
The two applications reward different preparation. For LSE, your academic record and statement of purpose carry the file. For LBS, your essays and interview need a clear story about why finance and why now.
What do the career outcomes look like?
Both programmes place graduates at the same large banks, but the two schools publish their results in different ways, so you cannot compare them line by line. As of 21 October 2026:
LBS MFA. LBS reports that 92 per cent of the class of 2025 received an offer within three months of graduating. Of that class, 66 per cent took roles in the UK, and the rest went to 18 other locations. LBS names UBS, Morgan Stanley and Goldman Sachs among employers. It says the MFA prepares students for investment banking, investment management, private equity, corporate finance, sales and trading, or fintech. Career search runs through the whole programme and is most intense in term one.
LSE MSc Finance. LSE's programme page does not give a headline employment rate. It lists recent top employers, including Citi, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, McKinsey & Company, Morgan Stanley and UBS. Its top recent employment locations are Frankfurt, Hong Kong, London, Paris and Shanghai. The Department of Finance publishes an employment report for the MSc Finance programmes.
To compare fairly, read both schools' employment reports for the same graduating year and check how each defines employed, the response rate and whether salaries are reported at the median or as the highest figure.
Which programme should I choose?
Choose LSE MSc Finance if you want a compact, theory-led year, and the LBS MFA if you want a longer programme with recruitment support and international components built in. Neither is better in the abstract. The right one depends on your profile and how you like to learn.
LSE MSc Finance suits you if:
your academic record is the strongest part of your application, since LSE notes that most accepted students have held first-class degrees or the equivalent
you want to finish in 10 months
you want a deep core in corporate finance and asset markets, with optional courses in areas such as fixed income, financial engineering and private equity
The LBS MFA suits you if:
you graduated within the last two years and have no more than two years of postgraduate experience
you want career search built into the programme from term one, plus London Business Challenge Week and a Global Experience course
you are ready to sit the GMAT, GRE or CFA Level 1 and prepare for an interview
you are comfortable with 12 to 16 months of study, and with extra fees if you add the optional fourth term
If you already have two or more years of experience, neither programme is your match. Look instead at the LBS Masters in Finance, or at LSE's part-time MSc Finance, which is a 21-month programme taught over two years in the evenings alongside a full-time career.
If you are weighing LSE MSc Finance against the LBS MFA and want a plan built around your academic profile and goals, book a consultation with me. As an ex-investment banker and an award-winning admissions consultant, I am proud of my 98% success rate of getting applicants into top finance programmes.
Frequently asked questions
Is the LBS Masters in Financial Analysis the same as the LBS Masters in Finance?
No. The MFA is for recent graduates with a maximum of two years of postgraduate experience. The Masters in Finance is for people who have worked in the sector for a minimum of two years and an average of five.
Do I need work experience to apply to LSE MSc Finance?
No. LSE says work experience, through internships or full employment, is not a prerequisite, although relevant experience may strengthen your application.
Does the LBS MFA require the GMAT?
You must take the GMAT, GMAT Focus, GRE or CFA Level 1 before you submit. LBS has no minimum score and recommends applying with a GMAT score of 555 or above.
Does LSE interview applicants for MSc Finance?
LSE's application page lists documents, not an interview round. If LSE contacts you about an interview, follow its instructions, but do not plan around one.
How long is the LBS MFA?
The MFA lasts 12 to 16 months. The optional fourth term adds three electives at LBS or an exchange partner school, at additional fees.
How competitive is LSE MSc Finance?
LSE reports 1,704 applications for 160 places, a ratio of 11:1 for 2025.
Which programme costs more?
LSE charges £53,600 for 2027/28 entry. LBS lists £52,950 plus a £200 Student Association fee, labelled as the 2026 intake. Compare total cost over the length of each programme.
Can I join the MFA with three years of work experience?
No. LBS limits the MFA to a maximum of two years of postgraduate work experience, and internships during your studies do not count towards that limit.
