Master of Accounting and Finance (MAF)- Scope, Fees, Eligibility, Jobs & Salary

Edited By Anitta K Shaji | Updated on April 17, 2024
  • Duration
    2 years

What is Master of Accounting and Finance (MAF)

Master of Accounting and Finance (MAF) is a highly regarded two-year graduate programme that teaches students advanced financial management, accounting, and research skills. The course covers important topics like risk management, investment analysis, financial reporting, and company finance. The MAF curriculum includes core topics like business communication, accounting, finance, and investment analysis. Training and hands-on practice help students become proficient in using accounting software and other technological tools to evaluate financial data and aid in making smart decisions.Graduates of the programme will have a deep knowledge of financial systems and regulatory frameworks, which will allow... Read More

Master of Accounting and Finance (MAF) Eligibility

Eligibility Criteria Details
Educational Qualification Bachelor’s degree in Commerce (B.Com) or a related field like BBA, BBM, BBS, with a minimum percentage (usually 50% for general category and 45% for reserved categories) from a recognized university.
Entrance Exams Some colleges/universities may require scores from entrance exams like CAT, MAT, XAT, or university-specific tests.
Age Limit Generally, there is no age limit, but some institutions may have their own age criteria.
Reservation Policy As per government norms, there may be reservations or quotas for SC/ST/OBC candidates, physically disabled candidates, and other minority groups.

Master of Accounting and Finance (MAF) Entrance Exams

Typically, colleges in India select students for admission to their Master of Accounting and Finance programs based on their academic performance, without the need for an entrance exam. However, many reputable colleges may still require applicants to complete an entrance exam. The main objective of these entrance exams is to assess a candidate's problem-solving, aptitude, critical reasoning, and communication/ language skills. Here is the list of entrance exams conducted by some colleges and universities:

National Level Exams

NET (National Eligibility Test), CUCET (Central Universities Common Entrance Test).
State Level Exams

Maharashtra SET (State Eligibility Test), TSSET (Telangana State Eligibility Test).
University Level Exams

Delhi University M.Com Entrance Exam, Mumbai University M.Com Entrance Exam, Bangalore University M.Com Entrance Exam.

Master of Accounting and Finance (MAF) Fee Structure

The fee structure for Master of Accounting and Finance programs in India can vary based on factors such as the type of institution or university, location, and facilities offered. Government colleges generally have lower tuition fees compared to private colleges. Depending on the institution, the total expenses for a Master of Accounting and Finance program can range from INR 10,000 to INR 5 lakh.

Courses after Master of Accounting and Finance (MAF)

Students who have completed a MAF programme in India can choose from a variety of courses to further their education. Here is a list of some of the popular courses available in India after MAF:
MBA

MBA in Finance, MBA in Marketing, MBA in Human Resources, MBA in Operations Management, MBA in International Business, MBA in Entrepreneurship, MBA in Information Technology Management, MBA in Supply Chain Management, MBA in Healthcare Management, MBA in Hospitality Management.
Ph.D.

Ph.D. in Management, Ph.D. in Finance, Ph.D. in Accounting, Ph.D. in Marketing, Ph.D. in Human Resource Management, Ph.D. in Operations Management, Ph.D. in Economics, Ph.D. in Strategic Management, Ph.D. in Organisational Behaviour, and  Ph.D. in International Business.
DBA

Doctor of Business Administration (DBA) in Finance, DBA in Accounting, DBA in Financial Management, DBA in Auditing, DBA in Corporate Finance, DBA in International Finance, and DBA in Risk Management.

Career Opportunities after Master of Accounting and Finance (MAF)

After completing a Master of Accounting and Finance, there are numerous career opportunities available in both the private and government sectors in India. These positions come with a range of salaries and a variety of responsibilities. Here’s an overview of some common roles and their approximate salary ranges, bearing in mind that these figures can vary based on factors such as location, experience, and the specific employer:

Role Name Responsibility Annual Salary (INR)
Finance Manager Oversees financial planning, management of financial risks, record-keeping, and financial reporting. INR 10-25 LPA*
Investment Banker Provides financial advice, assists with raising capital, and guides on mergers and acquisitions. INR 12-30 LPA*
Financial Analyst Assesses financial data to assist businesses in making investment decisions. INR 6-18 LPA*
Accounting Manager Supervises accounting departments, ensures accuracy in accounting and compliance with laws. INR 8-20 LPA*
Audit Manager Leads audit teams, oversees audit processes, and ensures compliance with regulations. INR 10-22 LPA*
Chief Financial Officer (CFO) Manages the financial actions of a company, financial planning, and monitoring cash flow. INR 30-75 LPA*
Risk Manager Identifies and assesses financial risks, develops strategies to mitigate them. INR 12-25 LPA*
Corporate Controller Oversees the accounting functions, financial reporting, and budget management. INR 15-35 LPA*
Tax Manager Manages and prepares a company’s tax policies and strategies. INR 10-24 LPA*
Financial Consultant Provides financial advice to clients, helps with investment strategies, and helps with financial planning. INR 8-20 LPA*

Master of Accounting and Finance (MAF) Scope, Salary & Employers

Master of Accounting and Finance is a widely recognised postgraduate programme in India that provides numerous opportunities in both the private and public sectors. Here is a summary of the scope, salary, and employers associated with the Master of Accounting and Finance course in India:

  • Scope: The Master of Accounting and Finance (MAF) in India is a comprehensive programme designed to empower students with in-depth knowledge of accounting and financial strategies, critical for navigating today’s complex business environments. This degree opens doors to high-profile roles in sectors such as banking, consulting, and corporate finance, with graduates being highly sought after by top employers. The programme’s scope extends to preparing students for leadership roles, enhancing their analytical and decision-making skills.
  • Salary: Salary prospects for MAF graduates in India are promising, with average annual packages ranging from INR 6 to 25 LPA, depending on the role, experience, and the employer’s stature. The financial sector’s dynamic nature ensures a competitive salary structure, rewarding the specialised skills MAF graduates bring to the table.
  • Employers: Top recruiters for MAF graduates include prestigious firms like Deloitte, KPMG, PwC, EY, and Goldman Sachs, which are known for their rigorous hiring standards and for offering rewarding career paths. These employers value the blend of accounting expertise and financial acumen that MAF graduates possess, making them prime candidates for strategic roles within these organisations.

Required Skills for Master of Accounting and Finance (MAF)

To excel in their careers after completing the Master of Accounting and Finance programme, students must possess a combination of hard and soft skills. Here are some of the essential skills required for Master of Accounting and Finance students:

  • Effective communication and interpersonal skills.
  • Good understanding of finance and accounting principles to make informed decisions regarding budgeting, investment, and profitability.
  • Entrepreneurial mindset.
  • Leadership skills to lead teams, manage projects, and make critical decisions.
  • Time management and organisational skills.

FAQ (Frequently Asked Questions)

Are there any scholarships available for MAF courses in India?

Scholarships for MAF courses may be available based on merit or need. It is advisable to check with the respective institutions or universities for scholarship opportunities.

Can MAF graduates work abroad?

Yes, MAF graduates can explore job opportunities abroad, depending on the requirements and regulations of the specific country they wish to work in.

Are there any distance learning or online MAF courses available in India?

Yes, some institutions in India offer distance learning or online MAF courses. Indira Gandhi National Open University (IGNOU) is one such institution that offers a distance learning MAF programme.

Can MAF graduates start their own businesses?

Yes, MAF graduates with an entrepreneurial mindset can start their own accounting or financial consulting businesses.

What is the difference between MAF and MBA in Finance?

MAF programmes focus specifically on accounting and finance, while the MBA in Finance covers a broader range of management subjects along with a finance specialisation.

Can MAF graduates work in the banking sector?

Yes, MAF graduates can work in the banking sector in roles such as financial analyst, credit analyst, or Treasury manager.
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