A new employment report highlights the wide range of outcomes for graduates of a top master’s program in finance. While a small number of students achieved extremely high compensation packages—reaching up to $550k in combined salary and bonuses—most graduates earned significantly less.

The highest pay levels were driven by roles in quantitative finance, particularly quantitative research and development, as well as some positions in sales and trading and portfolio management. Graduates entering these areas tended to join large global banks, often in highly technical roles.

Despite the headline figure, the typical outcome was far more modest. Median compensation for graduates was around $194k, well below the top earners and not significantly higher than what strong MBA graduates in finance can achieve. In fact, leading MBA programs reported comparable or higher median pay, especially once bonuses were included.

Cost is also an important factor. The program carries high tuition and living expenses, which exceed those of comparable finance and engineering programs at other universities. Some lower-cost alternatives deliver competitive average earnings shortly after graduation.

The overall message is that while a master’s in finance can lead to exceptional outcomes for a few, most graduates should expect solid—but not extraordinary—pay relative to other elite finance education paths.