Online Master of Public Administration (MPA) Programs with a Specialization in Public Financial Management

Economic complexities continue to grow as society evolves, and populations expand and diversify. The efficient and effective management of public funds is essential to societal success, and those specializing in public financial management are tasked with distributing the nation’s financial resources to achieve maximum impact in the areas of greatest need. Financial professionals in the field of public administration are responsible for creating and maintaining the economic framework that supports programs and policies integral to daily life in the U.S. and overseas. Those with expertise in public finance and budgeting may find employment within all levels of government, as well as at non-profit, private sector, and public organizations.

Master of Public Administration (MPA) programs that offer a specialization or concentration in Public Financial Management provide students an advanced understanding of the role financial management plays in governance. Focusing on refining economic and financial management skills, budgeting, the allocation of fiscal resources, and tactics for raising public revenue, students gain advanced management and analytical expertise that can be applied to organizing public assets and distributing resources as it best serves their communities. Graduates who specialize in public financial management receive training that can enable them to act on a strategic level in financial decision making within the public sector and respond in the event of financial difficulty or uncertainty.

Curriculum Details for Online MPA Programs with a Specialization in Public Financial Management

Most MPA programs require students to complete a set of core classes prior to moving on to coursework within their chosen specialization. This core curriculum typically focuses on the fundamentals of public administration, including research methods, strategic planning, organizational behavior, ethics and laws, and public policy. For students specializing in Public Financial Management, certain core subjects such as financial management, government operations, and strategic planning may also serve as the foundation for classes within their specialization. Following the completion of core coursework, students can enroll in elective courses specific to public financial management, covering subjects such as financial and economic management, capital budgeting, investment and grant management, risk assessment, corporate finance, and understanding the complexities of U.S. and foreign financial institutions.

Prospective students interested in enrolling in an online MPA program with a focus in public financial management should research programs with specializations in the following areas:

• Public Financial Management
• Public Finance
• Public Economics and Finance
• Budgeting and Financial Management

While many programs allow up to five years to complete the designated degree requirements for an MPA program, students enrolled full-time typically graduate within two years. Students who enroll part-time can expect to complete the 36 to 48 graduate credit hours of coursework within 24 to 36 months. Throughout their graduate studies, students can expect to engage in a mix of practical and theoretical coursework, as professors often utilize real-world data, case studies, and scenarios in their courses.

In addition to classwork, students can enhance their graduate education experience through consulting opportunities, internships, and research projects. These experiential learning opportunities are often viewed as integral to a well-rounded graduate education, and students entering the program without professional experience may be required to complete an additional for-credit internship at a relevant institution or organization. Internships can typically be completed at any point throughout enrollment, but students often complete these requirements during the summer

During the last semester of most MPA programs students are required to complete a final project-focused or “capstone” course. Conducted independently or in groups depending on the program, the projects completed are typically viewed as a means for students to utilize the knowledge attained throughout the program to address a real-world financial challenge, assessing risk, and proposing solutions.

Note: On OnlineMPAPrograms.com, a program must offer a distinct track, specialization, or concentration in Public Financial Management, with dedicated elective courses in the field, in order to be included in this category.

Examples of Public Financial Management Courses in Online MPA Programs

Courses within an MPA in Public Financial Management are intended to provide students with applied and theoretical public financial expertise. Class offerings will vary depending on the faculty and institution, so the courses outlined below should be viewed only as examples.

• Public and Nonprofit Financial Management: This class focuses on managing the fiscal resources of public and nonprofit institutions. Utilizing micro and macroeconomic theories, students learn to evaluate financial trends and conditions while assessing risk, debt administration, cash management, and financing strategies.
• Public Economic Management: This course focuses on the role of government in economic development and stabilization. Coursework explores the catalysts that spur economic growth, how an economic framework is created, as well as trade policies and the use of public goods. Students learn analytical techniques as they are applied to policy analysis and how governments balance the economy, trade, and the environment.
• Investment Management: This course explores theoretical and technical concepts related to investing in marketable securities. Students learn to assess hypothetical security investments, developing a framework for successful investment assessment and decision making.
• Financial Institutions: This course studies key financial institutions including commercial and investment banking institutions, loan associations, and insurance companies. Students will learn to analyze potential financial risks and learn how they are managed.
• Financial Theory and Corporate Finance: This course examines modern finance theory and the essential components of corporate finance. Students will analyze case studies and financial statements to assess profitability and solvency, evaluate debt structure, and explore topics including financial planning, risk and return, time value of money, capital budgeting, management and structure, short-term financial management, and hybrid securities.
• Public Budgeting and Financial Analysis: This course explores public resource allocation and the budgetary systems at the local, state, and national level. Students analyze case materials from various public organizations to identify possible fiscal solutions and learn to defend their recommendations. Focus is placed on the budgetary process and the study of competing theories.

Curriculum, course schedule, and graduation requirements will vary by academic institution, and many programs allow graduate students to tailor their course of study by selecting from electives that align with their academic and career objectives. The below sample course schedule outlines a possible academic track for a full-time MPA student specializing in Public Financial Management.

Two-Year Sample Curriculum for an Online MPA Program with a Specialization in Public Financial Management

Instruction Methods for Online MPA Programs

Prospective students looking to pursue an MPA with a specialization in Public Financial Management may prefer the flexibility offered by a fully online MPA program. Designed to meet the needs of working professionals, online MPA programs typically offer the same rigorous curriculum as their traditional on-campus counterparts, but with the ability to engage with course materials, university resources, faculty, and peers from almost any location. Online programs also allow students who do not live near a college or university that offers an MPA program with a specialization in Public Financial Management the opportunity to enroll in a program that matches their area of interest without having to relocate.

Depending on the program, courses will either be structured to incorporate synchronous sessions which are delivered in real-time using video conferencing software, or mainly use asynchronous instruction, where students can access pre-recorded lectures and course materials on their own schedule. While all online programs include asynchronous components where students are required to work independently or in groups following a set outline of course materials and deadlines, not all online programs include live synchronous sessions that students must attend. Programs that offer primarily asynchronous instruction may be beneficial for students looking for an MPA program that offers maximum flexibility. Students who prefer the opportunity to engage with faculty and their peers in real-time should consider programs that offer more synchronous instruction. Live classes are frequently offered in the early morning or evenings to accommodate working professionals.

Regardless of a program’s primary format, many universities use an online management system that allows students to interact with their professors and peers, review course materials, upload classwork and ask questions. To allow students to ask questions and receive more immediate feedback, faculty will typically host virtual office hours. Prospective students should also research whether online students have access to campus resources such as career centers, university libraries, librarians, and writing advisors.

It is important that prospective online students recognize that online MPA programs are just as demanding as campus-based programs, and often require greater personal accountability and time management skills to fulfill course requirements in the absence of routinely scheduled in-person lectures and discussion sessions.

Admissions Requirements for MPA Programs with a Specialization in Public Financial Management

Admissions criteria for an online MPA program with a specialization in Public Financial Management will often depend on the individual school or program. To be considered for admission, all prospective students must have completed an undergraduate degree at a regionally accredited institution, or the international equivalent of a bachelor’s degree, and provide transcripts from any institution attended. In addition, many universities prefer applicants hold a GPA between 2.5 and 3.0 on a 4.0 scale throughout their undergraduate studies.

Additional requirements may include the submission of standardized test scores (e.g., GRE, GMAT, etc.), professional letters of recommendation, a resume or Curriculum Vitae (CV) that showcases relevant professional experience, and a personal essay. Certain schools will also conduct a virtual interview or question and answer session. While some schools no longer require standardized test scores or waive the standardized testing requirement for well qualified applicants, test scores may still be submitted if an applicant’s undergraduate GPA is less than a 3.0 or if the applicant feels that their GPA is not an accurate reflection of their abilities.

Most MPA programs have a competitive admissions process, particularly those with smaller cohorts that only accept a limited number of students for each start date. Therefore, it is important to recognize that even if an applicant meets the minimum criteria for admission, acceptance into the program is not guaranteed. In addition, certain universities may give preference to candidates with undergraduate degrees, coursework, or professional experience in a related field. Finally, for students specializing in Public Financial Management, undergraduate coursework in social statistics and American Government may also be required.

Students should review admission criteria and/or contact an admissions advisor at their schools of interest prior to applying to ensure that their credentials align with a program’s admissions requirements.

Accreditation for Online MPA Programs

In researching prospective MPA programs, students should ensure that they are only applying to accredited colleges and universities. Regional accreditation status, provided by one of the six regional accrediting bodies recognized by the Council for Higher Education Accreditation (CHEA) or the Distance Education Accrediting Commission (DEAC), shows that a program adheres to academic standards set by a third-party organization. To be included in the listings on OnlineMPAPrograms.com, a school must be accredited by a CHEA-recognized entity.

Certain MPA programs choose to go beyond institutional accreditation, seeking programmatic accreditation from the Network of Schools of Public Policy, Affairs, and Administration (NASPAA). Accreditation indicates that a program’s curriculum and faculty meet the academic standards set by NASPAA. This additional accreditation is not required, and therefore some schools prefer to forgo the formal accreditation process while still aligning their curriculum with NASPAA standards.

In researching prospective MPA programs with a Public Financial Management specialization, students should explore not only accreditation status, but factors such as core and elective course offerings, quality and qualifications of faculty members, public and private sector partnerships, peer and professional networking opportunities, and online student services.

Public Financial Management Organizations and Networking Opportunities

Professional networking is an essential component of the graduate education experience. Several organizations offer MPA students and professionals the opportunity to connect with others who specialize in public financial management, as well as engage in continuing education and training opportunities, networking events and conferences, and access to publications dedicated to emerging trends.

Government Finance Officers Association (GFOA): This organization strives to promote best practices in public finance. Bringing together government finance professionals of all levels within the U.S. and Canada, the GFOA offers members access to continuing education and networking opportunities, annual conferences, professional publications, and a weekly newsletter. Student chapters organize networking events and host guest speakers.

Financial Management Association International (FMA): The FMA focuses on developing and distributing information surrounding quality financial decision making. The organization facilitates professional interaction between financial practitioners, academics, and students. Student membership features access to the student webcast and virtual seminar series, career resources, financial research and professional publications, and the annual Finance Leaders Conference and FMA Annual Meeting.

The American Finance Association (AFA): A non-profit, professional community that includes researchers, academics, students, and financial practitioners dedicated to the study of financial economics. The AFA strives to improve public understanding of financial issues and encourages the pursuit of financial study by providing a forum in which to share financial ideas. Membership and access to the organization’s publication The Journal of Finance is free to students.

National Association for Business Economics (NABE): With membership comprised of business and government economists, academics, and other professionals who utilize economic principles, NABE is dedicated to advancing the use of economic principles in service of the public good. Members take part in subject-oriented roundtable discussions, attend annual conferences, and engage in educational, career development, and networking opportunities. Discounted membership is available to full-time students and recent graduates.

Comprehensive Directory of Online MPA Programs with a Specialization in Public Financial Management