Graduate finance and economics programs typically require a band of 4.5 to 5.0 or higher, similar to competitive graduate admission generally — but which section matters most depends on whether you're applying to a quantitative finance track or a research-focused economics program.
Take the free TOEFL Benchmark Test and get your estimated band score in about 45 minutes.
Quantitative finance programs, similar to other STEM-adjacent fields, sometimes weight Reading and Listening comprehension more than extensive original writing, since coursework leans heavily on modeling and analysis. Research-focused economics programs — particularly PhD tracks — expect strong Writing ability for original research papers and literature reviews, closer to the pattern seen in other research-heavy academic fields.
Standard master's programs in finance or economics commonly set their bar around 4.5. Top-tier programs, including highly competitive quantitative finance master's tracks and top economics PhD programs, generally expect 5.0 to 5.5, consistent with the broader pattern for selective graduate admission at that tier.
Check requirements across every university and program tier.